There are a ton of reasons why you might want to buy bitcoin in Nigeria. Maybe you want to hold it as an investment asset and wait till it’s profitable before you sell it. Or probably you want to employ it to hedge against the Naira’s inflation. Or Do you want to day trade it?
Being able to buy Bitcoin used to be a tough thing. You were only allowed to get it in some certain ways, with debit and credit cards almost out of the question. After the huge rise in popularity, that has changed.
One thing I have noticed with virtually almost all the Bitcoin exchange websites in Nigeria is that their pricing differs in real-time. So the reasonable thing to do is to purchase Bitcoin from different places.
For you to be able to purchase bitcoin in Nigeria, you’ll need a bitcoin wallet as almost all bitcoin exchanges require it. A Bitcoin wallet can be referred to as a “bank account” which you would use to generate a “Bitcoin address” that serves as a “bank account number”, that can be sent out to other users in order to receive and send Bitcoin.
Don’t have a wallet yet? Don’t worry too much. There are a lot of platforms that you can use to open a bitcoin wallet in Nigeria, so you can use it to buy bitcoin in Nigeria.
In this post, I will outline 7 reputable websites where you can buy bitcoins with Naira in Nigeria. So let’s dive in!!
1. Luno: NO 1 Website to buy Bitcoin in Nigeria
Luno is the most popular cryptocurrency exchange in Nigeria. Which was formerly known as Bitx and was first launched in 2013 and later rebranded to Luno.
It operates in Nigeria, South Africa, Malaysia, Singapore, Indonesia, United Kingdom, and 35 other countries.
Luno enables Bitcoin storage and transactions such as buying, selling, and paying through their Bitcoin wallet services. It is the first exchange to enable makers to buy and sell cryptos at zero transaction fees.
Luno processes deposits and withdrawals immediately 24/7, it’s a must-have exchange if you want to buy bitcoins fast and securely in Nigeria.
| Services | ▪ Wallet ▪ Instant Buy/Sell ▪ Trading Platform |
| Supported Cryptos | BTC, BCH, ETH, LTC, XRP |
| Support payment method | Card Deposits, Bank Deposits, Paystack, and GT Bank Transfer. |
2. LocalBitcoins.com
LocalBitcoins is a peer-to-peer Bitcoin exchange startup company established in Helsinki, Finland. LocalBitcoins is a marketplace where users are able to buy and sell Bitcoins to and from each other. Users, also known as traders, create advertisements with the price and the payment method they want to offer.
LocalBitcoins is the first P2P bitcoin exchange and was founded in June 2012 and it’s still prospering to date.
On this platform, you can buy and sell bitcoin using over 30 payment methods comprising Altcoins.
- Related reading: Earn even more with bitconnect bitcoin, buy, sell and trade
| Exchange Type | peer-to-peer (P2P) |
| Supported Cryptos | Bitcoin (BTC) |
| Services | ▪ BTC wallet ▪ Buy/ Sell of Bitcoin using 30 + payment methods |
3. Binance
Binance is the biggest cryptocurrency exchange in the world by trade volume. With over 100 coins actively trading on the platform. It was initiated in 2017 after a successful ICO.
It was reported that up to 1 billion USD worth of bitcoins are traded on Binance each day.
Binance in 2020 brought up the Naira wallet allowing Nigerian users to buy bitcoin instantly with Naira on the platform.
| Exchange Type | Broker, Exchange, P2P |
| Pros | ▪ Low trading fee ▪ Solid User Interface ▪ Responsive support ▪ Instant Payment & Withdrawal |
| Cons | It can be overwhelming because of the amount of products |
| Supported Cryptos | BTC, BCH, ETH, LTC and over 100 others |
| Services | Over 10 products and services comprising: ▪ Wallet ▪ P2P ▪ Instant Buy/Sell ▪ Trading Platform |
4. NairaEX: Buy Bitcoin in Nigeria
NairaEX glorifies itself as “Nigeria’s Premier Bitcoin Exchange” and it is certainly the only Nigeria-based exchange currently open for trading.
The only fiat currency that NairaEX presently approves is the Nigerian Naira (NGN).
You can only buy and sell with/to NGN, meaning transformations between BTC and ETH or other endorsed assets are not possible.
There are no extra trading fees for buying or selling on NairaEX. Rather, fees are baked into the price of the asset. You can also see the current spread on NairaEX’s homepage. NairaEX’s is another trusted website to buy bitcoin in nigeria.
| Exchange Type | Broker & Exchange |
| Supported Cryptos | BTC, BCH, ETH, LTC |
| Services | ▪ Buy and selling ▪ Trading platform |
5. BlockVila: Buy Bitcoin in Nigeria from a Reputable Company
Blockvila is probably the most reputable and trusted OTC exchange in Nigeria.
It was first launched in 2017 as Ngexchanger but later rebranded to Blockvila to demonstrate that its business now extends beyond the Nigerian market.
It is founded in Port Harcourt, Nigeria, and continues to be one of the safest exchanges to buy bitcoins of any volume in Nigeria.
| Exchange Type | Broker, P2P |
| Pros | ▪ Easy to Use ▪ Can exchange any cryptos on request ▪ 24/7 Live Chat support |
| Cons | No Mobile App |
| Supported Cryptos | BTC, BCH, ETH, LTC, STEEM and 9 others |
| Services | ▪ Buy/Sell ▪ Cloud Mining |
6. Bitkoin.Africa
Bitkoin Africa is a Person-to-Person (P2P) cryptocurrency trading platform where users are allowed to sell and buy cryptocurrency from other users.
It is based in Lagos, Nigeria. Bitkoin Africa caters to Nigerians in Nigeria who are interested in trading cryptocurrency.
The main goal of Bitkoin Africa is to provide a platform that fulfills user’s needs – whether it is buying, selling, storing, or transferring Bitcoin – as conveniently and immediately.
| Exchange Type | P2P |
| Supported Cryptos | BTC, BCH, ETH, LTC |
| Services | ▪ Buy & selling ▪Storing & Transferring of Bitcoin |
7. Redeeem
Redeem is the safest P2P exchange to sell and buy over 30 gift cards for Bitcoin at the best price.
It’s a P2P platform but it does not permit direct interaction between buyers and sellers to guarantee maximum safety and anonymity.
It was founded in 2018 by Kyle Hill and Mike Townsend from Los Angeles California.
| Exchange Type | P2P |
| Pros | ▪ Very safe ▪ Commendable rates ▪ Over 30 Gift Cards, |
| Cons | ▪ Supports only BTC ▪ Gift Cards sale might not be instantly |
| Services | ▪ P2P ▪ Gift Card |
| Supported Cryptos | Bitcoin (BTC) |
Conclusion
I have just outlined 7 of the best websites to buy Bitcoin in Nigeria. Like I said earlier, pricing differs in real-time. So it’s best to purchase Bitcoin from different places.
Now your turn!!
You might know of any Bitcoin exchange website that is great. Kindly let us know about them in the comments section.
