Here you will learn all you need to know about how to buy and sell Bitcoin in Nigeria through trustworthy and reliable exchanges.
Bitcoin Exchanges in Nigeria
We have evaluated the majority of exchanges providing the ability to buy and sell bitcoin and other cryptocurrencies using the Nigerian Naira. Below we list the top three that we recommend.
1. Binance P2P
Binance is the world’s largest cryptocurrency exchange, and it also provides the possibility to buy and sell bitcoin through the Binance P2P exchange platform using the Nigerian currency Naira.
P2P stands for ‘peer to peer’, it means you trade directly with registered merchants on Binance and not the usual spot-market exchange. The benefit of this system it that it offers flexibility when choosing which currency you want to use, such as the Nigerian Naira.
Click on the Image below or button at the end to register.
Other Purchase Alternatives
Binance does not have as many buyers or sellers using the Nigerian Naira on the peer-to-peer marketplace as Paxful and LocalBitcoins, but it has other benefits.
It will allow you to purchase directly from the exchange without having to do business with another user.
This can be done directly through credit card.
Or a third-party payment platform that accepts Naira, as shown above.
Fees
Mercuryo has a 2.95% fee
Binance Direct has a 3.5% fee but is processed quicker.
ID Verification
To increase users security, Binance requires all users who want to use the peer-to-peer marketplace to complete ID verification.
Note
Binance is the worlds biggest cryptocurrency exchange, it offers much more than just a peer-to-peer marketplace.
Nigerian Binance Telegram Community
There are currently over 9 000 Nigerians participating in the Binance telegram community, which you can join to ask questions or to chat with other Nigerian traders.
Binance Registration
Register now and join the worlds biggest cryptocurrency exchange with the ability to purchase bitcoin with the Nigerian Naira without any fees.
Additionally, you will receive a 10% discount on all other cryptocurrency trades when registering from Honest Crypto.
2. Paxful
Paxful is the global leader in the peer to peer bitcoin markets and is available for all Nigerian users to buy and sell bitcoin with their local currency, the Nigerian Naira.
There are currently over 620 000 Nigerian users using Paxful and in the first three months of 2020 they have already traded over 4 million dollars worth of bitcoin.
With a total of over 300 different payment methods available and an abundance of Nigerian users buying and selling bitcoin, there is no surprise that this is one of the best ways for Nigerian users to get exposed to cryptocurrency.
When looking to buy or sell, you will see a list of sellers or buyers and what rates they are offering.
It will automatically be sorted to show you the best rates offered, from there find a reputable user that provides the payment methods you desire. It couldn’t be easier!
ID Verification
To start trading, you only register your email and mobile number, nothing else is required.
However, some vendors require you to have ID (around 15% of them) and some will also give you better rates if you are completely verified, but it is entirely up to you if you want to become fully verified on Paxful.
Nigerian Paxful Telegram Community
If you have any questions or want to discuss bitcoin with other Nigerian traders, you can join the Paxful Nigerian community with over 16 500 members.
Paxful Registration
Join 620 000 other Nigerian users on Paxful now and register below.
3. LocalBitcoins
Founded as early as 2012, LocalBitcoins has been the only peer to peer markets available for bitcoin buyers and sellers for a long time. Since that time, the scene has become more competitive, but LocalBitcoins remains a trustworthy and reliable alternative.
Much like Paxful, you are able to sort through the best offers from the enormous amounts of buyers and sellers that use the Nigerian Naira. After you have found the best rates, you should look at the seller or buyer feedback and select a reliable user.
ID Verification
There is no ID required, you only need an email address and cellphone number to register and start buying and selling bitcoin.
LocalBitcoins Registration
Register and start buying and selling on LocalBitcoins by clicking the button below.
Trading Exchanges
If you already have bitcoin or have purchased it and want to start trading on cryptocurrency exchanges or buy other cryptocurrencies than bitcoin, then I would recommend the following exchanges. All the listed exchanges accept Nigerian residents.
If you only desire to purchase and trade other cryptocurrencies than bitcoin, then the clear recommendation is Binance.
1. ByBit
ByBit Description
If you want a great exchange to trade bitcoin, in other words, long and short bitcoin as you see fit and earn more bitcoin from it if you are a successful.
This exchange is great for trading but does not provide users with the ability to purchase other cryptocurrencies.
You can read our detailed guide & review here.
2. Binance
Binance Description
Binance is the largest cryptocurrency exchange in the world, and their P2P platform has already been mentioned above, but Binance provides so many valuable features to users.
It allows you to buy over 150 different cryptocurrencies, trade with leverage, buy bitcoin directly, open a savings account to earn interest on your crypto, and much more.
This is an excellent exchange for both trading and purchasing cryptocurrencies.
You can read our detailed guide & review here.
3. FTX
FTX Description
FTX has many innovative trading products that allow you to trade things such as bitcoin volatility, the presidential election, decentralized cryptocurrencies and much more.
This is the exchange for those of you who prefer to trade to keep your money in a fiat currency such as USD instead of bitcoin, and trade products using fiat currency.
You can read our guide & review here.
4. BitMEX
BitMEX Description
This is one of the oldest exchanges providing leverage to crypto traders, much like ByBit and FTX this is for trading and purchasing cryptocurrencies like Binance offers.
This exchange offers several high volume traditional trading products, some prefer trading on BitMEX but I would recommend ByBit as it provides a more stable trading engine.
You can read our guide & review here.
Frequently Asked Questions (FAQ)
How to Buy Bitcoin in Nigeria?
You can buy directly from Binance P2P, Paxful and LocalBitcoins using the Nigerian Naira.
With a Visa credit card, MasterCard or bank transfer, you can also buy directly from the regular Binance exchange (not P2P), ByBit and FTX.
Is Bitcoin Legal in Nigeria?
Yes, Bitcoin and other cryptocurrencies are completely legal to own and trade in Nigeria.
How to Trade Bitcoin in Nigeria?
Nigerian citizens are allowed on the majority of all the big trading exchanges. I would recommend the following exchanges if you want to start trading bitcoin; ByBit, Binance and FTX.
Bitcoin wallet in Nigeria?
I would recommend a hardware wallet and not an electronic wallet if you don’t want to store your cryptocurrency on an exchange.
Ledger provides the most secure hardware wallets, but some may find them expensive. If you have a lot of bitcoin you need to secure, I would recommend one of Ledger’s hardware wallets, which can be purchased through the link below.
Ledgers are produced in France and can ship to Nigeria without a problem.
Questions
If you need any further advice, feel free to get in touch with us and we will see if we can help. We love getting more people involved in bitcoin and cryptocurrency in general.