Where and how to buy bitcoin in Nigeria

Where to buy bitcoin in Nigeria

With the increasing demand for cryptocurrencies in Nigeria, numerous crypto exchanges have started operating within the country. It’s essential to choose an exchange that not only facilitates smooth transactions but also prioritises security.

Some of the key features to consider when selecting a Nigeria crypto exchange include:

🔐 Security measures. Choose exchanges that make safety a priority. This means they implement strong security measures like Two-factor Authentication (2FA) and custodial providers to keep your information safe.

🖥️ User-friendly interface. It’s important that the platform is easy to use, especially if you’re new to cryptocurrency trading. Find exchanges that have simple interfaces and supportive customer service.

💳 Payment options. Think about using exchanges that allow you to trade directly using Nigerian Naira. This way, you can quickly top up your account balance using swift payment options like direct Visa/Mastercard deposits.

🌐 Reputation and legislation. Make sure the crypto exchange you pick is trusted and follows the rules set by the law. It should hold the relevant licences to provide financial services.

How to buy bitcoin in Nigeria: understanding the basics

To embark on your crypto journey, the first step is to understand the process of buying bitcoin. Fortunately, the process has become more accessible and user-friendly over the years. Below, you can find 5 steps for buying bitcoin in Nigeria and how to do this.

🤝 Choose a reliable cryptocurrency exchange. Start by selecting a reputable crypto platform. Ensure that it supports bitcoin and offers a straightforward onboarding process. For instance, there are a few advantages of using the EXMO.com crypto exchange:

• Up and running since 2014, EXMO.com is one of the established and reputable cryptocurrency exchanges in the market, ranked among the top 40 platforms on CoinGecko.
• Top-tier fund protection – EXMO.com uses top-class custodial providers like Fireblocks and Ledger to secure your funds.
• Multiple deposit options – easily top up your balance via Visa/Mastercard or bank transfer and buy crypto with NGN, USD, EUR, etc. Currently, there’s a 0% fee for NGN deposits on EXMO.com! 🤑
• 65% APY on stablecoins during the first month – supply USDT, USDC and DAI and earn yield with EXMO.com’s Earn program.
• Ultra-low trading fees – 0.1% for trading in 90+ crypto pairs.
• Up to 100% trading fee discount with EXMO Premium packages.
• User-friendly mobile app on Android and iOS for easy trading while on the go.

👌 Create an account. Register on the chosen exchange by providing the necessary information. This typically includes your email address, a secure password, and any additional identity verification required by the platform. For example, with the help of useful tips, you can create an account on EXMO.com in just two minutes – two or even three times faster than it usually takes on other exchanges.

✅ Verify your identity. Complete the Know Your Customer (KYC) process by submitting the required identification documents. This step is crucial for compliance with regulatory standards and ensuring a secure trading environment. On EXMO.com, it usually takes 2 minutes to process your documents before we confirm successful verification.

💸 Deposit funds. Following successful ID verification, deposit funds into your account using the available payment options. On EXMO.com, you can easily top up your balance using Visa/Mastercard cards. Here’s a video guide on how you can deposit Nigerian Naira instead of euros.

🛒 Buy bitcoin Nigeria. Once your account is funded, you can start trading! On EXMO.com, you can trade NGN for USDT and then buy over 30 other crypto assets, including BTC. Find out how to buy bitcoin in Nigeria with our detailed manual.

Nigeria crypto exchange: a step-by-step guide to buy bitcoin

To start trading on EXMO.com, you can choose both Simple or Advanced Trade pages. Let’s start with simple and quick trading.

1. Log in to your EXMO.com account and go to the Simple Trade section.
2. Select NGN in the list of fiat currencies.
   
3. Click on “Buy”, enter the amount of NGN you wish to spend on crypto and then click “Buy” again.
   
   

On the EXMO.com Spot platform, you can buy or sell crypto using three options with Limit, Market and Stop Orders via the Advanced Trade page.

A Limit Order is a type of order or simply ‘request’ to buy or sell a cryptocurrency at a fixed price. It allows traders to set the maximum price they are willing to pay when buying or the minimum price they are willing to accept when selling assets.

🧐 How Limit Orders work. Limit Orders will be executed only when bitcoin’s rate reaches the price that you specified, also it can be executed bit by bit instead of all at once. This means that your purchase of, let’s say 1,000 USDT, may occur in parts, ensuring that if only a part of the order matches with counter orders (for selling 1,000 USDT at a certain price), that part will be executed, and the remaining amount will await further matching prices.

🤔 Why use Limit Orders. If you are willing to wait to buy or sell crypto for the price that you specified, then use this type of order.

How to place a Limit Order

1. Log in to your EXMO.com account and go to the Advanced Trade section.
2. Select a Limit Order in the “Trades” section and enter the amount of crypto you wish to buy or sell. In order to switch between buying and selling orders use the “Switch to” button below.
3. After checking the amount of crypto you wish to buy or sell, the price at which the request will be executed, and the total payment amount, click “Buy” or “Sell” to place the order.

A Market Order is an order (request) to buy or sell a cryptocurrency immediately at the current market price.

🧐 How Market Orders work. This type of order is completed at the best available market price at the time of its placement. Unlike a Limit Order, a Market Order is executed instantly.

🤔 Why use Market Orders. If you need to buy crypto as quickly as possible, then this is the best option for you to go with.

How to place a Market Order

1. Log in to your EXMO.com account and go to the Advanced Trade section.
2. Select a Market Order in the “Trades” section and enter the amount of crypto you wish to buy or sell. To switch between buying and selling orders use the “Switch to” button below.
3. After checking the amount of crypto you wish to buy or sell and the total payment amount, click “Buy” or “Sell” to place the order.

A Stop Order, also known as a Stop-Loss Order, is designed to limit potential losses or secure profits. It turns into a Market Order when it reaches a price that you specified.

🤓 What is the difference between Market and Stop Orders. While a Market Order is executed immediately at the current market price, a Stop Order is a conditional request on buying or selling crypto that becomes a Market Order when a predefined price level is reached. Market Orders are used for quick and efficient trading at the prevailing market price, while Stop Orders serve as risk management tools by triggering trades based on predetermined price thresholds.

🧐 How Stop Orders work. If the cryptocurrency’s price reaches the Stop Price that you set, the Stop Order is triggered and becomes a Market Order and will be executed immediately.

🤔 Why use Stop Orders. While it takes extra time for this type of order to be executed, a Stop Order will help you to minimise your losses or lock in profits by executing the trade at the current market price.

How to place a Stop Order

1. Log in to your EXMO.com account and go to the Advanced Trade section.
2. Select a Stop Order in the “Trades” section and enter the amount of crypto you wish to buy or sell. To switch between buying and selling orders use the “Switch to” button below.
3. Enter a Stop Price and then click “Buy” or “Sell” to place the order.

Buy bitcoin Nigeria: what’s next

After you have successfully traded, you can store your BTC in a multi-currency wallet until you are ready to trade again. Each wallet on EXMO.com is protected by sophisticated security mechanisms, in order to prevent and combat potential hacker attacks. So that’s how your digital savings are kept safe and sound.

But why simply wait and hold, if you can profit in an easier, more efficient way with EXMO.com’s Earn program? Basically, Earn is your golden ticket to receive a monthly yield on your crypto holdings. Once you top up your balance with bitcoin, ethereum, tether, litecoin, polkadot or other assets, you gain access to a wide array of flexible investment options.

EXMO.com has meticulously curated a diverse selection of subscription plans, each offering competitive yields, so you can choose the one that suits your preferences. Currently, there’s a special offer for newcomers who registered on EXMO.com after 28th July 2023 with 65% APY offered on stablecoins for the first month. To take advantage of this increased rate, all you have to do is create an account on EXMO.com and start your Earn subscription by supplying USDT, USDC or DAI. Besides stablecoins, you can earn a stable income with BTC, ETH, ADA, DOT and other popular assets in the crypto market.

In addition, there are other income-generation options available on EXMO.com such as referral and affiliate programs. After registering your account, you can share a referral link with your friends and get up to 40% from their trading fees. Besides this, you can also become an affiliate partner of the platform and receive up to 50% payout on each referred person’s trade fee.