Bitcoin trade nigeria
Dec 19, · Bitcoin trading in Nigeria has increased by per cent so far in , while the year is not over and despite the COVID pandemic Nigeria has seen more bitcoin trading in . All those seeking to trade Bitcoin in Nigeria have 2 options. One way is to purchase BTC for Naira directly via a Crypto exchange & store it in a Bitcoin wallet. Alternatively, you can trade & speculate on Bitcoin as a CFD trading instrument with foreign regulated Forex brokers like HotForex, Plus, Avatrade etc. NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. The only fiat currency that NairaEX currently accepts is the Nigerian Naira (NGN). You can only buy and sell with/to NGN, meaning conversions between BTC and ETH or other supported assets are not possible.
Bitcoin trade nigeriaThe Best Ways to Buy Bitcoin with Naira in Nigeria
Nowhere in Africa is this more true than in Nigeria, which leads Africa in trading volumes on person-to-person P2P crypto exchanges Paxful and LocalBitcoins. The western African nation average age 18 is a tech hub ; consistently tops the charts for Bitcoin searches on Google, and according to one survey , has the highest percentage of crypto users in the world. Sawyerr, who was raised in Nigeria, explained that sub-Saharan Africa is the most expensive place to move money into.
In November , the nation officially went into recession for the second time in five years. Nigerian businesses need dollars to buy new supplies, and order essential equipment from abroad—but formal sources for obtaining foreign currency, such as banks, are failing to meet this demand, he further explained.
Their efforts are now reportedly bearing fruit, with plenty of businesses switching to Bitcoin for international trade. Mad to think that our central bank has inadvertently driven BTC mainstream.
Just here for the violence. Meanwhile, crypto services—exchanges such as Binance, and P2P marketplaces such as Paxful—have been stepping in to fill the void. And in the first nine months of , new registrations at Paxful more than doubled compared to the same period last year. Paxful now has , Nigerian users, and according to Nwachukwu, the way people are using Bitcoin has grown too.
Reports also suggest that increasing numbers of traders are using Bitcoin to pay suppliers. Chinese suppliers, in particular, are keen to do business in Bitcoin for its speed and convenience. It also means Nigerian businesses no longer need to buy dollars using Naira or shell out fees to money-transfer firms. The price you see is the price you get. Binance has a useful support guide for P2P trading here. Binance's strong advocacy programs and the fact that it makes an effort to cater to under-served users who can most benefit from Bitcoin means that the exchange stands out from the pack.
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features. Electrum is a Bitcoin-only wallet that has been around since It's easy to use, but has advanced features. We also have a chart displaying the price of Bitcoin in grams and ounces of gold.
Alternatively, if you use a portfolio tracker such as Delta or Blockfolio, you can set the reference currency as the Nigerian Naira NGN and get an accurate price of Bitcoin and all 10, supported assets in your currency of choosing.
Nigeria is currently not supported by Coinbase, meaning Nigerian users are unable to access the exchange. However, anyone can use Coinbase Wallet which enables the sending and receiving of cryptocurrencies. You just won't be able to buy, sell, or convert from one crypto to another on Coinbase. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity.
Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices.
Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading. Buy Bitcoin Worldwide does not offer legal advice.
Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website. Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. Luno Popular. Ease of Use. Kraken Buy Bitcoin Read Review Founded mid, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume.
LocalBitcoins Popular. Chapter 3 Best Bitcoin Wallets for Nigeria. Temporary Wallet Atomic Wallet Best for storing crypto for short period of time Learn More Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features.
Best for Desktop Electrum Simple yet powerful desktop wallet Learn More Electrum is a Bitcoin-only wallet that has been around since Chapter 4 Bitcoin Price in Nigeria. Chapter 5 FAQ. For Nigerians to get bitcoin in Nigeria and easily convert Bitcoin to naira is now undoubtedly a convenient process. We can now find many Nigerian youths taking up trading because of the ease to buy Bitcoin with Naira. It is an undisputed fact that cryptocurrency has provided several opportunities.
The fear of scams is why most Nigerian traders are scared to use local exchanges. They prefer international platforms that allow them to buy bitcoin with Naira. There are many ways to get Bitcoin in Nigeria. One easy way is opening an account on Remitano. On Remitano, you have the opportunity to become a bitcoin trader without any professional training. This is because of how their website and service has been built. It takes a few minutes to open an account and start buying Bitcoin with naira on Remitano.
Bank transfer has made any form of trading easy. Whether it is grocery shopping, buying gadgets, or trading bitcoin, you can complete a transaction in a few minutes via bank transfer.
Peer-to-peer exchanges allow you to buy bitcoin with naira from sellers using the bank transfer option. Bank USSD codes and mobile applications make it easy to transfer money to bitcoin sellers.