Cheap Bitcoin in Nigeria
Becoming the hardest currency on the planet, you may be thinking of how to Buy Cheap Bitcoin in Nigeria. But with the recent ban by CBN, you may want to learn about Binance P2P Nigeria, and ways to pay your suppliers in Nigeria.
Bitcoin offers several opportunities yet an easy way to ruin one’s years of a hurdle. P2P (Peer to Peer) has been in existence before Binance made it possible to buy with Naira. Sites like LocalBitcoins have long been a legit platform for P2P, and with the massive adoption of cryptocurrency in Nigeria, now, is the best time to learn more about P2P. Since the majority of the purchase of crypto is made for the purpose of trading, with Binance being the most popular trading platform on the African continent, it would be good to learn about Binance P2P than any other.
After learning about P2P, and you have decided to trade, in this post, we have listed several ways through which, you can buy cheap Bitcoin in Nigeria
Buy Bitcoin with Bank Transfers
Bank transfer has ensured the seamlessness of any form of trading. Whether it’s grocery shopping, buying gadgets, or buying cheap bitcoin in Nigeria, you can complete any transaction within a few minutes through bank transfer. Peer-to-peer exchange platforms allow you to buy cheap bitcoin in Nigeria with naira from vendors using the bank transfer option.
Mobile applications and USSD codes make it easier to send money to bitcoin sellers. The seller provides account details, you pay the bitcoin’s naira equivalent into the seller’s account, and you receive the BTC in your wallet once the seller confirms the deposit. However, when using this option, endeavor to verify the seller’s credentials and ensure the seller’s name and account details are a match before proceeding to make payment to avoid scams.
Buy Cheap Bitcoin in Nigeria with Gift Cards
This is another common way to buy cheap bitcoin in Nigeria. Once you’ve purchased a gift card, either iTunes or Amazon with cash and activate it, the next step is to scratch the back and have the card receipt available with you.
You can find gift card options on platforms like Coincola. Simply select the option of buying BTC with gift cards, your browser might be redirected to another page. This page will contain a list of various traders and rates to purchase your iTunes or Amazon cards. The traders will offer you the option of paying back with bitcoin.
Buy Cheap Bitcoin in Nigeria on Local P2P Groups
You can also buy cheap bitcoin in Nigeria from open or closed social media groups. This process might be termed too risky as people easily get dubbed on these platforms. There are several Instagram and WhatsApp peer-2-peer groups where you can purchase bitcoin with naira.
A few of these groups are paid groups; however, the majority of them are free. Security is guaranteed in the paid groups because the admins painstakingly verify each member’s identity and act as escrows, ensuring that every trade is successful. The free P2P groups are anyone’s guess – so try as much as you can to avoid them.
Buy Cheap Bitcoins on Peer-To-Peer Platforms
This process involves exchanging your cash for bitcoins. The P2P platforms usually have different vendors with different rates. They also act as escrows for the credibility and transparency of the entire process. Here are a few reputable P2P platforms that you can buy cheap bitcoin in Nigeria.
CoinCola is a Hong Kong-based crypto exchange that offers P2P trading to Nigerians. The platform’s OTC marketplace allows Nigerians to buy cheap bitcoin using their local fiat currency. Register an account using your email address to get started. Once registered, scroll through the list of bitcoin vendors and select the one with your preferred price and make a purchase.
Coindirect is an exchange and a P2P trading platform that enables you to buy cheap bitcoin in Nigeria. To get started, create a free account using your email address. Once you’ve set up your account, update your profile and verify yourself. Now your account is ready to buy bitcoin from the P2P marketplace.
If you select a seller from the peer-to-peer marketplace, you’ll send your payment in the local currency using the indicated method of payment. When the seller confirms your payment, the platform will release the bitcoin from escrow to your Coindirect wallet.
Paxful is another P2P trading platform where you can purchase bitcoin in Nigeria from a range of local bitcoin sellers. After signing up, choose a vendor who offers the amount of bitcoin you’re willing to purchase, then begin your buy order. There will be trade details on the left side of your screen, and a chat box to dialog with your preferred seller throughout the transaction process. Once the transaction is approved and complete, the BTC will arrive in your Paxful wallet.
This is arguably the leading P2P exchange in the world. The platform offers services to buy cheap bitcoin in Nigeria. To buy bitcoin, click on the vendor with the preferred price range on the homepage, review his terms and if acceptable, go ahead and make a purchase with your chosen payment method. You’ll need to open an account and verify your details to buy bitcoin on the platform.
Remitano is a P2P Bitcoin exchange that allows you to buy cheap bitcoin in Nigeria. You need to have a registered account with your email, Google or Facebook. Once you’ve registered your account, scroll through the list of bitcoin vendors and select one with your preferred price. Also know that every seller has a maximum bitcoin limit you can purchase.
Remitano also allows you to choose where the seller will deposit your bitcoin – either your Remitano wallet or a different wallet.
The Bottom Line
There are numerous platforms available for buying cheap in Nigeria with Naira. But you have to be cautious and do your due diligence (DYOR) when buying on these platforms. Alternatively, you can do a physical meet-up with buyers in your city. There will likely be one Bitcoin exchanger close to you.