It’s 2020, and in the last year or decade, there are possibly a number of things you have heard about and made a decision to do or buy. Bitcoin may have been one of those things.
So in this article, we will look at 3 platforms you can use to buy and sell Bitcoin in Nigeria along with other cryptocurrencies. The article also includes steps to buy/sell Bitcoin.
Before we get started it’s important to note that there are different cryptocurrencies but the first and most prominent cryptocurrency is Bitcoin.
Quidax
Quidax is a cryptocurrency exchange. They provide 2 ways you can use to buy Bitcoin in Nigeria, the instant buy/sell and the order book exchange. The instant buy/sell features is recommended for beginners as it is easy to use.
Quidax offers up to 5 different cryptocurrencies you can buy/sell with Naira, these include Litecoin, US Dollar Tether (USDT), Ethereum (ETH), Ripple’s XRP and of course Bitcoin.
Features:
• Start with as low as 200 Naira
Instant withdrawal
• Low fees
• Provides a wallet service: You can store your Bitcoin, Litecoin, USDT, Ethereum and Ripple’s XRP
• Multiple Deposit Options: You can deposit Naira on Quidax using debit card, bank transfer, USSD and direct bank deposit.
• Reliable customer support
Blockvila (formerly NGexchanger)
Blockvila is an exchange that directly buys and sells cryptocurrency to people.
Using Blockvila you can buy and sell Bitcoin, Binance Coin, Bitcoin Gold and Tron. Blockvila’s enables users to contact them via What’s App and live chat.
You can sell or buy a minimum of $20 on Blockvila and with an unverified account, you have a funding limit of $500 per day. But it usually takes 24 – 48 hours to get verified on Blockvila.
The platform operates a manual process of buying/selling bitcoin and other cryptocurrencies so you might experience a delay in your transactions depending on the day and time you want to buy/sell.
The platform operates a manual process of buying/selling bitcoin, hence outside of 8am to 8pm you will experience a delay in your transactions.
Features:
• Provides wallet services
Buy/Sell Tron, EOS, and Bitcoin Gold.
• Contact via What’s App and Live Chat
Remitano
Remitano is a peer-to-peer exchange which means that it provides a platform for buyers and sellers to meet.
Remitano’s provides an escrow service to curtail scam and ensure that both parties fulfil their bargain. The escrow service works by holding the bitcoin of the seller until the seller confirms that the Naira payment has been made by the buyer. Upon confirmation, Remitano releases the bitcoin to the buyer.
Features
• Provides storage for Bitcoin and other supported cryptocurrencies
• Peer-to-peer exchange
App available
Steps to Buying Bitcoin
Now that we have analysed 3 platforms you can use to buy Bitcoin, here are the steps to buy using one of the platforms, Quidax.
Steps via Web
• Sign up on Quidax.com
• Select a deposit option: Card payment, Bank Transfer or USSD and amount to deposit
• Click on Instant Buy/Sell
Select the cryptocurrency you want to Buy and enter the amount to spend
• Click on Continue and Confirm order
Steps via Mobile App
• Download the Quidax mobile app
• Tap on the deposit icon and on Naira
• Select a deposit option: Card payment, Bank Transfer or USSD and amount to deposit
• Tap on the Home icon and tap on Buy
• Tap on the cryptocurrency you want to Buy and enter the amount to spend
• Click on Continue and Confirm your order