Aug 13, · Nigerian entrepreneurs are increasingly using bitcoin as a way to trade internationally, noting its significant benefits over legacy financial systems. NairaEx is a leading Nigerian Bitcoin exchange where you can buy and sell Bitcoin, Litecoin, Bitcoin Cash, Ethereum and Perfect Money with Naira at best rate. Premium Market Rates. Bitcoin rates do constantly fluctuate but at NairaEX the exchange rate is set at the time of transaction. Dec 18, · Nigeria becomes the 2nd Biggest Bitcoin Market Globally December 18, Grace Chukwuma Bitcoin, Nigeria In the previous five years, Nigeria has marketed 60, Bitcoin, rated at over $ million which, asides the US, is the biggest amount worldwide on Paxful, a prominent peer-to-peer Bitcoin marketplace.
Nigerian bitcoin marketNigeria is the second biggest market for bitcoin with trade hitting $ million - Face2Face Africa
One major benefit of NairaEX's setup is that it is a non-custodial exchange. This means that your assets are not held in a centralized wallet, which are prone to hacks, but instead are sent directly to your own wallet once the transaction has been processed.
Their official blog has a helpful post outlining the differences between Bitcoin and Perfect Money for those unfamiliar with both e-currencies. Luno was originally launched as BitX in and since then it has grown to be a player in some niche markets around the world. Deriving most of its volume from South Africa, Luno is also popular in Nigeria and has recently expanded to service Bitcoiners in Uganda too.
Add to this list Europe, Indonesia, and Malaysia, and you've got yourself an exchange worth considering. Luno aims to provide a competing service to Coinbase , and has made its offerings available in many countries not served by the larger exchange. Since our original in-depth review of Luno , they've added support for Litecoin , which along with Bitcoin, Ethereum, and XRP are available for trading.
Notably, Luno allows you to purchase crypto using a credit card. You can deposit and withdraw directly to a bank account. Luno also offers Paystack and PayU deposits for Nigerian customers. These fees are very competitive compared to other exchanges. This puts it in rd place out of in Nomics' review of exchanges by liquidity and transparency. Luno boasts a clean trading interface in the same style as most, meaning you shouldn't have much trouble switching over from a different exchange.
You can trade on the Luno app, which is available for iOS and Android. More advanced features include API integration for automated trading, liquidity depth indicators, and the ability to export your trade history in a. Local Bitcoins is a great option for buying and selling Bitcoin in Nigeria using a variety of payment methods. Once a deal is opened, the seller will fund the escrow wallet with the Bitcoin to be bought. The buyer will transfer the money and once the seller confirms receipt they will release the BTC.
Should there be any disagreement, the BTC will stay locked in escrow until a solution is found, which may require LocalBitcoins stepping in to act as mediators. Recently, Binance has been greatly expanding its support for Nigerian users. These events are run by local experts and aim to educate and raise awareness about Bitcoin and blockchain. Complementing its education program, Binance has also made it easier than ever for Nigerians to buy, sell, and trade crypto on its platform.
You can now deposit NGN directly into your Binance account using a credit or debit card, following a partnership with Flutterwave. In Sub-Saharan Africa, about 95 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation. Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.
In addition to allowing users to buy Bitcoin with a debit or credit card, Binance also has a peer-to-peer P2P marketplace, similar to Paxful or LocalBitcoins. 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. All that said, some Nigerians are becoming reliant on using bitcoin as a way to trade internationally, and are finding bitcoin has significant benefits over legacy financial systems. Nigerian bitcoin entrepreneur Chimezie Chuta has another theory for why some are using bitcoin for trade with China and beyond. Like most other countries in an increasingly globalized world, Nigeria imports a significant percentage of the goods that it uses.
Food industry, drugs, you name it, construction equipment, cars. Nigerians have to struggle with this process, though. In Nigeria, finding U. This phenomenon has been covered in Bloomberg , for instance. This is one of the other reasons Ezike has turned to bitcoin as an alternative. He decided to use bitcoin after experiencing mounting frustration with current banking limitations, especially their impact on global trade.
All this trade with bitcoin is happening behind the scenes. For one, the legality of cryptocurrency is fuzzy in the region.
The CBN has issued several warnings to banks. But hopefully they will embrace it. Subscribe to Blockchain Bites , our daily update with the latest stories.