Authors:
Looking to invest in Crypto in Nigeria this year, here’s a comprehensive step-by-step guide on how to buy crypto in 2022.
If you’re an active Nigerian, you’ve probably heard someone mention crypto this year. It could be people talking about how they’ve made so much money with crypto on social media. Or maybe it’s your parents talking about how every youth is now “doing crypto.”
And you’re probably sitting and thinking, “How do I even buy cryptocurrencies in Nigeria?” Well, you’ve come to the right place.
In this article, we’ll dive into crypto in Nigeria and how you can get your hands on some of these sweet coins.
When it comes to crypto, different countries have their laws. So, crypto can be legal in one country and illegal in the next one.
For Nigeria, things are a bit complicated. Nigerians can buy and trade crypto as they like, but they just can’t do it with their bank accounts. In February 2021, the Central Bank of Nigeria (CBN) released an announcement that restricts all commercial banks from carrying out any crypto transactions. Here’s what that law meant:
You probably think that this means crypto is illegal in Nigeria. Well, it’s not. The CBN simply doesn’t want anyone using their bank accounts to buy and trade crypto. In itself, crypto isn’t actually illegal in Nigeria.
So, Nigerian crypto exchanges found a way to work around this – peer-to-peer (P2P) transfers. These transfers work like this:
Some exchanges have even gone a step further. For instance, Quidax has members of its team that handle P2P transfers specifically. So, these agents are the people you transact with. This way, risks like fraud and scams are minimized by a lot!
If you’re looking to buy crypto in Nigeria, you have different methods. Some of them include:
You can choose which of these methods works best for you. Find an exchange that offers the transfer method you’d like, and you’re ready to go.
As stated earlier, the best place to buy crypto in Nigeria is with a crypto exchange – like Quidax, BuyCoins, Patricia, etc. These exchanges have been available for years, and they offer everything you need – low fees, quick transactions, and helpful customer support.
If you’ve decided to buy crypto in Nigeria, this is the section for you. We’ll break down everything you need to do, so you can begin now.
A crypto wallet is basically a tool that helps you to keep your cryptocurrencies. If you’d like to know more about wallets, here’s a sweet guide to explain them to you.
When you open an account with a crypto exchange in Nigeria, you automatically get a wallet. However, you can also get a mobile wallet like TrustWallet or MetaMask.
The next step is to choose where you’d like to buy your crypto from. There are different available options here, including:
The last step is to make your purchase. Crypto exchanges do this for you, but you could also find a broker on your own.
Nigeria has a lot of crypto exchanges. Today, you can choose from Quidax, Patricia, Bundle, and so many other Africa-focused options.
So, which one is the best? Really, that answer depends on you since everyone has their preference. But, whatever exchange you choose, you need to look out for several factors. These include:
Whatever crypto exchange you choose needs to have the right security measures. This way, hackers will be unable to steal your account details and drain your funds.
Look out for security measures like multi-factor authentication, password strength, and more. A crypto exchange should be able to use authentication services like Google Authenticator or Authy to keep your credentials safe.
Also, you need to be in charge of your security. Use strong and complex passwords, never share your passwords online, and use a password manager if possible.
The best crypto exchanges charge low fees for their services. You can compare the fees between the available exchanges to see which is more convenient.
When considering fees, look out for the following:
The cheaper for you, the better.
As we all know, Bitcoin and Ethereum aren’t the only coins in the market. There are hundreds of top altcoins that you might want to buy, and the exchange you choose should have them. This way, you get all the coins you need on one exchange and won’t need to open multiple accounts.
A crypto exchange should be easy to use and understand. But, ease of use is subjective. Some people prefer Binance over Luno, while others would go the other way.
So, check out the available exchanges to see which you prefer and stick with that.
The right exchange should also have enough channels for customer support. This way, if you run into an issue or you get confused, there’s always someone ready to help you out.
Crypto offers a lot of opportunities to you if you’re a Nigerian. You can use cryptocurrencies to send money abroad, save, or even invest and make money. However, because of the CBN’s policies, it is a bit tricky to get your hands on crypto in Nigeria.
Crypto exchanges like Quidax offer the best experience for newbie crypto heads. They’re trustworthy, and they offer all the support you need to buy crypto in Nigeria.
This is a featured post.
Authors:
Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels – we love to be connected!
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
© 2022 pulse.ng
Menu
