Bitcoin, Ethereum and other digital currency options are very considered a global currency, which means that people are able to use them all over the world. You might assume that buying, selling and trading Cryptocurrency would be the same no matter where you are in the world; however, that is not the case. The ways that you can get your hands on Crypto can vary from country to country. If you have been wondering how to buy Crypto in Nigeria, you’ve come to the right place.
Using A Cryptocurrency Exchange
If you have ever bought or sold Cryptocurrency then the chances are you did it via a Cryptocurrency exchange. This is a platform (usually a website or a mobile app) that allows you to sign up for an account and become a Crypto investor. Each app works slightly differently but usually, you’ll be asked for your full details when you sign up, you’ll have to show some photo ID and take the usual security steps such as verifying your email address. Then you will have to fund your account before you’re ready to get going with buying your Cryptocurrency of choice.
Different apps/websites will offer support with buying/selling different currencies so make sure that you check the app you’re signing up to supports the currency you wish to buy and sell. They’ll also offer their own rates and have their own transaction fees. It’s important that you read up on the one you think you want to use so you can be sure that it matches your needs and you know exactly what you’re getting to.
Cryptocurrencies that support buying/selling digital currency in Nigeria include paxful.com, Bundle Africa, Yellow Card and Quidax.
Peer To Peer Buying
If you want to consider buying direct from a person rather than via a Cryptocurrency exchange then Peer to Peer buying is the way forward for you. Various platforms support this way of buying and selling digital currency – some people even opt to list their currency on places such as Facebook Marketplace. In Nigeria, a popular platform called Binance P2P promises to be an easy way to talk directly to sellers and buy your digital currency. When buying directly, through somewhere such as Facebook, for example, you should be aware that there is no security and really no come back, should the seller decide not to send you what you have purchased. Binance P2P has an escrow service to ask as a security measure for your funds, so this is less of a risk.
Currently, with Bitcoin and other digital currencies, there is no official acceptance or regulation from any government bodies. This doesn’t mean that you’re breaking the law by taking part but you should go in with your eyes wide open. For example, always read up on the reviews of any
Cryptocurrency exchanges you want to use, so you can feel confident that they’re legitimate and that they offer what you need. The same goes for Peer to Peer trading – just ensure that you know exactly what you’re getting into and you’re taking precautions to ensure that your money is as safe as possible. Unlike using PayPal or your credit to make purchases online, you simply don’t have the same backup and support if a transaction goes wrong.
That isn’t to say that buying Peer to Peer won’t work out, but always make sure you keep your wits about you. If it seems too good to be true then it probably is – take your time, consider all of your options and make sure that whatever decision you make when it comes to investing your money is the right one for you.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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