How To Buy and Trade Cryptocurrency In Nigeria
With more and more Nigerians embracing Cryptocurrency, the country has now become one of
the major hubs for trading and investment in crypto. The sustained boom has attracted Young
Nigerians now take advantage of it to create wealth and drive away poverty.
With more Nigerians showing interest in cryptocurrency, some of the frequently asked questions
are, how to buy crypto?, how to trade bitcoin in Nigeria? And in this article, we will focus on how
to buy and trade crypto in Nigeria.
Best Way To Buy, Sell, and Trade Cryptocurrency In Nigeria
Before the ban of Cryptocurrency activities in Nigeria by the CBN, the buying and selling of
bitcoin and other crypto coin was majorly through bank deposit but the ban put a stop to that
and now the best way to buy and sell is through peer to peer and this means the exchange of coins
To buy and sell crypto using P2P has been made easy with crypto exchange and the best
exchange for Nigerians is Binance.
Using the Binance platform you will be able to buy and sell bitcoin, Ethereum, Litecoin, Shiba or
any of your favorite coins through bank transfer.
Binance has thousands of coins to trade and the platform is user and beginner-friendly. They
also have a mobile app that is available on both the Play Store and Apple Store or you can
access the platform using your browser.
Another good thing with Binance is you don’t have to break the bank to start, you need just $10
to start trading.
FYI: When making a transfer on Binance, don’t use anything related to crypto in the description
or else the transaction will be blocked by your bank
How To and Sell Using Binance
Before you start trading on Binance, you need to create and verify your account. This can be
It is done easily using the mobile app. You must also add at least one payment method, and this can
that will be your bank account.
- Open the Binance App and select P2P trading.
- Click the Buy tab and the coin you want to buy.
- Choose the seller and take note of the amount limit and, most importantly, the completion
rate, it must be at least 90%.
- Next, click on Buy on the right side.
- Enter the amount and click the “buy” button below. Binance only allows a maximum of 15
minutes, so you must be fast.
- Transfer the right amount to the seller and come back to click on Transfer to complete.
Start the process, then wait for the coin to be in your P2P wallet.
- To confirm, go back and click on the wallet.
By following the simple steps above, you will be able to buy your first coin on Binance, and when
you want to sell, the process is still the same, just switch from the Buy to the Sell tab.