At this point in the financial history of the world, we know now that Cryptocurrency has come to stay. Initially, it was received with mixed reactions, some financial institutions even spoke out against it. And when Bitcoin fell majorly last year, it seemed as though it was the end for all things. Those of you who didn’t invest in crypto when it came out have either regretted it or are still doing so at the moment.
Bitcoin is the most valuable of all cryptos, the most widely accepted in Nigeria and in other parts of the world.
One of the reasons that keep some people from purchasing Bitcoin or other crypto is the fact that it is still not legal tender in most places. Well, that’s what this article is about. The sites which will be listed below are places you can Buy Bitcoin or exchange it for money.
Bitcoin is the most popular of all cryptos, over half a million merchants accept it worldwide. Some countries in Asia, like Japan, have over 250,000 stores accepting Bitcoin. Some stores and even hotels in Nigeria accept Bitcoin. At least over 100000 merchants accept Bitcoin in Nigeria. Places like Minku, (Minku is a Nigerian fashion store) and many hosting companies accept Bitcoins.
That being said, below are trustworthy sites where you can buy bitcoin from and also sell Bitcoin in Nigeria.
How to recognise a genuine Bitcoin exchange in Nigeria
- The website must be registered and regulated by the appropriate authority
- Super-fast response and delivery
- Openness in transaction
- Responsive and top-notch support team sometimes operating 24 hours
- Extremely reliable and trustworthy
- Clear information and easy navigation on the website
Remitano is registered in Seychelles, where they started from, but now they have a presence in over 32 companies. Remitano specializes in buying and selling digital currencies, Bitcoin included. Now, this is the way the company functions; they use an escrow method where they link those who want to buy Bitcoin to those who want to sell. The seller’s Bitcoin is held in escrow, and the buyer receives the crypto when the seller confirms receipt of payment. If the seller doesn’t confirm, the Bitcoin will be released when the buyer produces evidence of payment. Apart from Bitcoin, Remitano also deals in Ethereum, Litecoin, and so many other digital currencies.
Based in Finland, they are one of the biggest crypto exchanges in the world. Unlike most platforms, LocalBitcoins is a global exchange site. In that, it actually links buyers and sellers from all around the world to do business together. For example, you live in Nigeria but would like to exchange your Bitcoin for pounds then, you’d make an advert for that and someone in Britain who wants to buy can then contact you. It works both ways. With LocalBitcoin, transfers can be made through bank transfers, Paypal or even meeting face to face for cash.
NairaEx is perhaps the biggest Nigerian Bitcoin exchanging platform in the country. Transactions can be made via bank deposits, bank transfers, and using Perfect Money. They have their office in Abeokuta, though one problem some might have with the platform is that you cannot do a transaction of less than 20,000, which is when buying Bitcoin. Also, they use ID verification, this might not go well with those who are trying to remain anonymous. Apart from Bitcoin, NairaEx also sells Ethereum, Bitcoin Cash, just to mention a few.
Previously called Bitx, Luno is another well trusted Bitcoin exchange service in Nigeria. It has been dubbed to be one of the safest and cost-effective ways to buy and sell Bitcoin in Nigeria. They have been around for over 5 years and have a strong presence in over 40 countries. They also sell Ethereum.
Here’s another very popular digital currency exchange platform. Along with LocalBitcoins and NairaEx, InstantGoldNigeria is in the top three Bitcoin exchange platforms in Nigeria. This company started in Lagos Nigeria, and they have been in the business for a while, since 2007. You can also do your exchanges with them via their social media channels, Whatsapp, Twitter, and BBM. Instant gold Nigeria, also offers an exchange for many other cryptocurrencies and the likes of Paypal and Perfect Money. They have their physical offices in Lagos and Portharcourt.
A relatively new Bitcoin exchange site in Nigeria. They provide an escrow method of exchange and hold the Bitcoin until the seller confirms, or there is a proof of payment. Though relatively new in the digital currency space in Nigeria, they already offer features their competitors already provide. BitcoinAfrica offers 24-hour customer care service, they exchange Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Founded in 2015 by Artur Schaback, Ray Youssef, in Washington, United States. The advantage Paxful has over other exchange platforms is that they give room for over 300 payment methods. From Bank transfers to Western Union, Debit and Credit cards, amidst many other methods. Paxful also uses the escrow system of payment. So you can be sure no one will run away with your money. Paxful buys and sells only Bitcoin. They have a presence in over 5 countries, with Nigeria, being their major African market.
Naira2dollar is another reliable Bitcoin exchange, they are based in Onitsha, Anambra state. The exchange is reputed for the fast delivery service. Apart from cryptocurrencies, the platform also exchanges digital currencies, and all at very good prices. They don’t do the escrow thing though, so your interactions are direct with them.
Bitdelia allows everyone to be part of this advanced financial system. From my analysis, Bitdelia passed has excelled in all angles and offers products and services which makes it possible for individuals and businesses to buy and sell cryptocurrencies such as Bitcoin, Ethereum and Litecoin
In Bitdelia every customer can store bitcoins on the website in his own personal wallet. I mean if purchased of Bitcoin, Ethereum, or Litecoin, you can store directly in your Bitdelia Bitcoin wallet.
Bitdelia is one of the Bitcoin trading companies that has adopted the multisig wallet system which allows for maximum security of your coins.
How to register with Bitdelia
- Create an account on www.bitdelia.com by filling in your details
- Log on to your dashboard
- Click on buy or sell Bitcoins
- Fill your details on the order form
- Exercise some patience for your order to be processed in no time
Starting in Ibadan, Naira4dollar exchange has been in the business since 2006. Now they have offices in Lagos and Edo. With Naira4dollar you can do your transactions via their website, on phone or visit any of their offices close to you.
This is in no way an exhaustive list of Bitcoin exchanges in Nigeria, however, these are some of the best in the business at the moment.
If you are yet to get on the cryptocurrency train, it’s not too late, you can join the train before the price rises far more than you can afford.