Knowing where to buy Bitcoin in Nigeria and how to buy bitcoin online will give you an edge in crypto investing. Depending on certain preferences and strategies, choosing the right platform to buy and sell bitcoin can make or break your crypto trading experience.

In this guide, our focus will be finding where to buy Bitcoin in Nigeria, helping you better understand how to buy bitcoin online, and providing some of the best sites to buy bitcoin.

Where to Buy Bitcoin Nigeria – Step by Step Guide 2022

If you’re looking to start investing in Bitcoin, then some of the first things you might ask are: where can I buy Bitcoin and how can I buy Bitcoin? We want you to know where to buy Bitcoin in Nigeria with the five platforms we have reviewed below.

1. Binance – Best Crypto Exchange for New Coins

One of the best ways for new traders to really immerse themselves in the crypto ecosystem is through Binance, our best crypto exchange for new coins. We recommend this platform especially after you’ve really understood how to buy Bitcoin in Nigeria and how crypto trading works.

With access to over 500 cryptocurrencies and virtual tokens, Binance offers many different crypto-related products such as earning and staking. Looking at the platform, it’s easy to get overwhelmed by the many features offered but luckily the site has a support center for queries such as where to buy bitcoin, how to buy bitcoin with PayPal, and how to buy bitcoin with debit card.

For those wanting to learn how to buy bitcoin on Binance, you simply need to know that you need an account on the platform first before using any of the products. Using the Binance peer-to-peer markets is one of the best options for buying Bitcoin at good rates.

Binance fees

Cryptoassets are speculative and carry high volatility levels. Always consider the risks involved. 

3. Coinbase - Great Beginner Platform for Crypto Nigeria

Coinbase is the beginner platform for learning how to buy Bitcoin in Nigeria. It’s an online crypto exchange with a very easy-to-use interface and even offers a range of 50 different cryptocurrencies. The crypto exchange is also well secured and offers its services in over 100 countries.

Some of the features to note for Coinbase are its featured crypto wallet as well as the Coinbase Pro sub-platform that any user can access. Coinbase Pro is a trading interface that is best used if you plan on trading often.

Coinbase fees

 

Your money is at risk.

4. Luno - Best African-based Crypto Exchange Platform

With a local presence in Lagos, the Luno crypto trading platform is one of the safest and most transparent crypto exchanges available. Built with beginners in mind, Luno is easy and straightforward to use in terms of trading and learning how to buy Bitcoin online.

Aside from Bitcoin, Luno also offers other popular cryptocurrencies that can be traded on their platform. These are:

• Ethereum (ETH)
• Ripple (XRP)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• USD Coin (USDC)

Luno fees

 

Your money is at risk.

5. Paxful - Crypto Exchange with Most Payment Methods

Among all the other crypto trading platforms we’ve shown, it is Paxful that lets you buy Bitcoin online without having to share any personal details or fill up any know your customer (KYC) forms. Simply sign up with an email, cell phone number, and password and then you can start trading on the peer-to-peer platform.

If you’re starting on how to buy Bitcoin on Paxful, the minimum amount that you will be spending will be around 5730 NGN.

Paxful fees

Your capital is at risk.

Where to Buy Bitcoin - Fee Comparison

What is Bitcoin?

With over 17,000 cryptocurrencies available today, it’s incredible to think that perhaps none of them would have come around without Bitcoin. As the first major decentralised currency, Bitcoin is also the largest with a market cap of US$740 billion at the time of writing. Created by the entity known as Satoshi Nakomoto, the blockchain-based currency allowed people to own and send digital money without the need of a centralised authority.

Unlike normal fiat currency or digital money, Bitcoin had a few properties that made it a more attractive alternative to traditional currencies. For example, Bitcoin is known to be a deflationary currency. This is because it is programmed to only have a maximum supply of 21 million coins. 

But how are bitcoins created so that people can buy Bitcoin in Nigeria? Simply put, Bitcoins can be mined due to its proof-of-work (PoW) consensus model. How this works is that each block or transactional information that makes up the entire Bitcoin network requires a certain algorithmic function to be solved in order to be used. Once energy and computing power is used to solve a specific function of a block, a Bitcoin is successfully mined.

While many have recently tried learning how to buy and sell bitcoin and how to buy bitcoin in Nigeria, many also ask: where can I buy bitcoin in Nigeria? After some time and the acceptance of cryptocurrencies as a financial asset, many online platforms have come around to allow virtually anyone to own Bitcoin.

Why Buy Bitcoin?

As we mentioned earlier, Bitcoin was designed to be a currency that solves some of the problems that fiat currencies face today. Bitcoin, being a deflationary asset, can be very attractive for investors to buy since deflationary assets increase in value in the long run. As a store of value, a deflationary currency virtually increases its worth, unlike cash which decreases in value as inflation occurs.

Another reason why many want to know how to buy Bitcoin online is that it is decentralised. This means that when you buy the cryptocurrency and actually store it in your crypto wallet, you have full control of what you want to do with your money. 

This is in stark contrast to the usual fiat currencies wherein the central bank where your money is usually stored can lend it, loan it, and do whatever they want with it without you necessarily knowing.

How Much Does It Cost to Buy Bitcoin?

Those wondering where to buy Bitcoin in Nigeria should understand that the crypto asset can be split into smaller denominations. Much like how the Nigerian naira can be split into kobos, so too can one Bitcoin be divided into 100 million satoshis. So although one bitcoin can cost tens of millions of naira, you can actually buy Bitcoin online with just a couple thousand naira depending on your broker.

How to Buy Bitcoin with PayPal

Many may be wondering: can I buy Bitcoin with PayPal? If you’re a PayPal U.S. account holder, then the answer is yes. PayPal now allows these customers to buy, sell, and hold Bitcoin and a few other cryptocurrencies in their accounts. However, if your PayPal account is not U.S.-based, the company does plan to expand these features to select global markets in the future.

So with a US account, what do you need to know to understand how to buy Bitcoin with PayPal? All it takes to buy Bitcoin in Nigeria through PayPal is clicking the button that says “crypto” and choosing which coins you'd like to buy.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Buying Bitcoin Safely

As Bitcoin and many other cryptocurrencies have been in the digital spotlight, many hackers and malicious users have successfully gained crypto themselves. Cybersecurity is definitely an issue that needs to be constantly reviewed when learning where to buy Bitcoin in Nigeria.

Before continuing, it’s important to note that earlier last year, the Central Bank of Nigeria prohibited financial institutions to deal in cryptocurrencies or facilitate payments for cryptocurrency exchanges. Although a highly debatable decision to this day, many wonder how to buy bitcoin in Nigeria after ban.

The priority when learning where to buy Bitcoin in Nigeria is safe and using a secure, licensed, and tried-and-tested crypto exchange or trading platform is one of the best ways to buy Bitcoin safely. Many exchanges have multiple security measures like cold storage and two-factor authentication that heavily restrict potentially malicious actions.

Risks of Buying Bitcoin

Once you’ve figured out how to buy Bitcoin online safely, then the next risk to consider is the volatility of crypto. Although extreme price movements allow for more potential to earn, there is also a higher risk of losing money in your positions.

The volatility of Bitcoin and other crypto is especially risky when trading Bitcoin derivatives. These are potentially leveraged positions that can result in margin calls or losing huge portions of your position. Practicing responsible trading and risk management is definitely essential even when investing long term on Bitcoin.

Selling Bitcoin

Once you’ve learned some of the basics like how to buy Bitcoin in Nigeria with debit card or how to buy Bitcoin with credit card, then the next thing to learn is how to sell your Bitcoin once the price has gone up or for whatever reason.

In any case, selling Bitcoin should already be easy as you must have already found a platform to buy it in the first place. Simply close the position that you have on the platform or alternatively, if it is stored in a crypto wallet you can convert it to another crypto through another exchange.

Alternatively, those looking to bet against Bitcoin which is known as shorting can find trading platforms that offer speculative trading as well. These kinds of positions, often derivatives, lets you earn money when the price of Bitcoin falls. However, you’ll need to be especially careful when doing so as there is an infinite risk when shorting financial instruments.

Bitcoin Price Forecast

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

In all this learning of where to buy Bitcoin in Nigeria and how to buy Bitcoin online, what direction is Bitcoin heading, and what is the current price forecast? To start, our opinions are not to be taken as financial advice and nothing can be predicted with complete certainty in the market.

When it comes to figuring out future price movements, technical analysis is definitely not enough. For our technical analysis, we know that Bitcoin historically peaked in 2021 at around US$69,000 in November and reached as low as around $27,000. At the time of writing, Bitcoin’s price is now hovering between the US$35,000 and US$40,000 range.

If Bitcoin breaks below the US$35,000 range then its next support would be around the US$32,000 level. If the crypto breaks the US$40,000 resistance, the cryptocurrency might look to move between the US$40,000 and US$42,000 level.

Where to Buy Bitcoin

Are you wondering where to buy Bitcoin in Nigeria again? Here’s a list of the cryptocurrency exchanges and trading platforms we mentioned earlier:

1. Binance – Best Crypto Exchange for New Coins
2. Coinbase – Great Beginner Platform for Crypto Nigeria
3. Luno – Best African-based Crypto Exchange Platform
4. Paxful – Crypto Exchange with Most Payment Methods

Best Way to Buy Bitcoin - Binance Tutorial

In this section of our Where to Buy Bitcoin in Nigeria guide, we now provide a step-by-step tutorial on how to buy Bitcoin via Binance.

Step 1: Open an Account

Here is how to buy Bitcoin in Nigeria. First, head to the Binance website and press the Trade Now button at the top right. In the pop-up, simply fill in your desired email and password or use an existing Facebook, Google, or Apple account to register.

Step 2: Upload ID

Next, you won’t be able to buy Bitcoin on Binance without verification. You’ll need to upload a valid ID to get verified. Something like a passport or driver's license would suffice.

Step 3: Deposit Funds

Can I buy Bitcoin with PayPal? Through Binance , you can deposit funds through bank transfers, e-wallets, bank cards, and PayPal. Once your account has been verified, you can start depositing funds.

Step 4: Buy Bitcoin Nigeria

With your account now funded, you can now buy Bitcoin in Nigeria! On the Binance dashboard, search for the ticker ‘BTC’. Once the trade modal pops up, you may put in your desired amount to invest in and click on the Buy  button.

Binance – Best Crypto Platform to Buy Bitcoin in Nigeria with 0% Commission

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

What is Bitcoin?

Bitcoin is the first widely-used decentralized digital currency using blockchain, a distributed ledger. Bitcoin, using the Proof of Work consensus model meaning it can be mined via computing power.

Who created Bitcoin?

In 2009, Bitcoin was launched based on the creation of the entity known as Satoshi Nakamoto.

What is the market cap of BTC?

At the time of writing, Bitcoin’s market cap is at $740 billion.

Do I need a crypto wallet to buy Bitcoin?

Yes, you’ll need a crypto wallet to purchase Bitcoin and other cryptocurrencies. Luckily, some platforms feature built in crypto wallets.

Can I buy Bitcoin in Nigeria?

Yes, you can. For example, you can purchase Bitcoin through Binance after creating and verifying your account.

How much money do I need to buy Bitcoin in Nigeria?

You don’t need much to start trading Bitcoin even if one unit of the crypto costs tens of thousands of dollars. With Binance , you purchase fractions of Bitcoin with a minimum transaction amount of just US$1.