It’s true that we wouldn’t have cryptocurrencies without Bitcoin, but we also would not have entire blockchain ecosystems without Ethereum. As the second-largest cryptocurrency in terms of market cap, knowing where to buy Ethereum in Nigeria and how to buy Ethereum online will give you a better grasp of the crypto ecosystem as a whole.

 In this guide on how to buy Ethereum in Nigeria, we’ll discuss where to buy Ethereum with naira, how to buy Ethereum with debit card, and more.

Where to Buy Ethereum in Nigeria – Step by Step Guide 2022

You might ask: how can I buy Ethereum in Nigeria? First, you’ll need to find where to buy Ethereum in Nigeria. Since the Nigerian crypto ban last year, it seems like doing some Ethereum buy or sell would be difficult. However, there are some platforms that could be the best place to buy Ethereum or the best app to buy Ethereum in Nigeria for you.

Below are five platforms we reviewed to help you get started on where to buy Ethereum.

1. OKX- The Best Platform To Buy Ethereum For All Traders

Founded in 2013, OKX is a blockchain-based platform with over 20 million users in 180 countries and removes all barriers to cryptocurrency trading.

The platform provides various trading options to users, ranging from Ethereum trading on the website to selling and exchanging Ethereum on the mobile app. Users can also receive location-based notifications of the live price of cryptocurrencies on the website.

To start trading Ethereum, you need to make a minimum deposit based on your account verification type. A $50 deposit is ideal for getting started, but you may have the option of making a larger deposit based on the type of account verification you choose.

Educational materials are available in the OKX Academy section for those new to the cryptocurrency market.

OKX fees:

2. Binance - Top Crypto Exchange Nigeria for New Coins

Binance is perhaps one of the largest and most popular crypto exchanges available. Carrying a user base of over 100 million, millions of users come to Binance to buy Ethereum in Nigeria and other parts of the world. Their coin, the Binance Coin (BNB) is even the fourth largest crypto today.

Speaking of BNB, Binance Coin is actually based on the Ethereum architecture which allows for the coding of smart contracts. This is why Binance is not only one of the best places to buy Ethereum with naira but also a great place to immerse yourself in the crypto sphere. If you want to know how to buy Ethereum on Binance, the platform even has a support center to help you master how to buy Ethereum in Nigeria.

Binance fees

Your capital is at risk.

4. Coinbase - Great Beginner Platform for Crypto Nigeria

With a very straightforward interface with all the popular cryptocurrencies available, Coinbase is the beginner platform for learning how to buy Bitcoin in Nigeria. It has some 50 cryptocurrencies under its belt and users can use their mobile app to buy Ethereum instantly. The crypto exchange is also well secured and offers its services in over 100 countries.

Notably, Coinbase has its own crypto wallet called the Coinbase Wallet. It also has a more advanced trading platform called Coinbase Pro that is available for all users and offers lower fees and more tradable cryptocurrencies. It’s best used when you want to buy Ethereum with naira more often.

Coinbase fees

 

Your money is at risk.

5. Luno - Best African-based Crypto Exchange Platform

Not many exchanges have operations in Africa, especially as many countries look to crack down on the cryptocurrency market. Luno, however, has a local presence in Lagos and is one of the safest and most transparent exchanges available. So what do you need to know when learning how to buy Ethereum on Luno in Nigeria?

Luno has a lot of liquidity for its cryptocurrency, so spreads remain tight and trading speeds are high. And if ever you want to expose your portfolio to other cryptocurrencies, you can trade coins like Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), and a few others too.

Luno fees

 

Your money is at risk.

6. Paxful - Crypto Exchange with Most Payment Methods

Want to know how to buy Ethereum in Nigeria anonymously? Paxful is an online peer-to-peer cryptocurrency exchange that lets you do just that. Unlike other platforms, Paxful lets you directly buy from other users and essentially buy Ethereum online without having to share any personal details.

You’ll simply need to sign up with an email, cell phone number, and password and you’ve found where to buy Ethereum in Nigeria anonymously. The minimum amount that you will be spending will be around 5730 NGN. So can I buy Ethereum on Paxful? Yes, you can.

Paxful fees

Your capital is at risk.

Where to Buy Ethereum - Fee Comparison

What is Ethereum?

Before you start asking things like how can I buy Ethereum or how do I buy Ethereum in Nigeria, it’s important to understand the fundamentals of Ethereum and its uses.

Everyone is familiar with Bitcoin and how it was the first decentralised currency. Of course, in many ways, Bitcoin opened people's eyes to cryptocurrency as a whole. However, the popularity of blockchain for more than just a store of value was due to the creation of Ethereum.

Many of the limitations of Bitcoin allowed for Ethereum to come into play. For example, Bitcoin is what’s known as a Turing incomplete language which means it understands only a limited number of orders like how much money was sent to whom. On the other hand, Ethereum is able to run more complex programs on its network through smart contracts. These programs are known as decentralised applications (dApps) which have many different uses already.

Launched in 2015, Ethereum became an ecosystem of dApps and smart contracts which were all powered by ether, the native token of the blockchain. The exciting thing about Ethereum is that it is open source and that anyone can read the code that others have written as well as anyone can create dApps for others on the network to use. 

You may have heard of non-fungible tokens or NFTs which have taken the digital spotlight thanks to some NFTs selling for millions of US dollars. Most NFTs are actually Ethereum run assets powered by smart contracts and are a way to represent anything completely unique. Now, let's learn how to buy Ethereum in Nigeria. 

Why Buy Ethereum?

As we mentioned earlier in this Where to Buy Ethereum in Nigeria review, the blockchain is a huge network that allows for groundbreaking dApps and smart contracts to thrive. As demand for these decentralised software increases, the actual ether which is needed to run them will cost more. This means that as the Ethereum network grows, more people will use ether making it increase in price.

As Ethereum runs on the proof-of-work (PoW) consensus model, Ethereum can also be mined.

How Much Does It Cost to Buy Ethereum?

Those wanting to know where to buy Ethereum in Nigeria should first understand that ether can be split into smaller denominations. One ether is equivalent to one quintillion weis. It’s also equal to one billion gweis. This means that even though buying one whole ether costs about a million naira, you can still buy ethereum with naira at fractions of the price.

Just like how many popular trading platforms offer fractional shares for stocks like Amazon which costs thousands of dollars, platforms like Binance let you buy Ethereum online for a minimum of just US$1. 

How to Buy Ethereum with PayPal

If you have a PayPal account based in the US, then you can buy, sell, hold, and pay four different cryptos: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Although to buy Ethereum requires a US account, the company mentions opening this service to select global markets in the future.

However, local residents who want to buy Ethereum in Nigeria can still do so by using PayPal to fund a trading platform like Binance. Platforms that accept PayPal allow users to add equity through the digital payments service so that users can trade assets and buy Ethereum online easily.

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.

How to Buy Ethereum with Bitcoin

If you already own some Bitcoin and want to use it to buy Ethereum in Nigeria, here are a few ways to do just that. First, you can convert your Bitcoin into Ethereum by sending the bitcoin to a crypto exchange such as Binance. It allows for a quick conversion of your Bitcoin to Ethereum.

You can also connect your crypto wallet to some crypto exchanges online that let you swap your Bitcoin directly to Ethereum. You can even trade the ETH/BTC cryptocurrency pair on Binance as well.

Buying Ethereum Safely

Crypto scammers and hackers have been somewhat rampant since cryptocurrencies became a popular speculative financial instrument. After you’ve found exactly where to buy Ethereum in Nigeria, it’s important to make sure that the platform and site used is safe and secure.

Safety is always the priority when it comes to trading and managing your assets. In terms of losing your assets through market movements, this is why some platforms offer negative balance protection like Binance. Alternatively, many platforms follow security protocols or tight safety measures to ensure that users’ funds and crypto are safely kept.

Risks of Buying Ethereum

You can make a lot of money if you’ve mastered how to buy Bitcoin with naira, but you can also lose a lot of money too. Take the current situation of the crypto market which has been overall bullish - many investors currently have positions underwater.

With this, here are the main risks when you buy Ethereum online:

• Ethereum, much like any other cryptocurrency, is considered volatile (prone to sudden price fluctuations)
• Using leverage when trading Ethereum can cause your account to get margin called when the price suddenly spikes
• Buying Ethereum from unsecured platforms can have your personal data leaked

Selling Ethereum

If you have any open positions for Ethereum on a crypto exchange, then selling Ethereum is much easier than learning how to buy Ethereum online in the first place. Simply close the position that you have as this will automatically sell the Ethereum that you initially purchased.

However, if you’re looking to bet against Ethereum which is known as shorting, you can look for a crypto exchange that offers Ethereum derivatives trading. This lets you open a CFD crypto position that would earn money if the price of the crypto asset falls.

Ethereum 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.

To really answer the questions: is it advisable to buy Ethereum now and when is the best time to buy Ethereum, many looks to technical analysis of the cryptocurrency. For short-term or day traders, the key is looking for the best time of day to buy Ethereum.

Last year, Ethereum's price peaked at around US$4,800 in November when crypto saw its largest bull run. However,  the price last year did reach a low of US$1,000 earlier. Currently, the price of Ethereum is around the US$3,300-2,500 range near support and might look to retest the US$3,300 range given enough consolidation at this level.

If Ethereum breaks below the US$2,500 range then its next support level is at US$2,200-2,100. As for if the crypto breaks the US$3,300 resistance, the next big resistance level after that lies around the US$3,500 price level.

Where to Buy Ethereum

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. OKX- The Best Platform To Buy Ethereum For All Traders
2. Binance –Best Crypto Exchange for New Coins
3. Coinbase – Great Beginner Platform for Crypto Nigeria
4. Luno – Best African-based Crypto Exchange Platform
5. Paxful – Crypto Exchange with Most Payment Methods

Best Way to Buy Ethereum Nigeria - OKX Tutorial

In this section of Where to Buy Ethereum in Nigeria, we show below a step-by-step guide on how to buy Ethereum in Nigeria through OKX.

Step 1: Open an Account

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.

Here is how to buy Ethereum in Nigeria. Head to the OKX website and click on the Sign Up button to be redirected to the registration form. Fill in your email and password or choose an existing Facebook, Google, or Apple account to connect to.

Step 2: Upload ID

Next, OKX will ask you to verify your account by uploading a valid ID and proof of address. For a valid ID, you may opt for something like a passport or driver's licence. For the proof of address, you may use a utility bill or a bank statement.

Step 3: Deposit Funds

Next, you’ll be able to deposit funds to your account once it has been fully verified. Several payment methods will be available to use such as bank cards in Visa and MasterCard, PayPal, e-wallets, and bank transfer. 

Step 4: Buy Ethereum Nigeria

With your account now funded, you can now buy Ethereum in Nigeria OKX! On the dashboard, search for Ethereum and press 'Buy'. Once the trade modal pops up, you may put in your desired amount to invest in  and click on Buy.

Binance – Best Crypto Platform to Buy Ethereum in Nigeria

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 Ethereum?

Ethereum is a blockchain built upon the Proof of Work (PoW) consensus model that offers a store of value and an ecosystem for smart contracts and dApps.

Who created Ethereum?

Ethereum was conceived by Russian-Canadian computer scientist Vitalik Buterin. The blockchain went live in July of 2015.

What is the market cap of ETH?

At the time of writing, Ethereum’s market cap is at US$308 billion.

Do I need a crypto wallet to buy Ethereum?

Yes, you’ll need a crypto wallet to purchase Ethereum and other cryptocurrencies. Luckily, some platforms like Binance have built in crypto wallets.

Can I buy Ethereum in Nigeria?

Yes, you can. Despite the crypto ban, many crypto investors have been able to buy and sell Ethereum through peer-to-peer markets and crypto exchanges.

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

The minimum amount you need to start investing in Ethereum will depend on the platform you use. For example, Binance lets you open an Ethereum position for just US$1. For crypto exchanges like Paxful, the minimum investment is around 5730 NGN.