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Monday, September 28, 2020

10 Best Site to Buy Bitcoins in Nigeria in 2020

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Accessing or buying Bitcoin was previously a difficult thing. There were only specific ways to achieve this, with debit and credit cards almost out of the question. After a massive increase in popularity, that has changed.

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We have noticed on almost all popular Bitcoin sites peculiar to Nigerians that their prices vary in real-time.

In this write up, we will show you the best site to buy bitcoin in Nigeria based on their popularity and ease of use.

Luno

Luno

Luno is the most popular cryptocurrency in Nigeria. It started as Bitx in 2013, then changed its name to Luno.

Its main market target is South Africa and Nigeria. Luno has one of the most accessible interfaces to use. The ease of use of Luno is top-notch.

It is the first exchange that allows makers to buy and sell cryptocurrencies without transaction fees.

Luno has instant 24/7 deposits and withdrawals. Luno is an essential exchange if you want to buy bitcoins in Nigeria quickly and securely.

Exchange Type 

  • Broker & Exchange

Services  

  • Wallet
  • Instant Buy/Sell
  • Trading Platform

Supported Cryptos 

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  • BTC
  • BCH
  • ETH
  • LTC
  • XRP

Pros 

  • Solid User Interface
  • Instant Payment & Withdrawal
  • Responsive support
  • 0% Maker trading fee

Cons 

  • NGN Pair for only BTC & ETH

Quidax

Quidax

Quidax is the first Bitcoin exchange in Nigeria launched in August 2018. It is the first Nigerian exchange to meet and exceed international standards.

Quidax is the initial bitcoin exchange to support Naira 24/7 instant deposit and withdrawal. It also introduced 0% maker fees, which led to buying bitcoins in Nigeria at the lowest price.

Exchange Type 

  • Broker & Exchange

Services 

  • Wallet
  • Instant Buy/Sell
  • Trading Platform

Supported Cryptos 

  • BTC
  • BCH
  • ETH
  • LTC
  • XRP
  • Dash
  • USDT

Pros 

  • Solid User Interface
  • Instant Payment & Withdrawal
  • Responsive support 
  • 0% Maker trading fee

Cons 

  • Trading platform not available in App.

Binance

Binance

Binance was set up in 2017 after a successful ICO.

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It is the largest cryptocurrency exchange in the world in terms of trading volume, with more than 100 currencies actively traded on the platform.

Bitcoins worth up to a billion dollars are traded daily on Binance.

In 2020, Binance introduced the Naira wallet, which allows Nigerian users to buy bitcoin directly with naira on the platform.

Deposits and withdrawals are also swift on Binance.

Exchange Type 

  • Broker 
  • Exchange  
  • P2P

Services 

  • Wallet
  • Instant Buy/Sell
  • Trading Platform
  • P2P

Supported Cryptos 

  • BTC
  • BCH
  • ETH
  • LTC and over 100 others

Pros 

  • Solid User Interface
  • Instant Payment & Withdrawal
  • Responsive support
  • Low trading fee

Cons 

  • It can be formidable because of its number of products 

Remitano

Remitano

Remitano is the most secure and widely used P2P Bitcoin exchange in Nigeria. Over 800 million naira bitcoins are traded daily in Remitano from Nigeria.

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It’s better than other peer-to-peer exchanges in terms of security, customer support, services offered, and the number of coins supported.

Exchange Type 

  • P2P

Services 

  • Wallet
  • P2P
  • Invest

Supported Cryptos 

  • BTC
  • BCH
  • ETH
  • LTC
  • XRP 

Pros 

  • Solid User Interface
  • 24/7 Live Chat Support
  • Safe and Secure

Cons 

  • 1% Transaction fee (Medium) 

BlockVila

BlockVila is the most reliable and popular OTC exchange in Nigeria.

It was launched in 2017 as Ngexchanger, then changed its name to BlockVila. BlockVila has now expanded its business off the coast of Nigeria.

Its head office is located in Port Harcourt, Nigeria, and remains one of the safest exchanges to buy bitcoins of any amount in Nigeria.

Exchange Type 

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  • Broker 
  • OTC

Services 

  • Buy/Sell
  • Cloud Mining

Supported Cryptos 

  • BTC
  • BCH
  • ETH
  • LTC
  • STEEM and 9 others

Pros 

  • Easy to Use
  • 24/7 Live Chat support
  • Can exchange any cryptos on request

Cons 

  • No Mobile App 

BuyCoins

BuyCoins is a P2P exchange located in Lagos, Nigeria.

The exchange was launched in 2017 as Bitcoin Africa but was later renamed BuyCoins in February 2018.

It was initiated by Timi Ajiboye, a software developer and a team of 9 others.

BuyCoins provides services to people in Nigeria who are interested in cryptocurrency trading.

Exchange Type 

  • Broker 
  • P2P

Services 

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  • Wallet
  • Buy/Sell
  • Coin lock NGNT

Supported Cryptos 

  • Bitcoin (BTC)
  • Ethereum (ETH) 
  • Litecoin (LTC)

Pros 

  •  Superb Customer Support
  • Instant P2P through NGNT
  • Exceptional mobile App

Cons 

  • Available only in Nigeria 

Paxful

Paxful

Paxful is a peer-to-peer(p2p) bitcoin exchange that was established in the United States.

Its distinctive selling point is that it has more than 300 payment methods to buy bitcoins. Most Nigerian customers sell gift cards (Amazon, iTunes, GooglePlay, etc.) for Bitcoin.

However, unlike Remitano, which makes it difficult for a trader to deceive other traders on his platform, Paxful is less regulated by customer support, so you must follow security measures to avoid being scammed.

Another interesting thing you should know about Paxful is its extension to charity. They have sponsored several schooling projects in Africa.

Exchange Type 

  • P2P

Services 

  • Wallet
  • P2P

Supported Cryptos 

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  • Bitcoin (BTC)

Pros 

  • Over 300 Payment methods
  • 24/7 Live Support
  • Cross country P2P trades 

Cons 

  • Supports only BTC 

Redeem

The exchange is the most secure P2P exchange to sell and buy more than 30 Bitcoin gift cards at the best price.

It is a P2P platform but does not allow direct interaction between buyers and sellers to guarantee maximum security and anonymity.

It was established in 2018 by Kyle Hill and Mike Townsend of Los Angeles, California.

Exchange Type 

  • P2P

Services 

  • Gift Card
  • P2P

Supported Cryptos 

  • Bitcoin (BTC)

Pros 

  • Over 30 Gift Cards,
  • Commendable rates
  • Very safe

Cons 

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  • Supports only BTC 
  • Gift Cards sale might not be instant

Yellow card

The yellow card is a new platform. It was financed by Binance to increase the acceptance of bitcoin and other cryptocurrencies in Africa.

Yellow card allows you;

  • Buy bitcoins at a very reasonable price with naira by bank transfer.
  • Accept bitcoins for your products and services and send the equivalent directly to your bank account.
  • Become a bitcoin provider; that is, simply buy and sell bitcoins to your customers in a physical location using the YellowCard app.

Thanks to these unique characteristics, the yellow card has increased its use in Nigeria.

Exchange Type 

  • Broker

Services 

  • BTC Wallet
  • Buy/Sell Bitcoin
  • Bitcoin Merchant 

Supported Cryptos 

  • Bitcoin (BTC)

Pros 

  • Easy to use
  • Superb customer support
  • Accept bitcoin for goods/services

Cons 

  • Supports only BTC 

Local bitcoins

LocalBitcoins is among the earliest bitcoin exchanges in the world. It is the first peer-to-peer (p2p) bitcoin exchange and was founded in June 2012.

On this exchange platform, you can buy and sell bitcoins using more than 30 payment methods, including Altcoins.

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Exchange Type 

  • P2P

Services 

  • Buy/ Sell Bitcoins
  • BTC wallet

Supported Cryptos 

  • Bitcoin (BTC)

Pros 

Cons 

  • Supports only BTC 

What is the best site to buy Bitcoin in Nigeria?

The article above examines the different types of exchange you can use to carry out your transactions. So to determine the best site to purchase bitcoin depends on various factors such as;

  • Payment medium (debit card, gift card, bank transfer, etc.)
  • Price (which exchange has the best price right now)
  • Speed (how much I need)
  • Reason (for store, trade or buy)

Luno, Quidax, Binance are essential if you want to buy, sell or trade bitcoins quickly.

With Remitano, you can buy a large amount of bitcoins at a very affordable price.

If you have to sell or buy gift cards securely at the best price, Redeem is undoubtedly the best.

Finally, if you desire to sell or buy electronic currencies like Neteller, Paypal, Perfect Money, etc., in exchange for bitcoins, choose Paxful or LocalBitcoins, whichever offers you the best price.

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Conclusion

Nigeria is a typical instance of a country where the popularity of Bitcoin has risen quickly due to the problems and restrictions that citizens face in using traditional currency.

 Due to the increasing acceptability of digital currency, users can easily buy or sell Bitcoin in Nigeria using bank transfers or debit cards and do local and international transactions. 

This is proof that cryptocurrency will continue to enjoy growth.

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Fadehan Emmanuel
Moore is an Associate—Editor of TheXplorion. Got a NEWS TIP related to this story — or to anything else in the world of big tech? Please e-mail him: mooreplug[at]gmail.com. You can also connect with him via the connections below the box.
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