You can buy Bitcoin in Nigeria in less than five minutes from start to finish when using a crypto exchange that supports e-wallets or debit cards.
Just be sure to explore what fees the exchange charges and of course – whether or not it is regulated by a reputable financial body.
In this guide, we explain how to buy Bitcoin in Nigeria in a safe and low-cost way.
How to Buy Bitcoin Nigeria – Quick Guide
If you’re looking to buy Bitcoin in Nigeria right now – the guidelines below will show you how to get started in a matter of minutes.
- ✅ Step 1: Open a Capital.com Account – We found that Capital.com is the best place to trade Bitcoin – as the platform offers 0% commission crypto markets. Get the process started by opening a Capital.com account and uploading a copy of your government-issued ID.
- 💳 Step 2: Deposit Funds – The minimum deposit at Capital.com is just $20 when using a debit/credit card or an e-wallet. No deposit fees are charged.
- 🔎 Step 3: Search for Bitcoin – Most investors in Nigeria will trade Bitcoin against the US dollar. As such, in the search box, type in ‘BTC/USD’.
- 🛒 Step 4: Trade Bitcoin – You can now select a ‘Buy’ position and enter your stake. Once you confirm the order, it will be carried out by Capital.com instantly.
Cryptoassets are a highly volatile unregulated investment product.
Read on for more information on how to buy Bitcoin in Nigeria.
Where to Buy Bitcoin Nigeria – Quick Guide
You will need to buy Bitcoin in Nigeria from a crypto exchange.
We find that the best crypto exchanges in Nigeria offer low trading fees and support for small account minimums. We also prefer exchanges that accept instant payment methods – such as debit/credit cards and Paypal.
In the sections below, we discuss where to buy Bitcoin in Nigeria right now.
1. Capital.com – Overall Best Place to Buy Bitcoin in Nigeria for 2022
The best place to trade Bitcoin in Nigeria is Capital.com. This popular trading site requires a minimum deposit of just $20 to get started when using a debit/credit card or an e-wallet. Then, you can trade Bitcoin against the US dollar without paying any commission at all.
There are no fees to deposit or withdraw funds either, so Capital.com is truly a low-cost trading platform. As Capital.com offers Bitcoin CFDs, you won’t own the underlying tokens. Instead, when you trade Bitcoin here, you are merely speculating on whether the price of BTC/USD goes up or down.
As a result, you do not need to download and install a private crypto wallet – so this will suit beginners. Another major benefit of trading Bitcoin at Capital.com is that you will have access to leverage facilities. Therefore, you can multiply the value of your stake. For example, if you apply leverage of 1:2 and stake $1,000 – you can trade with up to $2,000.
Another reason that Capital.com is worth considering is that you can choose from a buy or sell position when entering a trade. Sure, if you think that the value of Bitcoin will rise against the US dollar, then you can place a buy order. However, if you think that the price of Bitcoin is likely to go down, Capital.com also allows you to profit from this via a sell order.
In addition to Bitcoin, Capital.com supports over 470 other crypto markets. As such, you will not be short of trading opportunities when using this platform. In fact, not only does Capital.com offer CFD markets on cryptocurrencies, but plenty of other asset classes. This includes ETFs, forex, commodities, indices, and thousands of US and international stocks.
Capital.com not only allows you to trade via its website but there is also an iOS and Android mobile app. This will connect to your main account, so all features and tools are accessible. Finally, Capital.com stands out for its strong commitment to safety and regulation. At the forefront of this is that Capital.com is licensed by the FCA, ASIC, CySEC, and the NBRB.
| Number of Cryptos | 470+ markets |
| Debit Card Fee | No fee |
| Fee to Trade Bitcoin | Commission-free |
| Minimum Deposit | $20 on debit/credit cards and e-wallets and $250 on bank wires |
What we like
- 0% commission on all supported markets
- Trade crypto with leverage
- Ability to go long or short
- $20 minimum deposit when using a debit/credit card or e-wallet
- Great mobile app for iOS and Android
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.
2. Crypto.com – Buy Bitcoin and 250+ Other Cryptocurrencies With Low Fees
If you would prefer to own and store Bitcoin as opposed to trading the digital currency via CFDs, then Crypto.com could be the best exchange for you. On this platform, not only can you invest Bitcoin in Nigeria, but 250 other leading digital currencies.
This means that you can create a diversified portfolio that could contain everything from Dogecoin, Ethereum, and XRP to Shiba Inu, EOS, and Dash. But, before you can access Bitcoin and other digital assets on this platform, you will need to open an account and upload some ID.
Fortunately, the process takes less than five minutes from start to finish at Crypto.com. You can fund your Bitcoin investments instantly with Visa or Mastercard, albeit, this typically attracts a fee of 2,99%. You can also transfer money from your bank account to save on fees. Either way, the minimum deposit stands at just $20.
Once your account is funded, you will then be able to invest in Bitcoin in Nigeria at super low commissions. The most you will pay at Crypto.com is just 0.40% per slide. With that said, the platform offers lower commissions to those that buy and stake its native token – CRO. In holding CRO, you will have access to a variety of other perks.
Another thing to note about this top-rated exchange is that you can earn interest on the Bitcoin tokens that you purchase. The APY on offer stands at 6%, but this requires a 3-month lock-up and a minimum number of staked CRO tokens. Lower Bitcoin interest rates are offered on flexible accounts without any staking requirements.
Moreover, interest rates of up to 14.5% are offered on other digital currencies, so this is definitely worth exploring if you seek regular passive income. Alternatively, you might also consider keeping your Bitcoin tokens in the Crypto.com wallet. This is a decentralized wallet app for iOS and Android – meaning that you will retain full ownership of your private keys.
| Number of Cryptos | 250+ |
| Debit Card Fee | 2.99% |
| Fee to Buy Bitcoin | Up to 0.40% commission |
| Minimum Deposit | $20 |
What We Like:
- Over 250+ crypto coins supported
- Accepts debit/credit cards and bank transfers
- Great reputation
- Offers crypto interest accounts and lending services
- Competitive fees
Cryptoassets are a highly volatile unregulated investment product.
3. Binance – Low Commission Crypto Exchange and P2P Marketplace for Trading
Binance is another popular crypto exchange that allows you to buy Bitcoin in Nigeria. You will have access to hundreds of tokens in addition to Bitcoin – across more than 1,000 trading markets. You will only be charged a commission of 0.10% for every buy and sell order that you place – which is very competitive.
You can also buy and stake BNB tokens here and receive reduced commissions. We also like Binance for its advanced trading suite, which allows you to perform technical analysis with ease. This is in addition to advanced trading orders and chart drawing tools. You will also have access to leveraged markets.
This is inclusive of Bitcoin futures and options, should you wish to speculate on BTC with more money than you have in your account. In terms of making a deposit, this is where Binance comes with a major drawback. That is to say, Binance doesn’t support direct Visa or MasterCard deposits for traders in Nigeria.
Instead, you will need to use its P2P Marketplace to add funds to your account. This means that you will be transferring funds on a peer-to-peer basis, outside of the scope of Binance. Nonetheless, once you have made a deposit and bought Bitcoin, Binance also offers savings accounts that allow you to generate interest on your tokens.
| Number of Cryptos | 600+ |
| Debit Card Fee | Depends on the payment processor |
| Fee to Trade Bitcoin | 0.1% standard commission |
| Minimum Deposit | Varies depending on the payment type |
What we like
- Standard commission of just 0.10%
- Huge collection of crypto markets
- Offers NFTs & staking
- No account management fees
- Simple account opening process
Cryptoassets are a highly volatile unregulated investment product.
Should I Buy Bitcoin?
Nigeria is one of the most popular trading markets globally for Bitcoin. If you’re wondering whether or not this digital currency is right for you, then it is important to remember that Bitcoin comes with both its benefits and drawbacks.
For instance, over the prior five years, Bitcoin has increased in value by over 1,600%. This means that on an investment of $2,000 five years prior to writing this guide, your money would now be worth $32,000.
This represents significantly higher returns in comparison to the traditional stock markets. As we cover in more detail shortly, investors in Nigeria are also buying Bitcoin as a means to hedge against the ever-depreciating naira.
On the other hand, although Bitcoin now operates in a multi-trillion market globally, it is still a highly volatile and unpredictable asset class.
More specifically, if you buy Bitcoin in Nigeria, there is every chance that you will see the value of your investment decline. If it does and you decide to sell your BTC tokens, you will lose money.
Cryptoassets are a highly volatile unregulated investment…
Read More: How to Buy Bitcoin in Nigeria May 2022
