HOW TO BUY CRYPTOCURRENCY IN NIGERIA
I am sure you have heard a lot about cryptocurrency and you are probably carrying out a research about how to buy it in Nigeria despite the ban on carrying out cryptocurrency transaction with your bank account by the Nigerian government.
Just before I explain how to buy crypto in Nigeria, let me explain a few basic things about it that you may need to know.
What is Cryptocurrency?
It is a digital currency that can be used to buy products and services majorly online. But it’s also accepted as a means of exchange in some places to buy things offline (i.e. in physical stores).
Most crytocurrencies are decentralized i.e. there is no bank or group of persons that store the records of the transactions done with these currencies privately. Anyone online access these records. Crytocurrencies are developed using a technology called blockchain.
The first and most popular cryptocurrency (also called tokens or coins) produced using the blockchain technology is Bitcoin. It was produced in 2008. After Bitcoin, thousands of other coins have being produced. These other tokens are generally called Altcoins.
What is the Purpose of Cryptocurrency?
Cryptocurrency ensures that money is in the hands of the owner instead of storing it up in a bank. Every coin has the maximum quantity that can ever be in circulation and that quantity can’t be affected by inflation. For example, the maximum number of Bitcoin that can ever be in circulation is approximately 21 million Bitcoin. There is no way the developer(s) can ever increase the quantity in circulation. This is the advantage of tokens over Fiat (paper currency) where the government of a country can increase the quantity of the currency in circulation.
Transactions carried out with crypto are secure, transparent and global. This ensures that data are not being pirated and fraud is minimal.
Why You Should Show Interest in Crypto.
Ever since the development of Bitcoin and its gradual acceptance as a means of payment for products and services, some big companies and banks have started developing their own digital currency.
In as much as there are shit coins with awful initial coin offerings (ICO) and zero utility, there are also gem coins with quality ICOs and mind blowing utilities. In all, you need to do your own research (DYOR) very well as anything can happen to both shit and gem coins because crypto trading market is very volatile. This is the reason when crypto trading gurus tell you to invest in a coin; they put in a disclaimer that says “not financial advice (Not FA)”.
My advice is that you test the waters before putting a large sum of money into trading crypto when you are just starting out. Start with the money you can forfeit. You can start with about $10 to $20 if you want to see a reasonable return on your investment within a reasonable time frame. If you are not exactly interested in getting a return on your investment that soon, you can invest less than $10 per coin. The problem with investing less than $10 in a coin is that there is usually not much difference in the network charge (also known as gas fees) you will pay when you invest $1 and $10.
It is also very important to attend crypto-trading classes before you invest in it. Also, join credible crypto-centric online communities so that you can learn from other members of the community. One of such communities is the Altcoin Academy.
The truth is that you can double your investment and increase your crypto portfolio within a short time when you understand when to hodl (also known as hold), take profit and or stake a coin whether it’s a shit or a gem coin. This is what attending a credible crypto-trading class, webinar or joining community will afford you. The good thing about the Altcoin Academy is that free and paid webinars are held for the members of the community and coins to invest in are also called in there. Newbies in crypto-trading also get to learn how to navigate their ways through the crypto-world for free in the community too. Members of the Altcoin Academy are always willing to help you whenever you encounter any problem in your crypto-journey.
Is Crypto Banned in Nigeria?
Due to the recent occurrences in Nigeria, you might want to ask if trading crypto is banned in Nigeria. The answer is NO. You can trade crypto, but make sure you do not use your cards or write anything related to it when filling out things associated with Nigerian banks because the account(s) involved in that transaction will be shut down by the bank.
I know your next question is, “So how can one buy cryptocurrency in Nigeria?” That’s the question I will be answering next.
How Can You Buy Crypto currency in Nigeria?
There are a lot of platforms to buy most coins from but my go-to place to buy coins is Binance website or app. The main place to buy on Binance is the peer-to-peer (P2P) platform.
As a Nigerian, do not dare to use your Nigerian bank issued credit or debit card to buy crypto on Binance. Just use the P2P platform. To use the P2P platform, you must register on Binance and complete your KYC (Know Your Customer) form.
On the P2P platform, there are thousands of people selling different coins at different rates and volumes. All you need do to pay the traders is to transfer naira straight to their bank accounts. Make sure you don’t mention that the transfer is for crypto purchase. Else, your account and that of the trader will be blocked. When you are ready to buy, there will be a set of rules Binance will send to you to follow. In your own interest, follow them to avoid being scammed. Binance is safe, but please follow the instructions strictly. You can also sell your crypto on the Binance P2P platform.
Besides buying from Binance, you can also buy from independent credible crypto traders. But please confirm the exchange rate of the coin to dollars on any exchange e.g. Binance, CoinList, Latoken before buying from the trader so that you can determine the current price of the coin in dollars. This will help you negotiate the price the trader intends to sell the coin to you. Also, make sure you send the seller your correct wallet address. If you send the wrong one, the coin might be lost forever.
There are also CREDIBLE Telegram groups like Ibockiya Escrow Services where the admin renders escrow service to those who trade (buy or sell) cryptocurrencies. The only thing is that you pay transaction fees to the admin. The transaction fee is usually very cheap so you don’t have anything to worry about. I have heard of DUBIOUS Telegram groups too. So please be careful of the escrow service groups you join.
A wallet is where you save your coins. You must learn how to send and receive a coin in your wallet before you buy any cryptocurrency. Trust Wallet is one of the most popular wallets currently used by Nigerians. You can download it from any of the app stores. Use this link to learn how to use the Trust wallet. Please keep in mind that BNB (BEP 20) coin is used for any transaction in the Trust wallet
In Conclusion
That you can’t buy digital currencies with your cards or label any bank transaction, crypto, doesn’t mean you can’t trade them in Nigeria. Just like I have mentioned above, there are ways around it. You just have to know which route you want to take. I wish you all the best as you enter or continue your journey in the crypto-world.
