Nigeria is one of the most important countries in Africa and regional power. It has a young and growing population and a technological sector that is moving forward with the technological revolution that the world is experiencing.
As well as other African countries like South Africa, Nigeria has different companies in the blockchain and cryptocurrency sector. Additionally, according to Google Trends, the interest for Bitcoin in Nigeria is one of the highest in the world, being the 15th country ranked according to its interest in the coin.
Luno is a Bitcoin exchange with a presence in South Africa, Singapore, Nigeria, Malaysia and Indonesia. It offers 0% fees for market makers, meaning you can avoid fees if you place a buy order then wait for a seller to take it.
+ One of the most trusted Bitcoin exchanges in Asia
+ Free deposits and low withdrawal fees
+ Low fees; 0% for market makers and only 0% – 1% for market takers (depending on fiat currency)
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
+ Private, fast and easy
+ In-person trades require no personal information
– Beware of scams; always follow the rules
– Harder to buy large amounts of bitcoins compared to large exchanges
NairaEx is the largest Bitcoin exchange in Nigeria. Its customers can purchase bitcoins with Perfect Money, bank transfer or with cash via bank deposit.
+ Long-running Nigerian exchange
– Identity verification offers less privacy than other purchase methods in Nigeria, like LocalBitcoins
BitPesa is a Bitcoin remittance company. They sell bitcoin in Kenya via the popular M-PESA mobile payment service. BitPesa also has a presence in 2 other African countries. In Nigeria, you can use BitPesa to buy bitcoins with your debit card or Paga account. In Uganda, you can buy with MTN or Airtel. Purchase method for Kenya is coming soon.
+ Convenient way to buy bitcoins in Kenya, Nigeria, and Uganda
– Identity verification offers less privacy than other methods in Nigeria or Uganda, like LocalBitcoins
Mycelium Local Trader
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
+ Easy and cheap way to buy bitcoins with cash
+ Private way to buy bitcoins, no personal information required beyond cellphone number
– Users in sparsely populated areas will have trouble finding sellers
Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them.
+ Easiest and fastest way to buy bitcoins with altcoins
+ Fees are reasonable for larger traders
– Need altcoins or other digital tokens to use
Before buying Bitcoin it is important to have a Bitcoin wallet.