Crypto2naira.ng is a platform where you can buy Bitcoin (BTC) with Naira, sell Bitcoin for Naira and check the best bitcoin cryptocurrency prices in Nigeria.
Almost everyone in the country and beyond is getting involved in cryptocurrencies. This is mainly because the sector is growing and seems to be a reliable avenue for long-term investments. In fact, youths form the largest age group of those involved in cryptocurrencies. They see it as a way of securing their future.
This is actually a very reasonable decision as investing in cryptocurrencies can get you rich in the long run. I didn’t say “Short-run” because it is frankly not a “Get rich quick scheme”. However, cryptocurrencies can make you rich in the short run if you are an active trader. I will explain what I mean by this in the next paragraph.
Basically, there are two ways to make money in cryptocurrencies. One of which is to invest and wait for a reasonable amount of time before selling off. The second is by trading cryptocurrencies on major exchanges like Crypto2naira. This is very similar to Forex trading. You can make money when coins rise and also when they fall. It is known as Futures Trading.
Well, you are not here for that. Let us focus on what brings you here. Many people started investing in cryptocurrencies after they heard about Bitcoin history. I will not be saying that here again, because I believe you should have heard about it, too.
Bitcoin is the number 1 cryptocurrency with the largest market capitalization. In as much as the use cases of bitcoin increases and there are more adoptions by people, the price will continue to soar higher. Nobody wants to miss this. At the time of writing this article, Bitcoin is $56,550, after rising from 10 cents within 12 years.
Now, everyone wants to invest in Bitcoin. With this large price of bitcoin, investing pennies might not bring you sustainable profit even in the long run, so it is advisable to buy bulk units of the coin and HODL for the long term.
The issue now is that many Nigerians do not know where they can buy Bitcoin with Naira. If you are new to cryptocurrencies and you want to know where you can get cryptocurrencies, like Bitcoin or XRP then you should read this article to the end. All information you need is therein.
Places where you can buy Bitcoin in Nigeria, using your Naira
Actually, there are a lot of websites where you can buy Bitcoin with Naira. However, I will be grouping all these platforms so you can comprehend them better. After reading this, then buying Bitcoin with your naira bank card should not be a problem for you anymore.
Buying from Reliable Exchanges
This came first because it is the primary platform where you can buy your bitcoin and pay for it with other currencies. Actually, not all exchanges accept naira for you to buy your bitcoin. Presently, the primary exchange where many Cryptocurrency traders get their Bitcoin is Binance.
Binance is a centralized exchange where you can trade one crypto for another. It is called centralized because it is being operated by a body. So they have their own policies which are already stated in the trading application.
On Binance Exchange, currencies like the Nigerian Naira (NGN), United States Dollar (USD) are called Fiat currencies. They can be deposited on the exchange and used to purchase cryptocurrencies like Bitcoin. All you have to do is to connect your Nigerian Debit card to your account on the exchange and the specified amount of Nigerian Naira (NGN) is deducted from the bank account connected to it.
If you do not have a Nigerian Debit card, alternatively, you will be given a Nigerian bank account exclusive to only you for you to make a bank transfer into. Once you transfer funds into that bank account given to you, you will find the exact amount in your wallet on the Exchange.
After depositing the Nigerian Naira, you proceed to your Spot wallet on the Exchange. Search for the currency pair BTC/NGN. Thereafter, buy the pair and automatically, your equivalent amount of BTC will appear in your Spot wallet, if you set the order as “Market Order”. You can decide to leave the coin on the Exchange or move it to another wallet off the exchange. The choice is yours.
Unfortunately, this is no longer possible ever since the Nigerian Government warned all Financial Institutions registered with the government to stay away from cryptocurrency deals, Binance has removed the Naira deposit option so you can no longer connect your debit card or make bank transfers to deposit fiat.
So how else do we deposit naira to buy Bitcoin in Nigeria? There are still other ways. There is a P2P function on the Binance Exchange where you can meet other traders who might need your naira and want to sell the Bitcoin in their possession. With this function, you send your naira to them via bank transfer and in return, you get your BTC which is equivalent to the value of naira you have sent to them.
This method of purchasing BTC is not 100% reliable as you can be open to the risk of being scammed with your hard-earned money. This is how it works, when you see a seller whom you are comfortable with the rate, you start a trade with him. After knowing the amount of BTC you want to purchase, Binance locks the coin so he or she isn’t able to withdraw it for a specified period of time.
The next procedure is for you to send the naira to the bank account which has been provided by the seller. After the seller confirms your payment, Binance acknowledges it and releases the BTC to you, which automatically goes into your personal wallet. Like I said earlier, this is not 100% reliable.
Also, remember I mentioned only Binance as the exchange for buying Bitcoin with Naira. There are still other platforms where you can do so.
These platforms are also centralized exchanges but they do not allow you to trade your cryptocurrencies, some of them allow you to store the Bitcoin after purchasing it and some send it to your personal Bitcoin wallet address after making payment. Many of these platforms are owned by Nigerians, who are also Cryptocurrency enthusiasts.
They have applications on Google Playstore, app store, while some have websites where you can deposit your naira and get your coin almost immediately.
Examples of these trusted and reliable exchanges are:
The first five on the list are applications that you can find on your app store. Amongst all these exchanges listed, Patricia is the most trusted and reliable. The only negative side is that Patricia has higher rates for buying BTC.
Roqqu, on the other hand, comes with relatively low rates and low transaction fees. Recently, rumors are circulating that Roqqu happens to be a scam group, but all of these are false. You will only feel you have been scammed if you do not follow the instructions which will be given to you on opening the application.
To use them to purchase your BTC, all you have to do is to download any of the applications, register on it and verify all necessary details. You will either be asked to connect your debit card or make a bank transfer.
You will surely get your coin in your wallet after the payment has been confirmed. It is left to you to decide if you will leave it on the Exchange or move it to your personal wallet. Personally, I will advise you to move it to your personal wallet.
So many advantages of buying your bitcoin from exchanges. The first is that you have a feeling of safety with your funds. You do not have the doubt that you will be scammed. This is because many of these exchanges are registered as Financial Institutions in the country, so you do not have any reason to worry.
Second, a lot of exchanges like Binance, offer very low rates. In fact, you get the real-time rate on the Binance Exchange. It is just unfortunate that the Nigerian Government does not want its citizens to participate in this unstoppable revolution.
For the disadvantages, many exchanges are centralized. They can be hacked by anyone who is capable of doing so and your funds might be lost in the process. Even decentralized exchanges get hacked, how much more centralized ones? Also, if the exchange decides to pack up today, no one can hold them. All your funds are gone with them.
Buying from Reliable Local Vendors
Many times, the rates provided by cryptocurrency exchanges are usually outrageous and the only way to face this is to find another alternative to purchasing your bitcoin.
I will recommend you to use Local vendors who you trust. They sell bitcoin and other cryptocurrencies at friendlier rates than many exchanges. The norms when doing this is that you send the naira to the vendor, drop your wallet address, and get your BTC instantly upon confirmation of payment.
Using a local vendor comes with a lot of advantages and disadvantages. Talking about the advantages, you might be getting coins at low rates from your vendor. Rates are very low compared to what you will find on many exchanges. Also, you might be trading with someone you are conversant or familiar with, which will reduce the risk of being scammed, to an extent.
The disadvantages, on the other hand, your vendor might slowly begin to increase his rates without you even knowing. At some point, it might even exceed the rates of exchanges which is the primary reason why you came to him or her. In addition, you can still get scammed along the way unless you conduct face-to-face deals.
Precautions to take when buying BTC
A lot of transactions fail when you do the wrong thing during the process. So, I will be opening your eye to some precautions before you go ahead to purchase your bitcoin.
- Before you buy Bitcoin from any exchange, make a thorough research about the exchange. Many exchanges scam customers of their hard-earned money as a result of ignorance on the customer’s side. Ask about the exchange from Friends and families.
How trustworthy is it? Have they transacted with them before? Even the Exchange I have mentioned here, you should still do your own research on them before starting a transaction with them. We will not be liable for circumstances you encounter while transacting on or with them.
- If you are buying your BTC from a local vendor, you need to do more than research on them. Exchanges do not need much research up to the local vendors. Instead of just chatting up any vendor you come across or see his advert, ask your friends or colleagues to refer you to vendors they’ve transacted with.
This way, you will feel safer and surely, your money will be safe. Do not fall for vendors who promise you heaven on Earth.
- This is a very important precaution you must take when dealing with cryptocurrencies in general. After making payment for the coin and you are asked to drop your wallet address, ensure you drop the address of the coin which is about to be sent.
For example, if you want to purchase BTC worth N50,000 and you already made payment. You will be required to paste your BTC wallet address. Different cryptocurrencies have their unique wallet addresses. Sending BTC to an ETH wallet will only lead to loss of funds. And once funds are sent to the wrong address, they can never be recovered again. It is gone forever.
- Do not buy BTC when it has pumped. In layman’s terms, this simply means, “Do not buy BTC when it has risen so high”. The best time to purchase any cryptocurrency is when they dip or in other words, fall. This way you will not go in total loss when they even dip lower.
Now, you should be able to buy BTC on your own without anyone even supervising you. This article alone is enough to guide you. It has provided you with all the info you will need to make a successful transaction. So, go ahead, choose a platform to purchase your BTC.