When compared to a decade ago when cryptocurrency first emerged and it’s potentials were in doubts, cryptocurrencies are gradually gained wide recognition especially amongst millennials. Today it has not only gained sufficient acclaim to qualify for use in making or receiving payments but also as regarded as an asset to hedge against inflation. However, this has lead to the establishment of exchange platform where investors, traders and crypto enthusiast can buy and sell bitcoins in Nigeria.
Nigeria’s predominantly young tech-savvy population is also the reason crypto currencies have found widespread acceptance in the country. According to Statista,
32% of Nigerians are users of cryptocurrencies, the highest in the world. Estimates show that of the top 10 countries for trading volumes, Nigeria ranked third after the US and Russia in 2020, generating more than US$400 million worth of transactions. However, the wide adoption comes on the back of heavy regulations from the nation’s apex bank. However, a number of platforms are aiding the seamless adoption of cryptocurrency and this article highlights five of the most prominent ones in no particular order.
Exchange platforms where to buy and sell bitcoins in Nigeria
Quidax is an African-focused cryptocurrency exchange that makes it easy for you to
buy, sell and store Bitcoin, Ethereum, Ripple’s XRP Litecoin & other cryptocurrency.
At Quidax, one of the long-term goals is to power the next generation of remittances.
The team is a firm believer in leveraging the internet to make the world unshakable when it comes to financing and Blockchain technology. Quidax has 100K plus downloads on Playstore.
BuyCoins is a service that enables users to trade cryptocurrency instantly with no
wait time. Users can buy/sell cryptocurrency directly via the app without the hassle
of looking for traders to buy from or sell to. BuyCoin’s goal is to provide a platform that serves users’ needs whether it is buying, selling, storing, or transferring Bitcoin, Ethereum, Litecoin, and USD Coin – as conveniently and quickly as possible.
Coinbase is a well-known cryptocurrency exchange that makes it easy to buy, sell, and exchange cryptocurrency they make buying bitcoin as easy as buying stocks through an online brokerage, but look out for the fees and poor customer service. They also offer a cryptocurrency trading and investing platform that offers users the ability to buy, sell, and exchange over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, USDT and Dogecoin.
Nairadirect not only trades in buying and selling of bitcoin, but also presenting a secured environment for business transactions is their number one priority. They have implemented all safety measures so you don’t lose your investment. Another notable thing about Nairadirect is that they credit your wallet as soon as payment is confirmed. Therefore, your transaction with the company is not only secured but also timely.
Exchangeindeed is another secured platform just like Nairadirect. It is very safe for transactions, however, it specializes only in the buying and selling of the most popular cryptocurrencies bitcoin, ethereum, USDT. Exchangeindeed has been in operation since 2009, which means that the business has been in operation for over a decade.
How to buy and sell bitcoins in Nigeria
Anyone can buy and sell bitcoins in Nigeria, all you have to do is research a safe and secure platform where you are sure you won’t be scammed of your hard earned money, therefore i will encourage to do your research, after you have conducted your research and come up with a suitable platform the next step is to create an account on the platform by signing up with your personal details. On completion of the sign up and verification process, you buy bitcoin or any cryptocurrency you desire to own directly with debit card, bank transfers etc. or deposit money into wallet before proceeding to buy cryptocurrency depending on the platform you have chosen. However, i encourage you use any of the platform listed above for a fast and secured transaction.
Cryptocurrency exchange platforms facilitate the buying and selling of crypto
currencies, and cryptocurrency allows users to send and receive payments from
anyone on the network or around the world without requiring approval from any external authority. However, apart from the exchanges mentioned above, there are other peer-to-peer cryptocurrency exchange platforms that are suitable for buying and selling cryptocurrency. The volume of cryptocurrency transactions in Nigeria and the world at large has been growing steadily in recent times, so we can expect an equivalent increase in the number of exchange platforms in the nearest future.