Crypto Signal Newshas compiled the Top 5 Recommended Sites To Buy And Sell Bitcoin And Ethereum in Nigeria. This is for those looking for the best ways to convert or exchange Bitcoin (BTC), Ethereum (Eth), LiteCoin (LTC) to fiat (cash), PayPal, and/or other altcoins.
Blockchain technology since its creation in 2008 by a certain Satoshi Nakamoto has transformed the way we carry out transactions and view money. The major offspring and most important aspect of blockchain technology is cryptocurrency. There are other important aspects of blockchain technology like the smart contracts and the likes which will be treated in another post.
Cryptocurrency is the future of money – there is no single doubt about that. The most popular cryptocurrency is undoubtedly Bitcoin, which is also the first cryptocurrency created and at the moment the most valuable cryptocurrency. Another popular cryptocurrency is Ethereum, widely popular due to its very powerful blockchain (smart contracts) which is used to develop other cryptocurrencies.
Naturally, if you are into cryptocurrency you will have these two digital assets, Bitcoin and Ethereum, but as a newbie, you might be wondering how you can have these two coins in your possession, the first step is having a bitcoin or Ethereum wallet where you can store them.
You can get your Bitcoin and Ethereum wallet by logging in to www.blockchain.info after getting your wallet set up the next step is to have Bitcoin or Ethereum in your wallet. There are different ways you can get Bitcoin and Ethereum into your wallet but the easiest way is to buy them.
Before you get into the business of buying and selling cryptocurrencies you should know that Bitcoin is the leading cryptocurrency in the world, accepted by over 500,000 merchants and stores worldwide, in Nigeria the number of merchant acceptingBitcoin as a means of payment for their service is on the rise.
Buying and selling of Bitcoin is gradually going mainstream in Nigeria and the early birds always gets the juiciest worm. The earlier you get into the business of buying and selling Bitcoin and Ethereum the better.
If you’re in Nigeria and you’re wondering where you can buy these cryptocurrencies, this article will serve as a guide by giving you 5 top sites where you can buy bitcoins and Ethereum in Nigeria.
This article is not limited to people who wish to buy Bitcoin and Ethereum, people who have bulk cryptocurrencies and are looking for where they can sell their assets fast and secured should also read this article.
At the end of this article, you will have an idea of the best sites you can buy and sell Bitcoin and Ethereum and other popular cryptocurrencies in Nigeria and other countries of the world.
Top 5 Recommended Sites To Buy And Sell Bitcoin And Ethereum in Nigeria -Top 5 websites to buy and sell cryptocurrencies in Nigeria
In this section of the article, I will list the top 5 websites where you can buy and sell popular coins like Bitcoin and Ethereum. I have used these websites myself and I can tell you their security, ease of use and mode of operation is definitely topnotch.
The Top 5 Recommended Sites To Buy And Sell Bitcoin And Ethereum in Nigeria are:
- LocalBitcoin: LocalBitcoin is arguably the oldest and largest platform to buy and sell Bitcoin in the world. It is virtually in every country of the world. LocalBitcoin was created in 2012 and has since been a website that connects a large amount of Bitcoin sellers to their buyers. Seller and buyer agree to a transaction with LocalBitcoin acting as the escrow, the great thing about this arrangement is the safety it offers to both the buyer and seller.
Why do we call LocalBitcoin an escrow? It is simple – when a buyer and seller agree to a certain transaction, LocalBitcoin holds the seller’s Bitcoin in escrow till the buyer pays for it. Once the payment condition has been fulfilled, The buyer clicks the button stating that s/he has made payment. LocalBitcoin sends the purchased Bitcoin to the wallet of the buyer, once the seller acknowledges receipt of the money by clicking on RELEASE BITCOIN button. Where the buyer fails to meet the conditions agreed upon with the seller, LocalBitcoin sends the coins back to the wallet of the seller. This arrangement helps to keep the platform secure and scam free.
LocalBitcoin only trades Bitcoin. The website uses your geolocation to match you with a buyer in your locality. This website also allows for a variety of payment methods, the payment methods also depends on your country and the person you’re doing your transaction with.
The most popular payment methods on LocalBitcoin is Cash; this is if you’re close with the seller and will prefer to do a face to face business with the seller, Bank transfer; this is when you have to send money to their local bank account, it might be an interbank or intrabank transfer of funds. Other payment methods include Wire Transfer, PayPal, Webmoney, and Western Union.
Every payment method used on the platform attracts its own fee which I believe is used in keeping the website operational. Let’s say you’re paying a seller by bank transfer and the transfer is to another bank within Nigeria then it will attract a fee of #52.50 (fifty-two Naira, 50Kobo). But if the seller uses the same bank as you, an intrabank transfer attract no fee.
Meanwhile, wire transfer to another country attracts a higher fee to both the buyer and seller. There is normally no credit card option for payment since LocalBitcoin Bitcoin connects you with individuals and not companies. You only use your credit or debit card for PayPal payments.
Also, a fee of 1% is charged on the seller for any Bitcoin sold, this fee is paid in Bitcoin and the buyers don’t have to bear the burden.
LocalBitcoin is a safe and secure platform to buy and sell Bitcoin but to be absolutely safe when carrying out transactions on the website you have to follow these steps
- Choose the right seller: Make sure the seller you are dealing with has a great review, has been on the platform for a period of 12 months or more, have sold over 100btc, has at least 100 trade partners, has a verified email, phone number and is trusted by at least 10 people.
- Initiate communication: If the seller meets these conditions then you send a message to the seller requesting to buy Bitcoin from them, if they communicate in the right way then you can go ahead with the transactions.
- Make payment: Once you have received a comfortable response from the seller you can make payments to the details provided by the seller on their LocalBitcoin profile and then mark your payment as sent/PAID. Once these conditions have been met you just wait for your Bitcoin to be released by the LocalBitcoin escrow into your LocalBitcoin wallet address.
The easiest and most common payment method on this platform is cash payments, bank transfer, and wire transfer.
- Remitano: Remitano is another good website where you can buy and sell not only Bitcoin but other cryptocurrencies including Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCC) and Litecoin (LTC). This exchange was created in April 2016 and since then has overseen thousands of cryptocurrency transactions.
Remitano is available in over 52 countries nationwide and still expanding. The platform connects buyers and seller and lists sellers that offer lower prices on the first page of its websites, this is to force other sellers to be considerate and list at lower prices. When sellers list their digital currencies at lower prices they are afforded the opportunity to be featured on the first page of the exchange.
Remitano also uses escrow to safeguard transactions between buyers and sellers. This is an arrangement made by remitano to hold the digital currency of a seller in Escrow or possession until the buyer meets the requirements of the transaction.
When the buyer finally makes payment and it is confirmed by the seller, remitano releases the cryptocurrency bought to the wallet of the buyer.
This helps safeguard both the buyer and seller in case the buyer doesn’t meet the agreed requirement, the digital currency is returned back to the seller. This also safeguards buyers from dubious sellers who get paid but fail to transfer the already purchased cryptocurrency to the seller.
Like I said earlier – remitano supports 52 countries which includes Nigeria. Remitano supports various payment methods but the most popular ones are bank transfer, wire transfer and cash payments. Remitano charges a 1% transaction fee on any cryptocurrency sold, this fee is already charged on the listing so buyers don’t need to pay the 1% transaction fee when they buy Bitcoin or Ethereum.
When you buy Bitcoin or Ethereum from a seller on remitano, the coin is transferred to your remitano wallet, it is advisable to transfer your cryptocurrency to your private wallet immediately.
- Luno: Luno wallet is one of the best place to buy and sell Bitcoin and Ethereum. I use the Luno wallet more often than the other websites and I can tell you this is one of the best platforms to buy and sell your cryptocurrencies.
Luno wallet acts as a Bitcoin and Ethereum wallet provider and also an exchange. The Luno wallet is extremely safe, easy to navigate even for a newbie and secure enough from hackers. I have personally left Bitcoin on my Luno wallet for over a year and I returned to the same amount of Bitcoin still on my wallet.
Luno has been around since 2013 it was formerly called Bitx. Luno is present in over 40 countries with millions of users. The platform has a very good user interface and they also have an app that makes the platform easier to use.
Luno is probably the cheapest, fastest and safest platform to buy and sell Bitcoin and Ethereum in Nigeria. Luno accepts credit and debit card for payment when you buy Bitcoin or Ethereum from the platform.
With these and other innovative features, Luno is probably the most popular cryptocurrency exchange in Nigeria as it accepts Nigerians and traders from other countries that have been banned from trading on coinbase. You can buy Bitcoin and Ethereum as low as 300 Naira on Luno and conveniently convert to Naira and withdraw the fund directly from your bank account.
Luno also implements SegWit to help reduce the cost of Bitcoin and Ethereum transaction on the platform.
- Paxful: Paxful was launched in 2015, it is an American based Bitcoin exchange that offers its services in almost all the countries of the world except 16 of them. It offers its services in Nigeria where thousands of Nigerians have conducted thousands of Bitcoin transactions.
Paxful has been dubbed the “uber of Bitcoin exchanges”because it brings so much ease and convenience to the buying and selling of Bitcoin. Paxful operates just like LocalBitcoin but supports a wider variety of payment – over 300 payment methods.
Paxfuldoesn’t support traders in the state of New York because it hasn’t gotten the license to operate in that region.
Setting up an account on Paxful is easy using your email or phone number. For seller the minimum amount of Bitcoin you can sell on Paxful is 0.001 BTC, you will also be charged 1% for any successful sale on the platform.
Paxful also has a reputation system where buyers leave reviews on the profiles of sellers according to the quality of service they received. To buy Bitcoin on Paxful the first thing you do is choose the amount of Bitcoin you want, choose the currency you wish to pay in and then the payment method.
A list of sellers will be displayed, then you choose the best based on their reviews, click on the trade button and a new window will appear where you can communicate with the seller. Once you’re satisfied with the sellers response you can make payment, when payment is confirmed your Bitcoin is released to you paxful wallet.
- Naira Ex: NairaEx is an indigenous Bitcoin exchange with office located in Abeokuta, Ogun state in Nigeria. NairaEx became very popular in 2016 as it was one of the top exchanges to buy and sell Bitcoin in Nigeria.
Although they started as a platform for Bitcoin trading, they have expanded and are trading over 4 cryptocurrencies. The least amount of Bitcoin you can buy on the NairaEx platform is Twenty thousand Naira (#20,000) worth of Bitcoin.
These 5 exchanges listed here have been confirmed to be safe, secure and easy to buy and sell your Bitcoin if you reside in Nigeria.
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