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Use a Bitcoin Exchange
I have been buying and selling bitcoin in Nigeria since mid In this post, I screened yojtube the fraudulent and inefficient ones and listed only the best of the best. My list is based on the exchange type, its efficiency, reputation, speed, customer support, public opinion and my personal experiences with. So in this post, I will not only show you the best BTC exchanges in Nigeria but also educate you on the Bitcoin exchange types, their advantages and disadvantages. I am already excited, so if you are ready, let dive right in.
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Mining, on the other hand, is a record-keeping service done through the use of computer processing power. Miners keep the blockchain consistent, complete, and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block. It is, therefore, important to state here that Bitcoin is the first decentralized digital currency, as the system works without a central bank or single administrator. Transactions between users are done directly, without any intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
I have been buying and selling bitcoin in Nigeria since mid In this post, I screened out the fraudulent and inefficient ones and listed only the best of the best. My list is based on the exchange type, its efficiency, reputation, speed, customer support, public opinion and my personal experiences with. So in this post, I will not only show you the best BTC exchanges in Nigeria but also educate you on the Bitcoin exchange types, their advantages and disadvantages.
I am already excited, so if you are ready, let dive right in. But hold on, If you are like me, I sometimes do not like to read but watch the video. So, I made a video of this post just for you, you can either watch the video below or skip it to read the text, the choice is yours. Visit Exchange.
Read Review. This is the simplest type of exchange. It is the first generation of BTC exchanges. How it works basically is that you pay money to the exchange and they send bitcoin to you or, you send bitcoin to the exchange and they send money to your bank account? This type of exchange does not directly sell or purchase BTC from its users, rather they connect buyers to sellers and modulate the transaction using an escrow. This is an OTC between two persons directly. In case Ivory refuses to make the payment or Mike refused to confirm it.
They both have to present proof to the exchange, and the exchange will release the bitcoin to whoever it corrects and probably ban the liar.
Trades here are executed instantly. The exchanges listed come in no particular order, however, I will group them into the type of exchange they fall. Ngexchanger 4. NairaEx 5. Remitano 7. LocalBitcoins 8. Paxful 9. I fell in love with quidax when I discovered it in Novemberespecially because of the speed with which it processes a withdrawal request.
Most times I get credit alert within the first minute of making a withdrawal request on Quidax. The transaction fee here is 0. Taker are those that set the price while Makers are those that buy or sell at the set price. Read my full review of quidax including a video where I showed how to use the platform. Bitcoin exchanges in Nigeria cannot be talked about without mentioning Luno. Luno did for Africa what Coinbase could not do for Africa i. This exchange was formerly called Bitx as can still be seen in credit alerts from processed withdrawal.
Luno Trading Platform: There are 2 crypto-pair available for trade on Luno, however, this depends on the country you are trading. The transaction fee also depends on your country, for Nigeria, its O. This is very similar to the way you buy on quidax. To get full details, read my Luno Review. That said, here are the steps. These exchanges ruled the Nigerian market especially inmany of then have faded out while others have stood the test of time.
Here are the best 3. It is based in Port Harcourt and sells and buys all cryptocurrency. Just mention it and they will source it for you. BlockVila was formally known as Ngexchanger but rebranded to Blockvila in August of It did this to expand its services beyond youtube how to buy bitcoin in nigeria plaxis shores of Nigeria.
There is also a possible move of its head office to Abuja. If the cryptocurrency you want to buy is not listed on the site, you ill have to contact customer support do so. At the end of the six months, you will be refunded that the initial.
You can signup here to invest. Anyone who has bought or sold bitcoin in Nigerian in and must know of NairaEx. It was the most popular Nigeria Bitcoin exchange in this period. At this time it amassed over thousand users and conducted over thousand transactions. Buy and Sell: NairaEx buys from you or sell to you the supported coins listed above, they do not provide wallets for these coins.
This bitcoin broker was launched in April Although relatively new, it has proven its worth to be in the top 10 because of its solid service.
It has a beautiful, fast loading easy to navigate interface. It also displays a live chart it is home page, a feature you will rarely see in other OTC Broker exchanges. Transaction fee on Alphabits is not stated rather the rate is given. However, when compared with the price in Luno and Quidax, there is about 2. Visit Site. Remitano is the safest and the most used P2P exchange in Nigeria. Its beats other Peer-to-Peer exchange in terms of security, customer service, services offered and supported cryptocurrency.
I have been trading with Remitano since late when bitcoin was the only supported crypto on it. This exchange still remains my favourite P2P exchange and I have followed its progress to this day. You can chat up a trader when the trade is still open. When the trade is closed, you can no longer communicate with Seller.
If the trader refuses to release bitcoin to you, go for dispute. Paxful is a peer-to-peer bitcoin exchange that was founded in the USA. Its unique selling point is that it has over payment methods to buy bitcoin. I personally have not sold gift card for Bitcoin on this platform, But I have sold Neteller and Webmoney for Bitcoins.
Another amazing thing to know about Paxful is their Charity outreach, they have sponsored a number for a school building in Africa. You can out the youtube video. LocalBitcoins is one of the oldest bitcoin exchanges. Its is one the first bitcoin exchange I knew and the first P2P exchange. On this platform, you can buy and sell bitcoin using over 30 payment methods including Altcoins. Once the seller receives your payment, he will release the bitcoin to your LocalBitcoins wallet address.
The Coindirect exchange was launched in SouthAfrica in early an has since continued to gather momentum. Not so much in Nigeria but in South Africa. If you have been following this exchange since its inception, you will notice that it has continued to fine-tune its model to suit its customers. Coincola was founded in Hongkong and has over 1 million users. In it started an active campaign to break into the Nigeria market and has received tremendous adoption. Coincola also, supports gift cards exchange for bitcoin which Remitano does not.
All gift cards. To buy bitcoin on Coincola, I will recommend you read my coincola review. I have a good details video showing. Redimit: This OTC exchange is new, it offers excellent service, it might make my list in InstantGold: This exchange has existed for over 10 years now, the service is solid, however, It need to upgrade their interface.
Africa: This is a P2P exchange that should make the top 10, however, they need to beat the listed P2P to do so. If you have carefully followed this post, you will see that the exchange are not the. They have their particular use cases, so it depends on your use case. I trade regularly on Luno and Quidax, to exchange gift cards for bitcoin, I go to Coincola or Paxful depending on where the price is better at that moment.
To exchange currencies like Neteller and Webmoney I go to Paxful and LocalBitcoins and make my choice depending on where I get a better deal, etc…. Secondly, if you enjoyed this post and want to see more like it, hit the social media logo below to share on your favourite social media.
Thanks for your review Jude. However note that the N withdrawal fee does not go to quidax or Luno but to the payment processor; flutterwave, pay U, Paystack. This site uses Akismet to reduce spam. Learn how your comment data is processed. Friend’s Email Address. Your Name. Your Email Address. Tweet Pin LinkedIn Email. About Latest Posts.
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Bitcoin Exchange Types | Their Pro and Cons
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