How to Buy Cryptocurrency in Nigeria
Buying cryptocurrency in Nigeria
In Nigeria, the amount of cryptocurrency trading is higher than almost anywhere else in the world, Success stories have led many Nigerians to consider digital currencies. An online survey, conducted by the Statista data platform in 2020, revealed that 32% of Nigerian participants used cryptocurrency, the highest amount worldwide. Of the top 10 countries for trading volumes, estimates revealed that Nigeria ranked third in 2020, having generated over $400m worth in transactions. Even though Nigeria has managed to get out of another recession, the economic climate remains turbulent. All this serves to make alternative sources of income and alternative currencies more appealing. However, Nigeria’s central bank recently issued a statement, emphasizing the need to protect the public from possible threats like these unregulated entities that can be used for illegal activities. Many Nigerians had their bank accounts frozen because of cryptocurrency-related activities, and have since then resorted to peer-to-peer transactions.
As of 20/03/2021
These exchanges all accept customers from Nigeria. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options