The main focus of this post is to show you how to buy Bitcoin at a cheap price in Nigeria.
With the year rounding up gradually, it is time for some last-minute investments.
Considering the volatile nature of Bitcoin (and other altcoins), it becomes the very best option to consider for investment (as you can buy at the bearish era and sell when it is bullish).
Bitcoin can be gotten from either Bitcoin mining(which is not very profitable anymore) or from an easier way…. Buying them from exchanges.
So today in this post, I will be walking through where and how to buy Bitcoin at a cheap price in Nigeria.
Come with me as we start off; it promises to be ‘edu-taining’(as my friend that shortens everything will combine educative and entertaining).
To smoothly take you through the discussion of today, I have listed out subheadings under which we will thoroughly dissect the topic.
- Exchanges and Types
- How to Buy Bitcoin at a Cheap Price in Nigeria
- My Verdict: And the Best is…
As usual, a click on any of the subheadings brings you directly to its details.
Would have said ‘bon appetit’ but it’s not food, right?
So, ‘bon voyage’ should suffice as you set out on this ‘edu-taining’ journey.
Exchanges and Types
An Exchange(as the name implies) is a company that allows its users to exchange cryptocurrencies for fiat currency and other currencies.
The companies serve as supermarkets for crypto enthusiasts.
Just as you visit the market/supermarket to purchase your groceries, you can equally visit an exchange to acquire crypto coins.
Following the evolution of Bitcoin in 2009 and the latter introduction of other altcoins, many companies were created specifically for the exchange of cryptocurrencies.
At the moment, it is difficult to determine exactly the exact number of exchanges since there is no central body where the companies are registered and regulations differ from country to country.
But as at the moment of writing this post, we have 285 exchanges tracked on coinmarketcap with 2980 cryptocurrencies and 20,891 markets.
These exchanges have their specializations as will be seen below.
Types of Exchanges
Based on the type of services offered, these exchanges are grouped into 3 different types:
- Broker Exchanges
How Broker exchanges work is that users send money and the exchange sends Bitcoin to them and when the users send Bitcoin, the exchange sends money to their bank accounts.
Exchanges like this connect buyers and sellers on their platforms and chaperons the trade using an Escrow.
These exchanges allow users on its platform to trade cryptocurrency pairs such as BTC/NGN, BTC/USD, BTC/ETH, e.t.c.
Note that some of the exchanges here double as Brokers(Quidax, Luno) while the other(CoinCola) is also a Peer-to-Peer exchange.
Armed with this brief background on Exchanges, let’s go find out how to buy Bitcoin at a cheap price in Nigeria.
How to Buy Bitcoin at a Cheap Price in Nigeria
Having discussed the 10 best exchanges to buy Bitcoin in Nigeria and the 10 best exchanges to buy and sell cryptocurrencies in Nigeria in previous posts, how to buy Bitcoin at a cheap price becomes another topic to discuss.
For this, I have picked out 3 exchanges, carefully selected from the different categories of exchanges (Peer-to-Peer, Broker, and Trading Platforms).
These 3 exchanges which top the list in their categories are:
Scroll down to read further details on the exchanges.
Remitano was founded in late 2016 and is available in 58 countries including Nigeria.
It offers the following services:
- P2P exchange
It supports the following cryptocurrencies:
Of all the other exchanges in this category, Remitano is the most used P2P exchange in Nigeria.
Though younger, Remitano(2016) supports more cryptos than LocalBitcoins(2012) and Paxful(2015) and has its presence more in Nigeria than Coindirect.
Update: In order to further protect sellers from fraud attempts, Remitano will start applying a withdrawal limit on all accounts, and increase the limit on a daily basis for each account based on verification level from 18th October 2019.
So, take note of this when you schedule to buy a large amount of coin on Remitano.
This broker exchange is headquartered in Port Harcourt, Rivers State of Nigeria.
Formerly known as NgExchanger, the company recently rebranded to Blockvila in August 2019.
Its services include:
- Buy and Sell cryptocurrencies
It supports all cryptocurrencies and even if your choice coin is not listed, its customer care is there to provide it for you.
Because of this, it has become the broker exchange of choice for it supports more coins than NairaEx(which supports 6) and Alphabits(which supports only Bitcoin).
Quidax is a trading platform that supports users from every country. It currently has customers from 6 continents and 70 countries.
It was founded in August 2018 and is registered in Malta but opened its first market in Nigeria.
The supported cryptos at the time of writing this post are:
- Bitcoin (BTC)
- Ethereum Ether (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Dash (DASH)
- Bitcoin Gold (BTG)
- Tether (USDT)
Its services are:
- Instant Buy/Sell
Despite the fact that Luno was launched much earlier(2012) and has more market volume, Quidax is one exchange that can give Luno a run for its money in the crypto trading space in Nigeria.
And though CoinCola supports more coins(8), Quidax still towers above it as its presence is more in Nigeria.
With the 3 ways on how to buy Bitcoin at a cheap price in Nigeria listed, let’s go ahead and pick out the best!
Just scroll down.
My Verdict: And the Best is …
Having discussed the 3 types of exchanges available and picked out the high flyers from each category, you will still want to know which is the best, right?
We all have different reasons why we will want to trade the Bitcoin we have at some point: you might want to purchase and ‘hodl’ or purchase to sell instantly to make some gain, and at other times, you might just sell-off the cryptos you have in exchange for a quick buck to attend to a need.
But after taking these facts into consideration, the choice is still yours to make.
So, here’s my verdict: The best at every point should be one that attends to the need(s) you have!
And considering the many scam sites online marauding as legit, I will always add that as you toe the line of investment, caution is a necessary virtue.
This is where we draw the curtain on our ‘edu-taining’ journey!
It was all it promised to be(educative and fun) and a bit more…
So, I want to know your thoughts:
Firstly, do you have questions pertaining to what was discussed?
Which of the exchanges is your fave?
Or you want to tell me your experience using these exchanges?
Well, I’m all ears(and eyes)…Looking forward to seeing your reply in the comment section!
And one more thing…
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