To fulfill the growing demand for Bitcoin (BTC) and other cryptocurrencies in Nigeria, more crypto exchanges and platforms have opened up shop in the country. In this article, we will be looking at the best apps to buy bitcoin in Nigeria.
These Are The Main Points In This Article
What is a cryptocurrency app?
An organization that enables bitcoin transactions is known as a cryptocurrency can make its services available on an app. Customers of cryptocurrency exchanges can purchase and trade a variety of digital currencies, in this case, bitcoin.
Look for the best apps to buy bitcoin in Nigeria if you want to buy cryptocurrency on your phone. You may also acquire bitcoins from other individuals directly. This was far more common in the early days of bitcoin.
Only a few cryptocurrency apps are designed for Nigerian consumers, even though there are plenty on the market. Crypto applications are especially beneficial for traders who travel frequently and use their cell phones to access their trading accounts.
Cryptocurrency in Nigeria
Do you intend to invest in cryptocurrency in Nigeria? Some applications might assist you in getting started. In this post, we’ll look at the top ten cryptocurrency applications for iOS and Android in Nigeria.
Cryptocurrencies are entirely decentralized, which means that no central bank or monetary authority controls them. This has led to widespread adoption in several nations, including Nigeria.
This article will offer you an overview of the best apps to buy bitcoin in Nigeria. There are several reasons why you would wish to look for the best apps to buy bitcoin in Nigeria.
Perhaps you’d want to utilize it as a hedge against Naira’s inflation. You may even keep it as an investment asset and sell it once it becomes lucrative. Do you wish to trade it on a day-to-day basis?
“Nigeria is the most popular P2P (peer-to-peer) bitcoin trading country in Africa, according to the number of bitcoins traded. The country had a P2P bitcoin trade volume of $99.1 million in the first quarter of 2021 (January to March), more than double the second-ranked country, Kenya, which had a trading volume of $38.4 million. Without further ado, let’s get right to the point of this article.
There are a plethora of cryptocurrency apps available in Nigeria, making it tough for a crypto novice to pick the correct one. It’s worth noting that a decent crypto app should at the very least provide a safe platform for transacting crypto assets.
Platforms that offer outstanding services and market-friendly rates are our top recommendations for buying bitcoin in Nigeria. They are used by those who are extensively involved in bitcoin in Nigeria to purchase and sell bitcoin.
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Features of the best cryptocurrency apps
There are several great cryptocurrency apps on the market. To choose from some of the best apps to buy bitcoin in Nigeria, you’ll need to decide on which features matter most to you.
Examine the exchange’s security features to determine how much of its assets are held offline in cold storage, whether it has private insurance, and whether it participates in a bug bounty program that encourages ethical hackers to disclose any vulnerabilities. You may also learn if the exchange has ever been hacked.
2. Currencies Offered
Even though there are over 4,000 cryptocurrencies, even large exchanges only provide 50 to 150 coins. Most sites will most likely allow you to purchase Bitcoin as well as one or two other major currencies. However, if you want to purchase a specific currency or invest in any of the smaller coins, you’ll need a more diverse exchange.
3. User satisfactory service provision
As more individuals desire to invest in cryptocurrency, the number of cryptocurrency apps has grown fast. However, at times, rapid progress has come at the expense of usability. Check that the program contains the functions you want to use, and if you’ve never traded before, choose one that is user-friendly for beginners.
4. Quality customer care
If you’re new to buying bitcoin online, you’ll need 24-hour customer assistance. Nobody wants to sift through pages of FAQ to obtain support since their money hasn’t come.
5. Reasonable fees
When it comes to picking the best apps to buy bitcoin in Nigeria, or the finest cryptocurrency app, paying needless fees is a waste of money. Before you create an account, find out how much it costs to deposit, withdraw, and trade. It’s also a good idea to double-check the withdrawal and deposit options to make sure they function.
Note: The best app for buying bitcoin in Nigeria is dependent on your demands, and there are several decent apps available. Consider everything you want an app to accomplish before you download it. If you want to acquire and keep Bitcoin, for example, your requirements are different from those of someone who wants to develop a broad portfolio of currencies.
Best apps to buy Bitcoin in Nigeria
Ray Youssef and Artur Schaback founded Paxful, a secure peer-to-peer marketplace for Bitcoin, in 2015. Buyers and sellers of bitcoin and other cryptocurrencies exchange trade offers on the Paxful marketplace. On Paxful, you may purchase bitcoin in Nigeria using a variety of payment methods.
- Debit card
- Perfect Money
- Western Union
- Gift Cards
The above listed are just a few of the payment options available. Funds are held in escrow on Paxful until both parties have confirmed the transaction is complete. You can sign up for Paxful right now and begin purchasing bitcoin in Nigeria.
Luno, which was founded in 2013, has been in the cryptocurrency space for nearly as long as Bitcoin, with over 21 billion dollars in completed transactions. This is a well-known smartphone software that allows users to purchase and trade cryptocurrencies including bitcoin, ripple, and ethereum. You may even earn money on your bitcoin by storing it on their platform.
They claim to have created a platform with a laser focus on security and user safety, offering consumers an easy and secure method to store their cryptos. Luno has over 7 million clients in 40+ countries and a worldwide staff of over 350 committed experts that are always available to help you with your crypto adventure. The app has over 5 million downloads on Google Play.
Binance is widely considered one of the best apps to buy bitcoin in Nigeria. For customers with smartphones, the exchange also has a mobile app.
On its mobile applications, Binance accepts the Nigerian Naira (NGN) as a fiat currency, which Nigerians may use to trade in the Bitcoin (BTC) and Tether (USDT) markets.
Binance used to accept direct naira deposits and withdrawals, however the Central Bank of Nigeria’s crypto prohibition in February 2021 forced the platform to discontinue this service. Binance immediately responded by introducing peer-to-peer (P2P) trading to Nigerian clients.
The Kraken app provides a user-friendly trading interface that makes it simple to purchase and sell bitcoins. The app is limited in comparison to other platforms on this list for Nigerian traders because it does not provide a standalone crypto wallet like Coinbase and the exchange does not have a local presence like Binance. Nonetheless, it is a good platform for individuals looking for a secure way to transact cryptocurrency.
Every crypto trader and fan should use CoinMarketCap since it provides a complete breakdown of each asset in the crypto market. CoinMarketCap’s mobile app was published in 2018 and has been downloaded over 1 million times since then. Nigerians can download the mobile app on the Android Playstore and the Apple App Store, which provides a user-friendly platform. Users can use the app’s capabilities and create personalized alerts to receive notifications about particular cryptocurrency price movements.
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Patricia uses cryptocurrency to provide alternative solutions for financial infrastructure, digital payments, and worldwide E-commerce. The platform enables you to safely buy and sell Giftcards and Bitcoin of any denomination, keep them in a BTC or Local Currency Wallet, and seamlessly switch between the two for common transactions such as airtime, data, and cable subscriptions. Patricia has almost 100,000 downloads on Google Play.
Remitano, which uses a secure technique known as escrow, makes it simple to acquire bitcoin in Nigeria. Remitano is a peer-to-peer bitcoin marketplace where you can effortlessly and safely buy and sell bitcoin. Remitano features an easy-to-use interface and excellent online customer service that is available 24 hours a day, seven days a week.
Many individuals in Nigeria utilize Remitano since it has one of the highest bitcoin trade volumes in the country. When you use Remitano to buy bitcoin, your funds are held in escrow until the bitcoin is delivered to your wallet. Remitano also allows you to trade other cryptocurrencies.
To buy bitcoin in Nigeria with LocalBitcoins, simply search the platform for bitcoin trade adverts in your area and select one using the payment method you like. LocalBitcoins is a decentralized cryptocurrency exchange that enables peer-to-peer bitcoin transactions. LocalBitcoins users can post their own buy/sell bitcoin adverts with the payment method of their choice. LocalBitcoins enables users to chat with prospective buyers and sellers, as well as confirm all transaction details before concluding any cryptocurrency trade. LocalBitcoins is used by thousands of Nigerians to buy and sell Bitcoin.
BuyCoins is a Crypto platform that allows customers to instantaneously trade cryptocurrency with no waiting period. Users may purchase and sell cryptocurrencies directly through the app, eliminating the need to find traders to buy from or sell to. The purpose of BuyCoins is to develop a platform that meets the needs of its users. In Nigeria, you can buy bitcoin directly through Buy coins or through Peer-to-Peer, which uses a secure and quick escrow system. Buycoins’ zero-fees policy is one of the features that makes it a wonderful place to buy bitcoin in Nigeria. You will not be charged a transaction fee if you buy bitcoin or any other cryptocurrency directly from Buy coins or through its P2P system.
This is a cryptocurrency trading and exchange platform based in Nigeria and Africa that offers both P2P (peer to peer) and P2B (peer to business) cryptocurrency services. You can buy and sell Bitcoin, Ethereum, USDT, and other cryptocurrencies with this crypto firm, either with other traders or with Blockvila itself. Ngexchanger was the previous name for BlockVila, an e-currency exchanger for buying, selling, and exchanging e-currency. However, the company has subsequently evolved into a cryptocurrency exchange where anyone can buy, sell, store, and swap cryptocurrencies with other traders.
What should you expect in terms of fees?
- Trading commissions: Buying bitcoin on cryptocurrency apps also count as trading. Fees differ based on the exchange and kind of transaction. Fee-free trading is possible, but you’re more likely to pay between 0.1 and 0.5 percent every deal. For the best apps to buy bitcoin in Nigeria, fees are generally reduced when you trade in large volumes, and you may sometimes further decrease the cost by utilizing the exchange’s native coin.
- Fees on deposits: To buy Bitcoin, you need to deposit on your platform of choice. Many of the best apps to buy bitcoin in Nigeria provide free money transfers from your bank account. However, it is worth checking because some will charge up to 1.5 percent, particularly if you use a debit card. If you want to pay by credit card, be advised that you will most likely be charged at least 3.5 percent, and your bank may classify it as a cash advance.
- Fees for withdrawals: Most of the best apps to buy bitcoin in Nigeria do not allow you to withdraw your digital assets without charging a fee. Depending on the currency you wish to withdraw, exchangers generally charge a fixed fee. The precise fees may be found on their websites.
Conclusion – Best apps to buy bitcoin in Nigeria
Are cryptocurrency applications safe? The best apps to buy bitcoin in Nigeria have gained their exposure by offering reliable services to their clients. The bitcoin you keep in your app or exchange account is usually quite safe. As long as you choose a trustworthy exchange or broker, that is. The security of bitcoin’s blockchain is, in fact, one of its selling features.
The majority of major cryptocurrency exchanges retain their digital assets in cold storage. This implies they’re not at risk of being hacked or stolen because they’re stored offline. There was a risk of exchanges being hacked in the early days of cryptocurrency, but these concerns have mostly been resolved.