Top Sites to buy Bitcoin (BTC) in Nigeria

Currently, the value of one Bitcoin (BTC) in Naira is about 9.3 million. And judging from the trend, this value is increasing. Bitcoin experts and crypto analysts predict that the long term value of 1 Bitcoin is over $100, 000.

This is a huge amount of money in Naira.

From these statistics and more, you can conclude that investing in cryptocurrency and Bitcoin particularly might be wise. Nonetheless, it is also risky. You could lose your money as fast as you never imagined, especially when you do business with the wrong people.

So, while you need to have the expertise, TRUST is something that should not be wanting in this business. Before you buy a Bitcoin in Nigeria, you must be sure of the partner you are entering into business with.

And if you have been wondering about the best exchange sites or where you can buy Bitcoin in Nigeria, you are on the right page. We have picked and reviewed the most reliable, trusted, efficient, safest, and reputable Bitcoin exchanges in Nigeria.

TYPES OF BITCOIN EXCHANGES

Before you proceed, you must understand the different types of Bitcoin exchanges currently available. With this, you can judge the integrity of the sites where you wish to buy the Bitcoin.

  • Centralized or Broker Exchange.
  • Decentralized Exchanges or Peer to Peer (P2P).
  • Hybrid.

1. CENTRALIZED EXCHANGE/BROKER EXCHANGE

This type of exchange is known as the traditional method of Bitcoin exchange. Here, you simply pay a certain amount to a company and they send you Bitcoin or vice versa. However, the cryptocurrency organization offers the fiat-to-crypto currency or crypto-to-crypto exchanges.

Advantages

  1. More opportunity for high volume exchanges
  2. It is highly functional
  3. It offers higher liquidity than P2P
    Disadvantages
  4. It is under the necks of government regulations
  5. Highly vulnerable to hack
  6. Trades are centrally governed

2. Decentralized or Peer to Peer Exchanges

Here, a company does not directly sell or buy BTC from you. However, they connect you with another trader depending on your need.

The P2P system is built with Blockchain technology, to ensure there is a secure way of sending BTC without the interference of a central body. Nevertheless, the trade is monitored by an escrow system.

Advantages

  1. There is no government interference
  2. No central body
  3. Less vulnerable to hackers
  4. It’s available 24/7 provided there are trade partners

Disadvantages

  1. Lower liquidity
  2. There is a lower trade volume compared to Broker OTC
  3. It is less functional

TRADING PLATFORMS

This is a type of BTC exchange that allows you to trade currency pairs. You can trade BTC/NGN, BTC/ETH, BTC/GBP, and so on.

Advantage

  1. It has high liquidity.
  2. There are high volume trades.
  3. You can create bot traders.
  4. Availability of trading tools.

Disadvantages

  1. Since it is governed by a central body, they are prone to hackers.
  2. You must either go through P2P or Broker before you can withdraw your profits.

3. Hybrid

As the name implies, the Hybrid type of BTC exchanges offers a unique exchange service made up of both centralized and decentralized systems. Such exchange platforms have low latency and fast transaction of a centralized exchange and the secure and smart contract of a decentralized exchange.

Having explored the different types of exchanges, let’s now answer the actual question that brought you here;

WHAT ARE THE BEST SITES TO BUY BTC IN NIGERIA?

1. Luno

Luno is a cryptocurrency exchange and wallet provider established in 2013 as Bitx. Subsequently, they rebranded to Luno.

They operate in about 40 countries including Nigeria, thus gaining the trust of millions of people. Presently in Nigeria, it is safe to say that the Luno platform is one of the most popular sites where you can buy Bitcoin.

The platform allows you to send and receive BTC free of charge. However, you will be charged if you either want to withdraw or deposit into your account. Luno also allows Makers to trade at a 0.00% transaction fee, and they permit instant deposit and withdrawal of money in Naira.

Luno Features

  • Broker OTC, Exchange (Trading) platform.
  • Supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple.
  • Easy and user-friendly interface (both app and website).
  • 0% Maker fees.
  • 27/4 deposit and withdrawal.
  • They offer a crypto wallet, Broker services, and a trading platform.

2. Quidax

Quidax is another trusted, safe and fast platform where you can buy, sell, or exchange Bitcoin in Nigeria. It is the first Bitcoin Exchange owned by a Nigerian.

You can buy or sell Bitcoin using Naira. As a matter of fact, no other local currency is supported. Nevertheless, non-Nigerians can still take advantage of their wallet feature, to send and receive supported cryptocurrencies.

Just as Luno, Quidax supports a 0.00% maker free. The BTC exchange also supports a non-stop instant deposit and withdrawal. You can deposit via bank transfer, bank deposit, internet banking, and local debit card.

To improve the security level of the platform, Quidax incorporates a Two-Factor Authentication peculiar to your device or phone number.

Quidax Features

  • Broker OTC, Exchange (Trading) platform.
  • Supports Bitcoin, Ethereum, Litecoin, DASH, Tron, Tether, Ripple, and so on.
  • User-friendly interface.
  • Availability of mobile app on iOS and Android.
  • Instant deposit and withdrawal.

3. Paxful

If you want to buy BTC in Nigeria, another top site to consider is Paxful. Unlike the former, Paxful is solely a P2P Bitcoin platform. However, you can only buy/sell Bitcoin and Tether.

The company was founded in 2015 by Ray Youssef and Arthur Schaback, New York-based fintech fanatics. Currently, the platform boasts of about 300 payment methods. So, you can simply deposit into your account via bank transfer or deposit. Similarly, withdrawal is seamless.

Aside from buying and selling Bitcoin and Tether via their P2P feature, you can utilize their wallet feature to manage your funds at 0% commissions. So, you can join over 1000 Nigerian daily users of Paxful and make an impact on your finances.

Paxful Features

  • Peer to Peer Bitcoin exchange.
  • 300 payment methods.
  • Instant deposit and withdrawal.
  • Availability of mobile app on iOS and Android devices.
  • Unfortunately, Paxful supports only two cryptocurrency vehicles: Bitcoin and Tether.
  • 0% wallet commission.

4. Binance

Yet another Bitcoin exchange you can look up to for fast, secure, and trusted BTC purchase is Binance. The company has been in operation since 2017 and has users in over 180 countries.

Presently, Binance is the world’s largest crypto exchange in terms of trade volume: they have over 2.0 bn average daily volume of trade.

In March 2020, Binance introduced a P2P in the Nigerian crypto ecosystem which allows users to trade BTC with Nigerian Naira at zero transaction fee. They further added a wallet function that allows you to send money (NGN) to both Binance and non-Binance users.

They have instant methods of depositing and withdrawing into and from your account respectively. You can enjoy their services via the web or mobile app which is available on both iOS and Android systems.

Binance Features

  • Broker, Trading (Exchange) Platform, and Peer to Peer.
  • Instant deposit and withdrawal.
  • Available on the web and mobile apps.
  • Over 100 coins are available including BTC, LTC, ETH, BCH, etc.
  • User-friendly interface.
  • Relatively low trade charges

5. NairaEx

NairaEx is a Nigeria-based cryptocurrency exchange. The company launched its activities in 2015, and they have their headquarters at Abeokuta in Ogun State. They offer Nigerians the luxury of buying and selling Bitcoin and other e-coins with Naira, utilizing local methods of transaction.

From the statistics on the company’s website, NairaEx boasts of over 100 thousand users with about 900 thousand transactions completed. These figures set them on the path of being a trusted exchange.

NairaEx is a BTC broker, which means you can only buy and sell BTC and other e-coins and currencies from them. They do not offer P2P or trading (exchange) services.

To get on board, all you need to do is sign-up, fund your wallet and the investment begins.

NairaEx Features

  • Broker OTC.
  • Instant deposit and withdrawal.
  • They support Bitcoin, Litecoin, Bitcoin Cash and Ethereum.
  • No hidden charges.
  • They currently do not have a mobile app.
  • Naira is their fiat currency.
  • A deposit via bank transfer or ATM transfer.

6. LocalBitcoins

LocalBitcoins is a trusted and secure platform to buy Bitcoin in Nigeria because it is one of the pioneer Bitcoin exchanges in the world. Moreover, it is the first P2P exchange to sprout.

The company was established as early as 2012, and it is solely a Peer-to-Peer crypto platform. Although it is based in Helsinki, Finland, they have their tentacles of business spread across the world, including Nigeria.

The way LocalBitcoins works is simple: The platform connects you with people in your country who want to buy or sell Bitcoin (hence the name, “Local”). So, in Nigeria, you can buy BTC with Naira, or sell your BTC for Naira on LocalBitcoin. Do not be scared as the Exchange has only an average waiting time of 10 minutes, the fastest in the global cryptocurrency ecosystem.

Nonetheless, the downside of LocalBitcoins is that it only supports Bitcoin. The company does have mobile and web apps to help you complete your transactions.

LocalBitcoins Features

  • A Peer to Peer Bitcoin exchange.
  • An average wait-time of 10 minutes.
  • Supports only Bitcoin.
  • Connects you to Nigerian traders.
  • Has a low fee architecture.
  • Over 30 payment methods available.

7. Remitano

Just as LocalBitcoin and Paxful discussed above, Remitano is a P2P Bitcoin exchange platform available in Nigeria. The company started in 2015 in Singapore and currently operates in over 50 countries.

Over 800 million Naira worth of Bitcoin is traded daily on Remitano. This figure shades light on how much trust traders have in them.

Moreover, as we gathered from previous reviews, Remitano has the highest level of security, customer support, and supported coins among other P2P exchanges operating in Nigeria. Thus, you can trade Bitcoin, Ether, Litecoin, Bitcoin Cash, and so on.

Aside from buying or selling Bitcoin, you might decide to invest in other growing e-coins available on their platform. Such coins are Tron, Binance Coin, EOS, Stellar, etc. Another boost to Remitano is that you will not be charged when you deposit into your wallet.

Remitano Features

  • A Peer to Peer exchange
  • 0 deposit charge
  • Instant deposit and withdrawal
  • 24/7 customer support
  • Supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, and Ripple.
  • Alternative investment opportunities
  • Charges 1% on the average for other transactions (like withdrawal).

8. Blockvilla

If you want to circumvent the hassle that might come with buying Bitcoin in Nigeria, you might decide to use Blockvilla platform. The company is a renowned cryptocurrency exchange based in Port Harcourt, River State.

They started in 2016 as NgExchanger. Subsequently, the company rebranded to its present identity. It is a Broker exchange, and as such, you can either buy or sell your Bitcoin and other supported e-coins.

Aside from broker services, Blockvilla offers trading and exchange of digital currencies, Blockchain Education, cryptocurrency wallet. Unlike other reviews above, Blockvilla has a cloud mining programme which they started in April 2020.

You can simply purchase a Bitcoin mining package (hashes) while the company does the mining for you. The company, therefore, has a cut of the profit.

Blockvilla Features

  • A Broker OTC, Cloud Mining.
  • Supports, Bitcoin, Ethereum, Litecoin, Bitcoin Cash, STEEM, and 9 others.
  • 24/7 live chat.
  • Easy user interface.
  • Inconsistent speed of transaction processing.

9. BuyCoins

Buy Coins is a Lagos-based cryptocurrency Broker exchange. It is built and managed by a vibrant team led by Timi Ajiboye. The company started in 2017 as BitKoin Africa. However, in February 2018, they changed their name to this present one.

Since BuyCoins is currently operating only in Nigeria, they cater to individuals who are interested in trading cryptocurrencies in the country. Thus, if you are asking where to buy Bitcoin and other digital coins in Nigeria, BuyCoins might be a good company to turn to.

They also offer a P2P exchange that allows you to buy or sell Bitcoin with a central body but an escrow system. Their available payment methods are bank transfer and Visa/Mastercard transfer.

They charge N50 on withdrawal while they do not charge for depositing via bank transfer. However, paying via Paystack attracts some charges.

BuyCoins Features

  • Broker OTC, Peer to Peer exchange.
  • Extensive customer service.
  • Supports Bitcoin, Ethereum, Litecoin, Tether, and Bitcoin Cash.
  • User-friendly mobile app.
  • Instant P2P.
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