Can i buy bitcoin with my debit card in nigeria

When considering buying Bitcoin, Changelly might be a perfect option to instantly buy Bitcoin with fiat money for both NGN, USD, or any other. Two of our partners work in this country – MoonPay and Simplex, which provide such payment methods as bank transfer, debit card (Visa or Mastercard), and ApplePay.

Choose one of two available options with the rate that suits you the best.

What is Bitcoin?

Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is unique in that there are a finite number of them: 21 million.

Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.

Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through “idioms of use” (e.g., transactions that spend coins from multiple inputs indicate that the inputs may have a common owner) and corroborating public transaction data with known information on owners of certain addresses.

Is Bitcoin legal in Nigeria?

This is a difficult question to answer definitively due to the fact that Nigerian law is constantly evolving and there is no specific legislation regarding Bitcoin or other digital currencies. However, based on the current state of the law, it appears that Bitcoin is not illegal in Nigeria. There have been no reported cases of anyone being arrested or prosecuted for using Bitcoin, and the Nigerian government does not appear to have any official position on Bitcoin. Therefore, it seems safe to say that, at least for now, Bitcoin is legal in Nigeria.

Best exchanges to buy Bitcoin in Nigeria

Nigeria is Africa’s largest economy and has a population of nearly 200 million people. Despite its economic growth in recent years, Nigeria remains a largely cash-based society. However, there is a growing trend of Nigerians using digital currencies like Bitcoin.

List of the best exchanges to buy Bitcoin in Nigeria:

  • Changelly  is a popular cryptocurrency exchange that allows users to convert between various digital assets. The platform has been operational since 2015 and has processed over $5 billion in crypto exchanges. Changelly is one of the most user-friendly exchanges in the market and allows for fast and easy conversion of cryptocurrencies. The exchange has a simple and straightforward interface that even beginners can use with ease. Changelly also offers competitive rates and charges a 0.5% fee on all transactions. Changelly is a popular choice for many cryptocurrency users as it offers a simple and convenient way to convert between digital assets. The platform has processed over $5 billion in crypto exchanges since it launched in 2015, making it one of the most trusted and reliable exchanges in the market.
  • LocalBitcoins is a peer-to-peer (P2P) marketplace that allows buyers and sellers to trade Bitcoin. The platform is one of the most popular ways to buy Bitcoin in Nigeria. LocalBitcoins is a great option for those looking to trade Bitcoin anonymously or without KYC verification. However, it is important to note that the platform has been known to be used for money laundering activities.
  • Paxful is another popular P2P marketplace that allows Nigerians to buy and sell Bitcoin. The platform offers a wide variety of payment methods, including bank transfer, PayPal, Western Union, and many others. Paxful also has a built-in escrow system to protect buyers and sellers.
  • Coinbase is one of the world’s largest cryptocurrency exchanges and allows Nigerians to buy Bitcoin with a debit or credit card. The platform also has an associated wallet, Coinbase Wallet, which can be used to store Bitcoin. Coinmama is another popular cryptocurrency exchange that allows Nigerians to buy Bitcoin with a debit or credit card. The platform also offers a variety of other cryptocurrencies, such as Ethereum, Litecoin, and Cardano.
  • Binance is a world-renowned cryptocurrency exchange that offers a variety of digital assets, including Bitcoin. The platform does not currently allow Nigerians to buy Bitcoin with fiat currency but does allow for crypto-to-crypto trading.
  • Luno is a popular cryptocurrency exchange that offers trading in a variety of digital assets, including Bitcoin, Ethereum, and XRP. The platform allows for Nigerian Naira deposits and withdrawals and also has a built-in wallet.
  • NairaEx is a Nigerian cryptocurrency exchange that allows for the buying and selling of Bitcoin. The platform only supports bank transfer as a payment method but does offer a wide range of features, such as escrow and two-factor authentication.
  • Bitkoin Africa is a Nigerian cryptocurrency exchange that allows users to buy and sell Bitcoin. The platform supports multiple payment methods, including bank transfer and debit or credit cards.
  • Remitano is an P2P marketplace that allows for the buying and selling of Bitcoin. The platform supports multiple payment methods, including bank transfer, Western Union, MoneyGram, and Ria. Remitano also has a built-in escrow system.

These are some of the best exchanges to buy Bitcoin in Nigeria. It is important to do your own research before choosing an exchange. You should also consider factors such as fees, payment methods, and security when making your decision.

Best ways to buy Bitcoin in Nigeria

How to buy Bitcoin with PayPal

If you’re looking to buy Bitcoin with PayPal in Nigeria, there are a few things you’ll need to take into account. First off, it’s important to note that while PayPal does allow you to purchase Bitcoin, they do not currently support withdrawals or deposits in Bitcoin. As such, you’ll need to find another way to withdraw your funds once you’ve bought your Bitcoin.

One popular method is to use a service like LocalBitcoins.com. With LocalBitcoins, you can find someone who is willing to sell you Bitcoin in exchange for PayPal. Once you’ve found a seller, all you need to do is send them the amount of PayPal money you want to spend on Bitcoin, and they’ll send you the equivalent amount of Bitcoin.

Another option is to use an exchange like VirWox. While VirWox doesn’t technically support PayPal, they do allow you to buy Second Life Lindens (SLL) with PayPal. Once you’ve bought SLL, you can then use those funds to buy Bitcoin.

Keep in mind that both of these methods will likely involve higher fees than if you were to simply buy Bitcoin with a credit or debit card. However, they may still be the best option if you’re looking to buy Bitcoin with PayPal in Nigeria.

How to buy Bitcoin from ATM in Nigeria

In Nigeria, you can buy Bitcoin from ATM using your debit or credit card. You will need to have a Bitcoin wallet in order to store your Bitcoins.

To find a Bitcoin ATM near you, visit Coin ATM Radar. Once you find a Bitcoin ATM, follow the instructions on how to use it. Most Bitcoin ATMs will require you to verify your identity by providing a valid ID.

Once you have successfully purchased Bitcoins from a Bitcoin ATM, you can now use them to make purchases or send money to others. Remember to always keep your Bitcoin wallet safe and secure.

How to buy Bitcoin with cash in Nigeria

If you’re looking to buy Bitcoin with cash in Nigeria, there are a few things you’ll need to know. First, you’ll need to find a reputable exchange that allows you to trade Nigerian Naira for Bitcoin. Once you’ve found an exchange, you’ll need to create an account and deposit money into it. Once your account is funded, you can start buying Bitcoin. To do this, you’ll need to find a seller who’s willing to sell you Bitcoin for cash. Once you’ve found a seller, you’ll need to agree on a price and trade the cash for Bitcoin. Finally, once the trade is complete, you’ll be able to withdraw the Bitcoin from your exchange account and store it in a wallet of your choice.

How to buy Bitcoin with bank account in Nigeria

There are a few ways to buy Bitcoin with a bank account in Nigeria. The most common way is to use a cryptocurrency exchange that supports Nigerian Naira.

The two most popular exchanges that support Nigerian Naira are Luno and Remitano.

Luno is one of the oldest and most popular cryptocurrency exchanges in Nigeria. It allows you to buy, sell, and store Bitcoin and other cryptocurrencies. Luno also has a mobile app that makes it easy to trade on the go.

Remitano is another popular cryptocurrency exchange in Nigeria. It offers a peer-to-peer marketplace where you can buy and sell Bitcoin and other cryptocurrencies. Remitano also has a mobile app for trading on the go.

BitPesa is a digital currency exchange that allows you to send money to and from Africa. You can use BitPesa to buy Bitcoin with a bank account in Nigeria. To use BitPesa, you first need to create an account and verify your phone number. Once you’re verified, you can deposit Nigerian Naira into your account using a bank transfer. Once the money is in your account, you can use it to buy Bitcoin. BitPesa charges a 1% fee on all transactions.

LocalBitcoins is a peer-to-peer Bitcoin marketplace. You can use LocalBitcoins to find people in your area who are willing to sell Bitcoin for Nigerian Naira. LocalBitcoins is a bit riskier than using a cryptocurrency exchange because you’re dealing with an individual person instead of a company. However, it can be a good option if you’re having trouble finding someone to buy Bitcoin from on an exchange. To use LocalBitcoins, create an account and verify your phone number. Once you’re verified, you can post a listing asking to buy Bitcoin. Once someone responds to your listing, you can negotiate a price and trade with them directly. LocalBitcoins charges a 1% fee on all transactions.

Paxful is a peer-to-peer Bitcoin marketplace that allows you to buy and sell Bitcoin with over 300 different payment methods. To use Paxful, create an account and verify your phone number. Once you’re verified, you can search for offers to buy Bitcoin. Once you find an offer that you’re interested in, you can negotiate a price and trade with the seller directly. Paxful charges a 1% fee on all transactions.

Bitit is a Bitcoin broker that allows you to buy Bitcoin with a credit or debit card. You can also use Bitit to buy Bitcoin with a bank account in Nigeria. To use Bitit, create an account and verify your identity. Once you’re verified, you can deposit Nigerian Naira into your account using a bank transfer. Once the money is in your account, you can use it to buy Bitcoin. Bitit charges a 3.9% fee on all transactions.

Coinmama is a Bitcoin broker that allows you to buy Bitcoin with a credit or debit card. You can also use Coinmama to buy Bitcoin with a bank account in Nigeria. To use Coinmama, create an account and verify your identity. Once you’re verified, you can deposit Nigerian Naira into your account using a bank transfer. Once the money is in your account, you can use it to buy Bitcoin. Coinmama charges a 5% fee on all transactions.

eToro is a social trading and investment platform that allows you to buy and sell stocks, cryptocurrencies, ETFs, and other investments. You can also use eToro to trade cryptocurrency CFDs. To use eToro, create an account and verify your identity. Once you’re verified, you can deposit money into your account using a bank transfer. Once the money is in your account, you can use it to buy Bitcoin. eToro charges a 0.75% fee on all stock and ETF trades. Cryptocurrency CFD trades are subject to a spread.

Binance is a cryptocurrency exchange that allows you to buy and sell cryptocurrencies. You can also use Binance to trade cryptocurrency CFDs. To use Binance, create an account and verify your identity. Once you’re verified, you can deposit money into your account using a bank transfer. Once the money is in your account, you can use it to buy Bitcoin. Binance charges a 0.1% fee on all stock and ETF trades. Cryptocurrency CFD trades are subject to a spread.

How to buy Bitcoin with prepaid card

Prepaid cards are a great way to buy Bitcoin, especially if you’re looking for a fast and convenient way to purchase the cryptocurrency. Here’s a step-by-step guide on how to do it:

  • Find a reputable Bitcoin exchange that supports prepaid cards.
  • Register for an account and verify your identity.
  • Select “Prepaid Card” as your payment method.
  • Enter the amount of Bitcoin you want to buy and your prepaid card details.
  • Confirm the transaction and wait for the Bitcoin to be delivered to your wallet!

How to buy Bitcoin with Credit or Debit card

If you’re looking to buy Bitcoin with a credit or debit card in Nigeria, there are a few things you’ll need to know. First, you’ll need to find a reputable exchange that supports Nigerian cards. Once you’ve found an exchange, you’ll need to create an account and verify your identity. Once you’re verified, you can deposit Naira into your account and use it to purchase Bitcoin. Finally, you’ll need to withdraw your Bitcoin to a wallet that you control. Keep reading for a step-by-step guide on how to do all of this.

 

What to do after buying Bitcoin

As one of the Bitcoin buyers, what can you do with these digital coins? In fact, there are many options!

Trade with Bitcoin

Nigeria remains one of the global leaders in cryptocurrency trading. Join the community by buying and selling Bitcoin for profit.

Store/Hold Bitcoin

Keep Bitcoin in your wallet until its value against nairas, dollars, or another currency of your choice goes up. Then, you can convert or use this capital, which might have even multiplied by then!

Use Bitcoin

Many Nigerian users no longer need cash – they already use Bitcoin for online purchases. What’s more, it’s getting easier to find sellers that accept crypto.

Send Bitcoin

Sending Bitcoin across borders has never been as easy. Forget about waiting several business days for bank transfers – just use an online platform and be done with it in a matter of hours or even minutes.

Donate Bitcoin

There are many charities in Nigeria and many different parts of the world that you can contribute to – Helpers, International Medical Corps, Save the Children, End SARS, and many more.

 

FAQ

Where to store your Bitcoins?

There are many different ways to store your Bitcoins, and the method that you choose will depend on your own personal preferences and needs. Some people like to keep their Bitcoins stored on their own computer, while others prefer to use an online service or a third-party wallet. There are also a number of different paper wallet generators that you can use to create a paper wallet for your Bitcoins.

If you’re just starting out with Bitcoin, it’s probably a good idea to keep your coins in a software or online wallet. These wallets are relatively easy to use and provide a high degree of security. However, they also come with some risks. For example, if you lose your login information or your computer crashes, you could lose all of your Bitcoins.

If you’re looking for a more secure option, you may want to consider using a hardware wallet. These devices are offline and therefore much less vulnerable to hacker attacks. However, they can be expensive and complicated to use.

Ultimately, the best way to store your Bitcoins is in a way that makes sense for you. If you’re new to Bitcoin, it’s probably best to start with a software or online wallet. Once you’ve gained some experience with Bitcoin, you can then consider using a more secure option like a hardware wallet.

Who accepts Bitcoin in Nigeria?

Bitcoin is still a relatively new phenomenon, and it can be difficult to find places that accept it as payment. However, more and more businesses are beginning to see the potential of Bitcoin, and accepting it as a form of payment is becoming easier. In Nigeria, there are a few businesses that accept Bitcoin as payment, including some restaurants, bars, and even a few hotels. As Bitcoin becomes more popular, it is likely that more businesses will start to accept it as payment.

How to cash out Bitcoin in Nigeria?

To cash out Bitcoin in Nigeria, you will need to use a Bitcoin exchange that allows you to sell your Bitcoin for Nigerian Naira (NGN). Once you have found an exchange that supports this currency pair, you will then need to create an account and verify your identity. Once your account is verified, you will be able to deposit Bitcoin into your account and then sell it for NGN. The funds should then be deposited into your Nigerian bank account within a few days.

Written by Jane