Can i buy bitcoin with my debit card on binance in nigeria

Nigeria’s economic decline has pushed the adoption of bitcoin and other cryptocurrencies to levels never seen before. Transaction volumes have surged from just $1.3 million as of February 2017 to about $200 million on a daily basis in 2020. 

The surge means for many exchanges that there are hundreds of people looking to open a wallet, buy or sell cryptocurrencies. 

If you are a beginner in Nigeria, getting around to investing in bitcoin can seem complicated but it is much easier when you break it down into steps. 

Bitcoin is divisible

The first thing you need to realise is you do not need to buy a whole bitcoin at once. Each bitcoin is divided into a unit of cryptocurrency known as Satoshis. It is divisible down to 8 decimal places (0.00000001). This means a single Satoshi is equal to one-hundredth millionth of a bitcoin or 100 million Satoshis is equal to one bitcoin. So you can buy any number of units depending on your risk appetite. The amount you can buy from different exchanges can vary. On Binance a global exchange that is available in Nigeria allows users to buy a fraction of one bitcoin from $15.

Get a wallet

While there are other ways of buying bitcoin, experts recommend going through an exchange for beginners. Exchanges take measures to ensure that investors’ funds are protected and they also make the process of starting your journey easy and seamless. Exchanges also help you keep track of your transactions. 

Exchanges come with a wallet. Binance (IOS or Android) is the third most downloaded wallet in 2020, according to a list from Apptopia.

Hence, you will need to download a wallet from the Google Play Store, create an exchange account, and provide your personal identification documents if you are using a platform that requests for Know Your Customer (KYC). Most exchanges would let you pay with your debit card or transfer directly from your account. 

There are two main ways to buy bitcoin on Binance, by linking your debit or credit card or bank account or buy cryptic directly from other users with peer-to-peer trades. Linking your debit card, credit card, or bank account is one of the easiest ways to buy bitcoin. 

Experts also recommend that you do not buy bitcoin with a credit card due to the volatility that the cryptocurrency market experiences. 

Deposit money

Once you have your wallet connected and linked, the next stage is to buy bitcoin. A number of exchanges allow you to buy bitcoin with your local currency like the naira. 

You will need to deposit money into the wallet and this comes at a cost. There are varying fees for a bank deposit. It is important to research the fees associated with each payment option to help choose an exchange or to choose which payment option works best for you. 

After successfully depositing the amount you have selected, the next action is to click the buy button. 

Selling the bitcoin asset you bought is nearly the same process. Rather than select Buy, you go for Sell and the amount you want to sell. 

You can sell bitcoin to buy another cryptocurrency. For example, you sell bitcoin to buy Ethereum or Binance Coin or Bitcoin Cash. But if you sold it for fiat money you can cash out the funds into your bank account. 

Tracking your transaction 

Different exchanges offer distinct ways of tracing the status of your transactions. For Binance 

After each withdrawal is confirmed, your Binance Coin (BNB) will be sent from your wallet onto the Blockchain to be validated on the way to the destination address. In the process, a Transaction ID or Hash will be made. To track the progress of the transaction, just navigate to

Copy your TxID (Transaction hash) and put it into the search space. After clicking the search button (yellow button on the right), transaction information in Blockchain will appear on the webpage. After confirmations in Blockchain meet the requirement of your destination address, your coins will be sent to your destination address within 24 hours.

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Here’s what you can do on Binance App:


Shop Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more. Simply add a debit or credit card to buy and sell crypto instantly.


Choose from 200+ supported cryptocurrencies, including Bitcoin, Ethereum, Link, Tezos, Cardano and Binance Coin while always being at the forefront of new coin launches.


Sad that this question still needs to be asked in the Bitcoin and crypto space, but we get it! At Binance, security is our highest priority when it comes to safeguarding your Bitcion and other cryptocurrencies. Your funds are protected by our Secure Asset Fund for Users (SAFU Funds) which means we have your back.


Earn money on your crypto and enjoy some of the highest interest rates on the market with Binance Savings & Staking. USD Stablecoin interest rates all over 5%. Can your traditional savings account beat that? No way.


You can set price alerts with a single tap to stay up to date on the latest prices and trends.


New to crypto? Our Binance app’s mobile-first design lets you switch between Lite and Pro interfaces with a single tap. Keep it simple or access advanced trading features, all in one app.


We’re making it easier than ever to buy crypto. Set a recurring buy to purchase Bitcoin and other crypto on a regular basis. You choose how much you want to buy and how often, and our Binance app does the rest!


Spend Bitcoin or BNB at over 50 million merchants worldwide when you sign up for the Binance Card. Available in select markets.


Send and receive crypto from friends and family, to and from your Binance wallet with QR codes.


We’re always here to help, whether you’re a longtime user or just getting started. Access 24/7 live chat customer support in 8 languages (English, Chinese, Russian, Spanish, Portuguese, Turkish, Korean, and Vietnamese).

Updated on

Nov 25, 2022


Main Takeaways

  • Credit cards are one of many ways to buy crypto with fiat currency.

  • While credit cards offer convenience and speed, they also come with unique risks. 

  • In this article, you’ll understand the pros, cons, and fees associated with using a credit card to purchase crypto. 

The answer is yes. Many users prefer credit cards for a variety of reasons. Here’s why you should consider using one to buy crypto.

Some users prefer wallets or bank transfers to buy crypto. These methods incur the lowest fees, but they can be slow for someone that likes convenience and speed. In this case, credit cards are the best option. At Binance, you can buy crypto with everyday fees using a VISA or Mastercard credit card. Alternatively, Binance also provides crypto purchases via bank transfer, fiat deposit, and e-wallet. 

If you’re interested in buying crypto with a credit card, check if your card issuer and payment network allow the transaction type. Credit card issuers that block crypto purchases have varying reasons. Capital One, for example, decided to decline cryptocurrency purchases to protect cardholders from fraud, losses, and market volatility. 

Note: To ensure your credit card is suitable, we recommend double-checking before initiating any crypto transaction with your credit card issuer.

What Are The Different Types of Credit Card Fees?

Credit card fees come in all shapes and sizes. Below, we’ve outlined the most common fees you might incur, depending on your situation. 

Transaction fees

Cryptocurrency exchanges charge a small fee for credit or debit card transactions. This is usually higher than other popular payment methods like bank transfers. At Binance, we charge one of the lowest fees of up to around 2%. Any additional fees will come from the bank and credit card provider’s side.

Cash advance fees

A cash advance is when you borrow cash directly from your credit card provider. You’ll pay 3-5% of the amount in fees. For instance, a $200 cash advance would incur $6-10 in fees.

Some credit-card crypto transactions are processed as cash advances. For instance, American Express charges crypto transactions as a cash advance. In this situation, you’ll either pay $5 or 10% of the transaction amount, whichever is greater. So, if you purchase $1,000 in cryptocurrency, you could be paying a $100 fee to your credit card issuer. 

Note: Credit cards provide a 20-day grace period to pay off purchases if you are timely with your monthly balance. Cash advances, however, accrue interest from day one.

If these fees don’t suit your preference, consider Binance. Since we only accept VISA and Mastercard credit cards, Binance users will never have to pay a cash advance fee.

Foreign transaction fee

Users who buy crypto with USD via a credit card on a platform based outside the US are likely to incur a foreign transaction fee. This scenario also applies to users whose credit cards are issued domestically but are buying crypto with other fiat-issued currencies. Foreign transaction fees are typically around 3% of the transaction amount. For example, if you purchased $1,000 in cryptocurrency, you would pay a $30 fee. 

Why Should I Buy Crypto With a Credit Card?

Now that you understand the fees associated with using a credit card, here are all the benefits of using one to buy crypto — which often outweigh the cons. 

1. Credit cards allow you to invest without having cash on hand. 

Every crypto user knows the market moves fast. A few days could be the difference between buying a coin at the bottom or, even worse, its peak. Perhaps your salary might arrive next week. You won’t need to worry if you have enough cash on hand with a credit card. Just pay your bills at the end of the month to avoid accruing interest from your credit card provider.

2. Fast and instant

The speed of credit cards makes it easy for first-time buyers or investors to purchase crypto with fiat currency. Credit card transactions are completed in a matter of seconds. 

Conversely, bank and wire transfers often take three to eight days. As a result, the cryptocurrency cannot be moved off the exchange until the transaction is complete. For investors who are looking to buy the dip in a bear market quickly, a credit card is an ideal choice with the instant speed it offers. 

3. Beginner-friendly

Credit cards are an ideal payment method for beginners who don’t want to wrestle with the confusing methods on more advanced crypto exchanges. For crypto beginners especially, checking out with a credit card is familiar. Simply enter your card number, expiry date, and CVV, and you’re all set. Plus, credit-card-friendly crypto exchanges and platforms are often very intuitive and user-friendly. 

4. Earn rewards via staking

“All the transaction fees accumulated will wash out rewards earned from credit card crypto purchases” — this is a common misconception and depends on how you use your crypto. Today, many crypto financial products such as staking provide attractive yields. For some, these products are a powerful passive income vehicle. For example, you can easily buy crypto with your credit card, then stake it on Binance Earn and earn up to 20% APY. 

What Are The Risks of Buying Crypto With a Credit Card?

Now that you know the benefits of using a credit card for crypto, you should also be aware of the potential risks associated with the process.

1. Your credit card information could be at risk

Today’s crypto landscape is saturated with exchanges touting their unique benefits. Some of these exchanges are legitimate businesses. However, many of these exchanges are scams looking to exploit newcomers or users eager to make a quick profit. While credit cards have strong fraud protection, every user should have the ability to identify and steer clear of a scam. At Binance, we recommend users always do their due diligence before making any crypto purchase.

2. Your credit score could be impacted

Credit utilization refers to the amount of credit you use. It’s also a significant factor in your credit score. The more credit you use, the higher your credit score. Too much credit, and you’ll damage your credit score. In the worst case, this damage piles up while you fall behind on your monthly credit card bills. To avoid this situation, we recommend users only buy what they can afford to lose. Newcomers especially should start with small amounts and consider using a dollar-cost averaging strategy via Recurring Buy. 

Note: Credit card providers and banks enforce a maximum limit on the amount of cryptocurrency you can purchase every day. Users who make bulk crypto purchases should check if they are within their daily limit. Otherwise, the credit card transaction will be declined. 

How do I Buy Crypto With a Credit Card?

Have you done all the research on your credit card provider? If so, here’s how you can start buying cryptocurrency on Binance with a credit card. 

  • Step 1: Log in to your Binance account and click [Buy Crypto], then [Credit/Debit Card].

  • Step 2: Choose your fiat currency and enter the fiat amount you would like to purchase. The system will automatically display the amount of crypto you can buy.

  • Step 3: Click [Add new card], then enter your credit card details. Please note that you can only pay with your own credit cards.

  • Step 4: Enter your billing address and click [Add Card].

  • Step 5: Double-check your payment details and confirm the order. 

  • Note: After one minute, Binance will recalculate the price and the amount of crypto you receive. You can click [Refresh] to see the latest market price.

  • Step 6: You will be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment.

Read our step-by-step guide to learn how you can easily buy crypto via credit card on Binance. 

If you want to dollar-cost average (DCA) your crypto portfolio or automate your crypto buys with a credit card, you can consider using Recurring Buy. It allows you to set a weekly, bi-weekly, or monthly plan and the coin and amount you want to purchase on a recurring basis. For more information, read How To Grow Your Crypto Portfolio with Recurring Buy.


A credit card is just one of many ways to buy crypto. Although credit cards incur higher transaction fees, they are simple, instant, and don’t require cash on hand. Users who prefer a more cost-effective approach can consider using a bank transfer. However, unlike credit cards, bank transfers often take days to process. Before you pick a suitable payment method, it’s crucial to educate yourself on the pros and cons of each one. 

Ready to start your crypto journey with Binance?

Sign up for a Binance accountor download the Binance crypto trading app. Next, verify your account today. Once your account is verified, there are three main ways to buy cryptocurrencies on Binance using fiat: you can buy crypto with fiat from Binance via bank transfer, card channels or e-wallets options.

Buy BUSD, BNB and cryptocurrencies with a Debit Card, Credit Card, or via Bank Transfer.

Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Bitcoin and more than 200+ cryptocurrencies.  

Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made below should not be considered financial advice and are shown to illustrate an example. They are not intended to serve as investment advice or recommendation. 

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Written by Jane