How to Buy Cryptocurrency in Nigeria: A Comprehensive Guide

Hello!

I presume you’re fairly new to the crypto scene — welcome! Buying and selling cryptocurrencies in Nigeria is easier than most people think, and anyone can do it too. Before you begin, it’s important to have a clear understanding of how this works, the risks involved, and certain factors you might want to look out for when it comes to buying and selling crypto.

Understanding the Cryptocurrency Landscape in Nigeria

To get started, you’ll need crypto platforms available for Nigerians to purchase and sell all kinds of crypto coins. There are quite a number of them today, which is why you’d need to decide which best suits your needs. Here are certain factors you might want to consider:

Exchange Rates: Ensure you’re getting a fair market price. Processing/Trading/Withdrawal Fees: For some platforms, this is free. For others, it’s not. Transaction Limits: Be sure you’re aware of any account limits or transaction caps. Security: How secure is the platform? Does it seem buggy? Reviews: What do their current customers have to say?

Popular Cryptocurrency Platforms in Nigeria

With all of this in mind, we can dive into weighing our options based on experience and research. Here are some of my favorite exchange platforms that allow Nigerians to buy crypto with ease:

Kraken

Description: Kraken was officially launched in 2013 and is quite popular today with a decent daily volume of trades, even from Nigerians in Nigeria. Kraken lets you buy over 90 cryptocurrencies, and it’s safe to use. You can trade any time, any day of the week. The fee structure on this platform varies and can go as high as 0.26. Withdrawals aren’t free either.

Binance

Description: Binance is one of the most popular P2P exchange platforms, offering you the chance to purchase as much as 300 cryptocurrencies and offering trading services to Nigerians too. Binance is as secure as can be and easy to use. Crypto withdrawal fees range from 0 - 0.6 but can hit 2.5, which varies depending on how much.

Selling Your Crypto for Cash

When it comes to selling your crypto for cash, here are some of my most trusted options right now:

KuCoin

Description: Launched in 2017, this crypto exchange has its headquarters in Seychelles and operates in multiple countries, including Nigeria. When it comes to cost, Kucoin isn’t free, but transaction fees are fair. There’s a broad selection of cryptocurrencies that users can sell on this platform. Kucoin’s withdrawal fees also vary based on the asset.

Breet

Description: Last but far from least is Breet! Breet is a crypto exchange platform that’s fully licensed to allow Nigerians and Ghanaians individuals or businesses to receive cryptocurrencies, trade them in for cash, and withdraw fiat Naira in just minutes. This Over-the-Counter (OTC) platform is highly secure; transactions are incredibly swift and the platform’s user interface is easy to navigate. The absolute best part: Breet charges ZERO fees! It’s completely free for you to accept crypto, trade your cryptocurrency for cash, and withdraw!

Conclusion

I trust you’ve found this helpful. Best of luck with trading!