How to Buy Cryptocurrencies in Nigeria Despite Banning through Banks
Introduction
Living in a country that has enforced restrictions on cryptocurrency transactions can complicate your ability to invest in this emerging financial sector. Nigeria, for instance, has banned buying cryptocurrencies through banks. However, there are alternative methods to access digital currencies, including platforms like Binance, Roqqu, and Klever Wallet. This guide outlines a step-by-step process to help you navigate these options and distribute your crypto investments.
1. Using Binance as an Alternative Platform
One of the largest and most trusted platforms for all types of cryptocurrencies is Binance. If you're new to the world of crypto, Binance offers a user-friendly platform with a comprehensive dashboard and a wide range of cryptocurrencies to choose from. Here's how you can get started:
Sign Up: Visit the Binance website and create an account. Fill in the required details and complete the registration process. Complete KYC: Conduct a Know Your Customer (KYC) verification. You'll need to provide your identity and address to comply with regulatory requirements. Use the BVN (Bank Verification Number) as an alternative if you face issues with your ID. Shift to P2P: Once your KYC is verified, navigate to the P2P (Peer-to-Peer) section. Here, you can buy USDT (Tether), a stablecoin that is often used as a bridge to other cryptocurrencies. Buy BTC (Bitcoin): After obtaining USDT, return to the spot market and purchase BTC. Remember to practice buy low and sell high strategy to maximize profits. You don't have to buy a whole BTC; you can purchase fractions of BTC, starting as small as 0.00001 BTC.Note: This method is risky, as you are reliant on other individuals, therefore proceed with caution and only invest what you can afford to lose.
2. Alternative Methods via Roqqu and Klever Wallet
If you're uncomfortable with the P2P marketplace on Binance, there are other avenues to explore, such as using the Roqqu Crypto Network and Klever Wallet.
2.1 Roqqu: A User-Friendly, KYC-Accepted Platform
Install Roqqu: Download the Roqqu app from the Play Store and complete the sign-up process. The KYC requirements are relatively easy to fulfill, making it a reliable option for beginners. Create Your Profile: Complete your profile to ensure you can fully utilize the platform's features. Deposit Funds: Follow these steps to deposit money into your Roqqu account: Install and open the Raven app. Register on Raven and verify your BVN (Bank Verification Number) and NIN (National Identity Number). Navigate to your Roqqu account and select the DEPOSIT option. Choose the Wallet Peer-to-Peer (P2P) method and select Raven. Roqqu will automatically pair you with a deposit merchant on Raven. Note the receiver's username and copy the transaction narration to your clipboard. Go to your Raven app and send money to the specified Raven user. Head back to Roqqu and complete the deposit process. The merchant will confirm the transfer within 5 minutes. Acknowledge the confirmation and your funds will reflect on your Roqqu account dashboard. You are now ready to buy cryptocurrency.2.2 Buy Cryptocurrency with Klever Wallet
Install Klever Wallet: Download and install the Klever Wallet from the app store. Receive Crypto Addresses: Once installed, go to the Receive section and copy the addresses for BTC, ETH, TRX, or any other cryptocurrencies you are interested in. Send Funds to Roqqu: Go back to Roqqu, paste the copied address into the Purchase section, and hit send. Wait for the transaction to complete.Conclusion
Buying cryptocurrencies in Nigeria, despite the ban on bank-based transactions, is still possible through various methods like Binance, Roqqu, and Klever Wallet. Always proceed with caution and only invest what you can afford to lose. The world of digital currencies is dynamic and ever-changing, so staying informed and continuously learning about these techs is essential.