In recent years, cryptocurrencies have grown in popularity, with Bitcoin being one of the most popular. Sadly, trading Bitcoin and other crypto got banned by the Nigerian government. Sure believe that is one of the reasons you searched for “Best app to sell bitcoin in Nigeria without a ban” right? Well, this post will solve your worries.
Before we go ahead to make the cup overflow with solutions, let us first understand why the Nigerian government banned crypto trading.
Why Crypto Trading Got Banned In Nigeria
Nigeria is the second-largest crypto-holding, and trading country in the world, only behind the USA, despite the ban. Nigeria is at the top of the list of nations using cryptocurrency the most, according to Statista data.
The Central Bank of Nigeria banned cryptocurrency transactions in the country in February 2021. According to the governor in office during the ban, Godwin Emefiele stated that the ban was due to two important reasons. The central bank of Nigeria claimed that digital currency is used for money laundering and funding terrorism in the nation.
To some extent that makes sense because of the rise of scammers popularly known as Yahoo boys and the high rate of terrorism and insurgency in the country. However one can’t neglect the fact that Nigeria holds the second position as the country with the highest number of crypto transactions.
This is owing to the fact that Nigerian youths are heavily invested in the crypto space when it comes to holding it as a form of investment, trading it for profit using futures, or using it as a form of payment.
One question however is if crypto trading is legal or illegal even after the ban.
Best Apps To Sell Bitcoin In Nigeria
There are several cryptocurrency exchanges available in Nigeria for buying and selling Bitcoin.
Selling Bitcoin can be a convenient way to convert your cryptocurrency into Naira or other fiat currencies. However, it’s important to remember that cryptocurrency markets can be volatile, and prices can fluctuate rapidly. As such, investing only what you can afford to lose is recommended and always exercising caution when buying or selling Bitcoin.
Here’s a list of websites to buy and sell Bitcoins In Nigeria:
Dtunes is the best mobile app to sell bitcoin in Nigeria without any stress or fear of losing your tokens to scams.
Dtunes is currently the topic of conversation because of the recent release of a new edition of its mobile app. For a better user experience, the most recent version is significantly faster and simpler. You can use the program to sell your Bitcoin, USDT, and other well-known tokens.
The Dtunes app is accessible through the Apple iOS and Google Play stores. Dtunes is the best app to sell your token at a good rate and fast transaction in Nigeria today. The app is available on the Google PlayStore and the Apple App Store so that you can trade seamlessly with your smartphone.
Why I Trust Dtunes With My Bitcoins?
Dtunes is a legit, trusted, and tested app to sell bitcoin in Nigeria without getting banned and other crypto coins.
Dtunes is a platform developed by experts who understand the country’s situation and your need. When you trade on Dtunes, you’ll always get your funds sent to your wallet, which you can withdraw to your local Naira bank account without any stress, delay, or issue.
With Dtunes, you won’t have the issue of getting your bank account held or closed down because your withdrawal will seem more like a normal local bank transfer which isn’t suspectable.
With Dtunes, you can live life to the fullest, knowing fully well that you can trade your crypto anytime any day and get paid without worrying.
Patricia is a Nigerian cryptocurrency exchange that allows users to buy and sell Bitcoin and other cryptocurrencies. It has been operating in Nigeria since 2017 and is known for its user-friendly interface and fast transaction processing times.
While Patricia may be a good place to buy Bitcoin, it’s important to research and consider factors such as security, fees, and user reviews before using any cryptocurrency exchange. Here are a few things to consider about Patricia:
Security: Patricia claims to use advanced security measures to protect user funds and personal information. It’s important to ensure that the exchange you use has strong security measures to protect against hacking and theft.
Fees: Patricia charges a transaction fee for buying and selling Bitcoin. It’s important to compare the fees different exchanges charge to ensure you get a competitive rate.
User reviews: Before using any cryptocurrency exchange, it’s a good idea to read user reviews to understand their experience with the platform. This can help you identify any potential issues or concerns with the exchange.
Overall, Patricia may be a good option for buying Bitcoin in Nigeria. However, it’s important to research and consider your needs and preferences when choosing a cryptocurrency exchange.
Luno is a good place to buy Bitcoin and other cryptocurrencies in Nigeria. Luno is a global cryptocurrency exchange operating in Nigeria since 2015. It is known for its user-friendly platform, low fees, and strong security measures.
Here are a few reasons why Luno is a good place to buy Bitcoin in Nigeria:
User-friendly platform: Luno has a simple and intuitive interface that makes it easy for new users to buy and sell cryptocurrencies. The platform also offers a mobile app for Android and iOS devices, which makes it easy to buy and sell on the go.
Low fees: Luno charges low fees for buying and selling cryptocurrencies, making it an affordable option for Nigerian users. The exchange also offers competitive exchange rates, which can help users get the best value for their money.
Strong security measures: Luno uses advanced security measures to protect user funds and personal information. The exchange stores most of its users’ funds in cold storage, which is offline and inaccessible to hackers. Luno also offers two-factor authentication and other security features to help keep user accounts safe.
Reputation: Luno has been a reputable cryptocurrency exchange in Nigeria for several years. The exchange is well-regulated and has a good track record of serving its customers.
Luno is a good option for buying Bitcoin and other cryptocurrencies in Nigeria. However, it’s important to research and consider your needs and preferences when choosing a cryptocurrency exchange.
Buying Bitcoin on Quidax in Nigeria is a straightforward and convenient process. Quidax is a Nigerian cryptocurrency exchange that allows users to buy and sell Bitcoin, Ethereum, and other cryptocurrencies. Here’s a step-by-step guide on how to buy Bitcoin on Quidax:
Create an account: The first step is to create an account on the Quidax website or mobile app. You must provide some basic information and complete the verification process to start buying Bitcoin.
Fund your account: Once verified, you can fund it using Naira or other cryptocurrencies. Quidax offers several payment options, including bank transfers, card payments, and USSD.
Buy Bitcoin: Once your account is funded, you can buy Bitcoin on Quidax. Select the “Buy” option and enter the amount of Bitcoin you want to purchase. Quidax will show you the current exchange rate and the total amount you will pay.
Store your Bitcoin: Once you have bought Bitcoin on Quidax, you can store it in your Quidax wallet or transfer it to an external wallet. It’s important to keep your Bitcoin safe and secure, as it is a valuable asset that hackers can target.
Quidax offers a simple and convenient way to buy Bitcoin in Nigeria. The exchange is known for its low fees, fast transaction processing times, and user-friendly interface. However, it’s important to research and consider your needs and preferences when choosing a cryptocurrency exchange. It’s also recommended to start with small amounts and gradually increase your investment as you become more comfortable with the platform.
Buying Bitcoin on Prestmit in Nigeria is a quick and easy process. Prestmit is a Nigerian peer-to-peer cryptocurrency exchange that allows users to buy and sell Bitcoin, Ethereum, and other cryptocurrencies. Here’s a step-by-step guide on how to buy Bitcoin on Prestmit:
Create an account: The first step is to create an account on the Prestmit website or mobile app. You must provide some basic information and complete the verification process to start buying Bitcoin.
Search for offers: Once your account is verified, you can search for offers to buy Bitcoin from other users. Prestmit connects buyers and sellers of Bitcoin and facilitates the transaction.
Choose an offer: Once you find an offer that suits your needs, you can select it and review the terms and conditions of the trade. This will include the amount of Bitcoin you will receive, the price per Bitcoin, and the payment method.
Make payment: Once you agree to the terms of the trade, you can pay the seller using the agreed-upon payment method. Prestmit offers several payment options, including bank transfers, mobile money, and gift cards.
Receive Bitcoin: Once the seller confirms that they have received payment, they will release the Bitcoin to your Prestmit wallet. You can transfer the Bitcoin to an external wallet or hold it in your Prestmit wallet.
Prestmit offers a simple and convenient way to buy Bitcoin in Nigeria. The exchange is known for its low fees, fast transaction processing times, and user-friendly interface. However, it’s important to research and consider your needs and preferences when choosing a cryptocurrency exchange. It’s also recommended to start with small amounts and gradually increase your investment as you become more comfortable with the platform.
Is Crypto Trading Legal In Nigeria After The Ban?
Although the CBN may not recognize cryptocurrencies as legal tender or a means of exchange, their use is not prohibited by any laws or other legislation, so they are not illegal. According to Section 36(12) of the 1999 Constitution of the Federal Republic of Nigeria, trading in cryptocurrencies is prohibited by the CBN but not necessarily unlawful.
However, the CBN instructed all banks to close down any account of an individual, group of people or corporate entity suspected and confirmed to be involved in crypto trading, but there is a clause to it.
Two major things banks look out for are;
If you receive or make the transfer with a description containing crypto-related words, your account will be put on hold, and you’re expected to show up at your bank to clarify the transaction and decide if your account will be closed.
Bank watch out for those who use their debit or credit card to buy tokens on exchanges like Binance, and this can lead to an automatic closing down of the related bank account regardless of the money in the account.
As the saying goes, “Nigerian youths get coconut head, they will always find a way out”. Youths have been able to find other means to trade crypto successfully in Nigeria without the interference of banks closing down their bank account.
How to trade crypto in Nigeria legally after the ban
There are two common ways to trade cryptocurrency in Nigeria legally after the ban. These include;
- Using P2P:
After the ban by the CBN, crypto exchanges like Binance, Paxful, Kucoin etc came up with the P2P method of trading crypto. P2P simply means pair-to-pair transaction. It involves finding someone who wants your amount of crypto or has the amount of crypto you need in exchange for stable coins like USDT or local direct transfer to your provided bank account.
This method even though seems harmless is actually very risky. You can get scammed on the platform by not getting the actual amount sent to your account or experiencing a delay in getting the money reflected in your bank account.
Sometimes, if the other pair (person) you’re transacting with isn’t experienced, and ignorantly includes crypto-related words in the description of the local transfer, your bank can still put a hold on your account.
- Using trusted local exchanges:
With the ban, comes a new rise of business models. After the ban saga, individuals and groups of people found a way to make trading easier and faster by creating a minimal version of Binance to help minors sell their crypto and get paid directly to their bank without any issue.
Brands like Dtunes, Prestmit, and Quchange have dedicated mobile applications to enable anyone to trade cryptocurrency in Nigeria without any hassle.
However, not all brands that claim to provide this solution are legit. Some of them are just out there to scam you which is the sad reality of using this method. Definitely, everything with an advantage also has a disadvantage, but we have a solution for you regardless.
In conclusion, there are several safe and reliable apps for selling Bitcoin in Nigeria in 2023. These apps offer user-friendly interfaces, strong security measures, and competitive exchange rates. Among the best apps to sell Bitcoin in Nigeria are Luno, Patricia, Quidax, and BuyCoins.
When choosing an app to sell Bitcoin, it’s important to consider factors such as fees, transaction processing times, customer support, and security. It’s also recommended to research and read reviews from other users to ensure the app is reputable and trustworthy.