On the 5th of February 2021, the Central Bank of Nigeria (CBN) released a nationwide memo to all banks and financial institutions established throughout the country with the directive to stop and prohibit the facilitation of transactions in any form of cryptocurrencies.
Many Nigerians are troubled when CBN bans cryptocurrency and persuades banks to close accounts of users who trade cryptos. Because of this, some people stop buying and selling crypto, while some who have passion and are willing to invest in it are researching how to trade without being banned.
If you are a crypto enthusiast, I’m sure that this very action from the Government must have crushed your dreams. But fear not, I’m here to show you three easy ways to buy cryptocurrency in Nigeria, without getting your account blocked. That’s not all, I also went ahead to recommend some of the best platforms for buying and selling Crypto in Nigeria.
Page Contents
Best Ways To Buy Bitcoin Anonymously In Nigeria
Exchanges were the first way people bought and sold cryptocurrency. They are run by institutions and offer a wide variety of services. But they are also subject to regulations, which means they require proof of identity and sometimes other information.
Advertisements
As since there’s a crypto ban in Nigeria, buying crypto with your bank account may cause your bank account to freeze or disable your account. With That Said, here are some of the best ways to buy Cryptocurrencies in Nigeria without having to worry about getting your account blocked.
1. Use P2P
P2P is the most popular way to buy and sell crypto in Nigeria. It is easier than ever to buy or sell crypto this way than any other method on this list.
One of the simplest ways to buy crypto is with Peer-to-Peer (P2P) exchanges. This can be a good option if you want to buy crypto without having to go through KYC verification or using your bank details to checkout.
P2P cryptocurrency trading allows you to exchange crypto coins directly from people willing to sell and pay them using an escrow or other available payment options.
On P2P platforms, you can easily select and buy crypto coins at the rate you want by browsing and checking the price list on the platform you wish to use for performing the transaction.
Exchanges like Binance, Paxful, Bundle, Quidax, LocalBitcoins, and Kucoin have a P2P option that allows you to buy and sell crypto anonymously in Nigeria without any form of hassle.
Advertisements
Since buying cryptocurrency using debit/credit card or bank transfer has been banned by the central bank of Nigeria, P2P has been the most medium use by Nigerians. Here are my top five favorite crypto exchanges for P2P transactions.
1. Binance
Binance is one of the biggest peer-to-peer crypto exchanges. It is trusted, and it allows you to trade over 60 types of cryptocurrencies. With Binance, you can buy bitcoin from people who are willing to sell and pay them without your bank account being banned.
2. Paxful
Paxful is another huge peer-to-peer trading platform that allows you to buy and sell cryptocurrency without losing a dime. It is trusted, and because of this, the verification process is strict. You can sign up on their app to learn more about them.
3. KuCoin
Kucoin is a cryptocurrency P2P trading platform in Nigeria, and it is fast, trusted, and secured. With Kucoin, you will easily sell and buy your cryptos and receive money without being banned.
4. Quidax
Quidax is another p2p cryptocurrency company with over 400k customers. They render fast service, and they allow exchanging cryptocurrency for naira without being banned. It is secure, and it charges a low fee whenever you trade your cryptocurrency in exchange for money.
5. LocalBitcoins
Advertisements
LocalBitcoins is one of the fastest p2p trading platforms that allow buyers and sellers to interact face to face when trading. It is trusted, and trading fees are low for all trades. You can visit their website, create an account and start trading anonymously.
However, you should exercise caution when using this method and make sure not to send funds until they are secure in escrow. If you’re considering buying crypto with P2p, here are some of the best options that you can try out.
2. Buy Crypto With Luno Voucher
If you are not a big fan of Binance or P2P, you can also buy Crypto on Luno and send it to your trust wallet or Meta Mask Crypto wallet. Since there’s a ban on Cryptocurrencies, Luno vouchers allow you to get Crypto without sending your money to a stranger or third party.
Luno vouchers are prepaid coupons that are available for purchase online or at select retailers, you can use them to add funds to your Luno wallet securely and instantly. The process of purchasing cryptocurrency with a voucher is quite straightforward.
The vouchers are currently available in denominations of NGN10,000 to NGN3,000,000.
To deposit and withdraw using cryptocurrencies on Luno using their vouchers system, you must submit all the required KYC information on your Luno account and your Luno account must be Level 3 or above. This is necessary to ensure your security, prevent money laundering, and protect your funds. You must also have the latest version of the Luno app installed on your Apple or Andriod, which is version 7.26.0 on both IOS and Android.
Luno also offers an Instant Buy feature. We suggest using this feature, however, note that you may pay a higher price for your bitcoin if you use instant buy. Luno has limits of over 300,000 NGN a month once full verification is done. Fully verified users can buy up to 50 BTC per day.
3. Buy Bitcoin With A USA Bank Account
Yes, You can open a USA bank account in Nigeria, and use the funds in your U.S. bank account. It’s easy as easy gets. Crypto platforms like Uphold, Binance, Kucoin, CashApp, and even Advcash allow you to deposit funds by simply doing a bank transfer.
Once they confirmed that the funds have been deposited, your crypto balance will be topped up with a stable coin [USDT, BUSD, USDC, or DAI]. Each exchange will have different policies regarding how much money you can deposit at once, what types of accounts are eligible and what types of verification are required. Some exchanges will also charge extra fees for using your bank account to deposit or withdraw funds.
But opening a USA bank account and using it to deposit and withdraw crypto without getting your account banned. Buying Bitcoin with a bank account in the US can be expensive because of the fees involved with these types of transactions. Plus, it usually takes about three days to complete.
Most exchanges will charge around 2% on purchases made with bank accounts. On top of that, they will also charge a network fee. This fee is dependent on which network you choose to use.
A faster network such as SEPA will cost you less than a slower network like ACH transfer. With that being said, ACH transfer is the most used payment method for buying Bitcoin in the US due to its high purchasing limit.
If you don’t have a USA Bank account, you can get a USA virtual or Credit card and use it to complete your transactions. Platforms like Payoner, TransferWise, AdvCash, and Visa can provide you with Virtual cards that you can use to carry out your Crypto transactions.
How To Buy Cryptocurrency In Nigeria [2022]
Buying Bitcoin or Ethereum in Nigeria is more complicated than it used to be. It can sometimes be challenging to find the right platforms to trade BTC and ETH in Nigeria, but with the help of this article, you will find it easy.
Here’s a simple three-step approach to buying and selling Crypto in Nigeria.
1. Create Account With Cryptocurrency Exchange Or Wallet
To buy a bitcoin in Nigeria, you must have the wallet address you will use to receive the specific coin you are buying from the seller. You have to open an account with a platform that allows sending and receiving of cryptocurrency to do this.
Exchanges and wallets like Luno, Trustwallet, Binance, Uphold, and CoinMarketCap can be used to buy and sell cryptocurrency without your account being banned.
2. Choose A Crypto To Trade
After choosing and creating an account with a crypto platform, the next thing is to choose a verified place where you can buy and sell your crypto coin without any notice from financial institutions.
There are over 2,000 cryptocurrencies in the world today. You can buy just one cryptocurrency, or you can buy many at a time. The most popular options are bitcoin and Ethereum because they are easy to trade and quite reliable.
3. Complete Your Transaction
You can either buy crypto via P2P, deposit, or bank transfer.
Advertisements
With P2P, you select the type of coin you want to buy, contact the seller, and trade successfully. Using this method is very easy as you will be using escrow from the P2P crypto platform.
When you deposit fund of the amount of crypto you want to buy to the account of escrow, the next thing is to wait for the seller of the coin to send the crypto-coin to the wallet of the coin you submit, and after you receive it, the sender will receive the fund.
Or you use your USA credit card or bank account to do an instant checkout and boom, your crypto will appear in your bank account. That’s how you buy crypto in Nigeria like a pro.
There were numerous methods to make payment for buying cryptocurrency in Nigeria before the CBN banned it. But right after the ban, it was limited, and individuals are now using means that are untraceable by CBN. Though the method is not as fast as the normal method, it is still used to buy millions of coins daily.
Hi there, I'm Heaven. I'm an entrepreneur, blogger, and digital marketing enthusiast. When I'm not watching anime or learning something new from TikTok, I post and vlog about my incredible life experiences as a digital entrepreneur.
