A Complete Guide to Buying Bitcoin in Nigeria: Perfect for Beginners

In the global wave of cryptocurrencies, Nigerian investors have also shown great enthusiasm for buying Bitcoin. As an emerging digital asset, Bitcoin not only provides investors with new investment channels, but is also regarded as a potential hedge when dealing with local economic fluctuations in Nigeria. If you are a Nigerian investor who is eager to step into the investment field of Bitcoin, this guide is tailored for you. Next, let’s take a step-by-step look at the detailed process of buying Bitcoin in Nigeria.

• Regulatory compliance : Ensure that the exchange is regulated by relevant institutions, which can ensure the safety of your funds to a certain extent.

• Transaction fees : Different exchanges charge different charging standards. Understand their transaction fees, withdrawal fees, etc., and choose a platform with reasonable fees.

• User experience : Is the platform easy to operate, the interface easy to understand, and whether the customer service response is timely, etc.

• Register an account : Visit the official website of your chosen exchange or download its mobile app. Click the registration button to fill in the required information, usually including email address, mobile phone number and password setting. Note that you should use your commonly used and secure contact information to receive important notifications and verification codes.

• Identity Verification (KYC) : In order to comply with anti-money laundering and anti-terrorism financing regulations, the exchange will require you to authenticate. This usually requires uploading photos of your ID, such as a Nigerian national ID card, driver's license or passport. Some exchanges may also require you to provide a proof of residence, such as a utility bill, to prove your residence address. Upload clear and complete files to ensure accurate information to speed up the review process.

• Bank transfer : Most exchanges support bank transfer deposits. Find 'Deposit Funds' or similar options in the exchange account and select the bank transfer method. You will get a bank account information to transfer the amount of Naira you want to invest in to that account. Transfers may take some time to arrive, depending on the bank's processing speed, usually within 1-3 working days.

• Mobile payment : Popular mobile payment platforms in Nigeria, such as Paystack, Flutterwave, etc., can also be used to deposit funds into exchanges. Select the corresponding mobile payment options among the payment methods supported by the exchange and follow the prompts to complete the payment process. The funds arrive at a faster rate and can be completed within a few minutes.

• Determine the purchase amount : In the exchange interface, find the 'Buy Bitcoin' option. Enter the amount of Naira you want to buy Bitcoin, or choose to buy a specific amount of Bitcoin.

• Select a transaction type :

• Market Price List : Buy Bitcoin immediately at the current market price. This method can be quickly traded, but the price may change slightly due to market fluctuations.

• Limit order : You can set a purchase price you expect. The order will only be completed when the market price reaches or is better than the price you set. This can help you buy at the ideal price, but may have to wait for a while before you complete the deal.

• Confirm the purchase : Carefully check the purchase amount, number of Bitcoins, transaction fees and other information. After confirming that it is correct, click the 'Purchase' button. After the transaction is completed, the Bitcoin you purchased will be deposited into the Bitcoin wallet provided by the exchange.

• Hardware wallets : such as Ledger Nano S, Trezor, etc. They store bitcoin private keys in offline devices, greatly improving security. After purchasing a hardware wallet, follow its official guide to transfer Bitcoin from the exchange to the hardware wallet.

• Software wallet : There are mobile wallets such as Atomic Wallet, computer wallets such as Electrum, etc. Download and install the wallet application, create a wallet address, and then enter the wallet address in the exchange's 'Cash Withdrawal' option to withdraw Bitcoin to the software wallet. Be sure to keep your wallet’s mnemonic or private key properly, which is the key to accessing and managing your Bitcoin.