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Best Bitcoin Exchange in Nigeria in 2020

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Bitcoin

Cryptocurrencies are digital currencies that have no physical form. Cryptocurrencies were created to serve as money.

According to Investopedia.com cryptocurrency is a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit.

Unlike fiat (think Naira, USD, Kenyan Shillings) which is issued by governments, anyone with the technical know-how can create a cryptocurrency, that’s why there are over a 1,000 cryptocurrencies.

The most popular cryptocurrency is Bitcoin as it was the first cryptocurrency to be created and as of January 8th, 2020 was valued at $150 million.

Other popular cryptocurrencies include Ethereum, Ripple’s XRP, Litecoin, USDT and Bitcoin Cash.

Apart from buying and selling Bitcoin to make a profit, Nigerians use Bitcoin to carry out cross border transactions like paying for goods and services as well as receiving payments from clients.

Based on analysis of several platforms here are the top 5 places to buy Bitcoin in Nigeria and other cryptocurrencies

1. Quidax

Quidax is an easy to use cryptocurrency exchange in Nigeria. Unlike most platforms that are hard for beginners to understand. Quidax is perfect for both beginners and experts alike. You can use either their website or their mobile app.

Quidax features:
● Ease of navigation
● Provides a wallet service to your cryptocurrencies
● Instant deposit: You can use bank transfer, debit card or USSD
● Instant withdrawal: You can sell Bitcoin or other cryptocurrencies and withdrawal to any Nigerian bank. Compared to other platforms you will get an alert almost immediately. Also, you can withdraw at any time of the day including weekends.
● Reliable customer support
● Low fees
● You can buy/sell Bitcoin, Litecoin, USDT, Ethereum, Ripple’s XRP
● You can start with as low as 200 Naira

Cons:
● Live chat

2. Local Bitcoins

Local Bitcoins is a peer-to-peer platform that brings together buyers and sellers. The platform provides a holding service (escrow) to prevent buyers and sellers from being cheated. Local Bitcoin has been around for some time.

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It functions as an escrow which matches buyers and sellers together. As an escrow what they do is to hold the seller’s bitcoin until the seller confirms that they have been paid by the buyer. This way, neither the seller nor the buyer gets cheated.

Although you need to be wary of scammers and accept that sellers will sell Bitcoin at a higher rate. Also, it’s important you consider security when buying from Local Bitcoins.

Pros:
● Reliable customer service
● Operates in several countries
● Accepts a wide range of payment methods

Cons:
● You can’t store your bitcoin on this platform
● Bitcoin is the only cryptocurrency you can buy
● Slightly confusing for beginners
● You are dealing with individuals directly and thus there is a risk of loss of funds.

3. Paxful

Similar to LocalBitcoins, Paxful is a peer to peer exchange. A peer to peer exchange is a meeting point for both buyers and seller.
Like most peer to peer platforms, Paxful does not provide wallet services.

This gives room for users to select where they want to store their own Bitcoin, although, for a beginner it brings another dimension on selecting where to store their bitcoin.

Pros:
● Reliable customer support
● Ease of use

Cons:
● Bitcoin is the only cryptocurrency
● There are fraudsters looking to scam unsuspecting individuals. So, security is of high importance when using this platform.

4. Blockvila (formerly NGexchanger)

Blockvila directly buys & sells bitcoin to people, just like your foreign exchange mallam. This model ensures trust since you are dealing directly with the platform. However, you might experience a delay in your transactions depending on the day and time you want to buy/sell.

On Blockvila the minimum you can buy or sell is $20 and with an unverified account, you have a funding limit of $500 per day. It takes a period of 24 – 48 hours to get verified on Blockvila.

Pros:
● Provides wallet service
● Contact via WhatsApp and Live Chat

Cons:
● Account verification takes up to 48 hours
● Minimum buy/sell of $20
● Process of buying/selling Bitcoin is not automated
● Bitcoin is the only cryptocurrency

6. NairaEx
NairaEx is a Nigerian based exchange.

NairaEx previously enabled other users to trade other cryptocurrencies but you currently can only buy Bitcoin from NairaEx.

The minimum spend on NairaEx is 30,000 Naira.
In terms of security, NairaEx does not offer two-factor authentication so you need to ensure that your password is super secure.

NairaEx has a referral program for verified users.

Pros:
● Enables quick Bitcoin transactions

Cons:
● Doesn’t offer wallet services
● No mobile app
● Bitcoin is the only cryptocurrency

To conclude buying cryptocurrency in Nigeria can be simple and easy if you select the right platform. Quidax appears to be that platform, especially if you are looking to buy Bitcoin or any other cryptocurrency for the first time. Although, cryptocurrency experts tend to use several platforms in order to make money.

VANGUARD

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