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Buy Bitcoin (BTC) in Nigeria with NGN with Lowest Fees
Buy Bitcoin (BTC) in Nigeria with NGN with Lowest Fees
Looking to enter the exciting world of cryptocurrency in Nigeria? Changelly has got you covered! With industry-low trading fees, rock-solid security, and support for over 500 cryptocurrencies, Changelly is the ultimate destination for buying and selling both well-established and emerging cryptocurrencies. Thanks to our seamless integration with local Nigerian currency – Nigerian Naira – you can easily buy Bitcoin, Bitcoin Cash, and lots of digital assets using debit cards, credit cards, or even Apple Pay. Don't miss out on the future of finance – join the best crypto exchange platform today!
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How to buy Bitcoin in 5 easy steps
Set your purchase pair
Select the crypto you’d like to purchase. Next, choose the local currency you want to buy crypto with and your country of residence. Compare the best offers and choose the one that suits you most.
Provide your crypto wallet address
Enter your crypto wallet address in the required field. Double-check your unique crypto wallet address to make sure it is correct.
Verify your identity
Verify your identity with the provider you've chosen to buy crypto with. This is the best way to make sure that the payment information is only yours.
Confirm your payment
Confirm your payment and have your purchased cryptocurrency delivered to your crypto wallet in several minutes.
Welcome your crypto
As soon as the payment goes through, your coins will be credited to your wallet address.
Payment methods to buy Bitcoin
A bank transfer is a secure option to buy cryptocurrency, especially if you are thinking of purchasing large amounts of virtual currency. Keep in mind that bank transfers may take a little longer, and fees may vary.
Apple Pay and Google Pay
Apple Pay and Google Pay are the quickest ways to buy BTC with a credit or a debit card from your iOS or Android device.
Credit or Debit Card
Credit or debit card payment is one of the effortless ways to buy BTC and other cryptocurrencies in a fast and secure manner. With Changelly, you can use a Visa or a Mastercard credit card issued in your local currency.
Buy Bitcoin Without Any Hassle
Purchase your crypto with any payment method that suits you best. Start buying with as little as 30 USD or your local currency equivalent.
Why buy Bitcoin on Changelly?
We take a comprehensive security approach to ensure your crypto investments and identity are safe. We provide quick crypto purchases to more than 2.6 million users every month.
Got any questions? We've got all the answers. Changelly offers personal support to each and every user. We are here to help you 24/7 with any challenges that you might face using our services.
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How is the Price of Bitcoin Determined?
Bitcoin is a decentralized electronic currency that doesn't rely on central banks or governments to create or validate transactions. It's determined instead by the global network of computers that run the Bitcoin blockchain and process the transactions taking place. Due to this, it is incredibly challenging to work out how much one unit of Bitcoin (BTC) might be worth at that particular point in time. So how is the price of Bitcoin determined?
Supply & Demand
Just like any other commodity, Bitcoin’s price is driven largely by demand and supply dynamics. The amount of new Bitcoin coming onto the market each day is predetermined, so if demand exceeds supply, then prices will rise accordingly. This explains why, as more people learn about and start investing in Bitcoin, its price rises over time – investors are willing to pay more for it due to increased demand.
Apart from investors purchasing coins from cryptocurrency exchanges and miners releasing them into circulation, speculation also influences the coin’s price movements. Bitcoin news about regulations in certain countries or developments in Bitcoin adoption affects investor sentiment, which leads to speculative moves in the market, causing increased volatility.
The amount of “buzz” you hear about Bitcoin on social media can also play an important role when predicting where its price might move next. Positive sentiment attracts scammers and FOMO-driven buyers, leading to higher prices. Negative sentiment usually precedes weaker prices as bargain hunters enter the market after it's deemed undervalued. The influence of such behavior makes speculating on pricing both enjoyable and difficult, depending on one's perspective.
Another factor influencing Bitcoin’s price is its network effect – referring to how ubiquitous a digital currency has become globally through adoption rates etc. When more merchants accept it as payment, it sparks confidence in the digital currency and leads to more people using it. This creates demand for Bitcoin, driving up its price. This trend can be observed in the market of most cryptocurrencies.
Can I Buy Less Than 1 Bitcoin?
Yes, you can buy less than 1 Bitcoin. In fact, you can buy as little as 0.00000001 BTC (1 satoshi or one hundred millionth of 1 Bitcoin). However, buying smaller amounts of Bitcoin is more expensive than buying larger amounts because the purchase fees are based on a percentage of the total amount of Bitcoin that you are buying. Therefore, it makes sense to buy in larger chunks if possible.
Additionally, some exchanges have minimum purchase limits that restrict users from buying cryptocurrencies below a certain threshold. This limit is typically set to control the transaction costs associated with small purchases and to discourage users from making frequent small transactions that could congest the network.
Where to Store Your Bitcoins?
When investing in cryptocurrency, one of the key considerations is storage – where should you send your Bitcoin to? Many tools and services have been created for storing, protecting and managing digital currencies, so it's easier for users to handle them. You may consider the next options to keep your cryptocurrency intact.
Desktop wallets are a type of software wallet that allows users to store their Bitcoins on a desktop computer or laptop. Desktop wallets offer enhanced security with advanced features such as two-factor authentication, seed recovery phrases, hierarchical deterministic (HD) protocol, and more. These types of crypto wallets also offer greater flexibility and can be used to store multiple cryptocurrencies in addition to Bitcoins.
Mobile wallets are a type of software wallet to store Bitcoin on a smartphone or tablet. Mobile wallets usually have an app version available for either the iOS or Android operating system, so they let you buy, sell and trade on the go. They offer similar security features as desktop wallets but also have convenient add-ons to pay at merchants using Apple Pay or Google Pay and complete transactions faster by scanning QR codes.
Paper wallets are a type of cold storage method where users can securely store their virtual coins in an offline form. This is done by printing out your public and private keys on a piece of paper and then storing it in a secure location away from potential hackers or intruders. The advantage of this method is that if done properly, it is considered 100% secure and safe from external threats like hacking attempts because the private keys cannot be accessed from any source in digital form as long as the paper remains unscathed.
Hardware wallets are USB devices. They are named cold storage wallets, as they allow users to securely store their Bitcoin holdings offline away from computers, smartphones, tablets, etc., for maximum security and protection against external threats like hacking attempts. These types of Bitcoin wallets support multiple cryptocurrencies and generate private key addresses through QR codes, so that transactions can be completed quickly with just one scan at the checkout counter.
Which Bitcoin Wallet Can I Use?
A cryptocurrency wallet helps store and manage digital currency safely and securely. While crypto wallets come in many shapes and sizes, there are some brands that stand out from the rest due to their reliability, convenience and overall usability. Here are some of the best Bitcoin wallet brand choices available:
Coinbase is one of the most established names in the crypto world with more than 35 million users across 190 countries worldwide. It allows users to instantly buy, sell, store, and use cryptocurrency securely. It also features advanced data encryption, which ensures secure storage of all user data on servers located throughout Europe, Australia and North America.
Trezor is another popular choice thanks to its simple interface and security features. This hardware wallet can be used with almost any computer or smartphone for quick access to coins using its USB connection or mobile app. Its proprietary operating system also provides additional layers of security by keeping private keys offline from potential hackers.
Mycelium is yet another prominent Bitcoin wallet renowned for its great user experience across devices like computers, tablets, and smartphones. It has been designed from the ground up with an intuitive interface, allowing new users to quickly understand how it works without having much prior knowledge about cryptocurrency wallets. It also offers several advanced options for experienced crypto owners such as HD Wallet support, TOR blocking and 2FA authentication for extra security measures when transacting money online.
Ledger Nano S
The Ledger Nano S is one of the leading multi-currency hardware wallets around. Despite its portability measuring just 12 centimeters square, this device packs a punch as far as PC security measures go. It offers secure storage along with touch buttons and provides two different authentication options, including PIN codes and recovery seed words if so is required after accessing your coins following a registration process via the Ledger Live application page.
Got any questions about the BTC purchase on Changelly?
We tried to gather all the necessary information about the BTC purchase on this page. Yet, the crypto world can be darned confounded. If you still have questions, check out the FAQ page or contact our support team 24/7.
Keep your Bitcoin safe and sound
If you are searching for the best cryptocurrency wallets for your favorite coins, look no further! Whether you are a crypto pro or just starting out, these wallets might be a good option for crypto storage.
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With Changelly's stellar team, we have developed a unique system to ensure exchanges are fulfilled in the fastest possible time and with immediate customer support.
We are thrilled to partner with Changelly to provide an exceptional trading experience: anytime, anywhere - in a few simple taps!
What is Bitcoin?
Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin is pseudonymous, meaning that funds are not tied to real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through "idioms of use" (e.g., transactions that spend coins from multiple inputs indicate that the inputs may have a common owner) and corroborating public transaction data with known information on owners of certain addresses.
Is It Legal To Buy Bitcoin in Nigeria?
The legality of buying Bitcoin BTC in Nigeria is a complex issue due to its decentralized nature and various laws that can be interpreted differently. Although the use of cryptocurrencies is legal in Nigeria, the regulation of it is still under process.
As per the existing regulations, users are allowed to buy, sell, and hold Bitcoin and other cryptocurrencies in the country. In order to trade legally, investors must adhere to certain guidelines, such as providing identification documents at regulated crypto trading platforms or exchanges, paying taxes on profits made from Bitcoin trading, and complying with anti-money laundering policies.
The Central Bank of Nigeria has issued warnings to banks and other financial institutions to be cautious of facilitating cryptocurrency transactions due to their perceived volatility and the potential risks they pose to the financial system. Despite this warning, lots of Nigerians continue to use cryptocurrencies for investment, international money transfers, and other purposes.
Nigerian users can conveniently purchase Bitcoin with their local fiat currency, the Nigerian Naira, as cryptocurrency exchanges, such as Changelly, operate freely in the absence of any official ban. These exchanges offer easy-to-use interfaces that ensure a seamless and rapid buying process for those looking to start trading digital coins.
Additionally, Nigerian banks support cryptocurrency transactions and various payment methods. Bank transfers, credit and debit cards, and money transfer services like M-Pesa are available for purchasing cryptocurrency in the country. Adherence to cryptocurrency regulations guarantees swift and secure Bitcoin purchases in Nigeria.
Best Ways to Buy Bitcoin in Nigeria Safely
Using a regulated crypto exchange, such as Changelly, is the best way to buy and sell Bitcoin in Nigeria safely because these exchanges are subject to local financial laws and regulations that protect consumers.
Safe and secure, they employ industry-standard security protocols, such as two-factor authentication and encryption, and they also adhere to Know Your Customer (KYC) standards. This means that customers' personal data and funds are kept unmolested, while also providing users with increased trust in the network due to its compliance with local regulations.
What is more, these sites offer quick turnaround times for fiat-to-crypto purchases and have high liquidity, making them ideal for those looking to purchase BTC quickly and safely in Nigeria.
How to Buy Bitcoin with Credit and Debit Card
Buying BTC with a credit or debit card in Nigeria is safe and easy. First, you need to create an account with a reputable Bitcoin exchange platform, such as Changelly, that supports Nigerian users. Second, you need to make sure that the website is secure and trustworthy by checking its partnership channels, such as banks, fiat payment processors, etc. Finally, after you sign up, you must undergo a verification process to show the trading platform that you do not pose any risk of fraud and are not involved in money laundering and other illicit activities.
Once successfully verified, you can specify your chosen payment method – credit or debit card – for buying Bitcoin in Nigeria. After entering your desired amount of money or/and crypto and accepting all terms and conditions related to a particular order, the transaction will be processed, and you will get your Bitcoin delivered to either to your internal or external crypto wallet.
Before you start trading cryptocurrency, it's important to set up a Bitcoin wallet. Depending on the platform you are using, you may need to care about this step. Some platforms come with integrated storage vaults, while others require you to provide a third-party crypto wallet address to send your crypto to.
With the appropriate crypto exchange platform, credit and debit cards prove to be the fastest and most efficient way to buy cryptocurrencies in Nigeria.
How to Buy Bitcoin with Bank Transfer in Nigeria
Bank transfers are very popular for crypto purchases because they come with low fees. A bank acts as a direct transfer of funds between the buyer and the seller without needing intermediaries, such as payment processors or credit card companies. This eliminates the fees associated with these intermediaries, making bank transfers a cost-effective option for purchasing digital coins.
Buying Bitcoin with a bank transfer in Nigeria is utterly straightforward. To buy BTC by this route, you only need two things: a reliable cryptocurrency exchange platform or online broker who serves Nigerian users, and a bank account with some money available on it.
To secure your money, it's crucial to use a reliable and protected exchange, as there are various deceitful operators out there that can swindle you. By doing your own research and taking additional precautions, you can make sure of a secure Bitcoin purchase in Nigeria.
As you get hold of both, you need to register with the platform of your choice, verify your identity, and provide your bank credentials to fund your trading account. Once the funds arrive in your account on the crypto platform, you can use the money to purchase Bitcoin and any other crypto coin you wish!
How to Buy Bitcoin with Apple Pay in Nigeria
Apple Pay is currently not available in Nigeria. This cashless payment system is only available in the United States, UK, Canada, Australia, Singapore, and some other countries. Recent reports suggest that Apple has started efforts to bring Apple Pay to Nigeria. Although Apple Pay is out of the question, there are multiple payment modes that can be used as an alternative to buy Bitcoin in Nigeria, including:
Crypto exchanges. You can use either Nigerian-based crypto exchanges, such as Quidax, BuyCoins, or international ones, such as Changelly, to buy BTC with a local currency – Nigerian Naira.
Peer-to-peer (P2P) marketplaces. P2P marketplaces like Paxful enable you to buy BTC from other individuals in Nigeria.
Bitcoin ATMs. Find a crypto ATM in Nigeria to buy BTC with cash.
Bank transfer. You can deposit money to a crypto exchange or P2P marketplace from your bank account to buy BTC.
Gift cards. A gift card can be used to purchase cryptocurrency through platforms, such as Bitrefill or eGifter. These platforms allow users to exchange the value of their gift cards for cryptocurrency, providing a feasible way to acquire digital assets.
How to Buy Bitcoin from ATM in Nigeria
Automated Teller Machines (ATMs) are becoming one of the most popular ways to purchase cryptocurrency. Here is an easy guide on how to buy Bitcoin in Nigeria using a crypto ATM.
Find a Location
The first step to buying Bitcoin from an ATM is locating one that supports Bitcoin transactions. Nigerian ATMs are commonly located near banks, gas stations, and other high-traffic areas. To find an ATM near you, you can check online resources, such as coinatmradar.com, for listings in your location.
Verify KYC Requirements
Before you can purchase BTC from a crypto ATM, the machine may require you to verify your identity by providing a valid ID document, such as your driver’s license or passport. Note that multiple forms of ID may be required for higher amounts.
All crypto transactions made at a Nigerian crypto ATM come with associated fees, which consist of a fixed percentage fee and a variable fee based on the exchange rate between the Nigerian Naira and Bitcoin at the time of purchase. These fees are generally more expensive than those of online exchanges, but the convenience of crypto ATMs comes at its cost.
Deposit Cash & Receive Bitcoins
After verifying the requirements and confirming the fees, insert cash into the Bitcoin ATM corresponding to the requested amount shown on the screen in Nigerian Naira values. Then, receive your newly purchased Bitcoins instantly in your wallet that was set up previously. It is advised to keep a record of all transactions made using the crypto ATMs in case there are any technical issues later on that require clarification with customer service representatives who work with the operators.
How to Buy Bitcoin with PayPal
Regrettably, acquiring Bitcoins or any other digital asset with PayPal in Nigeria is presently impossible, as there are no local companies that facilitate such transactions. Nevertheless, alternative ways to buy BTC exist, including bank transfers, debit and prepaid cards from reputable exchanges like Changelly. Another option is to use peer-to-peer cryptocurrency trading sites like Paxful, where you can connect with other traders to buy and sell Bitcoin using PayPal.
How to Buy Bitcoin with Prepaid Card
In the world of crypto investments, prepaid cards are the rising star, offering a plethora of benefits. One of the most notable is their superior security, as they are not tied to your bank account like credit or debit cards.
Better even, these cards enable you to allocate a specific amount of cash for crypto purchases, helping you manage your finances and steer clear of overspending.
What's more, these cards are universally accepted, giving everyone, regardless of access to traditional banking institutions, a chance to get in on the crypto action.
If you want to procure cryptocurrency in Nigeria using a prepaid card, the steps are akin to utilizing a credit or debit card. The crux is to find a dependable service that accepts prepaid card payments for crypto assets. Once registered and verified, you can securely deposit Nigerian Naira and peruse various deals for fiat-to-crypto trades. Input the desired amount of Bitcoin or other crypto asset you wish to get, submit your order, and Voila! Just bought Bitcoins will land straight into your wallet.
How to Buy Bitcoin with Cash in Nigeria
As cryptocurrencies gain traction and more users jump in daily, Nigerian traders are eager to join the fray. Yet, buying Bitcoins online presents a challenge for many. Luckily, acquiring cryptocurrency with cash is simpler than perceived. Here are several avenues to explore.
Crypto ATMs. Several Bitcoin ATMs are available in Nigeria, using which you can buy Bitcoin, Bitcoin Cash, and other popular cryptocurrencies with cash.
Peer-to-peer (P2P) exchanges. P2P exchanges like Paxful and Binance P2P let users buy, sell and trade Bitcoin with other individuals, making it easy to convert your digital wealth into real money.
Crypto brokers. In Nigeria, individuals can purchase digital assets with physical currency by utilizing the services of Bitcoin brokers, such as NairaEx and BitPesa.
Bitcoin dealers. NGExchanger and InstantGold in Nigeria provide a convenient avenue for Nigerians to exchange physical money for the digital currency.
Bitcoin meetups. Bitcoin gatherings in Nigeria are a great way to meet other Bitcoin enthusiasts and potentially buy Bitcoin with cash from them.
Gift cards. Some platforms like Paxful offer a nifty way to acquire crypto by trading in your gift cards for some virtual asset.
Purchasing cryptocurrency with cash carries risks, thus it's crucial to exercise caution by transacting only with trustworthy individuals or platforms.
Can Foreigners Buy Bitcoin in Nigeria?
Certainly, non-Nigerian residents can purchase Bitcoins in Nigeria. The Central Bank of Nigeria has not made any officially clear pronouncements either supporting or prohibiting Bitcoin trading and ownership in the country. Currently, several Nigerian exchanges, including Changelly, allow for foreign nationals to buy and sell Bitcoin in the country.
These exchanges charge users a trading fee when buying or selling crypto assets. They also comply with established anti-money laundering policies mandated by the Nigerian government, which obliges non-residents to pass a KYC requirement and provide proof of address when they start trading Bitcoin or other crypto coins.
Who Accepts Bitcoin in Nigeria?
Crypto adoption is steadily growing in Nigeria, especially when it comes to Bitcoin. Businesses, merchants, and service providers all across the country are accepting virtual currencies as a mode of payment for various goods and services. These include online stores selling digital products, such as e-books, music downloads, software tools, and more. Here’s a look at who accepts Bitcoin in Nigeria:
Two of the largest technology companies in Nigeria accept cryptocurrency payments – Paystack and Flutterwave. They have their own payment gateway systems that allow users to pay with Bitcoin and other ALTs (alternative coins).
Online Stores- E-books & Digital Products
Numerous online stores that offer electronic books and digital products now offer customers the option to purchase using cryptocurrency payments, including Microsoft, Newegg, and others. This makes it convenient for anyone in Nigeria who wants to buy items but does not have access to traditional methods of payment due to banking or financial regulations.
Food Delivery Services & Eateries
Food delivery services in Nigeria promote the use of digital currencies for ordering food from nearby restaurants. The most prominent company to do so is Olilifood, a Nigerian food delivery startup that allows customers to order food online and have it delivered to their doorstep. What is more, it accepts various cryptocurrencies as payment, including Bitcoin, Ethereum, and Litecoin. Some local dining venues have also started accepting BTC payments through merchant payment vendors like Bitpay.
Besides, Bitcoin can be used for cross border payments by sending Bitcoins from one wallet to another, regardless of the location of the sender and recipient. Still, the use of Bitcoin for cross border payments can be subject to exchange rate fluctuations, network fees, and regulatory uncertainties.
How to Cash out Bitcoin in Nigeria?
The use of cryptocurrencies is increasing throughout the world, Nigeria included. This has left a great many Nigerians in search of the best way to cash out their Bitcoin holdings. Here are some ideas on how you can cash out Bitcoin in Nigeria:
One of the most popular methods for cashing out cryptocurrencies is to use an exchange like Changelly. Our platform allows users to sell Bitcoin for Nigerian Naira and then withdraw the money into their bank account.
P2P Trading Platforms
You can also cash out your Bitcoin is by using Peer-to-Peer (P2P) trading sites such as Paxful, Xago, and Remitano. These sites act as online marketplaces where users can publish offers or buy or sell cryptocurrencies directly with each other. Buyers can usually purchase crypto with different payment methods, including bank transfer, gift cards, transfers through mobile money, or cash deposits.
Crypto ATMs are machines that let you purchase or sell cryptocurrencies like Bitcoin for fiat money – very similar to regular ATMs! Just input the amount of cryptocurrency you want to cash out, and the ATM will calculate how much physical currency you'll receive based on exchange rate, fees, and available coins in your digital wallet. Once everything has been verified and approved, you can get your hands on the cash.
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