Many are trying to get into the crypto world. But the question is, how to buy cheap bitcoin in nigeria. Especially now that crypto has been banned in nigeria
In this article, I will be covering everything. I’ll show you where to buy bitcoin in nigeria, I’ll show you how to buy it. And I’ll show you some simple hacks that will help you buy at the very best and cheapest rates possible.
Are you ready?
Let’s jump straight into it.
How To Buy Cheap Bitcoin On Binance
There are so many places to buy bitcoin in nigeria. But in this article, I’ll be focusing on one of the best platforms that I personally use.
Binance is one of the largest crypto marketplaces in the world. And it’s my personal favorite and goto platform to buy crypto.
The good thing about binance is after buying any crypto of your choice there, you can send it to your external private wallet like trust wallet
And you can easily sell your crypto and get paid directly to your local bank account. Another reason why I love binance so much is because you can do a lot of other exciting things on the platform.
You can buy crypto gift cards, mine crypto, earn free crypto, convert one crypto to the other, and so much more. It’s just so wide with a lot of opportunities.
How To Buy Cheap Bitcoin On Binance Step By Step
1. Signup Or Login
You can login with either your email address or phone number. Enter your email address and password.
Now, depending on the layer of security you’ve setup. You’ll need to pass this next page. In my case, I have the authenticator, phone and email verification set. So I’d need all those codes to log in to my account.
2. Click On P2p
Once you’re logged into your account. You’ll see a simple dashboard like this.
It’s the limited version and I prefer the “binance pro” version. So to switch from the simple view to binance pro, just click on your profile icon at the top left corner and toggle ON the binance pro button.
Cool right, yeah. so click on p2p trading.
Note: Your dashboard arangement might be different from mine, if you can’t find p2p on your dashboard. Just click on more and you’ll be able to find it there.
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In the p2p section, you have two options. To buy or to sell.
You’ll find all the popular crypto there including bitcoin and ethereum. There would also be many sellers that you can order from.
Now, the way this works is very simple. If you want to buy bitcoin (or any currency), all you need do is find a seller that has enough btc with the best price and place your order.
You’d be asked to send the money to the seller. Immediately, the seller confirms that he/she has received payments. The equivalent crypto would be deposited in your wallet and you can do whatever you want to do with it.
Understood? Okay, so let’s find a seller.
3. Choose A Seller To Buy From
Now when it comes to choosing who to buy from, there are some things I would like to teach you. It can help you save some money when trading on the binance platform.
When you visit the p2p section, you’ll see mostly ads from merchants. Usually the prices of these merchants are higher than that of non-merchants.
As an example, take a look at this:
I’ve filtered the price to show people who can sell N4,000 worth of usdt. And the lowest price I got was N753.8 for 1USDT
Watch what happens when click on filter and toggle OFF “only show ads from merchants”
Now the lowest price is N747 for 1USDT. Of course the difference between 747 and 753.8 might not look so big if you are buying just 1 or 2 USDT. But what if you were buying 10 or 100
4. Enter The Amount You’d Like To Buy
Now choose the seller you’d like to buy from, based on the amount of your choice and the payment method they accept.
In my case, I chose the seller with the cheapest price and he/she accept bank payments.
You can enter the amount you’d like to purchase either by your fiat or currency. Meaning, if you’d like to buy N4000 worth of usdt, you can use the fiat section and type in N4000. Similarly, you can use the “by crypto” section and enter 5.36 (same N4000)
5. Send The Funds To The Seller
Once, you’d entered the amount you’d like to buy, click on pay with zero fee. And it should take you to a new page where you’ll find the seller’s details. Dont waste time, send the funds to the seller and click on I’ve made payment.
This would notify the seller and they would send you the asset.
Faq
Can I Buy Bitcoin In Nigeria?
Yes, you can buy bitcoin in nigeria. I recommend you buy bitcoin on binance because they have one of the best systems for regulating transactions. That’s where I buy bitcoin and it very straight forward and easy to use.
Can I Buy N4000 Worth Of Bitcoin In Nigeria?
Yes, you can buy N4000 worth of bitcoin in nigeria. As I showed you in the guide, you just need to use the filter and enter the amount of bitcoin you’d like to buy. I tried selecting N3000 but no one was willing to sell N3000 worth of bitcoin.
How To Buy Bitcoin In Nigeria On Binance?
It’s a super easy process. Just login to your account, head over to p2p, select the cryptocurrency you’d like to purchase, chose a seller, make payment. Once your payment is confirmed, you are done.
Is Binance A Scam?
No way, with over “look for the number of binance users” users. Binance is definitely not a scam. Plus I’ve used them for more than 2 years now to know.
What If The Seller Does Not Send Me The Exact Crypto I Paid For?
That’s why I love the binance system. If you purchase 3.2 usdt, they seller cannot change the amount of usdt you’d receive. The only thing they can do is confirm that they have received the payment or not.
Once they confirm, you’d receive the usdt immediately. This is done by binance automatically.
What If The Seller Receives The Money But Refuses To Release The Asset?
In this case, you can use the binance appeal feature to lay your complains and get support from binance to get your money back. But don’t be alarmed because this rarely happens and here’s why:
Binance calculates the percentage of your successful trades and they allow each of your customer to leave a review about you for others to see.
So many of the traders on binance would want to get a 100% completion rate so as to build more trust and get more customers. They’d also like to get good reviews. They wouldnt jeopardize their reputation (and the risk of gettting suspended) just for a quick buck.
I’ve personally been buying and selling a lot of crypto on binance but I’ve never had to deal with any of such issues.
But you know what they say, prevention is better than cure
So before you trade with a seller, make sure you check their reviews and see what people are saying about them. Even though they have the cheapest prices, listen to what their previous customers said about them and save yourself from regrets.
Conclusion
If you’d like to buy cheap bitcoin in nigeria, here’s the guide you need to follow. In this guide, I outlined exactly how I buy cheap bitcoin in nigeria. You can even buy N4000 worth of bitcoin. It’s such a simple process.
After doing it once, you’ll become a pro and would be able to do it without much stress. Hope you found this article helpful. Let me know in the comment section below if you have any other way to buy cheap bitcoin in nigeria.