Bitcoin rates do constantly fluctuate but at NairaEX the exchange rate is set at the time of transaction. NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. The only fiat currency that NairaEX currently accepts is the Nigerian Naira (NGN). You can only buy and sell with/to NGN, meaning conversions between BTC and ETH or other supported assets are not possible. Dec 10, · In order to trade Bitcoin, you first need to buy the currency. There are several Bitcoin exchange services in Nigeria you can choose from, and here are the most reputable ones: NairaEx, which allows you to purchase Bitcoin using a bank transfer, Perfect Money, or with a bank deposit.
Trade bitcoin nigeriaHow To Trade Bitcoin In Nigeria - Brand Spur
Their official blog has a helpful post outlining the differences between Bitcoin and Perfect Money for those unfamiliar with both e-currencies. Luno was originally launched as BitX in and since then it has grown to be a player in some niche markets around the world. Deriving most of its volume from South Africa, Luno is also popular in Nigeria and has recently expanded to service Bitcoiners in Uganda too.
Add to this list Europe, Indonesia, and Malaysia, and you've got yourself an exchange worth considering. Luno aims to provide a competing service to Coinbase , and has made its offerings available in many countries not served by the larger exchange. Since our original in-depth review of Luno , they've added support for Litecoin , which along with Bitcoin, Ethereum, and XRP are available for trading. Notably, Luno allows you to purchase crypto using a credit card.
You can deposit and withdraw directly to a bank account. Luno also offers Paystack and PayU deposits for Nigerian customers.
These fees are very competitive compared to other exchanges. This puts it in rd place out of in Nomics' review of exchanges by liquidity and transparency. Luno boasts a clean trading interface in the same style as most, meaning you shouldn't have much trouble switching over from a different exchange.
You can trade on the Luno app, which is available for iOS and Android. More advanced features include API integration for automated trading, liquidity depth indicators, and the ability to export your trade history in a. Local Bitcoins is a great option for buying and selling Bitcoin in Nigeria using a variety of payment methods. Once a deal is opened, the seller will fund the escrow wallet with the Bitcoin to be bought.
The buyer will transfer the money and once the seller confirms receipt they will release the BTC. Should there be any disagreement, the BTC will stay locked in escrow until a solution is found, which may require LocalBitcoins stepping in to act as mediators. Recently, Binance has been greatly expanding its support for Nigerian users. These events are run by local experts and aim to educate and raise awareness about Bitcoin and blockchain.
Complementing its education program, Binance has also made it easier than ever for Nigerians to buy, sell, and trade crypto on its platform. You can now deposit NGN directly into your Binance account using a credit or debit card, following a partnership with Flutterwave. In Sub-Saharan Africa, about 95 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation.
Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.
In addition to allowing users to buy Bitcoin with a debit or credit card, Binance also has a peer-to-peer P2P marketplace, similar to Paxful or LocalBitcoins. The price you see is the price you get. Binance has a useful support guide for P2P trading here.
Binance's strong advocacy programs and the fact that it makes an effort to cater to under-served users who can most benefit from Bitcoin means that the exchange stands out from the pack. The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use.
Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features. Bitcoin is created and maintained by the technology called blockchain. Bitcoin is not money in the standard understanding the word, meaning it does not have a physical equivalent. However, Bitcoin has every other quality that regular money has. It can be exchanged for goods and services, it has a value that is determined by numerous factors and regularly changes, and it can be traded between individuals and legal entities.
Right now, Nigeria holds the 15th spot in the world in the ranking of countries that are interested in Bitcoin. Every week, millions of dollars are invested by Nigerian citizens in Bitcoin. Naturally, companies and banks are also witnessing the potential of Bitcoin and try to introduce their regulations for the cryptocurrency.
The important thing to know about Bitcoin is that it cannot be controlled or regulated by the government or other officials. The blockchain technology means the Bitcoin software is distributed among millions of computers of regular users around the world. This is exactly what attracts so many Nigerians to the idea of buying, trading, and investing Bitcoin.
Bitcoin can be volatile, but it is still viewed by many as a more stable and independent alternative to regular money that has a big future. The process of trading Bitcoin is, essentially, holding the currency in your account until you can sell it for profit. In order to trade Bitcoin, you first need to buy the currency. There are several Bitcoin exchange services in Nigeria you can choose from, and here are the most reputable ones:.
The most important condition for becoming a successful Bitcoin trader in Nigeria is designing a winning strategy, which, in turn, is impossible without plenty of research. With the necessary amounts of research, you will learn about the factors influencing the price of the currency and will be able to know when to make the move.
You will also need to choose one of the Bitcoin exchange platforms that meet your needs and is known for its reliability. The exact steps of trading Bitcoin differ from one platform to another, but you will always have to find the right time to buy Bitcoin at a low price and sell it for profit using your knowledge, recent developments in the world of cryptocurrency, or even your intuition.
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Notify me of follow-up comments by email. You are only speculating on the price of BTC i. There a few globally regulated Brokers that offer Bitcoin trading. You can trade Bitcoin against fiat currency like the US Dollar i. These CFD Brokers usually also offer leverage. It is limited to or maximum in the case of Cryptos. Let us now briefly understand some of the common terminologies in Bitcoin trading:.
The Bitcoin price refers to the price of the last trade held through a particular trading platform. It is a crucial point of difference. This occurs as there is no single Bitcoin exchange globally. The price of Bitcoin in certain nations for instance can differ from its price in the Nigeria. This is as the major exchanges in these nations include diverse trades.
You will also sometimes see the terms low and high next to the price. They refer to the lowest and highest prices of Bitcoin in the past 24 hours. Here is an example of a Bitcoin Chart from Volume denotes the number of total Bitcoins traded in a given timeframe.
It is used by traders for identifying the significance of a trend, and market sentiment. Major trends are normally accompanied by large volumes of trade.
Meanwhile, low volumes accompany weak trends. For instance, high volumes will accompany a healthy upward trend when price increases.
Volumes will be low when the price decreases. You may at times witness abrupt fluctuations in the price. Then, Market Experts advise to check the significance of the trading volume. This is to determine if it is only a minor correction or commencement of a reverse trend. The price at which sellers are prepared for the sale of these pairs is the Ask price.
Leverage is the multiplier at which you are allowed trading than permitted by your initial funds for trade. It is represented through a ratio. The examples of leverage ratios offered by CFD Brokers are , , or 1: Consider a trade transaction with the bid price as 0. It implies that the spread is 0.
The movement of the rate of exchange is measured via Pip. It is the unit to determine if you have incurred loss or profit on an exchange. The value of each pip unit corresponds to 0. This determines your actual loss or profit in fiscal terms. You must select a renowned platform offering CFD trading on Cryptos. The Broker must offer a robust platform for trading.
You must be easily able to conduct technical analysis on it. The platform must also enable you to quickly execute trades with a vast choice of Cryptos at lowest fees. Brokers will generally have a page where they compare their fees, like this page on Hotforex for their BTCUSD trading conditions comparison for different account types.
Moreover, you must be offered access to a web-based or downloadable platform by the Broker. Mobile App access must also be included by them.