The main focus of this post is to show you how to buy Bitcoin at a cheap price in Nigeria.
With the year rounding up gradually, it is time for some last-minute investments.
Considering the volatile nature of Bitcoin (and other altcoins), it becomes the very best option to consider for investment (as you can buy at the bearish era and sell when it is bullish).
Bitcoin can be gotten from either Bitcoin mining(which is not very profitable anymore) or from an easier way…. Buying them from exchanges.
So today in this post, I will be walking through where and how to buy Bitcoin cheaply in Nigeria.
Come with me as we start off; it promises to be ‘edu-taining’(as my friend that shortens everything will combine educative and entertaining).
Post Summary
To smoothly take you through the discussion of today, I have listed out subheadings under which we will thoroughly dissect the topic.
They are:
- Exchanges and Types
- How to Buy Bitcoin at a Cheap Price in Nigeria
- My Verdict: And the Best is…
- Conclusion
As usual, a click on any of the subheadings brings you directly to its details.
I would have said ‘bon appetit’ but it’s not food, right?
So, ‘bon voyage’ should suffice as you set out on this ‘edu-taining’ journey.
Exchanges and Types
Exchanges
An Exchange(as the name implies) is a company that allows its users to exchange cryptocurrencies for fiat currency and other currencies.
The companies serve as supermarkets for crypto enthusiasts.
Just as you visit the market/supermarket to purchase your groceries, you can equally visit an exchange to acquire crypto coins.
Following the evolution of Bitcoin in 2009 and the later introduction of other altcoins, many companies were created specifically for the exchange of cryptocurrencies.
At the moment, it is difficult to determine the exact number of exchanges since there is no central body where the companies are registered and regulations differ from country to country.
But as of the moment of writing this post, we have 285 exchanges tracked on coinmarketcap with 2980 cryptocurrencies and 20,891 markets.
These exchanges have their specializations as will be seen below.
Types of Exchanges
Based on the type of services offered, these exchanges are grouped into 3 different types:
- Broker Exchanges
How Broker exchanges work is that users send money and the exchange sends Bitcoin to them and when the users send Bitcoin, the exchange sends money to their bank accounts.
Examples are Yellow Card and Monicko
Also see: 10 Top Broker Exchanges To Buy/Sell Bitcoin In Nigeria
Exchanges like this connect buyers and sellers on their platforms and chaperons the trade using an Escrow.
Exchanges in this category are Remitano and Paxful
These exchanges allow users on its platform to trade cryptocurrency pairs such as BTC/NGN, BTC/USD, BTC/ETH, e.t.c.
Examples here are Bybit, OKX, and CoinCola.
Note that some of the exchanges here double as Brokers(Quidax, Luno) while the other(CoinCola) is also a Peer-to-Peer exchange.
Armed with this brief background on Exchanges, let’s go find out how to buy Bitcoin at a cheap price in Nigeria.
How to Buy Bitcoin at a Cheap Price in Nigeria
Having discussed the 10 best exchanges to buy Bitcoin in Nigeria and the 10 best exchanges to buy and sell cryptocurrencies in Nigeria in previous posts, how to buy Bitcoin at a cheap price becomes another topic to discuss.
For this, I have picked out 3 exchanges, carefully selected from the different categories of exchanges (Peer-to-Peer, Broker, and Trading Platforms).
These 3 exchanges which top the list in their categories are:
- Bybit
- OKX
- Remitano
Scroll down to read further details on the exchanges.
Bybit
Bybit has garnered a substantial global user base of more than 10 million individuals as a cryptocurrency exchange.
Established in 2018, it has since risen to prominence as a leading platform for cryptocurrency and derivatives trading.
The exchange is safe, secure and efficiently designed for both newbies and experts.
Bybit provides the following services:
- Spot trading
- Futures
- Trading Bot
- Copy Trading
- TradeGPT, etc
Furthermore, it boasts a diverse selection of crypto tokens with more than 100 listed and offers a wide array of over 300 spot trading pairs.
The coins supported include major cryptocurrencies such as BTC, ETH, MNT, SOL, APE, DYDX, LTC, DOGE, AVAX, MATIC, DOT, and numerous others.
If you sign up with Bybit using this link and fund your account with at least $100, you will have a chance to access our new product, Afibie.
Afibie is a platform where we teach newbies how to trade profitably and provide users with real-time trading signals and alerts, based on a variety of factors, including technical analysis and market sentiment.
OKX
OKX is a leader in Web3 and one of the largest cryptocurrency exchanges worldwide.
It is considered a pioneer in the crypto space, with its inception dating back to 2016.
Formerly known as OKEX, the exchange underwent a major revamp in 2022, incorporating the latest Web3 innovations, a more aesthetically pleasing interface, and a wider selection of popular product offerings.
Here are some of the most popular services offered by OKX:
- Buy Crypto with a Credit/Debit Card
- P2P trading
- Basic trading
- Derivative and Margin trading
- Copy trading
- Web 3.0, etc.
OKX lists over 350 cryptocurrencies and 500 trading pairs, including major tokens like BTC, ETH, OKB, AAVE, SOL, MATIC, XRP, DOGE, SHIB, and DOT.
Signing up for OKX also gives you access to our Afibie live trading signals.
Remitano
Remitano was founded in late 2016 and is available in 58 countries including Nigeria.
In contrast to the previously mentioned two crypto exchanges, Remitano operates as a dedicated P2P exchange
It uses an escrow system to connect buyers and sellers, ensuring that neither party is scammed.
Nevertheless, it has expanded its investment offerings to include gift cards, play-to-earn games, and launchpad projects.
It offers the following services:
- P2P exchange
- Swap
- Investment
- Wallet
It supports the following cryptocurrencies:
With the 3 ways to buy Bitcoin at a cheap price in Nigeria listed, let’s go ahead and pick out the best!
Just scroll down.
My Verdict: And the Best is …
Having discussed the 3 types of exchanges available and picked out the high flyers from each category, you will still want to know which is the best, right?
We all have different reasons why we will want to trade the Bitcoin we have at some point: you might want to purchase and ‘hodl’ or purchase to sell instantly to make some gain, and at other times, you might just sell off the cryptos you have in exchange for a quick buck to attend to a need.
But after taking these facts into consideration, the choice is still yours to make.
So, here’s my verdict: The best at every point should be one that attends to the need(s) you have!
And considering the many scam sites online marauding as legit, I will always add that as you toe the line of investment, caution is a necessary virtue.
Learn How To Trade
If you want to learn how to trade cryptocurrencies profitably, sign up for free on Afibie.
You can join our Telegram channel, where we hold live sessions and give trade signals.
Conclusion
This is where we draw the curtain on our ‘edu-taining’ journey!
It was all it promised to be(educative and fun) and a bit more…
So, I want to know your thoughts:
Firstly, do you have questions pertaining to what was discussed?
Which of the exchanges is your fave?
Or do you want to tell me your experience using these exchanges?
Well, I’m all ears(and eyes)…Looking forward to seeing your reply in the comment section!
And one more thing…
Share this post…You might be helping out a friend.
Click on the social media buttons below at once.
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Hi dear, thank so much for this review. I really appreciate and I hope God has lead me to the right person. I want to buy some btc, for my forex trade business. Please mail me let’s talk home you can help. Thanks.
Tradewithjohnaz at gmail. com
send me an email
info@nigeriabitcoincommunity.com