How to Buy Bitcoin in Nigeria

NairaEx provides secure and reliable Bitcoin exchange services for Nigerians. The platform is strictly limited to Nigerians and the Nigerian Naira.

NairaEX claims that all cryptocurrency assets are stored securely offline with a leading wallet custodian.

Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.

Binance is considered a safe cryptocurrency exchange. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options.

With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market. Kraken provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. In February 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation.

Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use.

Previously known as BitX, Luno was founded in 2013 in South Africa. Luno serves upcoming markets that lack local cryptocurrency exchanges and as such has a strong presence in presence in South Africa, Singapore, Nigeria, Malaysia, and Indonesia.

Luno claims that the majority of customer Bitcoin funds are kept in what we call “deep freeze” storage. These are multi-signature wallets, with private keys stored in different bank vaults. All web services and communication happens over SSL-secured (https) channels. Wallets are stored using PGP encryption. No individual has direct access to customer Bitcoin funds and regular auditing — both financial and security auditing — ensures that funds are always safe and fully accounted for.

Paxful works as a peer-to-peer Bitcoin trading platform. Established in 2014, the peer-to-peer marketplace allows buyers and sellers to interact by posting trade offers. Users can choose to make purchases using PayPal, MoneyGram, Amazon/iTunes gift cards and many more payment methods.

Funds are held in escrow by Paxful until both parties confirm all components of the transaction.

LocalBitcoins works as a decentralized exchange, facilitating P2P (peer-to-peer) Bitcoin sales by allowing users to list their own buy/sell advertisements. By using the site users can create and list advertisements, communicate with prospective buyers and sellers and confirm all the transaction details before finalizing any trade. Users can either meet in person or trade online. LocalBitcoins allows for private purchases and can be used worldwide; it also allows users to make purchases via a number of different payment methods and doesn’t impose buying or selling limits.

LocalBitcoins has a strong reputation for being reliable and safe to use. Security-enhancing features like two-factor authentication (2FA), Login Guard, support staff, and a feedback-driven reputation system all contribute to the safety and security for users. Also, the fact that all online trades are protected by escrow.

OKCoin is a Chinese-based exchange that was founded in 2013 and is currently one of the more dominant platforms for Bitcoin trading. OKCoin primarily services users from China and the Asian markets but accepts traders from all over the world.

OKCoin integrates bank-level SSL security encryption. In addition, cold storage for the majority of their cryptocurrency, GSLB and distributed servers, and real-time account monitoring of deposits and withdrawals.

Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card. All this is done through a convenient and clean user-interface and a quick registration via email or social media account. Changelly’s conversion mechanism is integrated into some of the biggest cryptocurrency platforms such as Poloniex, Bittrex, and Binance. There are no geographical restrictions to the service that Changelly provides, so it can be accessed from anywhere in the world.

Changelly offers two-factor authentication and an HTTPS security protocol. No user funds are stored by Changelly as all coins sent are processed to be exchanged and transferred to user wallets.