Bitcoin Forum

I'm here to guide noobs in Nigeria on how to buy/sell Bitcoin or any other person interested in knowing how to exchange Bitcoin for fiat and vice versa in Nigeria.

We all know what Bitcoin is.

1. Nairaland Escrow Thread.

Nairaland is Africa's biggest online forum, here there are handful of individuals who trade and deal on almost all digital assets, you can easily market your coins and earn your fiat within the shortest period of time. You have to do your homework before you trade here because there are more scammers than genuine and honest buyers.

https://www.nairaland.com/5828664/currency-e-currency-market-deals-2020 (https://www.nairaland.com/5828664/currency-e-currency-market-deals-2020)

2.Luno

Luno is the best and safest place to trade your coins.
The reason I listed Nairaland ahead of Luno is because; Luno has a limited number of cryptocurrencies you can trade easily.
In Luno you can't trade untill you;
 
•You verify your account with a valid means of identification
•Link your Bank Verification Number (BVN)
•Link your local bank account (Not necessary though but if you want fiat).


You can withdraw from Luno in any hour of the day though Luno usually starts working from 8:00 AM to 6:00 PM ( I'm not very sure of this).
Luno charges N 150. For trading fee and N 200. For withdrawing directly to your bank account.

The highest amount to deposit in Luno is N200,000.

https://www.luno.com/en/ (https://www.luno.com/en/)

I will be updating the thread with more information as other Nigerians suggest more vital information relating to this.
I'm open for corrections.

Binance now have the fastest and cheapest transaction for Nigerians in my own opinion. The trade my not be direct like in the 2 listed exchanges but easy if you find time to visit binance and learn it, you prefer it. The transaction fee is cheaper than any other at 0.02%. Kudi exchange seem to offer additional services with the provision of debit card in affiliation with 2 banks within the country

I forgot to add Binance. I will edit and add Binance up.

Nairaland is not a dedicated source to buy and sell bitcoins and I would NOT recommend newbies to use it as a means of exchange. It's an online forum which is mainly for discussions on various topics (not manly for cryptocurrencies) and this doesn't make it a ideal recommendation as a means of exchanging cryptocurrencies.
Bitcoin is legal in Nigeria and majority of currency exchanges is accessible within the country

There's tons exchange you can buy and sell Bitcoin in Nigeria if you search on google. But most of them is require verification/KYC to able use it, while some people really aware about his identity.

P2P marketplace and Bitcon ATM is the best answers to buy and sell Bitcoin without submitting KYC

• Help: A list of LocalBitcoin alternatives (P2P marketplaces) (https://bitcointalk.org/index.php?topic=5224711.0)
• https://coinatmradar.com/country/156/bitcoin-atm-nigeria/ (High fees around 5%-10% )

Am against the use of an online social media platforms -the larger it is the worse- for buying and selling, you have a forum where integrity does not matter when funds can be made off you -or newbies-
For newbies in or outside Nigeria

There are exchanges large/small where you can sell/buy or trade your bitcoin you even have local exchange,  
Just search and be sure you have
+ The original site -example having to type LUNO or BIANANCE on Google play, to get there site, get app from exchange website-
+ Read -T&C, how it works,-
Be critical in buying and selling of bitcoin, notice fowl play PAUSE or cancel

+ Exchange and wallet are different, if you not up for selling bring your BTC to your wallet.

As much as I advocate for peer-to-peer trading and hate centralized exchanges, what is the volume for peer-to-peer trading like in Nigeria? There appears to only be a single bitcoin ATM in the country according to that map, which won't exactly be convenient for most people. A quick look on Bisq doesn't show any offers for buying or selling in naira, and the situation is the same for Hodl Hodl. There does seem to be quite a few buy and sell offers on LocalCryptos in Nigeria though: https://localcryptos.com/Bitcoin/Nigeria.

Agreed. Any platform without an accurate reputation system is dangerous place to trade, especially for newbies. Better to stick to a dedicated platform such as those mentioned above, or at the very least, use a trusted escrow.

OP also didn't mention the Currency Exchange Board (https://bitcointalk.org/index.php?board=53.0) on this forum. Again, be safe and use an escrow unless you trust the other party.

The deposit limit depends on your verification. There are three verifications on Luno for deposit and withdrawal
For level 1: Phone verification: You can deposit/withdraw up to 200,000 naira
For level 2: ID verification: You can deposit/withdraw up to 500,000 naira monthly
For level 3: Proof of residence:  You can deposit/withdraw up to 10 million naira monthly

For makers, trading fee is free on Luno.

For privacy sake, I will prefer p2p exchanges like LocalBitcoins, Remitano or Paxful. It is also said above, cryptocurrencies  are legal in Nigeria, and you can purchase directly from exchanges that support credit cards like Binance.


I do not know much about bitcoin marketcap in Nigeria but there are p2p exchnages like paxful, it is frequently used by Nigerians, but someone needs to be careful as some people use it for scam purpose, they must not release the bitcoin from escrow until they receive the money for bitcoin they are selling like you said above.

This may also interest you
Nigeria is among one of the countries that show huge growth interest in cryptocurrencies, according to coinmarketcap.

9 Countries Show Huge Growth in Cryptocurrency Interest: Coinmarketcap
https://news.bitcoin.com/countries-growth-cryptocurrency-coinmarketcap/

You can use paxful, there is much of deals with Nigerians. Good luck!

If you are looking for making small trades than I would suggest dealing with CryptopreneurBrainboss, he is a trusted member and wouldn't mind if you want to go through escrow.
Here is his service announcement thread:
Brainboss Currency Exchange Service {BTC/NGN Altcoins/NGN} NGN = Nigerian Naira (https://bitcointalk.org/index.php?topic=5200468.0)

also, there is Bitsika which is an App letting you buy/sell bitcoins in Nigeria and other African countries. However I wouldn't recommend using it as it seems to have a low trading volume.

Many other ones have been said but all refused to mention one reliable and renounced trading platform of remitano.com. it's the fastest and has cheapest charges, enables Nigeria deposit wallets for easy transfer of fiat and vise versa.
This made me hate Luno exchange, their withdrawal charges is high compared to Remitano, complicated verification system. Linking BVN to any organization in Nigeria is risky, so can we trust Luno?  Remitano has good volume, Nigeria naira wallet for easy transfer of fiat currency at any time including Saturdays and Sundays. Consider using Remitano and gone appreciate this thread.

In fact, if high level of privacy are to be maintained, p2p exchange that require no such verification is better, I will also prefer  Remitano because it support more coins, it supports, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP),Tether (USDT). Binance coin(BNB), Cardano (ADA), EOS, Stellar's Lumen (XLM), and Tron (TRX for swapping).

Source: https://www.usefultulips.org/combined_NGN_Page.html

If you need to find other P2P marketplaces, you can get them from Help: A list of LocalBitcoin alternatives (P2P marketplaces) (https://bitcointalk.org/index.php?topic=5224711.0). There are many but if you need to find a familiar name, it is Binance P2P. The P2P exchange from Binance was born recently but maybe you will easily trust because it comes from Binance.

Tips when you trade on P2P marketplaces

• Don't trust anyone else.
• Always check their past trade history, reputation, trade feedbacks, etc. Remember all of them are for reference only
• Don't open a trade with an off-line trade partner, choose the online one instead
• Always record your trading progress for disputes if needed later
• Don't release your bitcoin or cryptocurrency under any kind of pressure from your trade partners if you have not receive what you trade for. Scammers always create fake pressure to force you release bitcoin, then they will run away instantly

If you are only looking to trade Bitcoin in Nigeria then you can also try Mycelium, Local Trader. This is an absolutely free service provided by Mycelium Wallet. It helps you to find local Bitcoin sellers at your location. Once you locate the seller you meet up in person and conduct the trade.

yes, Luno is the best choice if there no trusted local exchange in the country. Moreover, it also offers low fees, easy, and safe enough to buy the crypto asset.

What's about NairaEx (https://www.nairaex.com/)?
This is Nigeria's Premier Bitcoin Exchange, isn't it? Is it reliable enough and trusted as a local exchange in that country? I see that this exchange provides instant trading with real-time and also automated payments. It also accepts the payment with bank and cards. Probably you can search for more information about it to analyze whether this is trusted and reliable or not.

The most best way to start up trading bitcoin is to make a start with a common secured trading platform as mention above I.e Luno, Binance & Paxful but that of Nairaland its a multipurpose platform