In an increasingly digital world, cryptocurrencies continue to gain traction as they reshape the global financial landscape. For many, these digital assets represent innovation, investment opportunities, and a shift toward decentralization. Nigeria, with its burgeoning youth population and growing technological adoption, has not been left behind in this crypto revolution. However, banking limitations stand in the way of Nigerian traders, stopping them from buying crypto with local credit cards. However, there are still ways to buy crypto easily and legally. Discover four ways for buying crypto at affordable prices in this article!
Is cryptocurrency legal in Nigeria
As of June 2023, cryptocurrency in Nigeria is neither recognized as legal tender by the Central Bank of Nigeria (CBN) nor is it illegal. In February 2021,
CBN prohibited commercial banks from participating in cryptocurrency transactions to safeguard citizens from potential fraudulent activities. Despite this, cryptocurrencies are widely traded in Nigeria through peer-to-peer (P2P) platforms, as they are not part of the country’s formal banking sector. P2P trading is especially popular, with Nigeria being one of the largest markets for such exchanges.
The Central Bank has acknowledged the potential of cryptocurrencies for financial inclusion and transparency but has not yet integrated them into the formal financial system.
Not so long ago, buying crypto with Mastercard and Visa was available on any cryptocurrency exchange, but today this is no longer possible since the state and the Central Bank decided to limit the possibilities of crypto users in the country. Sure, it's sad, but it's not the end of the world.
So, this basically means that you can trade crypto, but you can’t directly use centralized crypto exchanges and some other ways to purchase crypto. This makes it harder to enter the crypto market. However, you can still legally buy crypto using detours. Let’s compare some convenient ways to buy crypto in Nigeria in 2023.
Exploring different methods to buy cryptocurrency in Nigeria
Let's take a look at four ways to buy cryptocurrency in Nigeria that still work. Where to buy crypto in Nigeria?
Buying crypto on P2P
Peer-to-peer (P2P) exchanges are platforms that connect individual buyers and sellers of cryptocurrencies directly. On P2P exchanges, users can post offers to buy or sell cryptocurrencies at specified prices and through preferred payment methods. When a match is found, the exchange typically holds the cryptocurrency in escrow until the payment is verified. This method allows for a high degree of flexibility and can be used even in regions where traditional banking support for cryptocurrency is lacking (such as Nigeria).
Buying crypto with OTC desks
Over-the-counter (OTC) desks are tailored for traders wishing to buy or sell large cryptocurrency volumes. Instead of buying from an exchange's order book, OTC desks match buy and sell orders directly between traders. This helps in avoiding significant price slippage that can occur when placing large orders on traditional exchanges.
Buying crypto with crypto ATMs
Cryptocurrency ATMs are physical kiosks where users can buy (and sometimes sell) cryptocurrencies, usually using cash. These ATMs are often located in public places like shopping malls or convenience stores. However, they typically charge higher transaction fees compared to online methods and might have a limited selection of cryptocurrencies available. Additionally, their geographical distribution may be sparse. You can search for crypto ATMs on Google Maps to find out where to buy crypto in Nigeria, but most localities don't have any.
Each of these three methods works and allows you to buy crypto in Nigeria. However, each of them has significant drawbacks. Therefore, now we will finally talk about the best site to buy Bitcoin in Nigeria with a debit card.
Introducing WhiteEX cards: the easiest way to buy cryptocurrency
WhiteEX cards are crypto balance replenishment cards for the WhiteBIT crypto exchange. They are designed to facilitate the purchase of cryptocurrencies in countries where there are banking restrictions, including Nigeria. Since exchanges cannot directly sell cryptocurrencies to users today, WhiteEX offers a workaround: activation codes.
Here's how it works.
Buy a WhiteEX card with an activation code for Naira using the Vella payment system.
Enter the activation code on the WhiteBIT exchange.
Get USDT to your exchange balance.
Now you have a cryptocurrency on your balance, and you can easily trade on the exchange, just like before the introduction of restrictions.
This method is the best solution today. It is less risky than P2P exchanges, more profitable than crypto ATMs and kiosks, and more easily accessible than OTC desks.
Buying cryptocurrency with credit cards: a step-by-step guide
Step 1. Buy a WhiteEX card on whiteex.com. The code will be located at the bottom of the back of the card. It consists of 38 symbols for safety. It is also duplicated in the QR code on the back of the card.
Step 2. Download the WhiteBIT mobile application or open the
whitebit.com website.
Step 3. Log in to your account or complete a simple registration on the WhiteBIT exchange.
Step 4. Go to the "Codes" section on WhiteBIT. Next, click "Activate code", and enter it. You can also scan the QR code to enter it faster.
Step 5. Erase the protective layer on the card and enter your password.
If everything is entered correctly, you will receive a message about receiving funds to the balance according to the card denomination within seconds.
How to send crypto to Trust Wallet in Nigeria
To transfer crypto from WhiteBIT on Trust Wallet in Nigeria, you need to follow these steps.
● Open the Trust Wallet app on your mobile device or in the web extension.
● Get your Trust Wallet address. Example:
● Go to the balances
● Choose the cryptocurrency you want to transfer from WhiteBIT to Trust Wallet.
● Click Withdraw
● Enter the amount you wish to transfer and the wallet address you copied before
● Choose the correct blockchain network. The network in the wallet and on the exchange must match!
● Click withdraw
Complete the action
● Paste the confirmation code (security verification)
● Click Confirm withdrawal request
Crypto will be transferred to your Trust Wallet as soon as the transaction is confirmed by the blockchain (this may take from seconds to minutes, depending on the type of cryptocurrency). This guide is applicable to all hot wallets for storing crypto (Metamask, Trust Wallet, Coinbase Wallet, and so on).
Final thoughts on how to buy cryptocurrency in Nigeria
Now you know how to buy crypto in Nigeria. So, there are four ways to buy cryptocurrency in Nigeria: P2P exchangers, crypto ATMs, OTC desks, and WhiteEX cards. Which one to use is up to you, but
WhiteEX is considered the simplest and most affordable.
FAQ
Why should I buy cryptocurrency?
People buy cryptocurrency for various reasons, including investment, remittance, online transactions, or as a hedge against traditional currency fluctuations. In Nigeria, cryptocurrency is becoming a popular alternative to the dollar, and many people want to buy USDT, BTC, or another digital asset to avoid Naira inflation.
Is it legal to buy cryptocurrency in Nigeria?
As of the last update in June 2023, cryptocurrency is not recognized as legal tender by the Central Bank of Nigeria, but it's not illegal either. The Central Bank has restricted banks engaging in crypto transactions, but individuals can still buy, hold, and trade cryptocurrencies through WhiteEX and other similar services.
Which cryptocurrencies can I buy in Nigeria?
In Nigeria, you can buy a variety of cryptocurrencies, including but not limited to Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Ripple (XRP), Litecoin (LTC), and thousands of other coins and tokens. Availability might vary depending on the platform you are using to make the purchase.
How to buy cryptocurrency using WhiteEX cards?
First, you need to buy a card. Its price will be equal to the amount of USDT on it. For example, if you want to buy 100 USDT, the card will cost the equivalent of this amount in Naira (NGN). Then, you need to use the code from the card to top up the balance on
WhiteBIT. This is how you get USDT on your WhiteBIT crypto exchange account.
How to send cryptocurrency as a gift?
Before you activate the code, you can give the WhiteEX card to whoever you want as a gift. Moreover, you can make a unique design for your friends or loved ones. And it can be an interesting and useful gift.
How can I buy cryptocurrency in Nigeria without verification?
Today's most common ways to buy crypto in Nigeria are P2P platforms, Crypto ATMs, and OTC desks. However, P2P platforms are risky, crypto ATMs are uncommon, and OTC desks are only suitable for large amounts. So, the best and cheapest place to buy Bitcoin in Nigeria is WhiteEX. They are easy to buy for NGN, require no extra fees, and allow you to start trading crypto on the WhiteBIT crypto exchange immediately after replenishment.
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