There’s no denying the fact that Bitcoin is here to stay and is not going anywhere anytime soon. Since it was launched in 2009, people have used Bitcoin as an investment vehicle to drive massive wealth and it is still very much relevant today.

As long as you have internet access, you can easily buy bitcoin anywhere all over the world. Where the problem lies now is how to avoid being a victim of online scammers.

In this article, we’ll discuss the popular options to buy and sell Bitcoin in Nigeria, also highlighting their advantages and disadvantages.

Where to Buy and sell Bitcoin in Nigeria

Before you decide to buy Bitcoin in Nigeria, it is smart to consider all viable options, their pros and cons – then you choose the option that has the most benefits to you. There are three major channels to buy bitcoin in Nigeria:

  1. Exchanges
  2. Crypto platforms
  3. Bitcoin Wallet APP

Let’s take them one after the other….

  1. Currency Exchange Service

Some currency exchange services or Bureau de Change now provide an easy channel for people to buy or sell Bitcoin in Nigeria. BTC is a type of currency anyways, so why not. One of the major advantages that comes with this approach is the security of your transaction when you use a reputable currency exchanger, like Respected FX. With Respected FX, you can instantly buy or sell Bitcoin from anywhere in Nigeria at the most competitive rates. There is a 100% assurance that your transactions are confidential, secure and safe.

  1. Crypto Platforms

These are platforms that allow users to buy and sell cryptocurrency from one another. It’s a simple exchange process that involve cryptocurrency and traditional money (dollars, pounds, Euro or Naira). You exchange money for crypto and vice versa. This simple exchange is what makes it advantageous but at the same time it is also the reason for its major disadvantage. Users can easily become a victim of scammers, which are quite common on these platforms.

If you must conduct business on these Crypto platforms, get as much information on the person on the other end of the transaction to make sure they are reliable. Also, read the terms and conditions of each transaction before engaging to ensure there are no hidden charges or unfavourable conditions. Once you complete each transaction, it is advisable to transfer your newly acquired cryptocurrency into a safe wallet that’s not affiliated to the platform.

  1. Bitcoin Wallet App

This method is long and tedious for first time users buying or selling Bitcoin on the Bitcoin Wallet App. On the first trial, users are to download the app, enter their personal and debit card details. After which you go through a tedious verification process – it’s for your protection. Even though it can be stressful in the beginning, this method can help you avoid the necessary and careful selection of an exchanger or scammers. You also don’t have to worry about transaction security. And you already have an inbuilt wallet that comes with the app.

What’s the safest way to anonymously buy or sell Bitcoin in Nigeria?

From the options listed above, the obvious selection would be to buy using the Bitcoin Wallet App but the verification process is long and tedious. And only a few people have the required documents to pass the verification process. It is not the most feasible option in Nigeria as it were. 

The safest and easiest option is to buy from a reliable currency exchange service. For example, with Respected FX, all transactions are backed by 100% security and confidentiality. Buy or sell Bitcoin anywhere in Nigeria with peace of mind using Respected FX. Respected FX is a reputable Bureau de change service that deals in all kinds of currency exchange including Bitcoin.

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