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Author Topic: Best Platforms to Buy Bitcoin in Nigeria  (Read 37 times)


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Best Platforms to Buy Bitcoin in Nigeria
« on: March 22, 2023, 09:17:40 pm »

Due to a 2021 cryptocurrency ban enforced by the local monetary authorities, few traditional exchanges offer the option of trading Naira for Bitcoin. But when there is demand, there will always be supply, in one form or another. And in Nigeria and similar countries, peer-to-peer (p2p) marketplaces gathered the highest popularity among local traders.

You can trade BTC for NGN on the following p2p platforms:

- Binance P2P
- LocalBitcoins
- Remitano
- https://bitpapa.com

Arguably the most popular is Binance P2P and LocalBitcoins. However, both of them require ID verification. More specifically, on Binance, you wonít be able to make a trade unless you have passed real identity verification requiring a driver's license, passport, and whatnot. On LocalBitcoins, you can trade after confirming your email and phone number, but your trades will be limited to Ä1000. Ä1000 looks like a decent amount, but thatís how much you can trade annually.  While somewhat less known to Nigerian crypto traders, Bitpapa, on the other hand, allows you to stay completely anonymous. This marketplace does not limit how much you can trade daily, monthly, yearly, etc.

Under these circumstances, checking the prices on these platforms makes sense. We will use LocalBitcoins prices as it is the oldest p2p marketplace today (founded in June 2012) and is used by over 1,000,000 traders globally.

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