How to start investing in Bitcoin in Nigeria

Almost everyone have somehow heard of Bitcoin. Most people usually heard about it in passing but don’t know what it is. For some others, their question is if it is legal and how can they start, while for some others the question is what can they do with Bitcoin. In this article we will look at how to invest and make money from Bitcoin in Nigeria.

What is Bitcoin?

Bitcoin is simply digital money, meaning that unlike Naira or US Dollar that makes use of paper, Bitcoin is completely paperless. It was created with the intention of making it easier to move money from country to country, some even call it borderless money. Bitcoin, unlike regular currency (fiat), is not controlled by any single individual, organisation or government rather is controlled by Bitcoin users around the world.

Is Bitcoin Legal?

As to whether it is legal, in some countries it has been tagged as illegal although it is difficult to restrict people from using bitcoin. However, in Nigeria, there are no laws/policies against the use of cryptocurrencies. Bitcoin in Nigeria is 100% legal

What you can do with Bitcoin

Regarding what can you do with Bitcoin in Nigeria, a couple use cases are: using it as an investment vehicle to diversify your assets; trading by making gains off the price fluctuation just like forex trading. Bitcoin can also be used to transfer money across borders faster and cheaper.

How to invest in Bitcoin in Nigeria

On how to start investing in Bitcoin, it’s pretty easy. A couple years ago the reverse was the case but with platforms like Binance, investing in Bitcoin from Nigeria is seamless. Binance is the largest crypto exchange in the world with over 13 million users around the world.

You can start investing in Bitcoin with as low as N50 and can fund your account with either your debit or via bank transfer. All you need to do is Create an Account, Deposit Naira into your Wallet and then Buy Bitcoin.

Note: Due to CBN regulations, deposit via debit card is no temporary suspended, you can deposit and withdraw via P2P section of Binance, it is easy and fast. Once you sign up and verify your account, just go to the P2P section.

Follow these steps to invest in Bitcoin in Nigeria using Binance:

1. Creating an Account

  1. Go to Binance.com and you will immediately see a signup form
  2. Fill in your details, submit and verify your email via the link sent to your email
  3. Go to ‘My Account’ and click on verify your identity

2. Depositing Naira in your wallet

  1. Click on “Wallets”  in the website menu.
  2. Then click on “Deposit.” On the next screen click on “Deposit Fiat”
  3. Select naira from the currency Menu
  4. You can choose the method you want to deposit. A debit card or bank transfer
  5. Click on Continue
  6. Enter the details of how much you want to deposit and click on ‘Pay’ or ‘Submit’ if you selected bank deposit.
  7. For card payment enter your card details and click Pay. If you selected bank deposit make a transfer to the account details, ensure to include the ‘Deposit Reference Code’ in the transfer summary.
  8. Once done your Binance account will be credited with the value you deposited.

Note: Due to CBN policy, use the below method to deposit naira

Depositing Naira in your wallet via P2P

  1. Click on “Wallet” on the website menu and select “P2P”
  2. Now you click on “P2P Trading”
  3. On the next page, ensure you select “Buy”, in the fiat box, select “NGN” which is an abbreviation of Naira. You will get a warning of the risk, accept.
  4. You will see different offers, select convenient offers with high completion rate.
  5. Input the amount of Naira (NGN) you want to deposit.
  6. Now, you will be taken to the completion page. You will see the account number of the trader. Make the payment to the account number using bank transfer.
  7. Once you have made payment, click on Transferred, next.
  8. As soon as the trader confirms the payment, the money will be deposited in the account.
  9. Note: You will see the number of the trader right there, you can call them. Also know that for your safety, the trader account in Binance is frozen until trade is completed

3. Buying Bitcoin

  1. Once your wallet is funded click on “Wallet” and then Fiat and Spot” in the menu
  2. When the page loads Click on “Buy” beside bitcoin
  3. In amount to spend, enter the amount you want to buy. Example: If you want to buy N5,000 worth of BTC, type 5,000 in the field.
  4. Alternatively, you can switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field.
  5. Confirm all the details.
  6. Click “Buy”
  7. You can check if you have been credited, by clicking on ‘Wallets’ in the menu.

Note: You can also use the P2P method to buy bitcoin directly

Automatically trade bitcoin and other cryptos very easily

If you do not have the time or you are not very knowledgeable to trade Bitcoin or any other cryptocurrency, the good news is that you can use a crypto trading bot. The trading bot will trade for you and make money for you even while you sleep.

The bots use different signals to trade. The best crypto trading bot is Cryptohopper.

First, you need to open a Binance account. Then follow the instruction above to deposit funds into your finance account. Once you have done that, sign up for a Cryptohopper account. Then connect it to your Binance account. Set everything up.

That is all. The bots will automatically trade for you.

Bitcoin price in Naira

Below is bitcoin price in Naira.

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Editorial staff

Editorial staff

MakeMoney.ng is a platform that connects people with ideas, opportunities and latest trends in personal finance growth online and offline. It is the most read personal finance platform in Nigeria

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93 Comments

  1. Please only how to buy btc has been explained here if I want to sell who do I sell to and how do I source for buyers thanks pls am looking forward to ur reply

  2. How do I get educated on how to trade first before I can venture into it? I need more information. I need to gather enough information please

  3. I want to start investing in Bitcoin. But I’d thought central Bank of Nigeria has currently stopped it in the country? How may I start it now?

  4. Please am really interested in this Bitcoin can I start with 3k and when can I sell my Bitcoin
    Please reply

  5. Hi
    I’m Sly by name
    Please I want to know
    What is the least deposit a newbie can start with as a beginner?

    I just created a bitcoin wallet on Luno but yet to deposit

    Between Binance and Luno which one works best in Nigeria?

    Please I’d love to get a quick response
    Thank you.

    • Hello Sly,

      The least amount you can deposit depends on you and the medium you are using. With Binance, you can start with 1000 via P2P.

      Congratulations on your new Luno Wallet.

      Both Binance and Luno are okay. But Binance is by far the largest crypto exchange in the world, which means more people to trade with via p2p and other perks. However, Luno is more localized. In terms of crypto exchange, Binance is the standard others hope to meet or surpass. Both are good.

      I hope the response was quick enough

  6. Thanks a lot for this. I have been wondering how to create an account and fund it. Buh I still need more explanation on how to sell /buy bitcoin… And how to withdraw profits too… Please is there is no whatsapp page you guys created for stuff like this?

  7. Good day sir/ma

    Is the buying price of btc fixed or it’s flunctuate

    And also QUIDAX is it an app or website

  8. Please, how would I know if it is the best time to sell out my Bitcoin and what site buys in an higher rate?

    Thanks.

  9. Hello I’m pelumi by name
    Can I buy Bitcoin with #500
    And how much can make in a week with that #500
    And which app can I use

  10. Hello.
    I am Nuhu Usman Kawo, I love how technology is making things to be easier, fast, and convenient. But just at it is; in any business that you are doing, there must be risk. What are the risk you need to take note of before or after investing in binance.
    Thank you.

  11. There are many people out there who claim to be trading on Bitcoin. They ask people to pay money to them and make 100% return in 72 hours. Claiming that they trade with the money in Bitcoin and make gain of more than a 100%. Can these type of claim true about Bitcoin trade and can these people be relied upon?

  12. I opened my Binance but I can’t verify, keep on taking me back, and I got to find out Binance is having a general issue regarding that, how true is that?

  13. I love this article but I suggest it will be better if the writer also educate us on how to place our withdrawal , I think this is also important.
    Another thing is do we need any ID card (NIN) during sign up process?

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