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.
Read: How to make money online in Nigeria
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
- Go to Binance.com and you will immediately see a signup form
- Fill in your details, submit and verify your email via the link sent to your email
- Go to ‘My Account’ and click on verify your identity
2. Depositing Naira in your wallet
- Click on “Wallets” in the website menu.
- Then click on “Deposit.” On the next screen click on “Deposit Fiat”
- Select naira from the currency Menu
- You can choose the method you want to deposit. A debit card or bank transfer
- Click on Continue
- Enter the details of how much you want to deposit and click on ‘Pay’ or ‘Submit’ if you selected bank deposit.
- 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.
- 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
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Depositing Naira in your wallet via P2P
- Click on “Wallet” on the website menu and select “P2P”
- Now you click on “P2P Trading”
- 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.
- You will see different offers, select convenient offers with high completion rate.
- Input the amount of Naira (NGN) you want to deposit.
- 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.
- Once you have made payment, click on Transferred, next.
- As soon as the trader confirms the payment, the money will be deposited in the account.
- 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
- Once your wallet is funded click on “Wallet” and then Fiat and Spot” in the menu
- When the page loads Click on “Buy” beside bitcoin
- 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.
- 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.
- Confirm all the details.
- Click “Buy”
- 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
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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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Can i buy Bitcoin with 10k?
Yes you can
No
Link me to the bitcoin sign up app
WhatsApp [removed]
Can I start investing with 10k?
I want to start investing in Bitcoin how can I start pleae
Kindly follow this guide
Can i start bitcoin with 3000naira
How do I know the right time to sell my Bitcoin?
When the price is high!
I didn’t have an account, but I am interested in this bitcoins
Do you mind discussing with me, I’m having trouble in signing up and I’m ready to purchase.
Hello, yes, kindly send an email to admin@makemoney.ng
What is the least amount in niara I can start with
50,000
What is the least amount in naira I can start with
As little as N500
If I start with 5000 how much can I make in a month
Hello, what the trend about bitcoin now
Due to the CBN restrictions on buying bitcoin in Nigeria
Can I still buy using my bank details?
If i start with 5000 how much can I make in a year
If I invest 5000 how much can I make annually
Pls reply to me, am serious about the business
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
Hello you should try Paxful for reliability https://paxful.com/?r=Ja1YDz39oQW
I buy bitcoin, Eth, litecoin, Solena, USDT
Hello,please I want to bictoin plan or meun you can WhatsApp me through [removed] ,thanks
Please sir, how reliable is Quidax?
Very reliable
How can I make profit
Am a bitcoins investor, I have been doing this for years now and it’s work for me.
I’m interested In trading bitcoin. Please can you coach me?
Please show me how to trade stocks
Btc had been banned by cbn, how can one go about the business now?
Is there a WhatsApp group for training and coaching for Bitcoin
I want to create an account how can I?
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
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?
Hi will the deposit still work now that Crypto is banned?
Can I Invest in bitcoin with 4k
Yes you can
Pls 5000 naira is equal to hw many bitcoin
Thought CBN had banned btc how’s one going to go about it then
Please am really interested in this Bitcoin can I start with 3k and when can I sell my Bitcoin
Please reply
You can start with as low as 500 naira
Then you will have to sell it when the price is high
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
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?
Good day sir/ma
Is the buying price of btc fixed or it’s flunctuate
And also QUIDAX is it an app or website
Can I invest 10k for the btc
Please give me your WhatsApp number, I want to invest but I don’t know how to start.
Greetings,
Can I buy any cryptocurrency I want on Binance?
Hello,
Yes you can
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.
The rate is determined by the market
How much BTC can 5000 bring in just one month please? Thanks for your quick response
How will I get the real Bitcoin to invest
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
I am really confuse with this bitcoin of a thing. Please someone should educate me about it
Hellosir/ma
How can I start bitcoin
Right now i,m interested for that pls
Reply me.
Kindly follow the guide in this article
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.
How many BTC can 3k afford
Please how can I start bitcoin trading training?
You can message us with what you want to know
I want to start Bitcoin business
Contact me for more information
Where am I going to start a bitcoin trading or can I start in opera or which application?
How can I verify my account in Binance?
Just follow the instructions from Binance
How can I buy bitcoin with #500?
Please I need a link on how to register, can i invest with #1000 on btc?
How can I learn bitcoin investment?
Can I start BTC with 1000 and buy with gift card on Binance
How will I know the right time to sell my Bitcoin
Please, l don’t understand. What is p2p?
It is Peer to Peer. Trading with fellow users but Binance act as an escrow
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?
Mostly likely a scam. Please stay away
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?
Did you receive a confirmation email after registration?
Thanks, I am so grateful for that
Can I get your WhatsApp number? I need to buy Bitcoin with 50,000
Kindly send us an email
How can I know that my blockchain wallet is verified successfuly?
Please I need someone to teach me how to open and buy Bitcoin coin with any amount
Kindly follow the guide in this article
I am interested and may wish to trade in Bitcoin. How will start earning when my bank details are not known
How much do I get paid?
How can I get started?
Thanks, I am interested in the investment. How often do you fund your wallet?
Please how can I withdraw my money?
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?