Wondering how to buy Bitcoin in Nigeria? Whether you’re looking to invest, trade, or simply own some digital gold, this guide has got you covered. I’ve been in the crypto market for years, and I’ll walk you through everything you need to know to get started.
Here’s what we’ll cover:
- Where Nigerians can buy Bitcoin (6 top platforms)
- Buying Bitcoin with a debit card
- Using bank transfers for Bitcoin purchases
- Step-by-step buying process
- Wallet options for secure storage
- Tips to avoid common pitfalls
Before we show you how to buy Bitcoin in Nigeria, let’s quickly cover what Bitcoin actually is.
What is Bitcoin?
Bitcoin (BTC) is a digital or virtual currency. Unlike the naira that you can hold in your hand, Bitcoin exists only in digital form. You can’t touch it, but you can see it in your digital wallet and use it to buy things or send money to others.
Bitcoin was created in 2009 by an unknown person (or group) using the name Satoshi Nakamoto. The idea was to make a new kind of money that isn’t controlled by any government or bank.
Interestingly, Nigerians have really taken to Bitcoin. In fact, we’re the top users of Bitcoin in all of Africa! Many Nigerians use it to save money, send money abroad, or as a way to protect their wealth from inflation.
Now that you know what Bitcoin is, let’s get straight to the reason why you are here, where you can buy some BTC. Let’s look at the top 6 exchanges where you can easily buy Bitcoin in Nigeria:
Where You Can Buy Bitcoin In Nigeria (Top 6 Exchanges)
Below are the top reliable exchanges where you can safely buy your Bitcoin online:
- Luno
- Bybit
- Bitget
- Kucoin
- Quidax
- Yellow Card
Luno: Your Gateway to Bitcoin in Nigeria
 |
|
|---|---|
Rating |
5/5 |
Year Founded |
2013 |
Headquarters |
London, UK |
Trading Instruments |
Bitcoin, Ethereum, and other major cryptocurrencies |
As someone who personally uses Luno, I can confidently say it’s one of the best platforms where Nigerians can easily buy Bitcoin.
Here are my reasons:
Key Features
- User-friendly interface perfect for beginners
- Strong security measures, including cold storage for funds
- Educational resources to help you understand crypto
Supported Payment Methods
- Bank transfers (instant for some banks)
- Card payments (Visa and Mastercard)
Withdrawal Methods
- Bank transfer to Nigerian bank accounts
- Crypto transfers to external wallets
Fees
- Low trading fees starting at 0.1%
- Free deposits via bank transfer
- Small withdrawal fee for fiat and crypto
Luno stands out for its simplicity and reliability. I’ve found their customer support to be responsive, which is crucial when dealing with financial transactions.
Want to dive deeper? Check out our full Luno review for Nigerians to get all the details.
Bybit: For the More Adventurous Trader
 |
|
|---|---|
Rating |
4.5/5 |
Year Founded |
2018 |
Headquarters |
Singapore |
Trading Instruments |
Cryptocurrencies, derivatives, and spot trading |
While not as beginner-friendly as Luno, Bybit offers a robust platform for those looking to expand their crypto trading options:
Key Features
- Advanced trading tools and charts
- High liquidity for major crypto pairs
- Futures and options trading available
Supported Payment Methods
- Bank transfers
- Card payments
- Peer-to-peer trading
Withdrawal Methods
- Bank transfers
- Crypto transfers
- P2P withdrawals
Fees
- Competitive trading fees, as low as 0.075% for makers
- Free crypto deposits
- Variable withdrawal fees depending on the network
Bybit is ideal if you’re looking to go beyond just buying and holding Bitcoin. Its advanced features cater to traders who want to engage in more complex strategies.
For a comprehensive breakdown of Bybit’s offerings for Nigerian users, don’t miss our in-depth Bybit review.
Bitget: Innovative Trading for Nigeria
 |
|
|---|---|
Logo |
[Bitget Logo] |
Rating |
4/5 |
Year Founded |
2018 |
Headquarters |
Singapore |
Trading Instruments |
Cryptocurrencies, futures, copy trading |
Bitget brings some unique features to the table for Nigerian crypto enthusiasts:
Key Features
- Copy trading functionality
- Launchpad for new crypto projects
- Mobile app for trading on the go
Supported Payment Methods
- Bank transfers
- Card payments
- P2P trading options
Withdrawal Methods
- Bank transfers to Nigerian accounts
- Crypto withdrawals to external wallets
- P2P withdrawals
Fees
- Spot trading fees from 0.1%
- Free crypto deposits
- Withdrawal fees vary by cryptocurrency
I’ve found Bitget’s copy trading feature particularly interesting. It allows new traders to mimic the strategies of successful ones, which can be a great learning tool.
For a deeper dive into Bitget’s offerings, check out our comprehensive Bitget review for Nigerian users.
KuCoin: The People’s Exchange
 |
|
|---|---|
| Rating | 4.5/5 |
| Year Founded | 2017 |
| Headquarters | Seychelles |
| Trading Instruments | Wide range of cryptocurrencies, futures, margin trading |
KuCoin has earned its nickname as “The People’s Exchange” for good reason:
Key Features
- Vast selection of altcoins
- Lending and staking options
- Regular promotions and giveaways
Supported Payment Methods
- P2P trading (popular for Nigerians)
- Third-party payment providers
- Direct crypto deposits
Withdrawal Methods
- P2P withdrawals to Nigerian bank accounts
- Crypto withdrawals to external wallets
Fees
- Low trading fees starting at 0.1%
- Free deposits for most cryptocurrencies
- Competitive withdrawal fees
In my experience, KuCoin shines when it comes to altcoin variety. If you’re looking to diversify beyond Bitcoin, this is a great place to start.
Want to know more? Our detailed KuCoin review for Nigerians covers all the bases.
Quidax: Homegrown Nigerian Exchange
 |
|
|---|---|
Rating |
4/5 |
Year Founded |
2018 |
Headquarters |
Nigeria |
Trading Instruments |
Bitcoin and other major cryptocurrencies |
As a Nigerian exchange, Quidax understands the local market better than most:
Key Features
- Built specifically for the Nigerian market
- Instant deposits from major Nigerian banks
- OTC desk for large transactions
Supported Payment Methods
- Direct bank transfers from Nigerian banks
- Card payments
Withdrawal Methods
- Direct withdrawals to Nigerian bank accounts
- Crypto withdrawals to external wallets
Fees
- Competitive trading fees
- Free deposits from Nigerian banks
- Low withdrawal fees to local banks
I appreciate Quidax’s focus on the Nigerian market. Their instant deposits from local banks make buying Bitcoin quick and hassle-free.
For an in-depth look at how Quidax serves Nigerian users, don’t miss our full Quidax review.
Yellow Card: Africa-Focused Crypto Gateway
 |
|
|---|---|
| Rating | 4.5/5 |
| Year Founded | 2016 |
| Headquarters | United States (with strong African focus) |
| Trading Instruments | Bitcoin and major cryptocurrencies |
Yellow Card has made significant strides in making crypto accessible across Africa, including Nigeria:
Key Features
- Designed with African users in mind
- Simple, intuitive interface
- Zero-fee deposits in Nigerian Naira
- Educational resources for crypto beginners
Supported Payment Methods
- Bank transfers
- Card payments
- Mobile money (where available)
- Cash deposits at select locations
Withdrawal Methods
- Direct withdrawals to Nigerian bank accounts
- Crypto transfers to external wallets
- Mobile money withdrawals (where available)
Fees
- Competitive trading fees (around 0.75% for Bitcoin)
- No deposit fees for Naira
- Small withdrawal fees for fiat and crypto
I’ve found Yellow Card’s focus on education particularly valuable. Their resources help newcomers understand crypto basics, which is crucial in our evolving financial landscape.
For a comprehensive look at how Yellow Card serves Nigerian users, check out our detailed Yellow Card review.
Related! Best Bitcoin Apps In Nigeria
Comparing the Top Crypto Exchanges
We have compared all six crypto exchanges to make it easier for you to decide which one to use in buying your first Bitcoin:
Ease of Use
When it comes to buying Bitcoin, a user-friendly interface can make all the difference, especially for beginners. Here’s how our six exchanges compare in terms of ease of use:
Exchange |
Ease of Use Rating |
|---|---|
Luno |
5/5 |
Bybit |
4/5 |
Bitget |
4/5 |
KuCoin |
3.5/5 |
Quidax |
4.5/5 |
Yellow Card |
5/5 |
In my experience, Luno and Yellow Card stand out for their intuitive interfaces, making them excellent choices for newcomers to Bitcoin. Quidax, being a local Nigerian exchange, also offers a straightforward experience. While Bybit and Bitget are user-friendly, they have more features that might overwhelm beginners. KuCoin, while powerful, has a steeper learning curve.
Fees
Fees can significantly impact your Bitcoin buying experience, especially if you’re planning to make frequent transactions. Let’s compare the fee structures:
Exchange |
Fee Rating |
|---|---|
Luno |
4/5 |
Bybit |
4.5/5 |
Bitget |
4/5 |
KuCoin |
4.5/5 |
Quidax |
4/5 |
Yellow Card |
4/5 |
All these exchanges offer competitive fees, but there are slight differences. Bybit and KuCoin edge out with slightly lower trading fees, which can be beneficial for high-volume traders. However, for most Nigerian buyers, the differences are minimal. It’s worth noting that deposit and withdrawal fees can vary, so check these specifically for your preferred payment method.
Payment Methods
The availability of convenient payment methods is crucial for Nigerian Bitcoin buyers. Here’s how the exchanges compare:
Exchange |
Payment Methods |
|---|---|
Luno |
Bank transfer, Card |
Bybit |
Bank transfer, Card, P2P |
Bitget |
Bank transfer, Card, P2P |
KuCoin |
P2P, Third-party providers |
Quidax |
Bank transfer, Card |
Yellow Card |
Bank transfer, Card, Mobile money, Cash |
Yellow Card offers the most diverse range of payment options, which is a significant advantage in the Nigerian context. Luno and Quidax provide straightforward bank transfer and card options, which work well for most users. The P2P options on Bybit, Bitget, and KuCoin can be useful for those comfortable with this method.
Withdrawal Options
Easy withdrawal is as important as easy deposits. Here’s how the exchanges stack up:
Exchange |
Withdrawal Options |
|---|---|
Luno |
Bank transfer, Crypto |
Bybit |
Bank transfer, Crypto, P2P |
Bitget |
Bank transfer, Crypto, P2P |
KuCoin |
P2P, Crypto |
Quidax |
Bank transfer, Crypto |
Yellow Card |
Bank transfer, Crypto, Mobile money |
For most Nigerian users, direct bank transfers are the most convenient option. Luno, Quidax, and Yellow Card excel here. The P2P options on Bybit, Bitget, and KuCoin provide flexibility but may require more effort.
Customer Support
Good customer support can be crucial, especially when dealing with financial transactions. Here’s how these exchanges compare:
Exchange |
Customer Support Rating |
|---|---|
Luno |
5/5 |
Bybit |
4/5 |
Bitget |
4/5 |
KuCoin |
3.5/5 |
Quidax |
4.5/5 |
Yellow Card |
4.5/5 |
In my experience, Luno offers exceptional customer support, which is reassuring for new Bitcoin buyers. Quidax and Yellow Card also provide strong support, with the advantage of understanding the local Nigerian context. While the other exchanges offer decent support, they may not be as quick or tailored to Nigerian users’ needs.
Security Features
Security is paramount when it comes to Bitcoin exchanges. Here’s how these platforms compare:
Exchange |
Security Rating |
|---|---|
Luno |
5/5 |
Bybit |
4.5/5 |
Bitget |
4/5 |
KuCoin |
4.5/5 |
Quidax |
4/5 |
Yellow Card |
4.5/5 |
All these exchanges prioritize security, but Luno stands out with its impeccable security record and measures like cold storage for funds. Bybit, KuCoin, and Yellow Card also have strong security features. While Bitget and Quidax are secure, they have slightly less established track records.
How to Buy Bitcoin In Nigeria: A Step-by-Step Guide Using Luno
After choosing your exchange, let’s walk through how to actually buy Bitcoin. I’ll use Luno as an example:
- Sign up: Download the Luno app or visit their website. Create an account with your email and a strong password.
- Verify your identity: Upload a valid ID like your voter’s card, driver’s licence, or NIN and then take a selfie. This usually takes few minutes, or at most one hour to get approved.
- Add money: Tap ‘Deposit’ and choose your preferred method (bank transfer or card payment).
- Buy Bitcoin: Once your money is in, tap ‘Buy’, select Bitcoin, enter how much you want to buy, and confirm.
- That’s it! You now own Bitcoin. You can see it in your Luno wallet.
Remember, the process is similar on other exchanges, with slight difference in the interface.
Buying Bitcoin with a Debit Card
Step-by-step process:
- Choose an exchange (like Luno or Yellow Card)
- Sign up and verify your account
- Go to the “Buy” or “Trade” section
- Select Bitcoin and enter the amount you want to buy
- Choose “Debit Card” as your payment method
- Enter your card details
- Review the transaction details
- Confirm the purchase
Fees and limits to consider:
- Card fees: Usually 3-4% of the transaction amount
- Exchange fees: Around 0.1-1% depending on the platform
- Daily limits: Often range from ₦500,000 to ₦2,000,000
- Monthly limits: Can be up to ₦5,000,000 or more
Remember, these fees and limits can eat into your Bitcoin purchase. Always check the final amount of Bitcoin you’ll receive before confirming.
Buying Bitcoin via Bank Transfer
Step-by-step process:
- Select a Bitcoin exchange (Quidax or Luno work well for this)
- Create and verify your account
- Find the deposit section
- Choose “Bank Transfer” as your deposit method
- Copy the exchange’s bank details
- Log into your Nigerian bank account
- Make a transfer to the exchange’s account
- Return to the exchange and mark your transfer as complete
- Once the funds arrive, go to the “Buy” section
- Enter the amount of Bitcoin you want to purchase
- Review and confirm the transaction
Timeframes and potential delays:
- Same-bank transfers: Usually instant to 1 hours
- Different-bank transfers: Can take 1-24 hours
- Potential delays: Bank maintenance, network issues, or additional verification can sometimes cause delays of 1-3 business days
Always include your unique reference code in your transfer to speed up the process.
Comparison of Payment Methods
Now, which of these two payment methods should you use in buying your Bitcoin in Nigeria? We’ve compred them to help you decide.
Debit Card
Pros:
- Instant purchases
- Convenient for small amounts
- Widely accepted across exchanges
Cons:
- Higher fees (3-4% is common)
- Lower purchase limits
- Some Nigerian banks may block crypto transactions
Bank Transfer
Pros:
- Lower fees (often under 1%)
- Higher purchase limits
- More accepted by Nigerian banks
Cons:
- Not instant; can take hours or even days
- Requires more steps to complete
- May need to deal with reference codes
From my experience, bank transfers are better for larger Bitcoin purchases due to lower fees. For small, quick buys, a debit card can be more convenient if you’re willing to pay the extra fees. Always consider your bank’s stance on crypto transactions when choosing your method.
Why Use a Bitcoin Wallet?
After buying Bitcoin, you need to think about storage. A Bitcoin wallet is like a digital safe for your coins. You have two main options:
- Exchange wallet: You can keep your Bitcoin on the exchange where you bought it. It’s convenient, but remember that exchanges can be hacked.
- Personal wallet: For better security, you can transfer your Bitcoin to a personal wallet. There are two types:
- Software wallets: Free apps on your phone or computer. They’re convenient but less secure.
- Hardware wallets: Physical devices like Ledger Flex or Trezor Safe 5. They’re the safest option as they store your Bitcoin offline.
While the exchanges we’ve listed (Luno, Bybit, etc.) have good security and haven’t been hacked, many experts recommend using a personal wallet for large amounts. For a deeper dive into wallets, check out our article on the best Bitcoin wallets in Nigeria. It’ll help you choose the right one for your needs.
Tips for Safe BTC Transactions
Verifying exchange legitimacy
First off, I want to emphasize that all six exchanges we’ve discussed (Luno, Bybit, Bitget, KuCoin, Quidax, and Yellow Card) are legitimate and trustworthy. I’ve used them personally. However, it’s always good to know how to spot a legitimate exchange:
- Check for regulation: Quidax, for example, is regulated by the Nigerian SEC.
- Look for security features: Two-factor authentication is a must.
- Read user reviews: Sites like Trustpilot can be helpful.
- Verify the website URL: Always double-check to avoid phishing sites.
Protecting personal information
- Use a strong, unique password: I use a password manager to create and store complex passwords.
- Enable two-factor authentication (2FA): I prefer app-based 2FA over SMS.
- Never share your private keys: I keep mine offline in a secure location.
- Be wary of phishing: I never click on links in emails claiming to be from exchanges.
- Use a separate email for crypto: I have an email address just for my Bitcoin activities.
Buying Bitcoin In Nigeria: Common Challenges and Solutions
Dealing with bank restrictions: Some Nigerian banks are wary of crypto transactions. Here’s how I navigate this:
- Use crypto-friendly banks: GTBank, UBA, and Kuda Bank are generally more open to crypto.
- Try peer-to-peer (P2P) trading: On platforms like Binance P2P, you can buy Bitcoin directly from other users.
- Use multiple smaller transactions: Instead of one large transfer, I sometimes split it into smaller amounts.
- Communicate with your bank: I’ve had success explaining to my bank account manager that I’m buying Bitcoin as an investment.
Handling transaction delays
Delays can be frustrating, but they’re often solvable. Here’s what I do:
- Double-check payment details: A wrong account number once delayed my transaction by two days.
- Contact customer support: When my Luno deposit was delayed, their support resolved it within hours.
- Be patient with bank transfers: I’ve learned that transfers to Quidax can take up to 24 hours during busy periods.
- Use instant payment methods: For urgent purchases, I use a debit card on Yellow Card for instant transactions.
- Keep transaction receipts: They’ve been crucial when I’ve needed to prove I made a payment.
Remember, while these challenges can occur, they’re not the norm. Most of my transactions go through smoothly. If you encounter issues, don’t panic. Reach out to the exchange’s customer support – in my experience, they’re usually very helpful in resolving problems quickly.
Wrapping Up
There you have it! That’s how to buy Bitcoin in Nigeria without getting lost in the crypto jungle.
But here’s one the thing you need to remember: knowledge is your best protection. Scammers are always out there, looking for newbies who don’t know the ropes. So take your time, re-read parts of this guide if you need to, and always double-check before you hit that “Buy” button.
Start small, learn as you go, and don’t be afraid to ask questions.
Stay safe, have fun, and welcome to the world of Bitcoin.