Aug 13, · Nigerians Are Using Bitcoin to Bypass Trade Hurdles With China Chukwuemeka Ezike sends thousands of dollars’ worth of bitcoin a month in order to trade . Oct 20, · Welcome to Mitrobenetwork, in today's guide, I will expose you to Bitcoin Trading in Nigeria –Including Everything You Need to Know About Cryptocurrency Trading, Buying and Selling Bitcoin, Ethereum & Other Cryptocurrencies. As a trader in Nigeria, you can trade BTC as a CFD instrument via any broker that offers Crypto Trading. You will have to open a Trading Account with a CFD Broker that offers Cryptocurrencies. There a few globally regulated Brokers that offer Bitcoin trading. You can trade Bitcoin against fiat currency like the US Dollar i.e. BTC/USD pair.
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Bitcoin was the first digital currency to be created. It is also the most respected, capitalised and traded cryptocurrency in the world. Cryptocurrency trading allows for maximum yield when it is volatile, due to its many ups and downs. This is precisely the reason global traders enjoy Bitcoin trading. Whenever a breaking story surfaces, Bitcoin starts to fluctuate and traders have the opportunity to cash in.
History has shown that Bitcoin traders and speculators routinely push this digital currency to the forefront of CFD trading. It is increasingly being used as the preferred payment option for merchants, money transfers and trading purposes. Bitcoin enjoys widespread popularity as a financial trading instrument, despite no association with governments or central banks.
Bitcoins are mined with powerful computer hardware and software. Their official blog has a helpful post outlining the differences between Bitcoin and Perfect Money for those unfamiliar with both e-currencies. Luno was originally launched as BitX in and since then it has grown to be a player in some niche markets around the world. Deriving most of its volume from South Africa, Luno is also popular in Nigeria and has recently expanded to service Bitcoiners in Uganda too.
Add to this list Europe, Indonesia, and Malaysia, and you've got yourself an exchange worth considering. Luno aims to provide a competing service to Coinbase , and has made its offerings available in many countries not served by the larger exchange.
Since our original in-depth review of Luno , they've added support for Litecoin , which along with Bitcoin, Ethereum, and XRP are available for trading. Notably, Luno allows you to purchase crypto using a credit card. You can deposit and withdraw directly to a bank account.
Luno also offers Paystack and PayU deposits for Nigerian customers. These fees are very competitive compared to other exchanges.
This puts it in rd place out of in Nomics' review of exchanges by liquidity and transparency. Luno boasts a clean trading interface in the same style as most, meaning you shouldn't have much trouble switching over from a different exchange. You can trade on the Luno app, which is available for iOS and Android. More advanced features include API integration for automated trading, liquidity depth indicators, and the ability to export your trade history in a.
Local Bitcoins is a great option for buying and selling Bitcoin in Nigeria using a variety of payment methods. Once a deal is opened, the seller will fund the escrow wallet with the Bitcoin to be bought.
The buyer will transfer the money and once the seller confirms receipt they will release the BTC. Should there be any disagreement, the BTC will stay locked in escrow until a solution is found, which may require LocalBitcoins stepping in to act as mediators. Recently, Binance has been greatly expanding its support for Nigerian users. These events are run by local experts and aim to educate and raise awareness about Bitcoin and blockchain.
Complementing its education program, Binance has also made it easier than ever for Nigerians to buy, sell, and trade crypto on its platform. You can now deposit NGN directly into your Binance account using a credit or debit card, following a partnership with Flutterwave. In Sub-Saharan Africa, about 95 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation.
Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption. In addition to allowing users to buy Bitcoin with a debit or credit card, Binance also has a peer-to-peer P2P marketplace, similar to Paxful or LocalBitcoins.
The price you see is the price you get. Binance has a useful support guide for P2P trading here. Binance's strong advocacy programs and the fact that it makes an effort to cater to under-served users who can most benefit from Bitcoin means that the exchange stands out from the pack.
The Ledger Nano X is the newest crypto hardware wallet, and is very easy to use. Atomic wallet is a multicurrency mobile wallet with a beautiful interface and easy to use features. Behind the scenes, developers around the world are working on the Lightning Network to fix these problems so that more people, maybe one day even millions, can all use bitcoin regularly without seeing a spike in fees and sluggish transactions.
All that said, some Nigerians are becoming reliant on using bitcoin as a way to trade internationally, and are finding bitcoin has significant benefits over legacy financial systems. Nigerian bitcoin entrepreneur Chimezie Chuta has another theory for why some are using bitcoin for trade with China and beyond. Like most other countries in an increasingly globalized world, Nigeria imports a significant percentage of the goods that it uses. Food industry, drugs, you name it, construction equipment, cars.
Nigerians have to struggle with this process, though. In Nigeria, finding U. This phenomenon has been covered in Bloomberg , for instance. This is one of the other reasons Ezike has turned to bitcoin as an alternative.