This article is for anyone who is interested in buying bitcoin for the very first time. It is a practical guide and from someone who has bought bitcoin before.
Bitcoin is currently one of the most talked about asset classes in the world today. It is also the asset class that has posted the best returns having gained over a 1000% this year alone.
This has made the interest to invest in bitcoin surge as the fear of missing out (FOMO) syndrome catches on newer investors. Investing in bitcoin is not has complicated as most think and is even faster than opening a bank accounts. In fact, it is often faster than opening a social media account.
There are several cryptocurrency exchanges in the country where you can access to open a bitcoin account. We will give you a run down of the popular ones and how you can buy bitcoin through them.
Remember, you can either buy bitcoin using a debit card or after a bank transfer has been confirmed.
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Luno is the easiest platform to use as it has a simple interface as well as mobile app. All you need is an email address, phone number and an a debit card with the same name as your email address. Bitcoin can be bought for as little as N300. Luno also has a mobile app, and being an exchange cuts off any third parties. Purchases are carried out directly using a debit card.
How to buy with Luno
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- Sign up with your email address and password.
- You will be required to provide your atm card details which must tally with your name.
- Fund your account (deposits are tied to an ATM card which must be same with your bank account name).
- You can then buy ethereum or bitcoin.
- You will be required to input your 4 digit PIN before any transaction can take place.
Remitano is a peer to peer bitcoin exchange which means you are dealing directly with the owner of the crypto currency. Transactions involving this exchange are significantly larger compared to luno and may not be immediate.
How to buy bitcoin with remitano
- Sign up using an email address and user name.
- Login to remitano.com
- Type the amount you want to buy.
- Select from the list of buyers.
- Make a payment.
Tanjalo is a fairly new exchange, and transactions are done directly with the exchange. Purchases are done using a debit card, and they occour significantly faster compared to other exchanges. The minimum amount that can be bought with Tanjalo is currently N5000.
How to buy using Tanjalo
- Sign up to the website using an email address and password.
- Login after you have signed up.
- Type the amount you want to buy in Naira. The dollar and bitcoin equivalent will show up.
- Input your bitcoin wallet address.
- Then input your ATM card details.
Purchases using the Nairaex platform are done directly with the exchange. In order to buy bitcoin directly a user’s account has to be verified by submitting KYC documents such as a government issued ID and a utility bill. Unverified accounts can purchase bitcoin by paying with a bank teller. A minimum of N2000 is charged for transactions worth less than N15000.
How to buy bitcoin using Nairaex
- Sign up with an email address and password.
- Complete the verification process by submitting the necessary KYC documents.
- Choose the amount of bitcoin you want to buy.
- Make your payment.
Naira4dollar is one of the oldest bitcoin trading platforms in the country, but does not have a mobile app. Transactions are also directly with the exchange.
How to buy bitcoin on Naira4dollar
- Login to your account.
- Click Buy, fill the form and submit.
- You will get payment details including Naira4dollar’s account numbers.
- An invoice with full details and our account numbers will be sent to your email also.
- Make the payment in the format given to you, then return to the website, login and click ‘Send Alert’ where you have the order details.
- Your account will be funded when your payment is confirmed.
Bitkoin Afrika is a peer to peer exchange meaning transactions are directly between users, who have however been verified by the website. The bitcoin is also held by the exchange which acts as a middle agent.
How to buy bitcoin using bitkoin Africa
- Sign in using user email and user name.
- Click on buy.
- Choose your preferred seller.
- Review and confirm
- Click Buy Instantly.
- Choose your method of payment: Paying with your ATM card or Transferring from your bank account.