There are many options for Buying and Selling Bitcoin in Nigeria. The authenticity of some of these sites and sellers are shady as there is no verification and the sites aren’t safe for you to trade in Bitcoin. We have written this tutorial to guide you on how to buy and sell Bitcoin from Nigeria’s top Bitcoin Exchange – Bitkoin Africa.
1. How to Buy Bitcoin in Nigeria on Bitkoin.Africa
i. Register on www.Bitkoin.Africa
Bitkoin Africa is a community of several Bitcoin sellers and buyers in Nigeria. Purchasing your Bitcoin from Bitkoin Africa is easy, straightforward and secure. Every buyer and seller on the site is verified via several means before they begin trading. The site also provides escrow services which means that all Bitcoin intended for sale is first held by the site before it is dispensed to Buyers. The escrow service protects all buyers and sellers from fraud. It also means there are no hassles between prospective traders.
If you don’t have a Bitkoin Africa account, you first have to register an account. The first step is to visit www.Bitkoin.Africa, click on “Register” and fill all your details accurately. After filling your details, click the “Create Account” button to begin verification.
You will receive an email to verify your email address. Click on the link in the email to verify the email address and begin verifying your phone number, BVN and Bank Account.
To verify your account, click on “Account” then “Account Verification” and enter your details accurately. You can now begin to buy or sell Bitcoin.
ii. Buying Bitcoin in Nigeria from Bitkoin.Africa
Visit the Bitkoin Africa homepage. To access it, click on the logo at the top left corner of the navigation bar. Select the ‘Buy’ option, type in how much Bitcoin you want to buy and click “Search”.
iii. Select your preferred Bitcoin Seller
Now, you need to choose who you want to buy Bitcoin from. The search results page will display sellers, the amount of Bitcoin they are willing to sell, the rate they’re selling at and the minimum and maximum amount of Bitcoin they are willing to sell. Select the seller you think has the best offer and click the ‘Buy’ button on the row that has all their details.
iv. Review and Confirm
After clicking buy, read through the details of the transaction and confirm the transaction. Bitcoin transfers cannot be undone so ensure everything is correct.
v. Buy Bitcoin Instantly
After reviewing and confirming the transaction, the next step is to buy. Click the ‘Buy BTC Instantly button to buy Bitcoin from your seller of choice.
vi. Choose your payment method
After clicking ‘Buy BTC instantly’, a payment window should pop up, giving you the option of paying with your Bank Card or via your Bank Account.
Vii. Pay with Card
If you’re paying with your card, enter your card details appropriately, enter the OTP delivered via SMS to your phone and click ‘Pay’.
That’s all. Your payment will be confirmed and Bitcoin transferred to your wallet.
Viii. Pay with Bank
If you would like to pay with your Bank Account, select ‘Pay with Bank’ when the payment window pops up. The pay with bank option is currently only available to users with bank accounts in the following banks:
First City Monument Bank
Guaranty Trust Bank
To buy bitcoin with your bank account:
*Select your bank from the drop-down menu
*Verify your account by entering your account number and clicking the ‘Verify Account’ button.
*Enter your date of birth and the one-time password (OTP) that has been sent to your phone, then click ‘Complete Registration’.
*Another OTP will be sent to your phone. Enter the second OTP and click ‘Pay’.
vii. You’re done!
You have successfully purchased Bitcoin on Bitkoin Africa. Your new purchase will reflect in your Bitkoin Africa wallet Balance. To access your Bitkoin Africa wallet, go to the Wallet menu on the navigation bar and click ‘Wallet’ from the drop-down menu.
2. How to sell Bitcoin in Nigeria on Bitkoin Africa
Selling your Bitcoin on Bitkoin Africa is easy and secure. This is because the platform provides escrow services; meaning that payment for Bitcoin is first deposited by the buyer, held by Bitkoin Africa, and then dispensed to sellers. So you don’t need to communicate directly with your buyers, and you’re protected from fraud.
Because buyers deposit the amount they intend to spend before making a trade posting, you only interact with the Bitkoin Africa platform and can be sure to receive your payment instantly. There’s no need for back and forth between you and your buyer. Selling Bitcoin on Bitkoin Africa can be done following these steps
i. Setup your Bitkoin Africa account
Follow the steps above to create your Bitkoin Africa account and verify it. To begin selling, go to the next step.
ii. Go to the Bitcoin Africa trading page
After verification, you can search for prospective Bitcoin Buyers from the Bitkoin Africa homepage or clicking the ‘Buy/Sell’ link at the top right section of the navigation bar.
From the homepage, or ‘Buy/Sell’ page, select the ‘Sell’ option, type in how much Bitcoin you’d like to sell, then click ‘Search’.
iii. Select your Preferred Buyer
Choose who you want to sell to from the Search results. The results page will show buyers, the rate at which they’re willing to buy Bitcoin and the maximum and minimum amounts they are willing to buy.
Select the buyer you think has the most profitable offer and click the ‘Sell’ button on the row with their details.
iv. Review and Confirm
After clicking ‘Sell’, take some time to review the details of the transaction. Trades are irreversible so you need to make sure all the details are correct before you click the confirm button.
v. Sell Bitcoin Instantly in Nigeria
After reviewing and confirming your transaction, it’s now time to sell. Click the ‘Sell BTC Instantly’ button to sell BTC to the buyer of your choice.
vi. You’re done!
You have successfully sold Bitcoin to a buyer. Relax and you’ll receive a credit alert from your bank soon.
If you want to read more about Bitcoin and how to buy and sell Bitcoin in Nigeria, read the help site of Bitkoin Africa and their blog.