There’s now a new way to buy, sell and convert cryptocurrencies like Ripple (XRP), specifically for the Nigerian market.
Buying cryptocurrency in Nigeria has been a complicated and technical process in the past. However, Coindirect, a peer-to-peer marketplace recently launched in Nigeria, now offers a fully regulated platform for Nigerians to easily and securely buy bitcoin and over 30 of the world’s leading altcoins using local payment methods.
The platform is currently operating in Nigeria, Kenya, South Africa and the United Kingdom, and will be expanding into more countries later this year. Continue reading to find out how to place your first order for Ripple (XRP) if you are based in Nigeria.
Make an account with Coindirect
Go to the Coindirect homepage, and click ‘Sign Up’ to create your account. This is done by entering a valid email address and a password you choose. Once you’ve successfully logged into your account, it will open onto the ‘Dashboard’ page where you can complete your personal details by clicking ‘Enter Details’. Coindirect requires you to enter your name, mobile number, address, country and date of birth to help avoid the risk of fraud for the buyers and sellers on the platform.
Verify your account
To order Ripple over the value of ₦400 000, Coindirect requires you to verify your account in order to follow international compliance standards. This process helps to protect its users on the peer-to-peer network.
You will see the ‘Verify Identity’ option on the Dashboard, clicking this will open the new window. You’ll be asked to upload 3 documents including your valid identity document or passport, a clear picture of yourself (a selfie) holding up that same ID, and a proof of address that is less than 6 months old. Once the 3 files are successfully uploaded, verification may take up to 24 hours to be authenticated by the Coindirect team.
Click to buy
If you’ve completed the previous steps, you are now ready to trade. Click on the ‘Buy Coins’ tab to see the the cryptocurrencies available to buy on Coindirect. There are currently 35 of the leading altcoins available including Cardano (ADA), Dash (DASH), Bitcoin Cash (BCC), Ethereum (ETH) and many more. To purchase Ripple, click the orange ‘Buy’ button on the right-hand side of the screen. This will take you to a page that displays the offers available to you on the peer-to-peer marketplace. This page includes the people you can buy Ripple from, their user rating and their currency amount limitations. Selecting a seller will open a page where you enter the amount you want to purchase in naria, your prefered payment method. If you are happy with the details, click ‘Place an order for Bitcoin’ to confirm.
The final step before receiving the Ripple you ordered is to pay the seller you selected. A new page will open where you can arrange a secure bank transfer with your bank. In many cases the trade will conclude fairly quickly, but there is a 90-minute window that allows for the proof of payment to reach the seller. All trades on the Coindirect platform are escrow-protected so your funds, and the sellers ripple are only transferred once both parties honour the transaction.
Use the Coindirect wallets to manage your coins
Once your transaction has successfully concluded, your Ripple balance will show in the ‘Wallets’ tab of the Coindirect website. Each new account starts with Bitcoin (BTC), Ethereum (ETH) and US Dollar Tether (USDT) wallets. Each time you buy a new altcoin using the Coindirect platform, a Wallet for that altcoin will automatically be added. This ‘Wallets’ tab can be accessed 24/7 and is the place where users can easily send, receive and store their wallet balances. There is a ‘+Add Wallet’ function to create free wallets for any of the 35 cryptocurrencies currently available through the platform. The ‘Transfer’ function lets you quickly and easily convert coins between your different cryptocurrency wallets for a small fee.
Coindirect lets users add an extra level of personal account security by offering Two-Factor authentication for when they log into their accounts. This minimises the risk of the wrong people accessing your account. To turn this on for your account, download a Two-Factor Authentication app like Google Authenticator on you mobile and connect it to Coindirect by finding the ‘Security’ page on your top right profile drop down menu of the website.
Coindirect makes every effort to ensure your information is protected and is registered with the Isle of Man FSA, so it’s AML compliance is overseen in line with global standards.
What makes Coindirect different
Coindirect.com is the peer-to-peer platform that allows you to buy, sell, store and convert over 30 different cryptocurrencies all under 1 secure account. Having Coindirect operating in Nigeria means you can avoid the complications of setting up multiple accounts, excessive conversion fees and long waiting periods for Bitcoin transactions.