Where to Buy Bitcoin in Nigeria

After Binance announced that it would stop all its services in Nigeria on March 8, the question of “where do I buy and sell Bitcoin” became the new bone for Nigerian cryptonians to chew. If you have that question in mind, you’re welcome onboard.

In the article, you will get an overview of reliable platforms where you can buy and sell Bitcoin.
Bitcoin Exchange Types
Before we discuss the nitty-gritty of this article, I want you to understand the three types of exchange systems you may encounter on the platforms we’ll be discussing shortly.

Broker Over-the-Counter Exchange

The transaction is directly between you and the platform in this exchange system. You send the money to the platform, and they send the Bitcoin to your wallet address. No external parties are involved.
Some platforms that operate this system register with the government, and some may have physical offices. However, they might be slow and not operate 24/7.

Peer-to-peer (P2P) over-the-counter Exchange

This is a very popular exchange system in which the platform connects the buyer and the seller and regulates the exchange using an escrow system.

How does P2P work?

Say Mr. A wants to buy ₦100,000 worth of Bitcoin from Mrs B via P2P on a platform. After indicating, the escrow will freeze ₦100,000 worth of Bitcoin from Mr B’s account.
Mr A goes to the bank or makes an electronic transfer of ₦100,000 to her account. Afterward, the escrow transfers the Bitcoin to his wallet. After he sends the proof of payment, she confirms it on the platform.
While this system is fast and operates 24/7, there’s the risk of fraud and frozen accounts.

Trading Platforms

This system resembles forex trading. Here, traders trade one currency against another, e.g., NGN/BTC, USDT/BTC, NGN/USDT.
In the system, you only trade in the platform. Although you are trading against someone taking the opposite trade(i.e., buying BTC when you are selling it), you neither see nor interact with the person.

Best Bitcoin Platforms in Nigeria
Now to the nitty-gritty: where to buy Bitcoin in Nigeria.

Roqqu

Roqqu is one of the best Nigerian trading platforms, founded in 2017. Its wallet lets users buy and sell Bitcoin and other cryptocurrencies with fiat currencies. The platform also offers special services like virtual cards, bill payments, and fiat transfers.
Roqqu has a very user-friendly mobile app that allows trading 24/7. The Roqqu mobile app offers benefits, such as a zero deposit fee. Its interface is friendly and suitable for both beginners and advanced traders.

Pros of Roqqu

Suitable for beginners
Mobile app provides 24/7 trading services
Sign up process for Roqqu is easy
Transactions are fast and efficient
Allow fiat transfers

Cons of Roqqu

It has limited payment options
Customer service repose is sometimes slow

Luno

Luno is one of the largest crypto exchanges in the world, with over 10 million users worldwide, including Nigeria. It has a user-friendly interface and is one of the best security tools for keeping crypto safe.
The relatively easy access to Bitcoin and other cryptocurrencies with Luno aligns with its motto that cryptocurrency is for everyone. Although Luno provides services similar to Coinbase, its services are available in countries where Coinbase services are unavailable.

Pros of Luno

It has a friendly interface for beginners
Cryptocurrencies stored in Luno are very secured

Cons of Luno

The verification process of Luno is strict and can be frustrating
Luno had limited payment options

NairaEx

NairaEx is one of the largest exchanges in Nigeria. It has over 130 thousand users, and over 900 thousand transactions concluded. NairaEx is a Nigerian-based exchange platform in Abeokuta, Ogun State.
To begin using this platform, you must sign up and verify your ID. Interestingly, NairaEx allows fiat transfers, i.e., you can make transfers directly from your bank account to the platform.

Pros of NairaEx

It offers instant and automatic payments.
It offers different payment options, such as bank transfers and perfect money.
There is no trading fee in NairaEx, only transaction fees

Cons of NairaEx

It requires ID verification, which may be a stressful process
The only cryptocurrency supported on the platform is Bitcoin
NairaEx does not have a mobile application
Transactions less than ₦30,000

Bybit

Bybit is a crypto derivatives trading platform with advanced trading features such as taking profits and stopping losses. It incorporates high-security features, making it very reliable.
Besides buying and selling Bitcoin on Bybit, you can trade contracts and futures at crypto prices. It provides spot trading and offers up to 100X leverage for futures trading.

Pros of Bybit

It allows leverage trading.
Bybit’s two-factor authentification and cold storage for cryptocurrency enhance the safety of users’ funds.
Bybit provides advanced trading features such as “stop-loss,” “take profits,” and limits.
Bybits offers a wide range of cryptocurrencies other than Bitcoin and Ethereum.
Cons of Bybit
There is no bank direct withdrawal with Bybit.

Kucoin

Kucoin is a great crypto exchange platform. Its headquarters is in Singapore, although the founders launched it in Hong Kong. It offers exchange services for Bitcoin and 600 other cryptocurrencies.
Users of the Kucoin platform get discounts for holding the exchange cryptocurrency, Kucoin Shares, by holding it.

Some of the features and services of Kucoin are:

Peer-to-peer fiat trade.
It allows users to buy cryptocurrencies using Visa and Master cards
Kucoin has a mobile app
It provides multiple payment options
Trading bots
Pros of Kucoin

It has an easy-to-use P2P exchange system
It allows users to deposit USDT through a bank transfer
It had multiple trading options such as futures, margin trading, and copy trading
It has a beginner-friendly website and app

Cons of Kucoin
It has a limited payment method
Some low-cap coins are not available for trading

Conclusion
In conclusion, consider factors like security, user interface, fees, and customer reviews when looking for the best exchanges from which to buy Bitcoin. Evaluating these aspects will help you make a more informed decision and choose an exchange that aligns with your needs and preferences.

How to Use the Roqqu App

Chances are that you are already using Roqqu, but you’re on their web platform. Or you are completely new to the crypto trading world and are searching for an app that meets all your trading needs.

Well, you are in luck. In this comprehensive guide, we run you through all you need to know about the Roqqu App, why you should get it, and how to use it efficiently as a novice or expert trader.

The Roqqu app is one of the amazing features of the Roqqu trading platform. It allows you to easily exchange cryptocurrencies and perform other tasks, like paying for services to Roqqu-supported merchants.

Getting the Roqqu App and Signing up

The first step to enjoying the benefits of the Roqqu App is getting it. The app is available for Apple and Android users in the Apple and Google Play Store

Once you download the app, you either log in if you already have a Roqqu account or register and sign up for new Roqqu users. To sign up, you need to provide all the required information, such as your email address and your choice of password.

Roqqu then sends you a verification link to the email provided for the sign-up. Check your email and click the link sent to continue with your sign-up.

At this point in your signing up, it is vital to set additional security measures to safeguard your account, including two-factor authentication, which requires you to input a one-time code from Roqqu whenever you log in.

How to Deposit Using the Roqqu App

Depositing into your account has never been easier than using the Roqqu App. After logging into your account, find the “Deposit” option in the app. Input the amount you want to fund into your account, and Roqqu shows you the equivalent in UDST. Afterwards, you click on “Proceed with transaction.”



Roqqu currently uses two methods of funding your account: peer-to-peer wallet and peer-to-peer bank. However, you may need the first option because of the recent ban on crypto trading. More emphasis will be on the second option.

The Bank Peer to Peer option mandates linking your bank details to Roqqu. When you click on your linked account, Roqqu presents some verified merchants to which you can deposit, which funds your Roqqu account.

Upon selecting your preferred merchant, their bank details load on the screen along with a unique code, which must be your transfer narration while making the transaction to the merchant.

You must make the transaction from your bank account linked to Roqqu, as Roqqu sees this account as yours. After transferring to your merchant, return to your app and click on the page that reads “I have made the Payment.”

At this point, Roqqu verifies your payment to the merchant, and in five to twenty minutes, your account gets funded. With this deposit, you can buy a wide range of cryptocurrencies available on Roqqu and pay your utility bills.

Buying Cryptocurrencies on the Roqqu App

The Roqqu platform offers a range of cryptocurrencies, which are also available on the Roqqu App.
You must first log in to your Roqqu account to buy a coin. Then, on the app's dashboard, you click on the Buy icon, which displays all the crypto assets available on Roqqu.

Another option is directly searching for the coin you want to buy on the app's dashboard. You click on the coin and select “Buy” when the details load.
In either method, you input the amount of the coin you wish to obtain with your fiat currency.

You will see an equivalent of the coin's value and the transaction fee, which Roqqu deducts from the coin you're buying.

After confirming all the transaction details, you click “Confirm,” and the transaction occurs swiftly. Upon completion, Roqqu credits the coin wallet and debits your fiat balance, which funds the transaction.

Selling Your Crypto Assets on the Roqqu App

The Roqqu app also offers an easy means to sell your crypto assets. As usual, you first log into your Roqqu account. On the dashboard, select the icon that reads “Sell” or “Instant Sell,” depending on your application version.

You then select the crypto asset and the amount you wish to sell. This selection takes you to a confirmatory page where you verify the transaction details and Roqqu's service charges.

Thus, Roqqu debits the amount of crypto sold from the wallet and credits your fiat balance with an amount equivalent to the crypto.

Withdrawing From the Roqqu App

A unique feature of the Roqqu platform is that it allows you to withdraw your fiat balance directly into your bank account. This feature is very useful, especially with the current ban on Crypto Trading.
After logging into your Roqqu account, click the “Withdraw” icon on the dashboard. You can then withdraw to a crypto wallet or your bank account.

We can choose the second option since we want the money to go directly into our bank account. After this, you input the amount of money you wish to take and proceed with the withdrawal.

Roqqu takes you to a confirmatory page where you can verify the transaction details and the withdrawal fee attached. To complete the transaction, Roqqu requires you to input a unique 2FA code sent to your linked email. This is an extra layer of security, verifying that you are the recipient.

Within minutes of concluding the transaction, Roqqu credits your bank account from your available fiat balance.

Paying your Utility Bills from Roqqu

The Roqqu app offers users a unique feature: the ability to subscribe to and pay several utility bills to selected merchants.



It includes recharging your call lines, buying data, subscribing to your cable channels, paying for electricity, and much more. This feature offers the relaxation of managing many finances from one place.

Conclusion

The Roqqu app is a huge part of the Roqqu trading platform, which offers you comfort and ease while you carry out your trading transactions. It also cuts across trading and paying your bills to provide more comfort.
Hence, I believe the Roqqu app is a must-have if you want to enjoy all the benefits Roqqu offers.

They are targeting p2p platforms up and down. Lol Bybit is messed up, kucoin is gone. If not for Bitget na God know how I go Dey survive + zero withdrawal charges again.