There is a thriving cryptocurrency community in Lagos, which means there are lots of apps you can use to buy or sell Bitcoin. In this post, we will discuss the Best Ways To Buy And Sell Bitcoin In Lagos, including everything else you should know about this process. But first, some facts about crypto in Nigeria.
Nigeria ranks second on the list of nations with the largest crypto market, trailing only behind the United States of America. According to data by Statista, this country tops the list of countries that use crypto the most. 32% out of the 170 million population deals in this currency, making it number 1 in Africa.
The Central Bank of Nigeria banning crypto deals from all of its affiliated financial institutions, simply facilitated the use of P2P platforms by residents to trade BTC and other assets. P2P platforms didn’t just increase in Nigeria but in other African countries too. This had made the continent a top P2P payment platform with regards to transaction volume across all regions.
Our post will teach you everything about bitcoins, why you should buy and sell BTC in Lagos, the best methods to use, apps for trading it, and lots more.
What Is Bitcoin?
Bitcoin is a decentralized digital currency with a bank or a sole administrator. It may be sent from trader to trader on the p2p bitcoin network without intermediaries.
This cryptocurrency was invented in 2008 by a group of people using Satoshi Nakamoto. The currency’s use began in 2009 when it was released as an open-source software.
Today, Bitcoin is the largest and most popular cryptocurrency. Many other coins have been modelled after it and are called altcoins i.e. alternative currency.
Why Should You Buy And Sell Bitcoin In Lagos?
While Bitcoin dipped in January 2022, it is still at the top of the list of crypto investors across the world. Below are 3 reasons why you should buy and sell bitcoin in Lagos, today.
1. Bitcoin Is Gaining Wide Acceptance
BTC is gradually becoming widely accepted, spreading to many popular companies in the world. The number of people using Bitcoin has also been on the rise. This shows that it is here to stay for a long time.
2. Investments Are Growing Continuously
The number of people investing in Bitcoin has increased over the years. Per reports, investors buying BTC through platforms like PayPal and CashApp have grown steadily. The number of users on various crypto exchanges has significantly increased too.
3. It Is Suited For Macro Investment Environment
When many governments experience bailouts and other crises, BTC is good for investment. During crises and pandemics, it is easy to see its unique value proposition.
Best Ways To Buy And Sell Bitcoin In Lagos
Mastering how to trade crypto legitimately in Lagos is as crucial as knowing how to buy or sell your bitcoin in this city. Here are the 5 best ways to buy and sell Bitcoin in Lagos with others.
1. Choose A Trading Platform
Decide which crypto platform is the best for you and sign up for it. We listed some apps in the later part of this article with Bitcoin options so that your choices are not limited. During registration, you may need to be verified, depending on which app it is.
2. Deposit Bitcoin To Your Account
When you choose a platform to trade on, go to your account and generate a BTC wallet address. The wallet will be yours, and most times it won’t change. With it, you can store or receive bitcoins. It will help you buy BTC anywhere you go.
3. Find Legitimate Traders
After buying BTC and it’s in your wallet, you’ll need to find someone who will buy it if you are using P2P to trade. If you are using an OTC trading system like BREET, this process is automated and instant, with no manual interference needed.
4. Crypto Exchanges
Crypto exchanges are a great way to buy and sell Bitcoin in Lagos. As a Nigerian who wants to trade legally, you can find a trusted brand that can help you exchange your coins in a process that won’t get you in trouble.
5. Peer-to-Peer Trading
Online peer-to-peer bitcoin trading sites in Lagos are one of the most used methods of selling bitcoin or other cryptocurrencies in the state.
There are dedicated platforms like crypto exchanges where peer-to-peer trading happens, while others may be on social media platforms. Basically, people who are interested in what you’re offering can connect and trade with you.
How To Spot Good Exchanges To Buy And Sell Bitcoin In Lagos
Bitcoin trading should be based on your personal preferences and interests. To find a place where you can easily buy and sell Bitcoin in Lagos, you must research what each platform has to offer. Some exchanges are fast but incur higher fees. Others use P2P and are slower.
But before choosing where to trade, ask these questions to find what suits you – are you selling BTC or exchanging it for another crypto? How fast do you want the transaction to be? What deposits are allowed in your bank?
These are other methods on how to spot good trading platforms:
1. Adequate Liquidity
Use a crypto exchange with adequate buy and sell demand for crypto assets so that buying or exiting a trade won’t be difficult.
2. Trading Limits
It is important to check for trading limits and any deposit limits that could affect your trading experience.
3. Strong Social Media Presence
Social media presence is another factor to consider when choosing a platform to buy or sell Bitcoin. A good crypto platform communicates efficiently with its users on different social media channels like – Twitter, Instagram, and LinkedIn.
4. Convenience And Ease Of Use
The place you trade on should be easy to use even for beginners. You should face minimal hitches when buying, selling, and placing cash withdrawals on the platform.
5. Excellent Rates And Fees
Most fintech companies in Lagos have high exchange rates and trading fees, which makes trading BTC costly. Use a company where you can deposit and trade crypto for free or lower fees.
6. Safety Of Funds
A good exchange protects your funds from scammers by using two-factor authentication and the KYC (Know Your Customer) procedure. They’ll have advanced security features in place to secure your Bitcoin.
7. Coins Supported On The Platform
Bitcoin and Ethereum are the most prominent cryptocurrencies today. But there are others such as USDT, PI, etc. The ideal crypto exchange will create numerous popular altcoins for purchase.
Having this feature available, will eliminate the need for you to open different accounts with various exchanges and allow you to trade from one place.
8. Good Customer Support
The exchange should also offer a consistent customer support experience so that they can assist you with any enquiries or complaints you have about using their service.
4 Best Apps Where You Can Buy And Sell Bitcoin In Lagos
Cryptocurrency exchanges are the standard way for new investors to trade BTC. Here we share some reliable platforms, where you can safely buy and sell bitcoin in Lagos.
These marketplaces have existed for a while and have features you may find useful such as – low costs, quick transactions, and friendly customer support staff.
Binance shares the belief that you should have the freedom to earn, hold, spend, share, and give your money, no matter your status or where you come from.
Today, they lead the world’s blockchain ecosystem, with a product suite that houses the largest digital asset exchange. Their mission is to become the infrastructure provider for crypto in tomorrow’s world.
Patricia is a technology-driven alternative payments platform where traders and consumers can transact with new digital currencies such as Bitcoin, gift cards, and perfect money.
They intend to usher Africa into the digital age with their technology, innovation, and payment solutions.
3. Yellow Card
Yellow Card is one of the largest cryptocurrency exchanges in Africa. They operate across 16 countries. They are a financial services company that provides a crypto exchange, easy cross-border payments driven by crypto, and an API suite for companies on the continent and overseas.
Quidax is a movement of people who believe that gaining access to cryptocurrency products should be easy.
When To Buy And Sell Bitcoin In Lagos
The Crypto market can be tricky and there is no way to predict what will happen in the future, but it can be analyzed.
Follow the latest Bitcoin news and trends to see when BTC prices changed in the last weeks and months, and if you can see any uptrends on the way.
There is never a good or bad time to buy and sell bitcoin in Lagos, just do your own research. Also, don’t forget to trade with a good platform.