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Can I Open a Bitcoin Account in Nigeria? FAQs on Bitcoin in Nigeria

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The restriction on cryptocurrency transactions has made certain individuals somewhat puzzled about creating a digital currency account. It’ll interest you to know that there are simple ways through which you can open a bitcoin account. But the question is can I open a bitcoin account in Nigeria? Fortunately, you can open a bitcoin account in Nigeria.

bitcoin account in Nigeria

There are various answers to the common question, can I open a bitcoin account? But in Nigeria, all these answers boil down to one fact, which is you must keep your account anonymous. Furthermore, there are many cryptocurrency exchange platforms you can use to open a bitcoin account in Nigeria. The most prominent ones are Binance, Coinbase Exchange, FTX, and so on. You can easily create an account with these platforms and receive your bitcoins directly to your bank account.

As you read further, you’ll discover the more detailed information contained in this post. Furthermore, you’ll learn how to open an account for bitcoin and the procedure to receive your bitcoin straight to your local bank account. Keep reading for more information.

Can I Still Buy Bitcoin In Nigeria?

Buying bitcoin in Nigeria is possible through several different cryptocurrency exchange platforms. Although there’s a restriction placed on crypto transactions in Nigeria, the P2P function in these platforms helps to tackle this challenge. Through this P2P feature, users can easily buy and sell the bitcoin token. These transactions allow you to receive the bitcoin you sell directly into your bank account.

When it comes to how to open an account for bitcoin in Nigeria, there are certain mediums you’ll need. Let’s discuss some of these mediums for your perusal and the best option.

·        Bitcoin Wallet App –

Bitcoin Wallet is one of the many channels through which you can buy open a bitcoin account, and buy and sell the token. How to open an account for bitcoin here involves downloading this app from any online app store. Once that is done, you’ll need to set up your account by providing some personal details and setting up a passphrase.

Once you can access the main page of this digital wallet app, the next thing you’d want to do is purchase the bitcoin token. To do this, you’ll have to follow all the necessary verification processes like providing your credit card details.

Unlike some other mediums, transactions with this card-supported non-custodian Bitcoin Wallet application help users save money and time. Using this card-based wallet app, you won’t need to bother about the safety of your bitcoin. A lot of users consider the Bitcoin Wallet app the most secure option for bitcoin transactions.

·        Cryptocurrency Exchanges –

The second option on this list is the crypto exchanges. Unlike the Bitcoin Wallet app that comes with high-security measures, crypto exchanges don’t promise the same. One of the reasons for this fact is that with the exchanges, you deal basically with exchangers. So it’s possible to fall into the wrong hand upon a transaction and eventually lose your funds. Moreover, there have been cases of hackers breaking into some of these exchange platforms.

Furthermore, crypto exchanges come with several different tools that so many users may not need in their trading experience. Oftentimes, these tools make the platform pretty complicated to comprehend.

To stay safe from these happenings, it’s crucial to choose one of the most trusted crypto exchanges. A few examples of such crypto exchanges are Binance and Coinbase Exchange.

Finally, to set up your account on a crypto exchange, you’ll need to provide some personal information. These details are somewhat similar to those provided on the Bitcoin Wallet app but with more information to provide. Finishing this initial setup and verification process gives you access to the application.

·        Cryptocurrency Platforms –

Crypto platforms are almost similar to currency exchanges. However, the major difference here is that the cash doesn’t go to users’ bank accounts. The basic supported withdrawal channels here are payment systems. One thing you can observe in your experience with these platforms is the ease of transaction operations.

Just as it is with cryptocurrency exchanges, the major drawback here is the possibility of falling into scams. So, if you’re a beginner, you might want to take some time to learn about these platforms. This is quite necessary as so many have lost a fortune due to a lack of knowledge.

More to the caveats of this system of bitcoin transactions are the conditions attached to the number of tokens you can trade. What this means is there’s a limit to the amount of token you can sell-off. As such, you may not be able to trade tokens lesser than what’s required. In addition to this, cryptocurrency platforms come with fees or charges for every transaction you perform.

To avoid the risk attached to using crypto platforms and exchanges, we advise using a wallet app for your transactions. For some folks, after purchasing bitcoin with any of these platforms, they immediately move to a wallet. You can as well imbibe such a move to ensure the safety of your assets.

How Do I Withdraw Bitcoin To My Bank Account In Nigeria?

There are three major ways to withdraw bitcoin to a bank account in Nigeria. They include in-person transactions, e-Currency exchangers (P2P), and credit card transactions. Let’s go over this in detail for a better understanding.

In-person Transaction –

Just as the name suggests, this procedure involves a one-on-one transaction with a real-life crypto vendor. There are certain exchangers whose duty is simply buying and selling cryptocurrencies, of which bitcoin is included. So, the idea here is to find one of these crypto vendors to perform the transaction. This is the simplest form of withdrawing your bitcoin.

These vendors can as well transfer bitcoin for cash. In this case, you’re to provide them with your wallet address. When that is done, they’ll simply transfer the bitcoin equivalent to the amount you wish to purchase. However, you should know that transactions like this always come with some fees.

Through e-Currency Exchangers (P2P) –

This means is very popular with many cryptocurrency traders. Also, you can find these e-Currency exchangers on many exchanging platforms like FXT, Binance, Coinbase Exchange, and so on. What’s required in this case is an exchange platform application. Simply download one of these apps and input your details as prompted to access the app’s features.

There in the app, you can navigate through the different pages to find the Peer-to-Peer (P2P) section. While this is a very simple way to carry out your transactions, it’s important to choose a reputable platform. This is essential for the safety of your assets, as there have been records of lost tokens through some of these online exchangers.

Credit Card Transaction –

Funding a bitcoin account has never been so easy since the introduction of credit card transactions. The list of the advantages of this bitcoin withdrawal means is pretty long. A lot of people prefer this process because of the safety of assets upon transactions. While some others would choose this means due to its transaction speed. Also, for the majority of people, it’s the low costs of transactions that matter.

Credit card transaction remains one of the simplest and safest forms of withdrawing your digital assets. Primarily, it involves inputting your card details and waiting for the authentication process to complete.

Moreover, many platforms support this means of withdrawal. Some perfect examples are Bybit, Coinsmart, Binance, Coinbase, and so on. You can download any of these apps to withdraw your bitcoin easily and fast using your credit or debit card.

Final Words

Opening a bitcoin account is one of the simplest things anyone can do. But can I open a bitcoin account in Nigeria? – You may want to ask. Well, opening a bitcoin account in Nigeria is quite possible. However, you must always make to keep your account anonymous. Furthermore, you can use different platforms like crypto exchanges, platforms, and digital wallets to create your bitcoin account.

Digital wallets are the safest means to open a bitcoin account. This is because, usually, transactions with these wallets are performed using credit cards. Crypto exchanges and platforms on the other hand may require you to go through exchangers to purchase the bitcoin token. This process is more often referred to as P2P (Peer-to-Peer).

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