The cryptocurrency revolution has taken root in Nigeria, with increasing adoption across individuals and businesses. As more Nigerians explore digital assets, the demand for reliable and secure ways to buy Bitcoin (BTC) continues to grow. This guide provides a comprehensive overview of how to purchase BTC in Nigeria, including top platforms, step-by-step instructions, legal considerations, and best practices for secure storage.
Whether you're a beginner or an experienced trader, understanding your options is crucial for entering the market safely and efficiently.
Is Bitcoin Legal in Nigeria?
Bitcoin operates in a regulatory gray area in Nigeria. While the Central Bank of Nigeria (CBN) has issued warnings about the risks associated with cryptocurrencies, there is no outright ban on buying, selling, or holding BTC. In fact, peer-to-peer (P2P) trading remains widely used despite past banking restrictions.
As of now, cryptocurrency transactions are not regulated, which means:
- There are no tax obligations on capital gains from crypto trading.
- There is no formal consumer protection, increasing the risk of fraud.
- Users must rely on due diligence when choosing exchanges.
The government is actively exploring blockchain technology and digital currencies, suggesting future regulation may be on the horizon. Until then, Nigerians can legally trade Bitcoin — but must do so with caution.
👉 Discover a secure way to start your crypto journey today.
Top Platforms to Buy Bitcoin in Nigeria
With dozens of platforms available, selecting the right one depends on your priorities: ease of use, fees, security, anonymity, or payment options. Below is an overview of the most trusted services.
Bitkoin Africa
Based in Lagos, Bitkoin Africa is a leading P2P exchange tailored for Nigerian users. It supports Bitcoin, Bitcoin Cash, Litecoin, and Ethereum trading using Nigerian Naira (NGN).
Key Features:
- Escrow protection ensures safe transactions.
- 0.5% trading fee regardless of transaction size.
- Supports bank transfers and debit card payments.
- Requires identity verification (BVN, ID, phone number).
While the verification process adds a layer of security, it may deter those seeking anonymity.
Pros:
✔️ Strong scam protection via escrow
✔️ User-friendly interface
Cons:
❌ Identity verification required
Luno
Luno is a globally recognized exchange operating in Nigeria since 2013. It offers a simple way to buy and store Bitcoin and Ethereum.
Key Features:
- Tiered account system based on verification level.
- Up to NGN 10,000,000 monthly limit after full verification.
- Two-factor authentication (2FA), SSL encryption, and offline storage.
- Fees range from 0.20% to 1% for takers; makers trade free.
Luno does not support direct P2P trading but provides a streamlined experience for new users.
Pros:
✔️ Trusted international platform
✔️ No fees for maker orders
Cons:
❌ Low trading limits without verification
Remitano
Remitano is a popular P2P marketplace allowing Nigerians to buy BTC directly from sellers using bank transfers.
Key Features:
- No mandatory ID verification for basic use.
- 1% fee charged to takers.
- Escrow system protects both parties.
- Active user base with fast trade execution.
Although convenient, users must carefully vet traders due to potential scams.
Pros:
✔️ Fast and anonymous sign-up
✔️ Large pool of active traders
Cons:
❌ Risk of fraudulent sellers
Paxful
Paxful offers over 300 payment methods, including bank transfer, gift cards, and mobile money — making it one of the most flexible platforms.
Key Features:
- Buyer pays no fees; seller covers 1%.
- Escrow-backed transactions.
- Anonymous trading possible with certain payment types.
Its global reach benefits Nigerian users looking for alternative funding options.
Pros:
✔️ Unmatched payment variety
✔️ Strong buyer protection
Cons:
❌ Scam risks if not cautious
Tanjalo
Tanjalo stands out for its simplicity and lack of ID requirements. Users can instantly buy BTC using debit/credit cards or Nigerian bank accounts.
Key Features:
- No identity verification needed.
- Powered by PayStack for secure payments.
- Rates tend to be higher than competitors.
Transparency around fees is limited, and the platform only supports Bitcoin purchases.
Pros:
✔️ Instant purchase process
✔️ Fully anonymous
Cons:
❌ Hidden fees and high rates
ICE3X
Originally from South Africa, ICE3X now serves Nigerian traders with strong liquidity and support for multiple cryptocurrencies.
Key Features:
- Supports BTC, ETH, LTC, DOGE, and more.
- Trading fees capped at 0.5%.
- Withdrawals require full KYC verification.
It's ideal for active traders seeking diverse trading pairs.
Pros:
✔️ High liquidity
✔️ Multi-crypto support
Cons:
❌ Mandatory verification for withdrawals
Step-by-Step Guide: How to Buy Bitcoin on Bitkoin Africa
For first-time buyers, Bitkoin Africa offers a smooth and secure onboarding process.
Step 1: Create an Account
Visit the Bitkoin Africa website and click Register. Provide your name, date of birth, email, and phone number. Choose a strong password and confirm your email via the link sent to your inbox.
Step 2: Verify Your Identity
To unlock full features, submit your:
- Bank Verification Number (BVN)
- Valid ID (National ID, Driver’s License, or Passport)
- Proof of address
This step enhances security and enables larger transaction limits.
Step 3: Find a Seller
Navigate to the Buy Bitcoin section. Enter the amount of NGN or BTC you'd like to purchase. The platform displays verified sellers with real-time rates.
Select a seller with positive feedback and click Buy Now.
Step 4: Confirm and Pay
Review the trade details — amount, price, fees (0.5%), and payment method. Click Review and Confirm, then choose your preferred payment option:
- Debit card
- Bank transfer (supports 6 major Nigerian banks)
Complete the payment using your 2FA-enabled mobile number.
👉 Start buying Bitcoin securely with just a few clicks.
Step 5: Receive Your BTC
Once the seller confirms receipt of funds (usually within minutes), BTC is released to your wallet. You can withdraw it anytime to a personal wallet for added security.
Frequently Asked Questions (FAQ)
Can I sell Bitcoin in Nigeria?
Yes. Most platforms like Bitkoin Africa, Remitano, and Paxful allow you to sell BTC for Naira via P2P trading. You’ll need to create a sell order, specify your price, and provide bank details for payout.
Are there taxes on Bitcoin profits in Nigeria?
Currently, there are no taxes on cryptocurrency gains in Nigeria. However, this could change as regulators develop frameworks for digital assets.
What’s the safest way to store Bitcoin?
Hardware wallets like TREZOR or Ledger Nano S offer the highest level of security by keeping private keys offline. Avoid leaving large amounts on exchanges due to hacking risks.
Which payment methods are supported?
Common options include:
- Bank transfers
- Debit/credit cards
- Mobile money
- Online payment systems (e.g., PayStack)
Availability varies by platform.
Are Bitcoin ATMs available in Nigeria?
As of now, there are no operational Bitcoin ATMs in Nigeria according to Coin ATM Radar. However, crypto debit cards like ExKash allow you to spend BTC at regular ATMs — though fees are typically high.
How do I avoid scams when buying Bitcoin?
Stick to reputable platforms with escrow protection. Always check seller ratings, avoid deals that seem too good to be true, and never share sensitive information outside the platform.
Final Tips for Safe Bitcoin Purchases
- Start small: Test the platform with a small transaction before investing large sums.
- Use strong passwords: Enable two-factor authentication wherever possible.
- Withdraw to a private wallet: Don’t leave funds on exchanges long-term.
- Compare rates: Prices vary across platforms — shop around for the best deal.
- Stay informed: Follow crypto news relevant to Nigeria for updates on regulations and market trends.
👉 Secure your digital assets with a trusted global exchange.
Conclusion
Buying Bitcoin in Nigeria is accessible through various secure and user-friendly platforms. From P2P giants like Paxful and Remitano to structured exchanges like Luno and Bitkoin Africa, there are options suited for every type of investor.
While regulatory clarity is still evolving, Nigerians continue to lead in crypto adoption across Africa. By choosing reliable platforms, understanding risks, and storing funds securely, you can confidently participate in the future of finance.
Whether you're investing for growth or using crypto for remittances and payments, now is an excellent time to learn how to buy Bitcoin safely — right from Nigeria.