Dec 19, · Bitcoin trading in Nigeria has increased by per cent so far in , while the year is not over and despite the COVID pandemic Nigeria has seen more bitcoin trading in . Sep 02, · Pressure on Nigeria’s current exchange rate is likely to get worse in , when the expected recovery of imports is set to force another devaluation of the local currency to N/$ next year, according to two Bank of America analysts. Earlier rate adjustments, one in March and another in July, already appear to have failed to ease the pressure. Aug 13, · Nigerians Are Using Bitcoin to Bypass Trade Hurdles With China Chukwuemeka Ezike sends thousands of dollars’ worth of bitcoin a month in order to .
Bitcoin trade in nigeria9 Exchanges to Buy Bitcoin & Crypto in Nigeria ()
The contract for difference also allows traders to take the advantage of leverage, margin, and various other useful features that can enhance the trading experience and increase profit opportunities.
Bitcoins can be bought and sold from an exchange at current BTC prices. Or Bitcoins can be traded through a contract for difference. By dealing with CFDs, the bitcoins are not actually bought, sold, or stored in your wallet. Instead, the price movement of bitcoins is speculated against numerous physical or fiat currencies. Various international brokers offer cryptocurrency trading in Nigeria through CFDs. There are several FSCA regulated brokers in Nigeria while some are also regulated by foreign top tier regulatory authorities.
With the availability of leverage, the traders are allowed to open a bigger position with a smaller initial deposit called margin. Traders in Nigeria can use leverage ratio of to Bitcoin trading through CFD can be better understood with the help of an example.
It must be noted that bitcoins can be bought and sold in decimals through exchange as well as CFDs. Disclosure: We earn a commission if you Sign Up with a broker through referral links in this review. This helps us cover the expenses for running the website. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More.
Read full risk disclaimer.. All Rights Reserved, Overall Rating 9. Local phone number is available in Nigeria. Which is Bitcoin? What are Bitcoin CFDs? You may also like. Comments Leave a Reply Cancel reply. More in Business. Entertainment Travel and Tour Society Fashion.
Interviews Opinion Street reporter. Remember Me. Popular Posts. While Luno or NairaEX will let you do this, their interfaces are similar to Coinbase in that they're geared toward retail investing rather than trading. Additionally, liquidity may not be great enough on these smaller exchanges to avoid slippage, which will cut into your profitable trades and magnify your losses.
The best platforms for trading are the large exchanges with global coverage. These exchanges list hundreds of asset pairs, have deep orderbooks, and are less prone to downtime than smaller operations.
You may find CoinMarketCap's ranking of exchanges by overall liquidity useful when deciding where to take your business. In addition to Binance - whose offerings tailored to Nigerian customers we went through above - some good choices of exchange are Kraken , Bitfinex , and Coinbase Pro.
All of these exchanges will provide you with a customizable trading interface, complete with all the tools and indicators you could need to maximize your chances of trading profitably. We've compiled a list of the best Bitcoin exchanges in Nigeria, from locally-operated exchanges to worldwide market leaders with especially good offerings for Nigerian users.
NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. There are no additional trading fees for buying or selling on NairaEX.
Instead, fees are baked into the price of the asset. You can see the current spread on NairaEX's homepage. One major benefit of NairaEX's setup is that it is a non-custodial exchange. This means that your assets are not held in a centralized wallet, which are prone to hacks, but instead are sent directly to your own wallet once the transaction has been processed. Their official blog has a helpful post outlining the differences between Bitcoin and Perfect Money for those unfamiliar with both e-currencies.
Luno was originally launched as BitX in and since then it has grown to be a player in some niche markets around the world. Deriving most of its volume from South Africa, Luno is also popular in Nigeria and has recently expanded to service Bitcoiners in Uganda too. Add to this list Europe, Indonesia, and Malaysia, and you've got yourself an exchange worth considering. Luno aims to provide a competing service to Coinbase , and has made its offerings available in many countries not served by the larger exchange.
Since our original in-depth review of Luno , they've added support for Litecoin , which along with Bitcoin, Ethereum, and XRP are available for trading. Notably, Luno allows you to purchase crypto using a credit card.
You can deposit and withdraw directly to a bank account. Luno also offers Paystack and PayU deposits for Nigerian customers. These fees are very competitive compared to other exchanges. This puts it in rd place out of in Nomics' review of exchanges by liquidity and transparency.
Luno boasts a clean trading interface in the same style as most, meaning you shouldn't have much trouble switching over from a different exchange. You can trade on the Luno app, which is available for iOS and Android. More advanced features include API integration for automated trading, liquidity depth indicators, and the ability to export your trade history in a. Local Bitcoins is a great option for buying and selling Bitcoin in Nigeria using a variety of payment methods.
Once a deal is opened, the seller will fund the escrow wallet with the Bitcoin to be bought.