How to start investing in Bitcoin in Nigeria
Almost everyone have somehow heard of Bitcoin. Most people usually heard about it in passing but don’t know what it is. For some others, their question is if it is legal and how can they start, while for some others the question is what can they do with Bitcoin. In this article we will look at how to invest and make money from Bitcoin in Nigeria.
What is Bitcoin?
Bitcoin is simply digital money, meaning that unlike Naira
or US Dollar that makes use of paper, Bitcoin is completely paperless. It was
created with the intention of making it easier to move money from country to
country, some even call it borderless money. Bitcoin, unlike regular currency
(fiat), is not controlled by any single individual, organisation or government
rather is controlled by Bitcoin users around the world.
Is Bitcoin Legal?
As to whether it is legal, in some countries it has been
tagged as illegal although it is difficult to restrict people from using
bitcoin. However, in Nigeria, there are no laws/policies against the use of
cryptocurrencies. Bitcoin in Nigeria is 100% legal
What you can do with
Bitcoin
Regarding what can you do with Bitcoin in Nigeria, a couple
use cases are: using it as an investment vehicle to diversify your assets;
trading by making gains off the price fluctuation just like forex trading.
Bitcoin can also be used to transfer money across borders faster and cheaper.
How to invest in
Bitcoin in Nigeria
On how to start investing in Bitcoin, it’s pretty easy. A
couple years ago the reverse was the case but with platforms like Binance,
investing in Bitcoin from Nigeria is seamless. Binance is the largest crypto
exchange in the world with over 13 million users around the world.
You can start investing in Bitcoin with as low as N50 and
can fund your account with either your debit or via bank transfer. All you need
to do is Create an Account, Deposit Naira into your Wallet and then Buy
Bitcoin.
Note: Due to CBN regulations, deposit via debit card is
no temporary suspended, you can deposit and withdraw via P2P section of
Binance, it is easy and fast. Once you sign up and verify your account,
just go to the P2P section.
Follow these steps to invest in Bitcoin in Nigeria using
Binance:
1. Creating an
Account
Go to Binance.com and
you will immediately see a signup form
Fill in your details, submit and verify your email via the
link sent to your email
Go to ‘My Account’ and click on verify your identity
2. Depositing Naira
in your wallet
Click on “Wallets” in the website menu.
Then click on “Deposit.” On the next screen click on
“Deposit Fiat”
Select naira from the currency Menu
You can choose the method you want to deposit. A debit card
or bank transfer
Click on Continue
Enter the details of how much you want to deposit and click
on ‘Pay’ or ‘Submit’ if you selected bank deposit.
For card payment enter your card details and click Pay. If
you selected bank deposit make a transfer to the account details, ensure to
include the ‘Deposit Reference Code’ in the transfer summary.
Once done your Binance account will be credited with the
value you deposited.
Note: Due to CBN policy, use the below method to
deposit naira
Depositing Naira in your wallet via P2P
Click on “Wallet” on the website menu and select “P2P”
Now you click on “P2P Trading”
On the next page, ensure you select “Buy”, in the fiat box,
select “NGN” which is an abbreviation of Naira. You will get a warning of the
risk, accept.
You will see different offers, select convenient offers with
high completion rate.
Input the amount of Naira (NGN) you want to deposit.
Now, you will be taken to the completion page. You will see
the account number of the trader. Make the payment to the account number using
bank transfer.
Once you have made payment, click on Transferred, next.
As soon as the trader confirms the payment, the money will
be deposited in the account.
Note: You will see the number of the trader right there, you
can call them. Also know that for your safety, the trader account in Binance is
frozen until trade is completed
3. Buying Bitcoin
Once your wallet is funded click on “Wallet” and then Fiat
and Spot” in the menu
When the page loads Click on “Buy” beside bitcoin
In amount to spend, enter the amount you want to buy.
Example: If you want to buy N5,000 worth of BTC, type 5,000 in the field.
Alternatively, you can switch to “amount to buy” using the
double arrows to the right of that field. In this case, type in the amount of
the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in
that field.
Confirm all the details.
Click “Buy”
You can check if you have been credited, by clicking on
‘Wallets’ in the menu.
Note: You can also use the P2P method to buy bitcoin
directly
Automatically trade bitcoin and other cryptos very easily
If you do not have the time or you are not very
knowledgeable to trade Bitcoin or any other cryptocurrency, the good news is
that you can use a crypto trading bot. The
trading bot will trade for you and make money for you even while you sleep.
The bots use different signals to trade. The best crypto
trading bot is Cryptohopper.
First, you need to open a Binance account.
Then follow the instruction above to deposit funds into your finance account.
Once you have done that, sign up for a cryptohopper account. Then connect
it to your Binance account. Set everything up.
That is all. The bots will automatically trade for you.
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