How To Buy Ethereum In Nigeria: Step-By-Step Guide
The Security and Exchange Commission (SEC) in Nigeria officially recognized cryptocurrency as an asset in the press release by SEC. Therefore, you can buy Ethereum in Nigeria, and you won’t be breaking the law. However, like other cryptocurrencies, you can only buy or trade Ethereum in Nigeria through an exchange or a broker. This article will provide you with guides on how to trade and invest in Ethereum cryptocurrency.
This post will provide you with answers to questions like:
- What is the current Ethereum price?
- Is Ethereum a good investment?
- Can Ethereum be converted to cash?
- Is Ethereum worth buying?
- How can I buy Ethereum?
Now let’s go through this one step at a time. It would be best if you had a crypto wallet before you can take part in crypto transactions. There are lots of similarities between your crypto wallet address and your email address. The significant difference between the two is that you can pay for services and buy goods using your crypto wallet.
Once you download your crypto wallet, you can access it using your laptop, Smartphone, desktop, etc. Due to market liquidity and recognition, Bitcoin is the best performing cryptocurrency at the moment. However, there has been increasing interest in the Ethereum blockchain and its cryptocurrency (Ether). If you don’t have the financial capacity to buy Bitcoin, a good alternative is to buy Ethereum in Nigeria.
Like other cryptocurrencies, buying Ethereum’s Ether (ETH) or the Ethereum Classic (ETC) is relatively simple. However, the crypto exchange or broker you choose to trade with determines a lot in your crypto trading journey.
Overview Of How To Buy Ethereum In Nigeria
Before you can buy Ethereum (ETH) in Nigeria, you need access to an exchange that permits Nigerians to register on such a platform. Also, that Crypto exchange must offer the ETH cryptocurrency. Buying Ethereum in Nigeria should be simple, but it all depends on the exchange you are dealing with.
Also Read: How to buy Bitcoin In Nigeria
You can invest in ETH/ETC by registering on a crypto exchange and acquiring a crypto wallet. On the other hand, you can decide to buy and sell Contracts for Difference (CFD) on ETH. If you want to buy and sell CFDs on ETH, you need to register with a cryptocurrency CFD broker like XBT. With a cryptocurrency CFD broker, you don’t have to acquire a crypto wallet or sign up with an exchange.
As a Nigerian, you need to know that it is a simple task to buy and sell cryptos like Ethereum. You can open an account with international exchange, or you can deal with a local cryptocurrency broker. Most of the local exchanges in Nigeria accept fiat (paper currency). These Nigerian exchanges allow you to buy any crypto of your choice in person at their offices. You can either leave them in the crypto exchange or transfer the cryptos to your mobile or a web-based wallet.
Steps Involved In Buying Ethereum In Nigeria
There are different steps you need to take before buying Ethereum in Nigeria. These steps are as follows:
Step 1: Create/Open Your Cryptocurrency Exchange Account
One of the advantages you enjoy as a Nigerian is that lots of crypto exchanges have their base in Nigeria. It makes it much easier for Nigerians to have and operate a cryptocurrency exchange account. We have compiled a concise list of crypto exchanges with the base of operations in Nigeria or accounts from Nigerians.
Binance Crypto Exchange
Binance is the leading crypto exchange platform with millions of dollars worth of crypto traded daily. One fascinating and interesting thing is that they have added support for the Naira. It means you can buy Bitcoin, Ethereum, or other cryptos using the Naira. Registration on the platform is simple and straightforward.
If you want to trade CFDs on ETH and ETC will open an account with an online broker without taking possession of the cryptocurrency. Nigerian cryptocurrency traders and enthusiasts can leverage the xStation five platform by XTB. You can also trade on the major MetaTrader4 exchange that is developed by Metaquotes. This means you can make gains or losses based on the movement of underlying cryptos without holding ETH or ETC directly. Have it in mind that you will not be able to use the cryptos or spend at will when trading through a broker.
This is one of the leading Nigerian crypto exchanges, and they provide 24 hours of email customer support and client support. You can fund your account through bank transfer, bank deposits, or in-person cash deposits.
Founded in 2016, NairaEX is based in Lagos. With more than 100,000 registered customers, they are of the top local cryptocurrency exchanges in Nigeria. They started with Bitcoin but later included Ether (ETC), Bitcoin Cash (BCH), and Litecoin (LTC). Your minimum deposit on NairaEx is N30 000, and it can be made using Nigerian ATM/debit cards or cash.
Although Remitato is an exchange operating out of the Republic of Seychelles, they have a significant presence in Nigeria. They offer a peer-2-peer marketplace where you can safely transact with cryptocurrency. They provide you with an Ethereum wallet that ingrates into your Remitano account once you create one. It is an excellent platform to buy Ethereum in Nigeria.
STEP 2: Get Your Crypto Wallet
You will need a cryptocurrency wallet to help you have control over your crypto transactions. There are different forms of crypto wallets, such as cold and hot wallets. They both serve the same purpose but works differently. You can have your crypto wallet installed on your desktop, laptop, smartphone, or tablet.
Alternatively, you can use a web-based crypto wallet that doesn’t require a download. With an internet connection, you can access your web wallet anywhere in the world. If you are trading Ethereum (ETH) or Ethereum Classic (ETC), you must ensure to use an Ethereum wallet. Exchanges like NGexchanger provide a bitcoin wallet. Meanwhile, other exchanges that do not provide a wallet requires you to have an Ethereum based wallet ot you leave your crypto on the exchange.
Prominent Wallets in Nigeria for ETH and ETC
There are some crypto wallets used in Nigeria for the buying and selling of cryptos.
This is one of the most popular Ethereum wallets used in Nigeria. It is a desktop wallet that allows access to the Ethereum network and other decentralized Ethereum apps. The wallet has an intuitive interface, and it includes an extension for both Chrome and Firefox.
It is a mobile cryptocurrency wallet that offers a single platform with more than 300 cryptocurrency wallets and tokens. The Coinomi wallet supports the ERC-20 tokens that are used for smart contracts.
It is a web-based wallet that allows you to control your Ethereum private keys. MyEtherWallet operates an open-source framework; therefore, it doesn’t have or require a third-party server. It has an in-built BTC to ETH and ETH to the BCH exchange feature.
STEP 3: Withdraw Your Ethereum To Your Wallet
Immediately you buy Ethereum on an exchange; you can either withdraw the currency to your ETH or multi-currency wallet. It is also possible for you to buy or sell Ethereum from a local seller.
It is relatively easy to buy Ethereum in Nigeria. However, the most important thing is choosing the right exchange or broker. You should have basic knowledge of cryptocurrency trading before you start buying or selling ETH or ETC.
Do you want to focus on making Ethereum transactions as a speculative buyer? Are you in it for the long term? Do you want to use Ethereum as money? Your answer to the above questions will determine if you will open an account with an online crypto broker or get an exchange and a wallet.
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