Crypto Guide for Beginners: How to Get Started in Nigeria

Are you a Nigerian interested in entering the world of cryptocurrency? If so, this beginner’s guide is for you. In this article, we will cover the basics of getting started with cryptocurrency in Nigeria.

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Table of Contents

Exploring Cryptocurrency and Its Significance in Nigeria

Grasping the idea of cryptocurrency

Cryptocurrency is a digital or virtual currency that leverages cryptography for security and functions on a decentralized system known as blockchain. It’s designed as a medium of exchange, enabling users to carry out transactions without needing a central authority like a bank or government. Of course, the most famous cryptocurrency is Bitcoin, which was created in 2009 by the mysterious Satoshi Nakamoto. But since then, various other cryptocurrencies have popped up, including Ethereum, Ripple, and Litecoin.

Cryptocurrencies rely on a decentralized network of computers (nodes) to maintain a public ledger of all transactions. Each node has a copy of the entire transaction history, which gets updated whenever there’s a new transaction. This system guarantees that the transaction data remains transparent, secure, and unalterable without the majority’s consensus.

Cryptocurrency’s rise to fame in Nigeria

Cryptocurrency has become increasingly popular in Nigeria, and there are a few reasons for that. First off, the Nigerian economy has faced a plethora of challenges recently, including currency devaluation, high inflation rates, and limited access to foreign exchange. These issues have led many Nigerians to search for alternative ways to store and transfer value and protect themselves against currency fluctuations. Cryptocurrencies offer a viable solution, as they aren’t tied to any specific country or central authority.

Secondly, Nigeria boasts a large, young, and tech-savvy population that’s eager to adopt new technologies and digital payment systems. The widespread availability of smartphones and internet access has made it simpler for Nigerians to use cryptocurrency platforms, driving demand even further.

Finally, let’s not forget the Nigerian diaspora, which is estimated to be around 15 million strong. With a significant portion of the Nigerian population living abroad, remittances are a vital source of income for many families. Cryptocurrencies offer a quicker, cheaper, and more secure way to send money home compared to traditional remittance channels.

Perks of using cryptocurrency in Nigeria

There are several benefits to using cryptocurrency in Nigeria, such as:

  1. Lower transaction fees: Traditional banking systems and money transfer services often charge an arm and a leg for transactions, particularly when dealing with international transfers. Cryptocurrencies, however, have relatively low transaction fees, which can save users a pretty penny.
  2. Faster transactions: Cryptocurrency transactions are generally processed much faster than traditional bank transfers, which can take several days, especially for international transactions. This speed can be beneficial for both individuals and businesses.
  3. Financial inclusion: A significant portion of the Nigerian population remains unbanked or underbanked, with limited access to financial services. Cryptocurrencies provide an opportunity for these individuals to access digital financial services and participate in the global economy.
  4. Privacy and security: Cryptocurrencies offer a higher level of privacy and security compared to traditional banking systems, as transactions are encrypted and don’t require the disclosure of personal information. This feature can be particularly attractive to those concerned about privacy or the security of their financial data.
  5. Investment opportunities: As the value of cryptocurrencies has increased over time, they’ve become an attractive investment option for many Nigerians. The potential for high returns, coupled with the ease of trading cryptocurrencies, has drawn many investors to this emerging asset class.

In a nutshell, cryptocurrency has become increasingly relevant in Nigeria due to its potential to address various economic challenges and provide numerous benefits for its users. As the technology continues to evolve and gain acceptance, it is likely that cryptocurrency will play an increasingly important role in the Nigerian financial landscape. So, let’s buckle up and see where this crypto ride takes us!

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Getting Started: Choosing the Right Cryptocurrency Exchange

Factors to consider when selecting a cryptocurrency exchange

When selecting a cryptocurrency exchange, several factors should be considered to ensure a secure and seamless trading experience. These factors include:

  1. Security: The exchange should employ robust security measures such as two-factor authentication, encryption, and cold storage to protect user funds and personal information.
  2. User interface: A user-friendly platform with an intuitive interface is essential, particularly for beginners who are new to cryptocurrency trading.
  3. Fees: Examine the fee structure of the exchange, which can include trading fees, deposit and withdrawal fees, and any other hidden charges.
  4. Supported cryptocurrencies: The exchange should support a wide range of cryptocurrencies to provide ample trading opportunities and investment options.
  5. Liquidity: High liquidity ensures that your orders are quickly filled at the best available price.
  6. Customer support: Responsive and knowledgeable customer support is crucial for addressing any issues or concerns that may arise during your trading experience.

Popular cryptocurrency exchanges in Nigeria

There are several cryptocurrency exchanges available in Nigeria, each offering unique features and services. Some popular exchanges include:

  1. Binance: Binance is a global exchange that has gained significant popularity in Nigeria due to its low trading fees, wide range of supported cryptocurrencies, and user-friendly interface.
  2. Luno: Luno is a popular exchange in Nigeria that supports Bitcoin and Ethereum. It offers a simple and easy-to-use platform for buying, selling, and storing cryptocurrencies.
  3. Quidax: Quidax is a Nigerian-based cryptocurrency exchange that allows users to buy, sell, and store various cryptocurrencies such as Bitcoin, Ethereum, and Ripple.
  4. BuyCoins: BuyCoins is another Nigerian-based exchange that supports Bitcoin, Ethereum, and Litecoin. The platform offers instant buy and sell services with a user-friendly interface.
  5. BitPesa: BitPesa is a cryptocurrency exchange that facilitates Bitcoin transactions between Nigeria and other countries, making it an excellent option for international traders.

Comparing exchanges: Bitsler, MyStake,, 20Bet, Rolletto, Stake, 22bet, Megapari, Fortunejack, and Thunderpick

When comparing cryptocurrency exchanges, it is essential to consider the specific features and services they offer. Here is a brief comparison of ten popular exchanges:

  1. Bitsler: Bitsler is a cryptocurrency gambling platform that offers a range of casino games and sports betting. It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
  2. MyStake: MyStake is an online casino and sportsbook that supports cryptocurrency transactions. The platform offers a wide range of games, competitive odds, and live betting options.
  3. is a popular cryptocurrency sportsbook that offers a wide range of betting markets, competitive odds, and live betting options. It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
  4. 20Bet: 20Bet is an online casino and sportsbook that supports cryptocurrency transactions. It offers a wide range of games, competitive odds, and live betting options.
  5. Rolletto: Rolletto is an online casino and sportsbook that accepts cryptocurrency deposits and withdrawals. It offers a wide range of games, competitive odds, and live betting options.
  6. Stake: Stake is a cryptocurrency gambling platform that offers a range of casino games and sports betting. It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
  7. 22bet: 22bet is an online casino and sportsbook that supports cryptocurrency transactions. It offers a wide range of games, competitive odds, and live betting options.
  8. Megapari: Megapari is an online casino and sportsbook that supports cryptocurrency transactions. It offers a wide range of games, competitive odds, and live betting options.
  9. Fortunejack: Fortunejack is a cryptocurrency casino and sportsbook that offers a wide range of games, competitive odds, and live betting options. It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
  10. Thunderpick: Thunderpick is a cryptocurrency gambling platform that offers a range of casino games and sports betting. It supports multiple cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

When selecting a cryptocurrency exchange in Nigeria, it is essential to consider factors such as security, user interface, fees, supported cryptocurrencies, liquidity, and customer support. By comparing the features and services of popular exchanges, you can choose the right platform for your trading and investment needs.

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Understanding and Choosing Cryptocurrencies

Top Cryptocurrencies Gaining Traction in Nigeria

Nigeria has seen a surge in cryptocurrency adoption, and several digital currencies are making waves in the country. Let’s take a look at some of the major players:

  1. Bitcoin (BTC): The OG of cryptocurrencies, Bitcoin is the most popular digital currency and store of value, not just in Nigeria, but globally. Its widespread acceptance makes it the go-to choice for many investors.
  2. Ethereum (ETH): Coming in at a close second, Ethereum powers smart contracts and decentralized applications (DApps) with its native currency, Ether. Nigerians have embraced this versatile platform for its real-world applications.
  3. Litecoin (LTC): If Bitcoin is digital gold, then Litecoin is its silver counterpart. This peer-to-peer cryptocurrency offers faster transaction speeds and lower fees, making it a hit among Nigerian users.
  4. Ripple (XRP): XRP is the driving force behind the Ripple payment protocol, a global settlement network for financial institutions. Its low transaction costs and lightning-fast settlement times make it perfect for cross-border transactions in Nigeria.
  5. Binance Coin (BNB): As the native token of the Binance cryptocurrency exchange, Binance Coin is gaining popularity among Nigerian investors due to its utility in reducing trading fees and potential for price appreciation.

Picking the Right Cryptocurrency: Factors to Consider

Choosing a cryptocurrency to invest in is no small task. Here are some key factors to help you make informed decisions:

  • Market Capitalization: A higher market cap generally indicates a more stable and valuable asset.
  • Use Case and Utility: Look for cryptocurrencies that solve real-world problems and have practical applications. The stronger the use case, the better its chances for long-term success.
  • Technology and Development: Assess the technology behind the project and its development team. A solid and active team is more likely to produce a successful and innovative product.
  • Community and Support: A thriving community can help drive adoption and create a network effect, increasing the value of the cryptocurrency.
  • Regulatory Environment: Keep an eye on the Central Bank of Nigeria’s (CBN) stance on cryptocurrency regulations, as this may impact adoption and usage.

The Good, the Bad, and the Ugly: Cryptocurrency Investment Risks and Rewards

Cryptocurrency investments come with their fair share of risks and rewards. Here’s what you need to know:


  • High Return Potential: Cryptocurrencies can offer significant price appreciation, which means potentially high returns for investors.
  • Diversification: Adding cryptocurrencies to your investment portfolio can provide diversification, as they often perform differently than traditional asset classes.
  • Early Adoption: With the cryptocurrency market still in its early stages, investors have a chance to benefit from the growth and adoption of new technologies.


  • Volatility: Cryptocurrency prices can fluctuate wildly, resulting in substantial losses if not managed carefully. Remember, what goes up must come down (and sometimes, it comes down hard).
  • Regulatory Risks: The regulatory landscape surrounding cryptocurrencies can change at the drop of a hat. New regulations may affect adoption, usage, and value, so stay informed and be prepared to pivot if necessary.
  • Security Risks: As digital assets, cryptocurrencies are susceptible to hacking, theft, and fraud. Keep your investments safe by taking necessary precautions and employing best practices.

Buying, Storing, and Securing Your Cryptocurrency

Methods for Purchasing Cryptocurrencies in Nigeria

Looking to dive into the world of cryptocurrencies in Nigeria? You’re in luck! There are several methods for purchasing cryptocurrencies in Nigeria, each with its own advantages and disadvantages. Here are some popular methods to get you started:

  1. Cryptocurrency Exchanges: The most common method for purchasing cryptocurrencies is through online platforms known as exchanges. These platforms allow users to buy, sell, and trade various digital currencies. Popular exchanges in Nigeria include Binance, Luno, Quidax, and Remitano. To get started, you’ll need to create an account, verify your identity, and link your bank account or debit card.
  2. Peer-to-Peer (P2P) Trading Platforms: P2P platforms enable users to trade cryptocurrencies directly with each other, without the need for an intermediary. This method often provides more flexible payment options and can be more private. Some popular P2P platforms in Nigeria include LocalBitcoins, Paxful, and Binance P2P.
  3. Bitcoin ATMs: Although not as widespread in Nigeria, Bitcoin ATMs offer a convenient way to purchase cryptocurrencies using cash. Simply locate a Bitcoin ATM near you, insert cash, and receive your digital currency in your wallet. It’s like magic!

Understanding Cryptocurrency Wallets and Choosing the Right One

A cryptocurrency wallet is a software or hardware device used to store, send, and receive digital currencies. Wallets come in various forms, and choosing the right one depends on your needs and preferences. The main types of wallets are:

  1. Software Wallets: These are applications installed on your computer or mobile device. They provide a good balance between convenience and security. Examples include Exodus, Atomic Wallet, and Trust Wallet.
  2. Hardware Wallets: These are physical devices designed to store cryptocurrencies offline, providing the highest level of security. Popular hardware wallets include Ledger Nano S, Trezor, and KeepKey. These wallets are ideal for long-term storage and large investments.
  3. Web Wallets: Web wallets are accessed through a browser and offer the most convenience but the least security. They are suitable for small amounts of cryptocurrency and frequent transactions. Examples include MyEtherWallet,, and MetaMask.
  4. Paper Wallets: These are physical printouts of your private and public keys, stored in a secure location. They are considered one of the most secure wallet types but are less convenient for frequent transactions. It’s like having a treasure map for your digital gold!

When choosing a wallet, consider factors such as security, convenience, supported cryptocurrencies, and user experience.

Best Practices for Securing Your Cryptocurrency Assets

Securing your cryptocurrency investments is crucial to prevent loss or theft. Here are some best practices to keep your digital assets safe:

  1. Use a strong, unique password for your wallet and exchange accounts. Avoid using easily guessable information such as birthdays, names, or common words. It’s not a game of “Guess Who?” here!
  2. Enable two-factor authentication (2FA) on your accounts. This adds an extra layer of security by requiring a one-time code generated by an app or sent to your phone, in addition to your password.
  3. Keep your private keys secure and never share them with anyone. If using a software or web wallet, create a backup of your private keys and store them in a secure location. Remember, “loose lips sink ships.”
  4. Use a hardware wallet for long-term storage and large investments. This keeps your cryptocurrencies offline and away from potential hackers.
  5. Regularly update your wallet software to ensure you have the latest security features. It’s like getting a software bodyguard for your digital assets.
  6. Be cautious of phishing scams and fake websites. Always double-check the URL before entering your login credentials, and never click on suspicious links or download attachments from unknown sources. Stay vigilant, my friends!

By following these best practices, you can minimize the risk associated with cryptocurrency investments and keep your digital assets safe and secure.


Unlocking the Power of Cryptocurrency for Transactions and Investments in Nigeria

Step-by-Step Guide to Using Cryptocurrency for Everyday Transactions in Nigeria

Cryptocurrency is steadily gaining traction as a convenient and secure way to conduct everyday transactions in Nigeria. Here’s how you can join the party and start using cryptocurrency for your daily transactions:

  1. Choose your crypto wallet: Find a reliable and user-friendly cryptocurrency wallet to store, send, and receive your digital assets.
  2. Acquire cryptocurrency: You can purchase cryptocurrencies through exchanges, P2P platforms, or even by accepting them as payment for goods and services.
  3. Pay with crypto: Many Nigerian businesses, from online stores and restaurants to travel agencies, now accept cryptocurrencies as payment. To pay with cryptocurrency, simply scan the merchant’s QR code or send the funds to their wallet address.
  4. Convert cryptocurrency to Naira: Platforms like NairaEx and BitPesa allow you to convert your cryptocurrencies to Naira and send them directly to your Nigerian bank account. Handy, right?

Investment Opportunities in the Cryptocurrency Market

Cryptocurrency isn’t just for daily transactions; there are numerous investment opportunities for Nigerians to explore:

  • Long-term investment: Buy and hold established cryptocurrencies like Bitcoin, Ethereum, and Litecoin, hoping their value will increase over time. Patience is a virtue, my friend.
  • Short-term trading: Active traders can profit from the volatility of the cryptocurrency market by buying and selling within short time frames. But beware – this requires a solid understanding of technical analysis, market trends, and trading strategies.
  • Initial Coin Offerings (ICOs) and Token Sales: Invest in new cryptocurrency projects through ICOs and token sales. However, tread carefully, as this type of investment can be risky, with many projects failing or turning out to be scams.
  • Staking: Earn rewards by holding Proof-of-Stake (PoS) cryptocurrencies like Cardano, Tezos, and Polkadot in your wallet to support network security and operations.
  • Decentralized Finance (DeFi): Platforms like Aave, Compound, and Uniswap let you earn interest on your cryptocurrency holdings by lending them out or providing liquidity to decentralized exchanges. A win-win situation!

Staying Ahead of the Cryptocurrency Regulatory Environment in Nigeria

The regulatory environment for cryptocurrency in Nigeria is a bit of a rollercoaster ride. In February 2021, the Central Bank of Nigeria (CBN) issued a circular prohibiting financial institutions from dealing with cryptocurrency exchanges and facilitating cryptocurrency transactions. This led to some exchanges losing bank services and a surge in peer-to-peer (P2P) platform usage.

On the flip side, the Securities and Exchange Commission (SEC) of Nigeria has a more positive outlook on cryptocurrency regulation. In September 2020, the SEC classified cryptocurrencies as securities and announced plans to regulate the space to protect investors and ensure market integrity.

To stay ahead of the game, keep up-to-date with the latest developments and comply with existing regulations. Be cautious when using P2P platforms, as they can be more susceptible to fraud and scams. And as always, do your research on potential investment opportunities and seek professional advice when necessary. Stay safe, and happy investing!

Frequently Asked Questions

What is cryptocurrency?

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security and operates on a decentralized system called blockchain technology.

Why has cryptocurrency become popular in Nigeria?

Cryptocurrency has gained popularity in Nigeria due to its potential for financial inclusion, ease of cross-border transactions, investment opportunities, and a hedge against currency devaluation.

What are the benefits of using cryptocurrency in Nigeria?

Some benefits include lower transaction fees, faster transaction times, increased privacy, and access to a global financial system.

How do I choose the right cryptocurrency exchange?

Consider factors such as security, fees, supported cryptocurrencies, ease of use, and customer support when selecting a cryptocurrency exchange.

What are some popular cryptocurrency exchanges in Nigeria?

Popular cryptocurrency exchanges in Nigeria include Bitsler, MyStake,, 20Bet, Rolletto, Stake, 22bet, Megapari, Fortunejack, and Thunderpick.

What are the major cryptocurrencies available in Nigeria?

Major cryptocurrencies available in Nigeria include Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.

What factors should I consider when choosing a cryptocurrency to invest in?

Consider factors such as market capitalization, utility, development team, community support, and potential for growth when choosing a cryptocurrency to invest in.

What are the risks and rewards associated with cryptocurrency investments?

Cryptocurrency investments carry risks such as market volatility, regulatory changes, and security concerns. However, they also offer potential rewards such as high returns and diversification of your investment portfolio.

How can I buy, store, and secure my cryptocurrency in Nigeria?

You can purchase cryptocurrencies through exchanges, peer-to-peer platforms, or in-person transactions. Store your cryptocurrency in a secure wallet, and follow best practices for securing your assets, such as using strong passwords and enabling two-factor authentication.

How can I use cryptocurrency for everyday transactions in Nigeria?

Some businesses in Nigeria accept cryptocurrency as a form of payment. You can also use cryptocurrency debit cards or mobile wallets to make everyday transactions.

What investment opportunities are available in the cryptocurrency market?

Investment opportunities in the cryptocurrency market include trading, long-term investments, initial coin offerings (ICOs), and decentralized finance (DeFi) platforms.

How do I navigate the regulatory environment for cryptocurrency in Nigeria?

Stay informed about the latest regulatory updates, comply with anti-money laundering (AML) and know your customer (KYC) requirements, and consult with legal professionals if necessary.