- With the apps, users can buy crypto using USSD, transfers and cards
- Quidax is the first Nigerian crypto platform to receive a provisional operation license from the Nigerian Securities and Exchange Commission
- Users can buy Bitcoin, USDT, Ethereum and more on the apps
As the crypto market gains more acceptance and popularity in Nigeria, many residents find it difficult to purchase Bitcoin, Ethereum, Doge and other cryptocurrencies with the local Nigerian naira.
In Nigeria, there are popular exchanges like Binance and Bybit, but many Nigerians who are newbies in the crypto market often find the interfaces of the exchanges’ apps very complicated. Given that slight mistakes in crypto transactions can lead to asset loss, these newbies rarely use the apps, and even when they do, they are wary of carrying out transactions.
Additionally, some of these apps have the fiat option, which is meant to allow users to buy crypto with their bank cards, but it does not work for Nigerian banks, and Nigerians are not able to buy crypto with Nigerian naira on those apps.
4 apps to buy crypto using Nigerian naira
Despite these drawbacks, there are four crypto apps that Nigerians can use to buy their cryptocurrencies using the naira.
1. Quidax
Quidax is the first Nigerian crypto platform to receive a provisional operation license from the Nigerian Securities and Exchange Commission (SEC). The Quidax exchange allows users to buy, sell, store, and send cryptocurrencies. Buchi Okoro established the exchange in 2017, which provides services to Ghana and Nigeria.
Quidax supports cryptocurrencies like Bitcoin, Ethereum, Tether, Litecoin, Ripple, Bitcoin Cash, Dash and Bitcoin Gold. Nigerians can buy cryptocurrencies on Quidax using direct bank deposits, bank transfers, USSD (mobile money) and debit cards. With Quidax, Nigerians and Africans can trade cryptocurrencies for Nigerian Naira using an order-book exchange.
Even without completing KYC, users can use Quidax to deposit roughly 20,000 Nigerian Naira for trading. However, they will not be allowed to withdraw more money than a certain set limit or make more deposits until the KYC verification is finished.
2. Busha
Busha is the second crypto exchange to receive a provisional operation license from the Nigerian Securities and Exchange Commission (SEC).
In 2018, Busha was founded as a platform for trading digital currencies, including bitcoin, litecoin, Ethereum, and USDT, between customers and merchants. Compared to other Nigerian trading platforms, Busha says it offers users access to a greater variety of digital currencies in one location.
With 250 Naira, users can purchase Bitcoin, Ethereum, and other cryptocurrencies using the instant buy feature. Payment for the cryptocurrencies can be made through various channels from Nigerian bank accounts.
Based in Lagos, Nigeria, it says it has worked hard to establish itself as a reliable business in this field and ensure the platform is user-friendly, accessible, and simple to use and that its goal is to create an open financial system by utilising efficiency and innovation.
3. Bitmama
Bitmama began as a peer-to-peer digital currency exchange in 2017. It soon expanded into a platform that allows people to trade and manage digital assets, including cryptocurrencies, easily.
Bitmama is a cryptocurrency trading platform designed exclusively to facilitate the purchase of cryptocurrency assets using local currencies like Naira. Nigerians can buy crypto with naira from their bank accounts via debit cards, bank transfers, USSD or mobile money.
It also allows users from 100 countries to buy cryptocurrencies using USD, NGN, GHS, ZAR, EUR, and GBP.
With blockchain technology, Bitmama says it is developing innovations that will fundamentally alter how people conduct financial transactions.
4. ChangeNow
ChangeNow is a non-custodial platform designed to facilitate quick and easy cryptocurrency trades. Users can buy and sell cryptocurrencies in local currency like the naira on ChangeNow. It is an easy-to-use instant cryptocurrency exchange platform.
With a credit or debit card, users can purchase Bitcoin, Litecoin, BNB, Ethereum, Link, Solana and more than 100 more cryptocurrency assets through ChangeNow in Naira.
The exchange says it offers maximum safety, ease of use, and simplicity. It says it does not “ask for the creation of any kind of account or keep your money.” It's just a crypto exchange platform. ChangeNow says it is account-free, worry-free, and faster than the speed of light.
What DeFi is and how you can make money with DeFi staking
Meanwhile, TheRadar earlier reported that in the crypto world, there are a lot of jargons. Some of these jargons are popular in crypto circles but not for the everyday reader who runs into random crypto articles on the internet.
One of those popular jargons is DeFi. In this article, we will explain what DeFi means. That's not all. We will also explain what DeFi staking is and how you can make money from DeFi staking.
