Cryptocurrency is incredibly popular in Nigeria, allowing its users to transfer funds with ease, access online spending experiences even without the use of an internationally recognized debit card, and protect their funds in an unstable financial market. Investing in cryptocurrency is surprisingly simple, but many users are unsure about how you can buy cryptocurrencies in Nigeria. To help make the process as streamlined and easy as possible, here’s a quick guide to everything you need to know:
Sign up For a Cryptocurrency Wallet
Before you can invest in cryptocurrency, you need to have a digital cryptocurrency wallet where you can store your virtual funds. There are a wide variety of different wallets that are accessible in Nigeria, and whilst they are all largely similar, it is worth doing your research to ensure you pick the one that best suits your specific needs. If you’re only using your wallet to store your currency then its use should be entirely free, but most cryptocurrency exchanges will charge you a fee for any transactions that you make. The lower the fees offered by the wallet and exchange, the more of your money will stay in your pocket!
Load Your Wallet with Cryptocurrency
Just like the wallet, you keep in your back pocket; your cryptocurrency wallet is useless if it’s empty! Your next step, then, should be to load it with cryptocurrency. There are several different ways that you can do this. Perhaps the easiest is to simply buy cryptocurrency online using your credit or debit card: to do this, simply login to your wallet and, using the drop-down menu, select ‘buy’. You should be given the option to buy your currency in Nigerian Naira (NGC), making it simple to work out how much you’re spending without worrying about international exchange rates. Another way that you can invest in cryptocurrency is to buy it directly from other users on online cryptocurrency exchanges, or you could simply mine it yourself.
Choosing the Right Cryptocurrency
There are more than 4,000 different types of cryptocurrencies available, and the nature of cryptocurrency means that almost all of these are accessible on a global scale. But the most popular cryptocurrency, in both Nigeria and the global market, is Bitcoin. If you’re looking for a currency that is well-known, well-established, and easy to trade in Nigeria, this is likely to be the right choice for you. But that doesn’t mean you should dismiss the other currencies available: Ethereum is the second-largest digital currency option after Bitcoin, and it is as easy to use, but with a less volatile marketplace.
Meanwhile, if you have concerns about the environmental impact of using cryptocurrencies such as Bitcoin then look to Ripple: this cryptocurrency advertises that it is the most eco-friendly cryptocurrency on the market, and it has also announced a public target to be carbon neutral by 2030.
There are many advantages of choosing to trade in cryptocurrency, and it is a great way to take your financial investments onto an international stage without concerns about international exchange rates.