Best Sites to Buy and Sell Bitcoin in Nigeria
Nigeria is now the world’s 2nd Cryptocurrency market (after the United States of America)!
Trading bitcoin and other altcoins can be a potentially risky business. Therefore, you must take great care to ensure you trade bitcoin safely and effectively online.
In this post, I’ll show you the Best websites to buy and sell bitcoins in Nigeria.
I personally use, and highly recommend them.
Here they are;
Best Place To Buy and Sell Bitcoin in Nigeria
The top 2 (best) bitcoin trading websites are Remitano.com and Localbitcoins.com
Before I tell you more about Remitano and Localbitcoins, I’d like to let you know the difference between bitcoin trading and bitcoin exchange.
Difference between Bitcoin Exchange and Bitcoin Trading:
1. When you trade your bitcoin on bitcoin trading sites like Remitano or Localbitcoin, you can choose your own price (to maximize profit).
…When you trade your bitcoin on bitcoin exchange websites, you cannot choose your own buying or selling price! The bitcoin exchange company (website) sets their own (fixed) price. So, you have to buy or sell your bitcoin at their stipulated price.
…2. Bitcoin trading sites are Peer-to-Peer (P2P) marketplaces where people who want to buy or sell bitcoin can interact with other, strike a deal, and trade (transact).
….Bitcoin exchange websites are not marketplaces – Since the exchange company acts as both a buyer and seller (depending on your need), bitcoin exchanges are not Peer-to-Peer (P2P), but a one-sided trading platform.
..3…The bitcoin trading company (i.e., website), acts as an escrow or referee between the buyer and seller. They’ll hold the buyer’s money… Then when the buyer confirms the receipt of the agreed upon bitcoin (BTC) in his wallet, the trading company (escrow), will then release the money to the seller.
…Bitcoin exchange websites work on trust! You have to pay your money or send bitcoin to them before they’ll send you your bitcoin or deposit your cash (depending on whether you’re buying or selling). So, to be safe,… only use the best and trusted bitcoin exchangers like naira4dollar.com or Coinbase.com
REMITANO.COM REVIEW: Remitano is owned by Babylon Solutions Limited. And, is incorporated in Seychelles.
According to multiple user reviews and my Personal experience;
..Remitano is a very secure platform
..They are fast
They have the best (most responsive) customer support in the industry
..Remitano is reliable
..The possibility of getting scammed is nearly non-existent!
..As a bitcoin buyer, you can get cheap deals (as many sellers will lower their prices competitively; to get more sales)
As a bitcoin seller, you get the power to set your own price! So, it is quite profitable selling your bitcoin on Remitano (as opposed to just a bitcoin exchange website)
Cons of Trading on Remitano:
..Although Remitano’s perfect escrow service inhibits scammers from infiltrating the platform, there has been some complaints about certain sellers on the website who still manage to scam buyers from time to time! Some people say that, Remitano is safer for the sellers than the BUYERS; so, be cautious! (Read our tips on how to transact safely – towards the end of this article).
But overall, Remitano is a very good company to start trading your bitcoin today.
LOCALBITCOINS REVIEW: Localbitcoins is a bitcoin start up company based in Helsinki, Finland.
They also facilitate the trading f bitcoin between buyers and sellers – and act as the escrow.
Localbitcoins is available in almost all the countries in the world! So, whether you’re in Nigeria, Ghana, the United States, South Africa, Kenya, the United Kingdom, India, The United Arab Emirates or Brazil, you can simply visit Localbitcoins.com, and choose your (local) country during registration.
//Pros of Localbitcoins.com:
Localbitcoins has been in existence since 2012! So, it is trusted, safe and has gathered experience in the industry.
..Localbitcoins sellers/buyers accept a variety of payment methods such as; Paypal, Wire transfer, Western Union, Webmoney, Cash by mail, Cash (in person), etc.
You can buy bitcoin on Localbitcoins for FREE! (no fees attached)
The sellers themselves don’t have a transaction fee, instead, they charge higher exchange rates – So, take that into account when making a trade.
..2FA – Two factor authentication helps prevent people from hacking into your Localbitcoins account. However, this feature is not enabled by default – you need to enable it.
//Cons of Localbitcoins:
..Their built-in bitcoin wallet is not safe! – Use a dedicated wallet instead.
..Their website has a messy look (does not have a professional design)
But overall,… Remitano is a very good company to start trading in bitcoin right away. They have a decent support and conflict resolution team ready to answer user questions and resolve conflicts between buyers and sellers in case that happens.
//Tips for Choosing a Bitcoin Seller on Remitano or Localbitcoins:
..First off,… DO NOT CHOOSE A SELLER BASED ON PRICE!
Sometimes, it’s worth paying 5% more in order to conduct a safer transaction with a reputable seller!
Look at the seller’s transaction history and profile to make sure he qualifies as follows;
..He has traded over 10 BTC in his lifetime, with a minimum of 10 trades
..He has a feedback score of at least 98%
His trading account is more than 1 year old!
..He has predominantly positive reviews
..He is a verified seller (has a phone number, email and so on)
He is trusted by at least 10 people