As with other cryptocurrencies, in order to buy and sell Ethereum’s Ether (ETH) cryptocurrency in Nigeria, you must go through an exchange, online broker or local broker. Once you decide to buy and sell ETH, you must first obtain a unique crypto wallet to engage in ETH transactions and to store your cryptocurrency.
Your crypto wallet address has a lot in common with an email address, with the exception that you can pay for goods and services and receive payments and gifts with your wallet address. Once downloaded, your crypto wallet can be accessed through your desktop, laptop, tablet or smart mobile device.
Right now, Bitcoin prevails as the best cryptocurrency due to its market recognition and high liquidity. Nevertheless, interest in the Ethereum blockchain and the Ether cryptocurrency continue to grow, making it a great alternative to Bitcoin for Nigerians.
Like with Bitcoin, buying Ethereum’s Ether or Ethereum Classic (ETC) cryptocurrencies in Nigeria seems relatively easy, but the broker or exchange you select matters the most.
Overview: Buying Ethereum in Nigeria
To purchase ETH in Nigeria, you must first access a cryptocurrency exchange that allows clients from Nigeria to register and that offer the ETH cryptocurrency. Depending on the exchange or broker you select, buying ETH in Nigeria should not be that complicated.
Keep in mind that you can choose between investing in ETH, which involves registering at an exchange and acquiring a crypto wallet or you can just buy and sell contracts for difference or CFDs on ETH. Going the CFD route entails signing up with a cryptocurrency CFD broker such as XBT, for example, and does not require you to obtain a wallet or register with an exchange.
Furthemore, Nigerians should find that getting the ETH and ETC cryptocurrencies is as easy as obtaining bitcoin. You can use any of the other Nigerian exchanges that support Ethereum. Also, you can open an account at an international exchange or deal with a local cryptocurrency broker.
Many of the Nigerian exchanges accept paper currency and allow you to buy the cryptocurrencies you want in person at their offices. You can then leave them in the exchange or transfer them to a mobile or web-based wallet.
Step 1: Open an Account at a Cryptocurrency Exchange
Nigeria offers an advantage for cryptocurrency traders in that several cryptocurrency exchanges have their base there. This makes opening an account at an exchange that much easier for Nigerians.
In addition to the exchanges native to Nigeria, many international and semi-international exchanges accept accounts from Nigeria. Below, you will find a list of exchanges that either have their base in Nigeria or accept accounts from Nigerians:
If you want to avoid the expense of a wallet and simply trade CFDs on ETH and ETC without taking possession of the cryptocurrency, you can open an account with an online broker that supports crypto trading, such as XTB. Nigerian cryptocurrency traders can take advantage of XTB’s excellent xStation 5 platform, as well as trade on the popular MetaTrader4 platform developed by Metaquotes.
This means you can potentially make (or lose) money on the movements of the underlying cryptocurrency without dealing with the hassle of holding ETH or ETC directly. Remember, if you use a broker and simply trade the day-to-day fluctuations in the market, you would not be able to use the cryptocurrency to hold and spend at will.
Located in Port-Harcourt, Nigeria, NGexchanger is a leading Nigerian cryptocurrency exchange. It is registered with the corporate affairs commission of Nigeria (CAC) under Registration Code BN 2491541. The exchange claims that it deals in all cryptocurrencies, although not all of them are included on its website.
NGexchanger also gives its clients access to a Telegram group with cryptocurrency trading signals offered at no cost. You’ll receive a link to this group once you’ve completed your first transaction. In addition, the company offers clients 24/7 customer service via telephone, online chat and WhatsApp.
To fund a NGexchanger account, you can use debit or credit cards in USD or Nigerian Naira (NGN). You can also use a bank transfer or deposit cash personally at the NGexchanger office. NGexchanger now provides wallet services as well as a trading platform. You can see a screenshot of its homepage below:
Another leading Nigerian cryptocurrency exchange, Naira2USD, has its offices in Onitsha, Nigeria. This exchange offers 24/7 email customer support as well as client support during Nigerian business hours via telephone, online chat and WhatsApp. Funding methods include bank transfer, bank deposit and in-person cash deposits.
Based in Lagos, Nigeria and founded in 2016, NairaEx is one of Nigeria’s top cryptocurrency exchanges, with over 100,000 customers. The company started by specializing in Bitcoin but began exchanging Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) in early 2018.
NairaEx requires a minimum deposit of 30,000 NGN to open an account, which can be funded with domestic Nigerian ATM/debit cards or cash. Note that NairaEx does not accept international credit/debit cards at this time.
Based in the Republic of Seychelles and launched in 2016, Remitano has significantly increased its presence in Nigeria since 2017. In addition to accepting Nigerian accounts, Remitano accepts clients from over 40 other countries and provides a peer-to-peer (P2P) marketplace where customers can purchase cryptocurrencies safely.
Remitano offers 24/7 customer support and has become very popular with the Nigerian crypto trading community. The company charges a 1% transaction fee and accepts bank transfers or cash in person if the buyer is in close proximity to the seller.
When you purchase ETH on Remitano, you will not need an external Ethereum wallet, as the company provides its clients with an Ethereum wallet that integrates into your account once you have opened one.
In addition to the aforementioned exchanges, Nigerians can open accounts with international cryptocurrency exchanges to purchase ETH, such as Luno, CoinMama and CEX.io.
Step 2: Get a Cryptocurrency Wallet
To trade ETH and retain full control over your transactions, you must first withdraw them from the exchange or another source to a personal cryptocurrency wallet. Wallets come in several forms and allow you to notify the crypto network that you want to send and receive transactions.
You can install your wallet on a desktop or laptop, as well as on an Android or iOS smartphone or tablet. You can also use a web-based wallet that does not require a download and gives you access anywhere you can get an internet connection. If you will be trading ETH or ETC, your wallet must be an Ethereum wallet.
Another form of wallet called a hardware wallet consists of a peripheral device like a USB memory stick that gives you increased security. Some exchanges, such as NGexchanger, offer a bitcoin wallet, although many exchanges that do not provide one require that you have an Ethereum wallet or that you leave your currency at the exchange.
Popular wallets used in Nigeria for ETH and ETC:
One of the most popular ETH wallets in Nigeria, this desktop wallet accesses the Ethereum network, as well as decentralized Ethereum apps. The wallet features an intuitive interface and includes extensions for Chrome and Firefox.
This web-based wallet allows you to control your Ethereum private keys. Because of the wallet’s open source framework, it does not require third-party servers. Another highlight of this wallet consists of its built-in BTC to ETH and ETH to BTC exchange feature.
A mobile cryptocurrency wallet that offers a single platform with over 300 cryptocurrency wallets and tokens, as well as the ability to exchange currencies at no cost, Coinomi also supports the ERC20-based tokens used for smart contracts.
This wallet platform was designed for merchants and accepts 65 altcoins. It services more than 230,000 vendors in 182 countries. Coinpayments.net also supports popular shopping carts used by ecommerce stores such as Opencart, Magento and WooCommerce.
Functioning as a completely wireless hardware wallet, the Bitfi wallet comes in a smartphone-like device and supports an unlimited number of cryptocurrencies and crypto assets. The wallet provides total security from online and offline security threats and allows you to manage all of your cryptocurrencies on one dashboard.
Step 3: Withdraw Your ETH to Your Wallet
Once you have purchased your ETH on an exchange, you may withdraw the currency to your ETH or multi-currency wallet. You can also buy or sell Ethereum from a local seller as shown by coindirect.com in the screenshot of its website below:
Buying Ethereum cryptocurrencies in Nigeria actually seems rather easy, but selecting a good broker or exchange is what really matters. Make sure you also have some knowledge of how to trade cryptocurrency before you begin buying and selling ETH or ETC actively to avoid common pitfalls.
To determine whether you get an exchange and a wallet or open an account with an online cryptocurrency broker, know whether you wish to focus on making Ether transactions as a speculative trader, invest in the cryptocurrency over the long term or simply use it as money.