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, except 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 offers 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 (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.
How to Buy Ethereum in Nigeria
- 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.
- 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. - 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:
Best Crypto Exchange
Below, you will find a list of exchanges that either have their base in Nigeria or accept accounts from Nigerians:
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Popular wallets used in Nigeria for ETH and ETC:
Metamask
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.
MyEtherWallet
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.
Coinomi
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.
Coinpayments.net
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.
Bitfi
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.
Buy Ethereum in Nigeria
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. Kind in mind, though, that the Ethereum has suffered with all other tokens after the crypto crash of the summer of 2022. At the same time, Ethereum is so popular that it will likely retain and hold its value over time. Even so, be careful when investing and do not put money into these investments you cannot afford to lose.
Frequently Asked Questions
Why trade ETH?
ETH can be traded in a plethora of pairs – against other cryptocurrencies and fiat – 24 hours a day. There’s great flexibility when you trade ETH because the market never stops! Use stop-loss and take profit orders so you exit your positions immediately when a certain price level is reached. You can also use bots to trade if you’ve got great tools.
What is the major risk factor in trading ETH?
You can trade on margin and may even be able to enter into a $500 position by putting up $100. Naturally, this type of margin could result in big losses.
What is the minimum investment in Ethereum?
The minimum investment is $2.
What are the most popular Ethereum wallets in Nigeria?
The most popular wallets include Metamask, Bitfi and Coinomi.
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