One of the biggest obstacles being faced by Nigerians who desire to invest, trade or buy different cryptocurrencies is the inability to purchase their desired cryptocurrency using their local currency (Naira), as Naira is not accepted on most reputable cryptocurrency exchange sites. The good news however is that all cryptocurrency exchanges accept Bitcoin, and also, you can easily find an exchange that accepts your local currency in exchange for bitcoin.
Below is a simple step-by-step guide on how you could purchase any cryptocurrency of your choice from Nigeria, using Naira.
STEP ONE: GET A LUNO ACCOUNT
Get your free Luno account. You will be asked for some identity information, which they’ll verify.
STEP TWO: DEPOSIT MONEY INTO YOUR LUNO WALLET AND BUY SOME BITCOIN
Log into your Luno account and navigate to Accounts. Click on your local currency account and click on ‘fund account’. After you’ve added money to your Luno wallet, you’ll be able to buy some Bitcoin with it.
STEP THREE: FIND A CRYPTOCURRENCY EXCHANGE
Another popular solution is an “instant exchange” like ShapeShift or Changelly, both which will require you to send Bitcoins and it will convert it to the cryptocurrency of your choice, which it will send to a wallet address you provide.
👉 Note however that you’ll need to do your homework and decide on an exchange that works best for your needs.
STEP FOUR: SEND YOUR BITCOIN AND BUY ANY OTHER CRYPTOCURRENCY
All you need to do is create an account with a reputable exchange. Depending on the platform you’re using, you’ll then be provided with a Bitcoin address. Send bitcoins from your Luno bitcoin wallet to the new bitcoin wallet address you’ve received on the exchange you signed up with. Once you receive your transferred bitcoins into your exchange wallet, simply follow the platform’s instructions on how to purchase your cryptocurrency of interest.
STEP FIVE: SEND YOUR NEW CRYPTOCURRENCY TO YOUR SECURE WALLET
It is very risky to leave your funds in an exchange as they can get hacked or closed down and you can lose all your funds. So always transfer your funds to your secure wallet.
Please read: Cryptocurrency Wallets – A Comprehensive Guide for a detailed understanding of what a cryptocurrency wallet is, how they work and which ones are the best for you.