How To Start Bitcoin Business In Nigeria

Written by sogadmin

How To Start Bitcoin Business In Nigeria


  • Decide upon the type of business you want to start
  • Find a bitcoin exchange in Nigeria that offers a good price for your preferred currency
  • Transfer funds from your bank account or another cryptocurrency wallet into your new exchange account
  • Start trading on the exchange platform

STEP 1: Get a Bitcoin wallet

There are several types of wallets, including desktop, mobile and web wallets. Choosing a wallet that is compatible with your devices (desktop or mobile) and allows you to retain control over your private key is important. Having full control over your private keys means you can easily move Bitcoin from one address to another without having to go through an exchange.

STEP 2: Sign up on a bitcoin trading platform

Step 2: Sign up on a bitcoin trading platform

To sign up on a bitcoin trading platform, follow the steps below:

  • Go to
  • Click on Sign Up
  • Enter your email address and password

STEP 3: Fund your account with your Nigerian debit card

In this step, we will be funding our account with Naira.

  • Visit the buy/sell page in your account and click on ‘Fund my account’
  • Enter the amount of Naira you want to fund your wallet and click on ‘Next’
  • Enter your bank details and click on ‘Verify Account’ (this might take up to 24 hours).
  • You are now all set to complete payment by entering the amount you want to spend or sell Bitcoins for, selecting an option from above: Cash Deposit or ATM Withdrawal and selecting a bank branch where you want it paid into or withdrawn from using an ATM card that allows cash withdrawals at any ATM location worldwide

STEP 4: Buy and sell bitcoins with your Naira debit card.

Once you have bought bitcoin and stored them in your wallet, you can then trade them on exchanges like Bitstamp, LocalBitcoins, Coindirect and many others.

Once you are ready to sell your bitcoins for Naira or any other fiat currency (e.g USD), here is how to sell them:

  • On exchanges such as Bitstamp
  • With Bitcoin ATM’s located across Nigeria

When selling bitcoins at an ATM, the process is similar to buying from an ATM except that instead of getting cash or a private bank debit card as payment method; one gets cryptocurrency after completing the transaction.

STEP 5: Withdraw into Nigeria bank account

Withdraw from Bitcoin to Bank Account:

To withdraw from bitcoin to bank account, you need a bitcoin wallet. Choose a reputable exchange (like Luno) and open an account with them. The process is easy and takes less than 10 minutes. You will also be required to provide your personal information such as phone number, address, email and ID card/passport scan for verification purposes. Once verified, you can start buying bitcoin on the platform. To withdraw from bitcoin into your local bank account in Nigeria simply click on “withdraw” then select “transfer to debit card” or use instant transfer option provided by the platform (this option only applies if your account is verified). Alternatively go through this link where we have explained everything clearly so that even newbies can understand how it works!

How to Buy or Sell Bitcoins in Nigeria with Bitcoin wallet or exchange?

Buying or selling Bitcoins in Nigeria is not difficult. You can use your local bank account or credit card to buy Bitcoin and then store them in your e-wallet (such as Trust Wallet, Coinbase, Mycelium) until you need them. The process is similar to buying or selling stocks on any exchange.

The only difference is that the price of Bitcoin fluctuates every day, so if you try to predict and buy at a high point it could end up costing you more than what it would have cost if you had waited for the price to drop down again before buying it.

Bitcoin isn’t going anywhere anytime soon.

Bitcoin is a decentralized cryptocurrency. It is popular in Nigeria because it provides an easy way to send money between individuals, and it can be used as a store of value. However, bitcoin’s value is volatile, so you should be cautious when investing or trading with this currency.

Bitcoin isn’t going anywhere anytime soon; however, there are still some risks associated with buying and selling bitcoins in Nigeria due to the unregulated nature of cryptos. For example:

  • Bitcoin might be stolen from your wallet (you could lose all your money).
  • Someone might access your account without permission (if someone has access to your computer or phone that contains information about where you keep your bitcoins).

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1 Comment

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