Last Updated on 9 months by Komolafe Bamidele
It’s so unfortunate that the Central Bank of Nigeria has not lifted the ban on cryptocurrency buy and sell in Nigeria.
Yet Nigeria still remains one of the countries with the highest trading of cryptocurrency in the world at the moment.
Did you know how it is done? Even after the CBN Ban, Nigerians still trade Bitcoin and other cryptocurrencies.
So if you want to know how to bypass the CBN ban on buying and selling cryptocurrency in Nigeria, then you need to read this article to the end.
There are several methods of buying and selling cryptocurrency in Nigeria
Here at the working method to successfully trade your crypto with any issues
Tables Of Contents
Peer to Peer Exchange
Peer-to-peer exchange of cryptocurrency is one of the most popular and easiest methods of buying and selling cryptocurrency in Nigeria.
There are numerous mobile applications that are created for users to buy and sell cryptocurrency from one another without scamming.
When it comes to cryptocurrency exchange, there have been several scam cases that have been involved over the years.
It is a thing of the past because those mobile applications are designed to carry out peer-to-peer cryptocurrency exchanges.
You can make use of the available cryptocurrency peer-to-peer exchange to buy and sell cryptocurrency at your preferred rate without scam or disappointment.
Here Best Peer-To-Peer Website ToBuy and Sell Crypto in Nigeria
You can make use of the cryptocurrency peer-to-peer platforms below to carry out your cryptocurrency transactions; They are trusted and reliable by millions of users.
With the available and trusted peer-to-peer cryptocurrency exchange platforms you will be able to bypass the Central Bank of Nigeria cryptocurrency ban.
Things to Look For Before You Buy Or Trade Your Cryptocurrency On P2P Cryptocurrency Exchange Platform
There are numerous things you need to look for before you choose any cryptocurrency peer-to-peer platform to trade within Nigeria.
Users Experience And Review
User experience and review are very important.
You need to take your time to go through users’ reviews on the cryptocurrency exchange platform before you start trading with them.
In the process of your research, you will be able to know more about the cryptocurrency peer-to-peer exchange,
and you will be able to predict their service quality based on user reviews and other information that you need to know about the cryptocurrency exchange platform.
Each and every cryptocurrency exchange platform comes with a different exchange rate,
That is why you need to take your time to find a peer-to-peer cryptocurrency exchange platform that comes with a suitable exchange rate.
You need to do proper research on the commission rate that each and every cryptocurrency peer-to-peer platform charges for each transaction on their platforms.
So that you won’t have any issues when you carry out any transaction with them.
Customer Care Representative
You need to choose a platform that comes with a reliable customer care representative that can answer your questions any time of the day on the platform.
There are numerous advantages that come with a P2P cryptocurrency exchange;
Advantages of P2P
- Little and no charges rate
- It is simple and fast
- Easy to use
- Reliable always
Disadvantages of P2P
- Unauthorised exchange rate
- Untrusted B2B platform comes with several scam cases
Internal Transfer of Naira
Internal transfer of Naira is the method of transferring Nigerian naira from one bank account to the other.
It is one of the major methods of buying and selling cryptocurrency at the moment in Nigeria during the period of the CBN cryptocurrency ban.
You can buy or sell Bitcoin, ethereum, and other cryptocurrencies by transferring from your Nigerian local bank account to the seller or buyer local bank account.
It is one of the easiest and simple methods of buying and selling cryptocurrency in Nigeria.
This method has greater advantages because most crypto buying and selling platforms come with several annoying terms and conditions.
For instance “before you can buy or sell cryptocurrency on their platforms one of the major conditions is identification verification”.
You need to verify your profile with your national ID card, voter’s card or international passport. You won’t be able to use their platforms if you don’t verify your profile.
That is why millions of Nigerians choose to carry out their cryptocurrency transactions through the internal transfer of naira.
It works in such a way, those who have the necessary documents to verify their profile will help you to sell your cryptocurrency,
then send your money into your local bank account likewise you’ll deposit it into their local bank account if you are buying cryptocurrency from them.
You don’t need to verify your account before you can receive or send cryptocurrency in Nigeria.
This method is available for those who don’t have means of identification, especially those who are younger than 18 years in Nigeria.
Anyways I don’t think crypto is good for underage it’s only for mature minds…
Advantages of internal Transfer of Nigeria
- It is fast and reliable
- Easy and simple to use
- There is no unnecessary charges for transaction
Disadvantage internal Transfer of Nigeria
- There is no refund if you are scammed
- CBN may block your bank account if you include cryptocurrency or other related words in your transaction details.
Pexbank is a peer to the peer exchange platform, where you can buy or sell any kind of cryptocurrency including bitcoin, and others.
You can also carry out other online transfers or payments on Pexbank, you can sell or buy PayPal or Skrill funds on Pexbank.
You can create and verify an account on Pexbank to buy and sell your PayPal funds, Skrill funds, cryptocurrency at any exchange rate of your choice.
On pex bank you will sell your Fund at the black market rate for instance you can sell PayPal funds as high as #530 and above
Advantages of Pexbank
- It is fast if you get paired to buyer quickly
- It is created for Nigerians and other African countries.
- it is safe for everyone both the buyer and the seller
- CBN can’t ban your bank account when you trade your Bitcoin, ethereum, and other cryptocurrencies on Pexbank
- It is simple and easy to use
Disadvantage of Pex Bank
- Unstable exchange rate Commission
- Most crypto traders might not like it because sellers sell at black market rate.
- You must be a verified member before you can transact.
- The transactions maybe slow down if there are cases of more sellers than buyer.
Use TransferWise Now Wise
Wise is also one of the best platforms that you can carry out your cryptocurrency transactions.
You can create your Wise account with your email address and order personal information and will be able to send and receive money online with a little commission rate.
All you need is to fund your account with your naira debit card although there are fewer cards that work on wise
You just have to try different cards to see which one will work. If it works fine and if not try another one.
Advantages of Wise
- Secured platform
- Fast and reliable
- Easy and simple
- Reliable customer service support
Disadvantages of wise
- Your account may be blocked if you don’t follow their terms and conditions.
- It’s only a few naira debit cards that work.
- You must be a verified member before you do a transaction.
Coinbase With PayPal
Coinbase is a cryptocurrency wallet and trading platform where you can buy and sell cryptocurrency at any time without the interference of a third party.
It is simple and easy to buy or sell cryptocurrency on these popular platforms.
Aside from that, you will be able to get quick cryptocurrency market news on Coinbase.
While PayPal is one of the most popular online payment platforms over the years and still one of the best at the moment.
You can make use of PayPal to send money to your family and friends.
All you need is their PayPal email address and you’ll be able to send money from your Paypal to their PayPal account.
It is the best payment platform to send and receive money online.
Advantages of using Coinbase and PayPal
- It is simple and easy to use
- It is safe
- Fast transaction
Disadvantages of using Coinbase and PayPal
- You need to verify with your ID card and other required documents.
- High transaction fees for each transaction
- Your account may be suspended or blocked, if you break their rules and regulations and you may lose your account and funds that are in your account forever.
- Sometimes this method might fail to work.
Recap and Advice on Buying and Selling Crypto in Nigeria
These are the major online platforms that allow you to buy and sell cryptocurrencies during the period of the CBN cryptocurrency ban in Nigeria.
You will successfully bypass the CBN cryptocurrency ban if you make use of these platforms to buy or sell your cryptocurrency in Nigeria.
But I advise before you choose any peer-to-peer cryptocurrency trading platform,
try as much as you can to research on the platform before you deposit or carry out an internal transfer of naira into any local Nigerian bank account.
Don’t give your email or password to any third-party individual or organisation in the process of buying or selling cryptocurrency.
There are have several cases of fraudulent activities that take place when it comes to buying and selling cryptocurrency in Nigeria, Most especially after the CBN banned millions of Nigerians.
Some criminals and online scammers take advantage to steal from innocent Nigerians
mostly newbies that do not know how to buy or sell their cryptocurrency by requesting their personal email and password.
They steal their money and other valuable information when they have access to their email address or bank account details.
It is very easy and simple to buy or sell cryptocurrency without any third-party platform.
If you are above 18 years of age and have either a national ID card, voters ID card, international passport.
You can buy or sell cryptocurrency without any peer-to-peer platform. With the help of your ID card, you’ll be able to create and verify your profile on the available cryptocurrency platforms,
where you can buy and sell cryptocurrency directly from your digital wallet.
Finally, you also need your credit card either MasterCard or another credit card. Like PayPal, Payoneer, any credit card other online payment platforms as means of payment for your cryptocurrency.
likewise, your local bank account to receive your cryptocurrency fund if you are selling.
Although, CBN may block your bank account if you carry out any cryptocurrency transaction at the moment in Nigeria. So it’s not advisable.