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Featured Ethereum Broker: XTB
XTB is a low-cost global cryptocurrency broker offering CFDs for Bitcoin, Dash, Litecoin, Ethereum, Ripple, Stellar and others in Nigeria. XTB offers customer support 24 hours a day, 7 days a week, security and high liquidity. Open an XTB account today.
As with other cryptocurrencies, to buy and sell Ethereum's cryptocurrency ether (ETH) 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 cryptographic portfolio to perform ETH transactions and store your cryptocurrency.
Your encrypted address has much in common with an email address, with the exception that you can pay for goods and services and receive payments and gifts with the address of your wallet. Once downloaded, you can access your cryptographic portfolio via your desktop, laptop, tablet or smart mobile device.
At this time, Bitcoin prevails as the best cryptocurrency thanks to its market recognition and high liquidity. Nevertheless, the interest in Ethereum's blockchain and Ether's cryptocurrency continues to grow, making it a great alternative to Bitcoin for Nigerians.
As with Bitcoin, buying the cryptocurrencies of Ethereum & # 39; s Ether or Ethereum Classic (ETC) in Nigeria seems relatively easy, but the broker or exchange you select matters more.
Overview: purchase of Ethereum in Nigeria
To buy ETH in Nigeria, you must first access a cryptocurrency exchange which allows customers in Nigeria to register and offer the cryptocurrency of ETH. Depending on the exchange or the selected broker, buying ETH in Nigeria should not be that complicated.
Keep in mind that you can choose between investing in ETH, which involves registering in an exchange and acquiring a cryptographic portfolio or you can simply buy and sell contracts by difference o CFD on ETH. The CFD path entails registration with a CFD cryptocurrency broker such as XBT, for example, and does not require you to obtain a portfolio or register with an exchange.
Furthermore, Nigerians should find that obtaining the cryptocurrencies ETH and ETC is as easy as getting bitcoins. You can use any other Nigerian bag that supports Ethereum. In addition, you can open an account at an international exchange or deal with a local cryptocurrency broker.
Many of the Nigerian exchanges accepts paper currency and allow you to buy the cryptocurrencies you want in person in their offices. You can then leave them in the exchange or transfer them to a mobile or web-based portfolio.
Step 1: Open an account for a cryptocurrency exchange
Nigeria offers an advantage for cryptocurrency traders in several cryptocurrency exchanges they have their base there. This makes the opening of an account during an exchange much easier for Nigerians.
In addition to native exchanges in Nigeria, many international and semi-international exchanges accept accounts from Nigeria. Below you will find a list of exchanges that is have their base in Nigeria or accept accounts from Nigerians:
XTB
If you want to avoid the expenses of a portfolio and simply exchange CFDs on ETH and ETC without taking over the cryptocurrency, you can open an account with an online broker that supports cryptographic trading, such as XTB. Nigerian cryptocurrency operators can take advantage of XTB's excellent xStation 5 platform and negotiate on the MetaTrader4 platform developed by Metaquotes.
This means you can potentially earn (or lose) money on the movements of the underlying cryptocurrency without addressing the problem of keeping ETH or ETC directly. Remember, if you use a broker and simply exchange daily fluctuations in the market, you are not able to use cryptocurrency to retain and spend at your leisure.
NGexchanger
Located in Port-Harcourt, Nigeria, NGexchanger it is one of the main exchanges of Nigerian cryptocurrency. It is registered with the Business Affairs Commission of Nigeria (CAC) under the registration code BN 2491541. The exchange claims that it deals with all cryptocurrencies, although not all of them are included on its website.
NGexchanger also gives its customers access to a Telegram Group with cryptocurrency trading signals offered for free. You will receive a link to this group once your first transaction is completed. In addition, the company offers customers a 24-hour customer service via telephone, online chat and WhatsApp.
To fund an NGexchanger account, you can use debit or credit cards in USD or Naira Nigeriana (NGN). You can also use a bank transfer or deposit money personally at the NGexchanger office. NGexchanger now provides portfolio services and a trading platform. You can see a screenshot of his homepage below:
Naira2USD
Another important exchange of Nigerian cryptocurrencies, Naira2USD, has his own offices in Onitsha, Nigeria. This exchange service provides customer support via email 24 hours a day, 7 days a week, as well as customer support during Nigeria business hours via telephone, online chat and WhatsApp. Methods of payment include bank transfer, bank deposit and cash deposits in person.
NairaEx
Based in Lagos, Nigeria and founded in 2016, NairaEx is one of the main exchanges of cryptocurrencies in Nigeria, with over 100,000 customers. The company began specializing in Bitcoin but began trading Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) at the start of 2018.
NairaEx requires a minimum deposit of 30,000 NGN to open an account, which can be financed with Nigerian national debit / debit / debit cards. Note that NairaEx does not accept international credit / debit cards at this time.
Remitano
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 customers from over 40 other countries and provides a peer-to-peer (P2P) market in which customers can purchase cryptocurrencies securely.
Remitano offers customer support 24/7 and has become very popular with the Nigerian cryptographic community. The company charges to Transaction fee of 1% and accept bank transfers or cash in person if the buyer is close to the seller.
When you purchase ETH on Remitano, you will not need an external Ethereum portfolio, as the company provides its customers with an Ethereum portfolio that integrates into your account once it is open.
In addition to the aforementioned exchanges, Nigerians can open accounts with exchanges of international cryptocurrencies to purchase ETH, such as Luno, CoinMama and CEX.io.
Step 2: Get a Cryptocurrency portfolio
To exchange ETH and maintain full control over your transactions, you must first withdraw them from the exchange or another source for a personal cryptocurrency portfolio. Portfolios are available in various forms and allow you to notify the cryptographic network that you want to send and receive transactions.
You can install the wallet on a desktop or laptop, as well as on an Android or iOS smartphone or tablet. You can also use a web-based portfolio that does not require download and allows you to access anywhere you can get an Internet connection. If you exchange ETH or ETC, your portfolio must be an Ethereum portfolio.
Another form of wallet called a hardware portfolio consists of a peripheral device such as a USB memory stick that offers greater security. Some exchanges, like NGexchanger, offer a bitcoin wallet, although many exchanges that do not include one require that you have an Ethereum wallet or that you leave your currency for exchange.
Popular wallets used in Nigeria for ETH and ETC:
Metamask
One of the most popular ETH portfolios in Nigeria, this desktop portfolio accesses the Ethereum network and decentralized Ethereum apps. The portfolio features an intuitive interface and includes extensions for Chrome and Firefox.
MyEtherWallet
This web-based portfolio allows you to control your private Ethereum keys. Because of the open source framework of the portfolio, it does not require third-party servers. Another highlight of this portfolio is the integrated exchange function from BTC to ETH and from ETH to BTC.
Coinomi
A mobile cryptocurrency portfolio offering a unique platform with over 300 Wallet and tokens of cryptocurrency, in addition to the possibility of exchanging currencies at no cost, Coinomi also supports the tokens based on ERC20 used for smart contracts.
Coinpayments.net
This portfolio platform is designed for traders and accepts 65 altcoins. It serves more than 230,000 sellers in 182 countries. Coinpayments.net also supports shopping carts used by e-commerce stores such as Opencart, Magento and WooCommerce.
Bitfi
Working as a completely wireless hardware portfolio, the Bitfi portfolio enters a device similar to smartphone and supports an unlimited number of cryptocurrencies and cryptographic resources. The portfolio offers total protection from online and offline security threats and allows you to manage all your cryptocurrencies on a single dashboard.
Step 3: Collect your ETH on your wallet
Once you have purchased your ETH in an exchange, you can withdraw the currency to your ETH or multi-currency portfolio. You can also buy or sell Ethereum from a local seller as shown by coindirect.com in the screenshot of your website below:
Final thoughts
Buying Ethereum cryptocurrencies in Nigeria actually seems pretty easy, but selecting a good broker or exchange is what really matters. Make sure you also have some knowledge of how to exchange cryptocurrency before starting to buy and sell ETH or ETC actively to avoid the most common pitfalls.
To determine if you get an exchange and a portfolio or open an account with an online cryptocurrency broker, know if you want to focus on making Ether transactions as a speculative trader, investing in long-term cryptocurrency or just using it as money.
