Here's a complete guide on how to purchase cryptocurrencies such as – Bitcoin, Ethereum, Litecoin, Binance Coin, Cardano, etc. in Nigeria, using Coinbase and GDax.
Disclosure – I'm only showing you exactly what I did, and by no means am I endorsing you buy Bitcoin or any other cryptocurrency. The money I invest in buying this coins are like gamble money to me, so whether it falls drastically/slightly, or if it goes up 10x, it isn't going to make a big difference to me.The cryptocurrency market is extremely volatile, risky and at this point in time, I believe the market is strongly driven by speculation. Only do this with good intentions, as this isn't a get-rich-quick tactic. Make sure this is money you can afford to risk, and by no means should Bitcoin replace a historically proven investment strategy. Make sure you do your own personal research! However, if you're like me and want to play around with it and learn about it firsthand with money you can afford to lose, then you're in the right place.
Hello there, and welcome to HotNaija, your one-stop destination for the latest entertainment news, celebrity gossips and stories, lifestyle content and cryptocurrency news. Today we'll be discussing on how you can successfully purchase cryptocurrencies in Nigeria 2021. Without any further ado, let's get started.
First off, you open a Coinbase account. This process is very simple and fast to complete. The Coinbase app/website will guide you on setting up an account with them quickly. It's just like opening a Facebook account where you have to confirm your email address and go through a verification process.
As an err of caution, always make sure to use Google authenticator. Be overly cautious with your account details and password, so using the Google authenticator app would add additional security to your account. Make sure to set up your account in a way no one else can gain access without your permission.
Although Coinbase is easy to navigate, the wait times and fees tend to be out of control. So for this reason, I recommend using either a bank transfer (which sometimes take 5-10 days though) or a simple wire transfer.
However, I've opted to skip coinable altogether and instead use "GDax" with my Coinbase account. It looks a little more complicated than a Coinbase account, but it's easy to learn in a few minutes.
Once you've created your GDax account and gone through their verification, you can use the steps outlined in the app/website to transfer your money and place your order. I prefer limit orders because they're free and work great if you have the patience to watch the market or wait until your order is filled.
Finally, once your order is filled, I wouldn't recommend you just keep your Bitcoin on GDax or Coinbase because crypto exchange sites are vulnerable to hacking. Instead, you can look into an hardware wallet like a "Trezor" or "Ledger Nano X" (there's a whole guide on our website on how to make use of it, do well to check it out later). This way your currency won't be at the mercy of their servers.
EndNote: You don't have to use Coinbase alone or even at all, do your own due research to find out more on other crypto exchanges that would probably add some more benefits to you and your coins.
Other Crypto Platforms Involved In The Exchange Of Digital Currencies
• Binance
• Kraken
• Crypto.com
• Gemini
• Gate.io
• KuCoin
• OKEx
• Bitstamp
• Bittrex
• bitFlyer etc.
Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!
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