Nigeria has been making waves in crypto news. Lately, crackdowns in the country are leaving not just crypto enthusiasts but business owners, and even just those looking to export wealth from the restraints of a struggling economy. Amid account closures and increasing pressure, bitcoin demand is only growing in Nigeria, with the country still being one of the largest cryptocurrency markets in the world.
While premiums are growing for traders inside the country, there's a practical way for Nigerians to trade outside the country as well and get the best bitcoin prices possible.
How to Buy Bitcoin in Nigeria?
There are many ways to buy bitcoin, everything from centralized exchanges to your local bitcoin traders that you may have operating in your neighborhood. The problem is when you are living in a country that has increased restrictions on cryptocurrencies, you have to look outside these methods to ensure you are getting the most bitcoin for your money, or in turn, the most money for your bitcoin when selling back into Naira.
With local bitcoin prices on the rise in Nigeria due to the CBN’s recent crackdown, Nigerian traders need to find another way. You may not know that you aren't stuck with the market price you can find locally. Using P2P trading, you can expand your reach and trade with others safely all around the world.
If you're already familiar with P2P trading and are just looking for the best exchange for trading bitcoin from Nigeria, just head over to LocalCoinSwap. You can get started fast with the easy sign-up process, and you can then buy bitcoin instantly.
If you are new to this type of trading, read on and learn more about how P2P trading with LocalCoinSwap can give you the power to trade bitcoin internationally.
Trading Bitcoin without a Bank Account
The first thing to learn about P2P trading is you have the freedom to use just about any payment method you want or have access to in your situation. You are stuck using banks looking to restrict your activity and decide what kind of business you can conduct.
Popular payment methods to trade Bitcoin in Nigeria include:
Trading on LocalCoinSwap allows you to explore using over 300 payment methods, so just about anyone can buy or sell bitcoin, even if you don't have access to something like a bank account. However, if you do want to trade with a bank account, trading bitcoin P2P allows you to do this with more privacy by not standing out as a cryptocurrency transaction.
Becoming a P2P Vendor Yourself
If you've ever traded with a local cash trader in your region, what you may not know is they likely source their bitcoin using a P2P exchange. Buying bitcoin and other cryptocurrencies P2P allows them to get the best bitcoin price and offer convenience to buyers and sellers around them while making a profit. Just as you can use P2P trading yourself to get the best prices on bitcoin in Nigeria, you can also use it to start a profitable trading business in your local area.
P2P trading allows you to bridge the gap between traders in Nigeria and other parts of the world, and you can offer competitive rates while earning money from cryptocurrency. While local crypto exchanges in Nigeria are taking a hit from reduced access to banking and traditional finance, you can help others around you by giving them access to better prices and more liquidity.
Even if you are looking to get the best rate when converting your bitcoin to Naira, selling bitcoin P2P yourself can be a great way to go.
Learn more about earning money trading bitcoin with our guides:
- The Beginners Guide to Buy Bitcoin P2P
- Make Money Trading Bitcoin Peer-to-Peer
- Trading Gift Cards for Bitcoin in 2021
- Top 10 Ways to Earn Crypto
Overcoming Purchasing Restrictions
Many businesses in Nigeria are struggling due to restrictions on international spending limits from Niara debit cards commonly used in Nigeria. With the limit dropping to around $100 with some banks, this puts many small businesses in a position where they may find it incredibly difficult to procure stock from overseas.
With a growing number of companies in the international market accepting bitcoin and other cryptocurrencies, this opens doors for a secondary method to access the goods to run a business on a global scope once again. Maybe it's time to use credit cards, debit cards, and even banks less while exploring all that cryptocurrency has to offer.
Bitcoin gives you the power to control how you transact and exchange with the world around you, and you can make the most of that with LocalCoinSwap.