HOW TO BUY BITCOIN WITH A DEBIT CARD IN NIGERIA
HOW TO BUY BITCOIN WITH A DEBIT CARD IN NIGERIA ; Buying Bitcoin with a debit card is a simple and convenient way to get started with cryptocurrency investing. It’s quick, easy, and can be done from the comfort of your own home. In Nigeria, there are several exchanges that allow you to buy Bitcoin with a debit card, including Binance, Luno, and Quidax.
In this guide, we’ll show you how to buy Bitcoin with a debit card in Nigeria using the Binance exchange.
HOW TO BUY BITCOIN WITH A DEBIT CARD IN NIGERIA
Step 1: Sign up for a Binance account
The first step to buying Bitcoin with a debit card on Binance is to sign up for an account. To do this, go to the Binance website and click the ‘Register’ button. Fill in your details and create a secure password.
Step 2: Complete your KYC verification
Before you can buy Bitcoin on Binance, you’ll need to complete your KYC (Know Your Customer) verification. This involves providing Binance with some personal information, such as your name, address, and ID number.
To do this, click on ‘Profile’ and then ‘Identification’ in your Binance account. Follow the prompts to upload your ID and complete the verification process.
Step 3: Add a debit card to your Binance account
Next, you’ll need to add a debit card to your Binance account. To do this, click on ‘Deposit’ and then select ‘Card Deposit’.
Enter your debit card details and click ‘Confirm’. Binance will then charge a small fee to your card to verify it.
Step 4: Buy Bitcoin with your debit card
Open your Binance mobile application and proceed with the following steps:
- To get started select “Buy with NGN” from the home screen
- Next, select “Bitcoin” and enter the NGN amount (min NGN9,000)
- Tap Confirm and Select “Card” as the payment method
- Enter your card details and click confirm.
- Once the purchase is completed, Bitcoin is deposited in your Spot Wallet.
Step 5: Transfer your Bitcoin to a personal wallet or exchange it for fiat to take profits
Transferring your Bitcoin from the exchange to a personal wallet you control is always recommended. This provides an extra layer of security and ensures that you have full control over your Bitcoin.
To transfer your Bitcoin from Binance to a personal wallet, click on ‘Withdraw’ and select ‘BTC Withdrawal’. Enter the wallet address and the amount of Bitcoin you want to transfer and click ‘Submit’.
How To Exchange Bitcoin Profits for Fiat on DartAfrica
In Step 5 above, you can proceed to withdraw your Bitcoin profit and exchange it for fiat at a very high exchange rate on DartAfrica. DartAfrica is a very new and quickly expanding cryptocurrency trading platform that aims to make it pleasant and easy for users in Ghana and Nigeria (for the time being) to sell cryptocurrencies for fiat. DartAfrica aims to serve a wide spectrum of users with different tastes, which is why it offers support for well-known cryptocurrencies including USDT, USDC, ETH, and BTC, with plans to expand this catalog. The fact that DartAfrica charges no transaction fees in contrast to other exchange platforms or conventional financial institutions is just one of the numerous possible advantages of using it.
The platform also provides simple navigation, quick and secure transactions, and a user-friendly design. To efficiently use DartAfrica:
- Head over to their website to register in very few quick and easy steps.
- Next, log in to your account and click “Security” to create a transaction pin for authorizing withdrawals.
- Click on “Account Details” to set up your local bank account.
- Click on “Sell Coins”, and select the coin you wish to deposit. Enter the USD amount (min $20).
- Click “Sell Now” and a barcode (and wallet address) is provided for you to deposit the equivalent amount you wish to sell. Once the deposit is complete, you can monitor your transaction in the “Trades” section and after 2 block confirmations, the equivalent fiat is deposited in your account. This can be viewed on your “Dashboard”.
- Click “Withdraw funds” and enter the amount you wish to withdraw to the already set up account in step 3. Your local bank is credited instantly with no hidden charges.
Using a debit card to buy Bitcoin has its advantages and disadvantages compared to other methods. One of the advantages is that it is relatively fast and convenient. Debit card transactions are usually processed quickly, so once the transaction is confirmed, the Bitcoin is typically credited to the user’s wallet within a few minutes. Additionally, using a debit card allows users to easily and securely link their bank account to their Bitcoin wallet and make purchases directly from their account.
On the other hand, using a debit card to buy Bitcoin can have some downsides as well. One major disadvantage is that it can be more expensive than other payment methods. Debit card transactions typically come with higher fees than other payment methods such as bank transfers or e-wallets. These fees can add up over time, especially for frequent buyers or larger transactions. Additionally, not all Bitcoin exchanges or platforms accept debit card payments, so users may have limited options when it comes to choosing a provider.
Buying Bitcoin with a debit card in Nigeria is a straightforward process that can be completed in just a few simple steps. Following the steps outlined in this guide, you can buy Bitcoin and start your journey into cryptocurrency investing. Remember to always do your research and only invest what you can afford to lose.