If you’re considering buying bitcoin, it’s important to, first and foremost, have a base understanding of…
You can now pay locally for bitcoin using a Coindirect account
With such exciting technology behind it, it’s clear that cryptocurrencies like bitcoin are here to stay. If you are interested in starting an investment in bitcoin, there is now a way to do it safely using your local currency. You’ll be glad to know that it’s now easier than ever to buy, sell, store and convert cryptocurrencies in Nigeria thanks to Coindirect. With over 40 coins on offer, the platform makes buying cryptocurrency easy, secure and quick for Nigerians. To learn how easy it is to get started, read through the following steps to complete your first bitcoin order.
Create a Coindirect account
Creating an account with Coindirect is quick and free. Go to the homepage and click ‘Sign Up’, it will ask you for an email address and a personal password. Once your email is confirmed, Coindirect requires some basic personal information such as your name, address, mobile number and date of birth. Coindirect keeps this information secure and will never share it publicly.
Verify your identity
For buying bitcoin over the value of ₦15,000, Coindirect asks for Know Your Customer documents. You can skip this step if your trades remain under this value. The verification process exists to protect our customers (like you), as well as sellers, by following local and international financial compliance standards. Click on the Upload documents tab near the top right of the page after logging in to get started. The required documents include a clear copy of your proof of address (no older than 6 months), a government-issued identity document (e.g.: Passport), and a selfie of your face next to that same identity document.
Click to buy Bitcoin
Once you’ve set up your account, click on the ‘Buy Coins’ tab and find bitcoin (or any of the 40+ altcoins available) near the top of the page. Clicking ‘Buy’ will open a second page that displays the offers from the available sellers. The page displays who you’ll be buying Bitcoin from, user ratings, available payment methods and purchasing amount limitations. After selecting your preferred option, you can enter the amount you want to buy, your payment preference and then click ‘Place an order for Bitcoin’.
Coindirect can facilitate local bank transfers and PayPal in Nigeria. Our peer-to-peer platform lets you buy from a community of local sellers to ensure there are competitive prices. There is no need to top up a separate trading account before making a purchase of any cryptocurrency, you simply buy direct. With the transactions, there is a maximum 60-minute window to have the transaction confirmed and concluded, but it will be far quicker in most cases.
Manage your Coindirect wallets
When you set up an account on Coindirect.com, you’ll automatically see a Bitcoin (BTC), US Dollar Tether (USDT) and an Ethereum (ETH) wallet in your wallets tab. If you successfully bought bitcoin, you’ll see it in your wallet, as well as the NGN value. There is a horizontal scroll that helps you browse your active wallets. If you buy any of the 40+ altcoins currently available on Coindirect, a wallet for that coin will automatically be added to your ‘Wallets’ page. Adding additional wallets is free can be done instantly by clicking the ‘Add Wallets’ and selecting the coin you are interested in. You can also receive bitcoin from any external source using the ‘receive’ button to get your wallet address.
Safety and security
All transactions are escrow-protected to make sure both parties honour the agreement before releasing any coins. Our site utilises bank-grade security and is registered with the Isle of Man FSA, so its KYC and AML compliance is overseen in line with global standards. Individual users are able to add an extra level of personal account security by offering Two-Factor authentication for logging in. To activate this function, users can simply download a Two-Factor Authentication app like Google Authenticator and connect it by finding the ‘Security’ page on the top right profile drop-down menu.
Spread your Investment
The market for altcoins have been experiencing high levels of growth and are affected by speculation, therefore you should expect a fair amount of volatility. Just like more traditional forms of investment, diversifying your cryptocurrency portfolio can help to lower your risk. Consider doing additional research into buying other top cryptocurrencies that show the most promise such as Ethereum, Cardano, Litecoin, EOS etc. Coindirect has a dedicated Exchange page that offers a simple currency conversion to turn your bitcoin into ripples or any other altcoin with just a few clicks.
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