Introduction
As a pressing and continuous demanding request, Bitcoin has become increasingly popular in Nigeria, providing a secure, efficient and accessible way to store and grow wealth continually. But with transaction fees that can quickly add up, finding ways to buy Bitcoin with minimal costs is essential for Nigerian investors. Here’s how to explore the process and save on fees while purchasing Bitcoin in Nigeria with low-fees on the purchases.
What is Bitcoin and Why are Traders Buying It?
What is Bitcoin?
Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without intermediaries. Its ability to retain value over time makes it appealing, especially in regions with economic instability. Over the years now, it has been the leading token in the crypto industry. Although there are other assets in the likes of gold, but when it comes to the ones with a higher liquidity, Bitcoin is on the lead.
Many Nigerians view Bitcoin as a solution against inflation and currency devaluation, and it also opens opportunities for borderless transactions. With more Nigerians and traders getting into the crypto market, low-fees Bitcoin transactions are a priority for many, whether beginners or pro traders.
Why Low Fees Matter When Buying Bitcoin in Nigeria
High fees can impact the value of Bitcoin holdings, especially if you plan to buy and trade frequently.
Imagine budgeting a 200$ to buy Bitcoin, and after purchasing a 200$ worth Bitcoin, you end up with 120$, equalling a fee of 80$. Every fee deducted from your transactions is money lost that could otherwise have been invested or preserved.
Types of Fees to Consider in buying Bitcoin
Transaction fees: This is the Costs for processing and confirming Bitcoin transactions on the block chain, for Bitcoin trading, withdraws, etc
Network fees: these are the compulsory Charges paid to miners for validating transactions on the block chain.
Exchange fees: these are the fees that wallets and exchanges charge for buying or selling Bitcoin on the platform.
Best Platforms to Buy Bitcoin in Nigeria at Low Fees
Various exchanges, wallets, platforms, even websites offer bitcoin buying options, unfortunately, including scam platforms too. Due to bitcoins popularity in the crypto space, a lot of platforms and wallets offer to sell Bitcoin, including scam and fake platforms too.
Numerous platforms offer Bitcoin purchase options with different fee structures. Choosing the right wallet or exchange with lower transactional fees can help you keep costs low as a trader, (whether beginner or pro).
Let's look at Transaction Fees on Different Platforms
Like I said earlier, Bitcoin buying is so vast and popular, that even websites now sell Bitcoin directly to someones wallet.
Popular exchanges and wallets such as Binance, bybit, bitget, trust wallet, Remitano, luno, etc (obviously I didn't mention all) each have distinct fee patterns. Some charge a percentage of the transaction, while others offer flat rates. Thorough Researching and comparing these fees can help you make a cost-effective decision. No worries, in this article, I've got you covered, I have done a bit of the research for you, so as to provide you with some of the platforms that you can buy Bitcoin with low fees! (Smiles).
Method 1;
Using Peer-to-Peer (P2P) Marketplaces for Low-Fee Bitcoin Purchases
What Are P2P Platforms?
P2P (aka Peer to Peer) platforms allow users to buy and sell Bitcoin directly from one another, often with fewer fees than traditional exchanges. This method can result in lower transaction costs since there’s no intermediary. It just involves people buying and selling directly with each other within the boundaries of a platform to ensure security and reduce the fraud rate.
Are there benefits of using P2P?
Yes of course, buying BTC (in full form Bitcoin), with lower fees, p2p has many advantages and benefits.
It ensures trust too, as you are sure you're buying from a person like you, fully transparent.
P2P platforms offer flexibility in payment methods and may have fewer transaction fees. Additionally, they allow us to trade Bitcoin with local payment options, like bank transfers, which can further reduce costs and ease payment convenience.
Best P2P Platforms for Bitcoin in Nigeria
Binance P2P
Binance’s P2P platform is one of the most popular options for Nigerian users.
Although, after a recent upgrade and change of terms of service, the binance p2p is no longer done in Nigeria. With Binance P2P, you can buy Bitcoin directly from other users without additional fees from the platform itself, if you have a dollars account, it can help foster the process.
Paxful and Remitano
Paxful and Remitano are other widely-used P2P platforms. Both offer secure trading environments, but Paxful, in particular, has a stronger Nigerian user base and supports multiple payment methods. Though both of them are still widely used and accepted.
Also read; best crypto wallets with low transaction fees
How to Use Binance P2P for Low-Fee Bitcoin Purchases
1. Sign Up and Verify: once you've downloaded the app, from your app store, you'll Create a Binance account and verify your identity.
2. Select P2P Trading: in the home screen, Go to the P2P section, filter for Nigerian sellers, and select Bitcoin. Like I said earlier, binance has recently ban Nigerians trading p2p on their platform, unless you have a dollar account.
3. Choose Payment Method; Binance P2P supports bank transfers, making it convenient and cost-effective.
4. Confirm Transaction: Once you complete the transfer, Binance, through the seller will release the Bitcoin to your account. After he or she has confirmed it too.
Bybit P2P
The bybit P2P is still very much available and acceptable in Nigeria, and in facts still accepts the Nigerian naira currency...
It has options from transferring through some popular banks like access bank, zenith bank, opay, and other popular banks too.
Bybit P2P is a peer-to-peer marketplace that allows users to buy and sell Bitcoin and other and other cryptocurrencies directly with one another, using their preferred local payment methods. Bybit acts as an intermediary to ensure that transactions are safe and secure and thereby, giving users confidence in their trades.
Also read; Top telegram airdrops and their listing dates
Why Bybit P2P Is a Better option to Binance.
The most important reason why bybit is a better option to Binance, especially to Nigerian users, is because it accepts Nigerian currency (naira) while doing P2P, so it's easier to use compared to Binance, and provides more ease of payment too.
- Trusted Escrow System: Bybit uses an escrow service that securely holds the seller’s cryptocurrency until the buyer confirms payment. This prevents fraud, as the funds are released only when the transaction is verified by both parties.
- Low Transaction Fees: Bybit P2P offers competitive rates and typically lower fees compared to other P2P platforms, allowing users to buy and sell Bitcoin without excessive bank charges.
- Variety of Payment Methods: Bybit P2P supports multiple payment options tailored for Nigerian users, such as bank transfers, mobile payments, and local payment platforms. No matter the bank you're using, it has the option to receive money from the bank. This makes it easier to find sellers who accept preferred payment methods.
- User Verification and Security: Bybit requires KYC (Know Your Customer) verification, as well as every other exchange apart from the ebi exchange. The kyc pattern enhances user security by ensuring that only legitimate, verified accounts participate in trades. Additionally, Bybit’s security protocols include two-factor authentication (2FA) and anti-phishing features.
- Competitive Prices: On Bybit P2P, buyers can find offers that match or even beat the prices on traditional exchanges. Sellers on the platform set their prices, creating a competitive environment where users can often find favorable rates. And lastly,
- User-Friendly Interface: Bybit’s platform is designed with simplicity in mind, making it easy for both beginners and experienced traders to navigate the P2P process and also the trading process too. Clear prompts guide users through each step of buying or selling Bitcoin.
Steps to Buy Bitcoin on Bybit P2P in Nigeria
1. Register and Verify Your Account: download the app, and Start by signing up on Bybit and completing the necessary verification process. This step ensures both security and access to full platform features.
2. Head to the P2P Section: On the Bybit app or website, go to the P2P trading section and change the token from USDT the default to BTC, since its btc you want to buy.
3. Find a Suitable Offer: Browse through available Bitcoin listings. Choose an offer based on price, payment method, and the seller's reputation, that's the completion rate of the seller.
4. Initiate the Trade: once you see an ad on the bybit p2p page, and you're eligible to buy from that buyer, click on the ad, and Enter the amount you wish to purchase and follow the instructions for payment. Bybit will hold the seller’s Bitcoin in a frozen mode during this period, meaning he or she can't withdraw it, so you're safe while making payments, just do well to follow the terms and conditions provided before trading p2p.
5. Wait for the seller to Confirm Payment and Receive Bitcoin: After making the payment, the seller would have to confirm it on the platform. Once the seller verifies receipt, Bybit releases the Bitcoin to your wallet. Also make sure to pay for any crypto with your username on bybit to avoid problems to yourself.
Using Local Exchanges with Low Fees
Benefits of Local Exchanges
Local Nigerian exchanges often have competitive fee structures proficient for Nigerian users. They frequently offer direct bank transfers and can eliminate currency conversion fees.
Notable Nigerian Exchanges
Quidax and Bundle are examples of local exchanges with favorable fees for Nigerian users. These platforms cater to the Nigerian market, making transactions straightforward and cost-effective.
Reducing Fees by Choosing the Right Payment Method
- Payment Methods and Their Impact on Fees
Bank transfers are generally the most cost-effective payment method on P2P platforms. Using credit or debit card payments, are generally higher and require a more service fee, as compared to bank transfers in p2p.
Avoiding Hidden Charges
Always double-check for any hidden fees associated with your payment method to prevent unexpected costs, this can be done by reviewing every trade, abd orders placed, to make sure that all the fees are clearly outlined, and if any one is hidden, it would be shown.
Timing Your Purchase to Save on Fees
Does network congestion affect fees?
During peak times, the Bitcoin network becomes congested, leading to higher fees. Waiting for off-peak times can save you a significant amount on network costs. Although, the difference in fees between congested times and non congested times is relatively small, but it can help reduce the fee a little, to always buy your crypto at the right time.
Avoiding Common Fee Traps When Buying Bitcoin in Nigeria - (scams)
Some scam platforms, use a form of very low fees to attract buyers and traders to buy Bitcoin, making them buy from there platform, and increase the scam in the industry.
No matter the fees attached when buying Bitcoin, whether high or low, I would always advise to do your research, and make sure it is a trusted and reputable platform.
Some exchanges hide fees too, within conversion rates or service charges. Always review the fee breakdown before finalizing any transaction.
How to Store Your Purchased Bitcoin Securely
Importance of a Secure Wallet
Honestly, having a secured crypto wallet is a very big flex. Yes you heard that right, crypto is very volatile, so is it's environment.
Believe me, once your crypto gets stolen, or lost, it's lost forever, there's no tracing or tracking here, that's just how crypto is.
Once you've bought your Bitcoin, keeping it safe is a must!. A secure wallet reduces the risk of loss from hacks or cyber theft.
Do not ever share your logins, or your private keys, or even your security keys with any one.
Finally
Crypto is not something you should joke with, especially when dealing with the leading asset - Bitcoins.
It is essential to always do research, consider it a 9-5 job, and always put in the work.
Buying Bitcoin in Nigeria doesn’t have to be expensive if you choose the right platforms and strategies. By using P2P exchanges, choosing the right payment methods, timing your purchases, and keeping an eye out for discounts, it can be very easy and purchasing of Bitcoin can be done with little fees.