The Easiest Way to Buy Bitcoin in Nigeria: A Step-by-Step Guide Using Luno in Nigeria
As Bitcoin continues to gain traction worldwide, more people in Nigeria are showing interest in this cryptocurrency. Whether you’re investing in Bitcoin as a hedge against inflation or are simply intrigued by its growth, understanding how to buy Bitcoin in Nigeria is essential. The process can seem intimidating at first, but thanks to platforms like Luno, it’s more accessible and straightforward than ever.
In this article, we’ll walk you through the easiest way to buy Bitcoin in Nigeria, focusing on using Luno, a trusted and secure platform popular among Nigerians for cryptocurrency transactions.
Why Buy Bitcoin in Nigeria?
Before diving into the steps of buying Bitcoin, it’s worth considering why many Nigerians are gravitating toward this digital asset.
1.Hedge Against Inflation: Nigeria has faced periods of high inflation, and Bitcoin offers a decentralized alternative that can protect the value of assets from economic instability.
2. Investment Opportunity: Bitcoin’s value has grown substantially over the years. Early investors have seen significant returns, making it a potentially lucrative option.
3. Global Remittances: Bitcoin facilitates easy cross-border transactions, making it an attractive option for those who need to send or receive money internationally.
4. Innovation and Financial Inclusion: Bitcoin allows people to access financial services without traditional banking, which can be beneficial in Nigeria where banking infrastructure can be limited in certain areas.
Why Luno is the Best Platform to Buy Bitcoin in Nigeria
Luno is one of the most popular cryptocurrency platforms in Nigeria for buying Bitcoin, and with good reason. Here are a few factors that make Luno stand out:
1. User-Friendly Interface: Luno’s platform is simple to use, even for beginners. Their app is intuitive and guides you through every step of the process.
2. Trusted Security: Luno has a reputation for robust security. The platform is licensed in several countries and employs strict security measures to keep your funds safe.
3. Fast and Reliable Transactions: With Luno, you can deposit Naira (NGN) quickly and easily, allowing you to buy Bitcoin without delays.
4. Educational Resources: Luno offers learning materials for new users, so you can increase your knowledge of Bitcoin and other cryptocurrencies as you go.
5. Instant Buying and Selling: You can buy Bitcoin directly from your Naira wallet, making it quick and easy to execute transactions whenever you need.
Step-by-Step Guide to Buying Bitcoin in Nigeria Using Luno
Now that we’ve covered why Luno is ideal for buying Bitcoin, let’s dive into the steps to get you started.
1. Sign Up for a Luno Account
Wait a moment let me blow up your mind, Luno.com is giving out a whooping of N16,300 for new users, Am not kidding guys, take a look at this screenshot below
Now the question is, how do you benefit from this ongoing promo from luno Nigeria? It’s very simple and straight forward, just make sure you followed every step to as to receive your new user bonus.
To begin, download the Luno app from the Google Play Store or the Apple App Store or visit Luno’s website luno.com. Click on “Sign Up” and follow the on-screen instructions to create an account. During the account creation, you’ll be asked to enter a REFERRAL ID Enter Q9F67 exactly as is shown as your referral ID.
This referral ID is very important, so don’t skip it. You’ll need to provide your email address, create a password, and verify your email.
Note: Luno takes security seriously and may require you to complete a KYC (Know Your Customer) process to verify your identity. This process typically involves uploading an ID and taking a selfie for verification.
2. Set Up Your Naira Wallet
After creating your account, you’ll need to set up your Naira (NGN) wallet. The Naira wallet is where you’ll deposit your funds before buying Bitcoin. To do this:
- Go to the “Wallets” section on the Luno app.
- Select the Naira (NGN) wallet.
- Click on “Deposit” and follow the instructions to link your Nigerian bank account.
This step is straightforward, and Luno provides detailed prompts to make the process smooth.
3. Fund Your Luno Wallet
Once your wallet is set up, you can add funds to your Naira wallet by transferring money from your bank. Luno accepts bank transfers and debit card payments, allowing you to deposit funds quickly.
To deposit funds:
- Go to the Naira wallet, click on “Deposit,” and select your preferred deposit method.
- Follow the instructions provided to complete your transaction.
Deposits typically reflect in your wallet within a few minutes, though processing times may vary depending on your bank.
4. Buying Bitcoin on Luno
With funds in your wallet, you’re ready to buy Bitcoin! This process is simple and can be completed in just a few clicks.
To buy Bitcoin:
- Go to the “Home” screen, select the “Buy” option, and choose Bitcoin from the list of cryptocurrencies.
- Enter the amount of Naira you’d like to use for the transaction or the amount of Bitcoin you want to purchase.
- Confirm your purchase by reviewing the transaction details and clicking “Buy.”
Luno will display the current Bitcoin price and applicable fees before finalizing your transaction, allowing you to make an informed decision.
5. Store Your Bitcoin Securely
Once your purchase is complete, your Bitcoin will appear in your Luno Bitcoin wallet. Luno offers a secure digital wallet for storage, but you might also consider transferring your Bitcoin to an external wallet if you plan on holding it long-term. Cold storage options, such as hardware wallets, are generally safer than online wallets for large or long-term holdings.
Advantages of Buying Bitcoin with Luno
Using Luno offers several unique advantages compared to other platforms. Here’s what you can expect:
1. Low Fees: Luno’s transaction fees are competitive, allowing you to maximize your Bitcoin purchase.
2. Ease of Use: The app’s user-friendly interface simplifies buying, storing, and managing Bitcoin.
3. Educational Content: Luno’s “Learn” section has extensive articles and guides to help users understand Bitcoin and blockchain technology.
4. Regulation and Compliance: Luno complies with regulations in many countries, making it a trustworthy choice for Nigerians.
Frequently Asked Questions About Buying Bitcoin on Luno
Q1: Is it safe to buy Bitcoin on Luno?
Yes, Luno is a regulated and reputable platform that employs security features like two-factor authentication (2FA) to keep your funds safe.
Q2: Can I sell Bitcoin on Luno?
Yes, Luno allows you to sell Bitcoin easily. Simply go to the “Sell” option in your wallet and enter the amount you wish to sell.
Q3: What is the minimum amount of Bitcoin I can buy on Luno?
Luno lets you buy Bitcoin with as little as ₦500, making it accessible for small-scale investors and beginners.
Q4: Are there transaction fees when buying Bitcoin?
Yes, Luno charges a small transaction fee when buying or selling Bitcoin. These fees are displayed before you confirm a transaction.
Alternative Platforms to Buy Bitcoin in Nigeria
While Luno is highly recommended, other platforms also allow Nigerians to buy Bitcoin. Here are a few alternatives:
- Binance: A popular cryptocurrency exchange with various features, including advanced trading options.
- Quidax: Quidax is also known for it daily large transactions, which means the platform is highly active in nigeria, and their market spread is also awesome.
- Remitano: Known for peer-to-peer (P2P) transactions, Remitano is a good option for those who prefer P2P exchanges.
- Bundle Africa: A Nigeria-based platform that offers various cryptocurrencies with local payment options.
Each platform has its advantages, but Luno remains one of the most user-friendly, secure, and accessible choices for Nigerians.
Final Thoughts on Buying Bitcoin in Nigeria with Luno
As Bitcoin continues to grow in popularity in Nigeria, having a simple and reliable way to purchase it is crucial. Luno offers Nigerian users a straightforward, secure, and efficient method to buy, store, and manage Bitcoin. With its user-friendly design, competitive fees, and educational resources, Luno is an ideal platform for both beginners and experienced users.
Buying Bitcoin in Nigeria has never been easier, thanks to platforms like Luno. Whether you’re new to cryptocurrency or looking to expand your investment portfolio, following this guide will help you make the process seamless and secure.