Ever heard about TrueXGold.com? Or have you been looking for an easy, reliable but yet, profitable, and quick way to buy and sell your bitcoin in Nigeria? If yes, then look no more, as I’m going to introduce one of the best digital currency exchangers in the country to you right in this blog post.
And I will also show you how to buy and sell bitcoin on Truexgold; which is one of the many digital currencies you can exchange on the platform. Before I show you these steps, let’s take a look at bitcoin – the currency we’d be exchanging here;
If you’re new to bitcoin, you might have been asking that;
What is bitcoin?
Bitcoin is a digital currency that has been around for a decade and counting. It’s a form of money, but unlike the conventional money, it is decentralized; it has no bank regulating its flow.
Over the last couple of years, bitcoin is slowly getting wider acceptance as many merchants now accept it as a means of making payments. If you also work online, most platforms have an option to pay you with bitcoin.
In certain countries, the currency has begun to get more credence, it’s being slowly used but not regulated.
Despite all these, trading bitcoin is one good way of making money online, this can be achieved in many ways like exchange and mining. We’ll be discussing the former, but you may ask, why should I invest in bitcoin? Is it even worth it? Well, the answer is yes, and I’ll tell you why.
Why Invest in Bitcoin in Nigeria?
This is the question on the minds of many, and I’ll start by saying this: when a thing is owned by many people, it has little value; if it’s owned by a few persons, it is valuable!
Presently, bitcoin is the most valuable form of money in the world; more valuable than the United State’s Dollar, Pounds, Euro, and all other forms of conventional and digital money.
Although its price is inconsistent – which is the thing with all forms of money, it still holds more value, and one can make money whilst trading it for other conventional forms of money.
One of the cool reasons why you should consider looking into this currency is its flexibility as a means of payment. You can send money to anyone, and anywhere in the world without any form of restriction, no bank could block you for carrying out transactions with it, government policies are non-existent in the world of bitcoin.
Most Nigerians make money trading bitcoin, and some have lost money in this business which is quite unfortunate. The big problem is that there are lots of bad apples in the crate, lots of scammers posing to be legit, and you might easily fall prey to their antics.
To help salvage this situation, I’ll again love to introduce you to Truexgold.com – a platform for cryptocurrency exchange; with all the major currencies available.
TrueXGold.com will buy your bitcoin or sell to you without cheating or “ripping” you. But most people ask, which you might have also been thinking right now that;
Is Truexgold.com Legit or Scam
Truexgold is legit!
Truexgold is a cryptocurrency exchange platform where any Nigerian can exchange various forms of digital currencies. But the most bankable reason about this platform is that it has been around for quite some time now, and so far, they’ve remained true to delivering the best crypto exchange service in Nigeria.
Well, a man can be old with grey hair and still be useless. But Truexgold.com has been in the bitcoin buying and selling game for a while, and they’re still useful, strong, and legit.
A lot of positive feedback has been given by users of this platform, this speaks volumes of their credibility in this field. You can check them here: https://truexgold.com/reviews/
It’s pretty easy to exchange any form of currency via Truexgold.com; they’ve got highly skilled personnel who put in their “A-game” to make sure you keep coming back for business.
Truexgold offers some of the best rates in the market across all the available currencies. They have a partially automated system that makes transactions much faster and efficient.
Visit https://www.truexgold.com to get started. Signing up should take some clicks and you could begin exchanging right away.
Requirements to Get Started on Truexgold
Before heading on the start exchanging, here are certain things to have;
1. You Must be a Nigerian:
Truexgold is currently serving Nigerians and so to be able to carry out any transaction, you have to be a citizen.
2. A crypto wallet/address:
This is where you hold your digital currencies. There are quite a good number of wallets out there, kindly make sure you have one already.
3. Bank Account:
This is a no-brainer! Anyone willing to engage in financial transactions ought to have this.
The requirements below are not compulsory but may be needed for additional verification. Without verification, there are automatic limits imposed on your account, and you may not be able to carry out a certain volume of transactions without a verified account.
In order to verify, you need to have carried out at least 10 transactions on this platform, with addition to the following;
4. A Regulatory ID Card:
Having any of the government-issued ID cards is important here. Truexgold suggests you have either an International Passport, National ID Card, or a Driver’s License, any of these will work just fine.
5. Face/ID/Date Verification:
This is done by most crypto exchange firms; you have to take a picture of yourself holding your ID card and a paper showing the day’s date. So, your picture should clearly show your face, your ID, and a paper with an inscription of today’s date if you’re signing up today.
Below is what it should look like:
6. Phone Number:
You should get a call from the account operator to verify your number.
These are what you need in order to start exchanging on Truexgold.com; with these in place, I think it’s time I show you how to buy and sell bitcoin on Truexgold.
How to Buy bitcoin on Truexgold
Buying bitcoin via Truexgold is quite easy, and you can do that with these few steps;
- Visit their official and only website: https://www.truexgold.com.
For mobile users, you would need to switch to the original website by tapping on the “Go to Original site“, which can be found at the bottom. This is the best way to transact.
2. On the site, tap “Exchange” on the horizontal dashboard
3. Since we’re buying bitcoin, we have to select Naira (NGN) on the left, which should show us a handful of options on the right, which we’re to select BTC.
4. Click on “Bitcoin BTC” on the right, or the Bitcoin logo, to enter the exchange panel
5. On the panel, fill out the required information, answer the mathematical captcha, then click on “EXCHANGE”.
N.B. The minimum amount you can buy is N4,000.
6. Right after that, you’d be promoted to create order; read and agree to the Ts and Cs, then select “CREATE ORDER”
7. On the next page that pops up, you’d be given instructions on how to pay and verify your payment. Follow the instructions, submit the required information, and then tap “PAID”.
8. Upon verification of the transaction, your corresponding value of BTC would be sent to your wallet. This usually takes between 5 minutes – 1 hour during working hours, but could be longer outside working hours.
These are the steps to take in order to buy BTC on truexgold.com
But sometimes, you may have bitcoin in your wallet and you need to sell it. So, what if you want to sell bitcoin on Truexgold? Well, here is…
How to Sell bitcoin on Truexgold
- Repeat steps 1&2 above.
- For the sale of bitcoin, we are to select BTC on the left.
N.B. On Truexgold, you pay on the left and then, receive on the right.
- Tap on the Naira logo on the right. You’d be taken to the exchange panel.
- Fill out the required information, take note of the minimum BTC value, solve the mathematical captcha, then select “EXCHANGE”.
- On the next page, you’d be shown a brief summary of your transaction details. You need to accept the terms and conditions, then select “CREATE ORDER”.
- Next up, you would be given an address to pay the required amount of bitcoin. After successful transfer, verify your transaction, then select “PAID”.
When confirmed, Truexgold will send the equivalent Naira value to your bank account.
That’s all – On How to Buy and Sell Bitcoin on Truexgold in Nigeria
If you have any question or face any technical issue, you can see how to contact the Truexgold.com’s admin on the website or better still, you can use the following to contact them;
Email address: Hi@Truexgold.com
Contact form: https://truexgold.com/feedback/
Remember, this is a legit exchange platform, so you have nothing to worry about. Just follow the instructions, get your account verified, and you could exchange all day, no matter the amount but below 100BTC tho.
If this blog post is helpful, kindly share with your friends by clicking on the social media icons floating here. If you have any questions regarding buying and selling bitcoin on Truexgold, please contact the admin responsible using the contact details above.
Also, I’ll be happy if you can tell me and other readers your experience on Truexgold.com by using the comment box below.
8 Legit Ways to Make Money with Bitcoin (Cryptos) – No 2 is the Easiest!
I understand why you are trying to make money with bitcoin; you’re either tired of that job, that vocational skill that’s not giving you enough, you’re a student and you’re trying to start taking your own responsibilities or, you are just looking for a reliable side-hustle.
That’s quite good, I hate comfort zones too.
But you need to be very careful because you can easily be scammed due to your lack or inadequacy of knowledge about making money with cryptocurrencies.
Right in this blog post, I will highlight a few ways you can definitely make money with bitcoin and other cryptocurrencies. And I will also show you a few ways you can spot a scammer who’s trying to turn you into a prey.
Before we go into the pool, do you know what bitcoin or cryptocurrencies are?
Oh well, for the sake of those who need a brief introduction, let me say one or two things about cryptocurrency so that you’ll understand basically how it works.
What is Bitcoin and Cryptocurrency?
A cryptocurrency is simply a “digital money”.
Too quick right? Okay, let me explain further;
A cryptocurrency (“Crypto + Currency”) is a means of exchange or currency that makes use of digital files as “money”. These digital files are so secure because they’re created using a method known as “cryptography” and are decentralized.
Let’s me make it clearer;
Cryptography is the science of hiding information, meaning that you can visibly see the currency (just like the Paper notes or coins) but you can know how much of a cryptocurrency you have, you can send, receive and trade it.
“Decentralized” simply means it is under nobody’s control.
This is the most interesting part of cryptocurrencies. Unlike the US Dollar, Japanese Yen, Nigeria Naira and other currencies that are being controlled by the government, nobody is controlling bitcoin or cryptocurrency!
Bitcoin is a cryptocurrency created in 2008 by someone or a group of people (anonymous) called Satoshi Nakamoto.
Bitcoin is one of the cryptocurrencies we have, just like the US Dollar is one of the note currencies we spend in the world. Other cryptocurrency we have included Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Monero (XMR) and so on.
Now that you know what bitcoin is, let’s talk about making money with it.
Kindly note that just like you can make money with bitcoin, you can also make money with Ethereum and other cryptos.
Make Money with Cryptos: How to Make Money with Bitcoin
This is the fastest way to make money with Bitcoin and any other cryptocurrencies.
Trading requires deep knowledge and insight about the crypto sphere. You need to learn how to do your Technical analysis, Fundamental analysis and sometimes, Sentimental analysis.
If Cryptocurrency trading is easy, everyone would have become a billionaire by now.
You need to invest in learning ‘how to trade crypto’ by paying a mentor who’s a lion in the space.
Note that Trading is risky, you can make a lot of money if your analysis is correct while reverse is the case if your analysis didn’t tally with the market.
So, you can learn how to trade, if you can afford the mentorship fee.
The mentorship fee varies from $200 (N100,000) upwards depending on the mentor’s package.
You are wondering, what is the meaning of “HODLing”, isn’t it?
Well, HODL simply means “Hold”.
HODL is a term used in cryptocurrency which means to hold a particular coin for a while, with the expectation that the coin will gain more value in the future.
A good example is when they told you to HODL Bitcoin.
One (1) Bitcoin was around $5,000 a year ago. Hadn’t you bought a fraction of Bitcoin that was worth $1,000 and HODL till now, you will be in massive profit.
Because bitcoin is now $60,000 (as at the time of writing this) – that’s 6 times increase… you will have more than $6,000 now.
HODLing is a safer way to make money with bitcoin and other cryptos. It’s just like saving money and you have nothing to lose.
HODLing is slow compared to Trading.
But I personally prefer to be on the safer side.
You can get crypto wallets to start your savings today. Below are the list of apps to help you get started;
Top Wallets to HODL (Save) Cryptocurrencies
- 1. Binance
- 2. OkeX
- 3. Luno
- 4. Buycoins (for Nigeria)
- 5. Trustwallet
HODLing to make money with bitcoin doesn’t require a special skill. All you need to learn is how to create your account and verify it and finally, how to buy the cryptocurrencies.
Staking is a way to make money with cryptos.
Generally, staking is like a “BONUS” but more massive than a mere bonus you may be thinking of.
If you’re holding a particular coin, let’s say Ethereum…
You will have to just keep the Ethereum there and wait till the price pump (increases). But as a sharp guy, you are supposed to make money with Ethereum instead of waiting for the pump season.
That’s where “staking” comes in.
You can stake Ethereum to earn another coin for FREE.
I sometimes staked ETH and earned COMP for free. Later, the price of ETH and COMP pumped at the same time, that’s profit for me.
For instance, let’s say I staked $50 Ethereum to earn COMP.
After a month, I have earned a free 0.004 COMP…
The COMP that I earned is FREE, and I will make money if I sell it. Note that my ETH is still there and its price is increasing as the market is pumping.
In essence, Staking is a 2-in-1 way to make money with cryptos.
You can check on the likes of Okex, Binance and the BSC platforms for coin staking.
4. Receive Payment with Cryptos
A good but not common way to make money with Bitcoin.
If you’re a freelancer, you can simply ask your client to pay you in Bitcoin or any other cryptocurrencies. I prefer this option as a method of receiving payments from abroad as it is faster and safer.
If you worked for someone and the agreed price is $100, if you receive the money in fiat (paper currency), you can never have the same $100 in your Bank account. Why?
If you receive the money through PayPal, you’ll be charged by PayPal if you are withdrawing directly. And if you are exchanging the funds, you will lose some money due to the exchange rate and the exchanger’s commission on the transaction.
Same thing applies to receiving the money through a freelancing website, most of them charge 20% fee. That’s $80 left and the payment processor will still take theirs.
But if you receive the $100 through Bitcoin, Ethereum, you will have more than that $100 in a few days, if you can HODL and even proceed to STAKE it.
5. Become an Exchanger
There’s money in this business, but you need to have money to make the money.
Some people want to SELL Bitcoin while some others want to BUY. What if you cover the distance between these BUYERS and SELLERS?
You buy from the SELLER at a particular price and SELL to the BUYER at a higher rate.
Let’s say you bought Bitcoin at the rate of P500 per USD, you can sell to the person that wants to buy Bitcoin from you at the rate of P540 per USD… Meaning, you will make P40 on every dollar transacted.
NOTE: P is your local currency such as Naira, Rupees, Cedis etc.
Let’s say you bought $100 worth of Bitcoin at P500, that’s P50,000 spent, right?
If another person comes to you to buy $100 worth of Bitcoin, and you sell at P540 per USD, that’s P54,000 – meaning you’ve just made P4,000 profits.
That’s just a peak of how a (local) exchanger like this TrueXgold.com makes money with Bitcoin and other cryptos.
Do you know that you can HODL and STAKE in the process (before someone shows interest in buying from you)…?
I once sold $60 worth of ETH because I needed money urgently.
Do you believe that ETH pumped massively the second day? Hadn’t been I haven’t sold the ETH, I would have made more than $100 (about $40 profit).
Well, the exchanger got the profit.
Another great way to make money with Bitcoin as an exchanger;
If you have some money to invest, you can hire developers to develop an exchange platform like Binance, Hotbit, Buycoins etc., for you.
But it requires a lot of processes and money to be spent on the development and marketing team.
You should have a minimum of $30,000 for this project.
You can try the local exchanging business and see how it works.
6. Crypto Faucets
Without much ado, Crypto faucets let you earn FREE coins or tokens by completing a given task.
Sometimes, it can be to play games online and earn very small tokens as reward.
A good example of websites that offer this type of rewards is Freebitco.in where you will be given free satoshis (small amount of bitcoin).’
You can also get Brave browsers and engage in some of the opportunities that pop to you.
Do more research on this, there are many apps and websites that reward free tokens by completing simple tasks.
7. Crypto Mining Pool
Just like hidden treasures like Gold and Silver are mined, cryptocurrencies can also be mined but not with the spade or digger. You need strong machines and hardware to mine cryptocurrencies
Another best way to make money with bitcoin and other cryptocurrencies is to mine them.
Setting up this machine is a bit technical and expensive.
But, you can also find some platforms (websites or platforms) where you can mine cryptos or tokens for free without setting up any machine.
An example is Stormgain, where you can start mining bitcoin with a small fee.
Do your research on this too.
8. Affiliate Marketing
Affiliate marketing needs no introduction, but if you don’t know anything about it, kindly read this post on what’s affiliate marketing and how to be successful at it.
The easiest way to make money with Bitcoin and other crypto is affiliate marketing.
You don’t need to spend anything than recommending a platform to someone through your unique affiliate link and you earn commission if the person takes action.
Almost all crypto exchange platforms have this feature.
For instance, Okex will give you $30 if you invite your friend to BUY cryptocurrency on the platform. Binance, Hotbit, Bundle Africa, Luno and others have theirs.
Imagine you referred 20 people to BUY their cryptos on OKEX with your affiliate link, and 5 people actually take action, that’s $30 x 5 = $150 for you.
Affiliate marketing in crypto is a side hustle though.
You can also try Airdrops.
I don’t really want to talk about this because most of them are FAKE and others are pure scam. But nevertheless, some people who’re lucky enough, still make money with Airdrops.
So, DYOR (Do Your Own Research) on Airdrops and how to make money with it.
CONCLUSION: What’s the best way to make money with bitcoin (cryptos) in 2021?
I have highlighted 8 ways you can make money with cryptocurrencies and this applies to anybody irrespective of your location, either Nigeria, USA, India or Italy.
But try as much as possible to avoid being scammed.
If you don’t know something, Google is your friend, read and consume a lot of information online and if you have the money, get a mentor.
Kindly note that FOREX including Cryptocurrency trading or engaging in it is risky, so don’t borrow money to invest and don’t invest more than you can afford to lose.
Those are the ways to make money with bitcoin and other cryptocurrencies.
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Bitcoin Trading in Nigeria: How to Get Started & Everything You Need to Know
Bitcoin trading in Nigeria is one of the passive ways to make money in the country and I’m sure you’re aware of that, but what you don’t know is how it really works. That’s what we are to discuss right now.
Based on the recent happenings in Nigeria and the world at large, I decided to cover one of the trending topics today – Bitcoin. This post will introduce you to the ever-growing world of Bitcoin, cryptocurrency, and Blockchain technology.
This post isn’t just for newbies, but also for those with existing knowledge of how Bitcoin trading and cryptocurrencies work in Nigeria.
Join me as we venture into this new world of digital money. But first, let’s start with how it all began.
Evolution of Money
Any agreed commodity we choose to give value that can be used for the purchase of goods and services is termed as money. It began with brick and stones, then barter where we exchanged goods for other goods – based on the assigned value.
We then moved to gold where we assigned some sort of value to them. And then came metallic coins.
Notice a trend? The physical size of what we call ‘Money’ overtime has continued to reduce. This solves the problem of portability which is one of its features. Metallic coins were physically smaller, but when accumulated, it’s nearly impossible to carry around. This gave birth to paper currency as we know it today.
Paper currency did solve the issue of portability, at least to a reasonable extent. But it did come with its problems too. More significantly is the issue of inflation. Also, it is owned and controlled by a government that regulates and controls its distribution.
Now they could print as many currencies as they want, then push it out into the economy. This in itself among other factors leads to inflation which devalues such currency over time.
So how do we solve this problem? Thanks to technology which has been about improving every aspect of our lives, we now have digital currencies. Digital currencies are set to change the way money works, and it’s just getting started.
Meaning of Cryptocurrencies?
Cryptocurrency, otherwise known as digital currencies are here to stay. And Bitcoin is one of its forerunners. Unlike conventional money, cryptos are decentralized i.e. they are not controlled by a central body e.g. CBN. This is one of its major advantages.
Digital currencies are protected by cryptography which makes it nearly impossible to be destroyed or duplicated. This can’t be said about paper money which is prone to damages if not properly handled.
And due to the decentralized nature of cryptocurrencies, they can be sent and received by anyone anywhere in the world without restrictions. Naira as we all know can’t be sent to someone in the United States. Yes, there exist some ways of doing this, but it’s made easier by crypto.
Digital currencies have indeed solved some of the problems that came along with conventional currencies. But how are all these possible? What’s the technology behind digital currencies? Well, read along.
Meaning of Blockchain
The leaps we made in the world of digital money has been made possible by Blockchain technology. It makes use of cryptographic hashes to record each and every transaction in a database. Unlike other databases, the Blockchain stores transactions in the form of blocks.
Aside from this, the technology has helped greatly in the field of remittance across countries. Sending money via your favorite digital assets is made possible by Blockchain technology. Though remittance can be carried out using fiat currencies (paper money), this seemingly new technology has reduced the time, cost, and intermediaries needed to facilitate such transactions.
Different digital currencies are built on a different Blockchain network. Bitcoin was the first digital asset built on the Blockchain network by Satoshi Nakamoto in 2008. And today, it is the leading digital currency. This is why I’ll be introducing you to how to make money trading Bitcoin. So stay with me.
What is Bitcoin?
Bitcoin, you heard about it on the news, friends have spoken to you about it, you’ve even seen it on the internet. But what exactly is Bitcoin? I’ll tell you.
Bitcoin is the first cryptocurrency to have ever existed. Though other forms of digital money have been attempted, Bitcoin is seen and recognized as the first. It was founded by a Japanese who goes by the pseudonym Satoshi Nagamoto. It was all made possible through Blockchain technology.
Bitcoin was created to solve the problems faced by fiat currencies. One of such problems has to do with control. And this was solved in two ways: first, it is decentralized which makes it free of control by anybody, the CEO, or a group of persons. Secondly, and also to curb inflation, Bitcoin has a limited supply of 21 million. In essence, we can’t have more than 21 million Bitcoin in existence.
This leads to an increase in demand which will invariably increase its value over time. And so it has been from it’s all-time low of $0.003 to an ATH of $42,000 and currently at 40,000 USD. If you had bought it in 2008, you would have been super-rich by now. But it’s not too late to jump on the moving train, there are more ways to make money off Bitcoin. One of such ways is Bitcoin Trading!
How to Trade Bitcoin in Nigeria?
It’s simple, as conventional trading would suggest, you buy low, then sell at a higher price. That’s what we’ve grown up to know, but is that ideal in the world of digital currencies? To an extent, yes, but there are some variations.
Ask yourself this, when do I know when to buy and when to sell. How do I know if the price is low enough? And if the price appreciates, how high is high enough to make profits? Though it’s an exciting world, the crypto space comes with many complexities which you’ll have to master.
Here are certain things to factor in before getting into trading because I can tell you first hand, it’s not for the faint-hearted, it’s not for the emotional, you need lots of patience as this isn’t a get rich quick scheme. You need to know the basics, then walk your way up from there.
Bitcoin Trading is a skill to be learned, you can as well call it a profession. Just like the medical doctors who spend years to attain mastery in their craft, so is a trader expected to spend months, or probably years mastering the ins and out of the crypto space. As you learn the ropes, bear in mind that techniques will help you, but instincts will save your life.
There are different trading patterns, but learning the following will take you a long way:
- Risk management
- Support and Resistance
- Triangle patterns
- Technical indicators
- Entry and Exit strategy
- Market structure
Armed with the knowledge of these, you should be well on your way to making money off Bitcoin and other cryptocurrencies. There are tons of free and paid courses that could help you level up. No course is perfect, no course is the best, just pick whatever works for you. Personally, I understand some tutors more than others. Because a course has the best reviews and ranks higher than the rest doesn’t mean it’s the best for you. It’s best you take out time to choose because sometimes, what’s good for the goose isn’t good for the gander.
Pro and Cons of Bitcoin Trading
So if you choose to begin trading after reading this post, make sure to bear the following pros and cons in mind:
Pros of Bitcoin Trading
- Global payments made easy: Unlike fiat, you can pay for goods, services, or pay merchants anywhere around the world with just a few clicks.
- Transparent: Bitcoin is open source. And thanks to Blockchain technology, you can view each and every transaction carried out using a Blockchain explorer. Anyone and everyone can see it too.
- Secure means of payments: Cryptography makes it difficult for third parties to tamper with your money. You can send and receive money anonymously.
- Low fees: This is relative. It also depends on what wallet or exchange you use.
Cons of Bitcoin Trading
- Volatility: The major problem that has hindered Bitcoin and other cryptocurrencies from getting wide acceptance is their unstable nature. Fiat currencies do a better job in this regard.
Recommended Platforms, Apps, and Tools for Bitcoin Trading in Nigeria
So, if you’ll be going into trading of Bitcoin make sure to have the following:
- A good laptop or smartphone (or both)
- An exchange: Binance, Luno, Buycoins, Okex etc.
- A wallet for storing your coin and tokens: Hot wallets like Trustwallet, Metamask, Atomic Wallet, Math Wallet. Or you could go for cold wallets (offline) like Trezor and Ledger.
- A 2FA app: Authy, Google Authenticator
- Extras: Coinmarketcap (app or web), Coingecko (app or web), TradingView (app or web)
PS: You need to be on different social media platforms to stay updated on the latest happenings.
Are you ready to get into Bitcoin Trading?
Are you? You better be because the world is moving at an incredible rate and it waits for no one. Bitcoin trading still remains one of the better ways of making passive income in Nigeria. If you’re yet to start, please do.
In my next blog post on this category, I’m going to discuss a few ways you can make money with Bitcoin and other cryptocurrencies.
And if you’re already a trader, do well to share your experiences with us in the comments.
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Top 10 Cryptocurrency Wallet Apps in Nigeria – And Some Tips
Today, we’ll see the top 10 cryptocurrency wallet apps in Nigeria.
I get it, you’ve begun your journey into the ever-changing world of cryptocurrency. The benefits you hear are amazing. The risks? Every business has its risks.
“This is wonderful,” you say to yourself. You dive in. You learn the fundamentals.
You’re eager to start trading. To see how lucrative cryptocurrency investment is. You don’t want to miss out on the rewards. But frankly speaking, you need a wallet; a cryptocurrency wallet where you can store your bitcoin, Ethereum and other coins you have.
And that’s a problem:
I mean, the problem of knowing which of the wallet apps is meant for you.
…but you’re also smart! “There must be an answer,” you say. (Sure there is!)
So you beseech Google for answers:
- What’s the best cryptocurrency wallet in Nigeria?
- What’s the best Bitcoin wallet in Nigeria?
- What’s the best Ethereum wallet in Nigeria?..
Enough of the search! Take a seat, because…
…you’ve come to the right place, I’ll be answering your questions. And at the end of this blog post, you’d be able to choose what’s best for you.
Also, I’ll also be highlighting the pros and cons of each cryptocurrency wallet app listed here.
But before we get to the list, let’s understand some of the basics:
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is used to store digital money or currencies, just as we use conventional wallets to store our money. And in some cases, they double as a cardholder.
And to store your digital assets securely, certain features need to be in place. Unfortunately, not all wallets are secure.
We have two broad categories of wallets, which are:
- Full Node and
- SPV Wallets.
SPV Wallet is further divided into:
- Hot wallets
- Cold wallets
Cold Wallets are more secure since they are offline.
In contrast, Hot Wallets are not as secure and are less expensive as Cold Wallets. This is due to their online nature which makes them susceptible to remote attacks.
In this blog post, I’ll be focusing on Hot Wallets which are:
- Web Wallets
- Desktop Wallets
- Mobile Wallets
Specifically, Mobile Cryptocurrency Wallets. And you may be thinking that…
Why Do I Need A Cryptocurrency Wallet?
You need a cryptocurrency wallet simply because of Security!
Let me explain: Storing your digital currencies on an exchange platform exposes your assets to risks, If the exchange gets hacked, you lose everything!
Since an exchange operates via an online structure, they run a risk of getting hacked.
We’ve had a lot of hacks in the crypto world:
Most recently, was the Italian cryptocurrency firm, Altsbit, which occurred in February 2020. They lost over $70,000 worth of cryptocurrency. A lot of traders lost huge sums due to this attack.
What’s my point?
Inasmuch as it is convenient to trade on exchanges, it is not a good option for holding cryptocurrencies. It is much safer to trade in chunks from your wallet, instead of risking it all on exchanges.
You should never store your digital assets on an exchange!
Now we’ve gotten that out of the way, what are the best cryptocurrency wallet apps in Nigeria?
We’re about to find out.
Top 10 Cryptocurrency Wallet Apps in Nigeria
#1. Blockchain Wallet App
Have you heard anything about Blockchain wallet apps in Nigeria, right? I bet you have, But there’s more to hear.
Blockchain wallet is the go-to choice for most beginners and enthusiasts alike. It’s simple and straightforward, with no fancy features. Only the required features needed for a cryptocurrency wallet.
Features of Blockchain wallet App
- Support for your favorite assets
- Direct trading from your wallet
- Price charts history
- Adequate security features
- And much more
So, if you need a top-of-the-line cryptocurrency wallet, I’ll recommend using Blockchain. It is much secure since it’s just that — a wallet.
Pros of Blockchain Wallet App
- Advanced Security features like Hierarchical deterministic for each transaction.
- Easy to use.
- Direct trading from your wallet.
Cons of using Blockchain Wallet app
- Can’t buy FIAT through the wallet.
- Blockchain wallet is only compatible with Bitcoin, Bitcoin Cash, and Ethereum.
#2. Luno Wallet
Luno is the most popular cryptocurrency wallet app in Nigeria because the interface is neat and easy to navigate. Trading experience on Luno is one of the good options you can get.
As for the Luno wallet, you can store Bitcoin, Ethereum, LiteCoin, Bitcoin Cash, and Ripple.
Apparently, the limited number might be a let down especially if you love to invest in altcoins.
But you still get a good trading experience on all five currencies. Whether you’re a newbie with no experience, or a pro looking to flex his muscles.
Security-wise, Luno has adequate security measures to keep your assets safe. And at the same time, provide a seamless trading experience.
Pros of Luno Wallet App
- Easy to use
- Adequate security measures
- Live charts
Cons of Luno wallet app
- Limited currency support
#3. Coinbase Wallet
As far as popularity goes, Coinbase is a household name world over. Don’t take my word for it.
Take a look at some of the features you get:
Features of Coinbase wallet app
- A functional UI that makes trading seamless
- Supports your favorite cryptocurrencies
- Regular tips for beginners (and for experts)
- Access to decentralized apps (DApps).
- Coinbase now lets you pay other Coinbase users with their usernames. Goodbye, boring string of cryptic characters!
- Coinbase offers bank-level security
- Cloud integration (Google Drive and iCloud)
- Feature to remotely disable your account, and
- In-app security.
And the best part?
- You don’t need a Coinbase account to use the wallet. You can import your private keys from other wallets and get the best Coinbase has to offer.
Now you see why they’re so popular?
It starts at $20 and you can get all these and more.
Pros of using Coinbase wallet app
- Instant transfer using usernames
- Easy to use interface
- A large variety of deposit and withdrawal options
- Top-notch security
Cons of using coinbase wallet app
- Privacy concerns
- Below par support
- Delayed deposit and withdrawal
#4. Trust Wallet (Binance)
In 2018, Binance acquired Trust Wallet as its official wallet. The acquisition brought a lot of improvements to the already great wallet.
With Trust Wallet, you don’t have to sign up or fill forms; download the app, and you’re locked and loaded.
Trust Wallet supports 150+ cryptocurrencies including all Binance, TRON, and ERC 20 tokens. It’s also open-source and this makes it more secure than most wallets.
Its server-free infrastructure means no one has access to your assets except you. Pin and biometric scanning is also provided for in-app security.
You also get a Multi-coin wallet with the Bitcoin and Ethereum wallet. And yes, the UI is simple.
Pros of using Trust wallet
- Large range of currency support
- Easy to use
- Cross-platform support
Con of Trust wallet
- No 2FA
#5. Buycoins Wallet
Buycoins is a home breed. One of the few brands that you can instantly buy and sell crypto. They’ve gained a good reputation in a few years with their secure P2P trading platform.
As for security, your wallet lives on secure servers. So you can trade instantly from your wallet knowing that Buycoins got you covered.
And before I forget, their rates are okay.
Want to know the best part?
Transactions are free on Buycoins: whether you’re trading on Bitcoin, Ethereum, or LiteCoin. It’s free!
Pros of Buycoins wallet
- Ease of use
- 0% transaction fee
Cons of Buycoins wallet
- Inadequate security
- Supports only three currencies
#6. Quidax Wallet App
Quidax is an African brand with focus on the growth of digital currency in the continent. This is why they’ve created the Quidax app to cater to all and sundry in this regard.
Quidax doesn’t offer a lot of options when it comes to supported currencies. But it supports some notable coins: Bitcoin, Ethereum, Litecoin, Ripple, Dash, and USDT.
Quidax’s wallet is backed by some good security features for safer transactions. Quidax also provides a 2FA system using Google Authenticator, Authy, or Email.
With Quidax, you’ve got a wallet that protects your digital assets and allows convenient trading.
Pros of Quidax wallet
- Easy to use
- Convenient for trading
Cons of Quidax wallet app
- Below par support
#7. Remitano Wallet App
Are you looking for an escrowed peer-to-peer trading platform? If yes, look no further because Remitano got you covered.
While its P2P exchange is one of the better options out there, the wallet still has room for improvement.
But Remitano isn’t a full-fledged wallet, its focus is on trading.
It doesn’t mean you shouldn’t use Remitano.
The mobile app has fantastic features that you don’t see on other cryptocurrency apps. The Swap feature allows you to swap between digital currencies, back and forth.
Remitano doesn’t support many currencies. But have the usual suspects: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP).
You can also earn more money using Remitano Invest. With this, you can invest in altcoins using USDT.
It’s an interesting addition and a nice way to make passive income.
Pros of Remitano Wallet app
- 24/7 P2P trading
- Good support
- Easy to use
Cons of Remitano Wallet app
- A limited number of cryptocurrencies
#8. Paxful Wallet App
Paxful is a good platform for trading Bitcoin. It’s a simple platform but lacks support for other digital currencies.
Yet there are lots of options to simplify trading from its Bitcoin wallet.
One is its multiple payment options: You can buy Bitcoin using over 300 payment options. Some of which are Gift cards, debit or credit card, cash, and Skrill
You don’t have cash? You can use your credit or debit card.
No card? Make use of Skrill.
The payment options are endless. Nothing stops you from buying Bitcoin via Paxful.
But before you buy, check out the pros and cons.
Pros of using Paxful wallet app
- Easy to trade Bitcoin
- Multiple payment options
- Excellent customer support
Cons of Paxful Wallet app
- High exchange rates
- Inadequate security
- No 2FA
#9. Busha Wallet
Not popular as a brand, but Busha makes it to our list of cryptocurrency wallet apps in Nigeria.
Unlike many platforms, trading of cryptocurrency on Busha is free.
And you’re thinking…
“Their rates will be high.” Not true!
Busha offers you competitive rates on Bitcoin, Ethereum, and LiteCoin.
It’s the best of both worlds!
As for Busha’s cryptocurrency wallet, it is user-friendly but falls short in many areas.
You wouldn’t expect much from somewhat of a new player, would you? I bet you won’t!
Either way, you can start using Busha by visiting your app store.
Pros of Busha Wallet app
- User friendly
- Good rates
Cons of Busha wallet app
- Below par support
- No 2FA
- Only supports Bitcoin, Ethereum, and LiteCoin.
#10. Patricia Wallet
Patricia is a new player in the crypto space. They’re now getting traction as the days go by.
Although still in their early stages, Patricia’s services are one to look out for. They’re not at the bleeding edge in the crypto world, at least not yet.
But they’ve got a team focused on continuously improving on its services. And if this continues, they may as well go ahead of every other player in the Nigerian crypto space.
Patricia only supports Bitcoin which you can easily trade directly from your wallet.
- The wallet has multi-level security in place to make sure funds are secure.
- It’s a functional wallet but there’s still room for improvements.
- Supporting other digital currencies will be great.
- An added layer of protection with 2FA.
- And if possible, a cold storage facility.
All these and more will make a lot of difference.
But for now, you can download Patricia from your favorite store and start trading Bitcoin.
Pros of Patricia wallet app
- Easy to use
- Competitive Bitcoin rates
Cons of patricia wallet app
- Below par support
- No 2FA
- Only supports Bitcoin
There you go! Those are the top 10 cryptocurrency wallet apps in Nigeria. But here is a bonus:
3 Safety Tips to Remember when using any cryptocurrency wallet apps
- Remember to keep your device (smartphone, laptop, or PC) secure. Be mindful of links you click.
- Don’t keep your seeds on your device. Some apps above integrate seamlessly with cloud storage options. Try utilizing these options.
- Finally, no one needs to know you have a crypto asset. If anyone does…well… you don’t want to hear what I’ll say next.
Conclusion on top cryptocurrency wallet apps in Nigeria
Which is the best for you?
Is it Luno’s wallet and its straightforward system? Blockchain wallet with the Hierarchical deterministic feature? Or Trust Wallet with support for many digital currencies?
Perhaps you want to try the new players, they’re also good options.
Note that, none of these wallet apps are promoted, and this post is not sponsored by any brand or person. Kindly like this blog on Facebook.
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