Buy cheap bitcoin in Nigeria and make profits from reselling at a higher price, Today on Crypto Redeemer will learn how to buy cryptocurrency cheap in Nigeria to make profits.
Warning: By the time you are done reading this post, You will learn how to trade bitcoin for Naira and also learn how to make profit from knowing when to sell your Bitcoin.
Disclaimer: This article is meant for educational purpose only, It is not a financial advise to invest your money in Cryptocurrency. Always make your own research before taking action.
With all that being said, let's start talking about buying cheap BTC but before then, do you have the best bitcoin wallet in Nigeria yet?.
Where Can I Buy Bitcoins For Cheap?
Below is a list of my 3 best cryptocurrency exchanges to purchase BTC at the best rates in Nigeria.
For this tutorial, I will be explaining how to buy bitcoin on Luno at a cheaper rate.
Visit your phone's app store and install the Luno mobile app, Open the app and register with your details.
How To Deposit Naira On Luno
In order to purchase BTC on Luno, you first need to add money to your Naira wallet to be able to buy Bitcoin.
- Click "wallets" and select the "NGN wallet"
- Click "Deposit" to proceed.
3. On the next page, you can choose to select Bank transfer or Debit/Credit card but I'll go with Bank transfer.
4. Enter the amount you wish to buy bitcoin with.
5. On this next page, you get to choose your bank to make the payment.
These banks listed are the accepted ones but if your bank is not included you can still buy using your Debit or credit card. You just need to go back to the 3rd step and select debit or credit card option.
Once you choose your bank, you will be asked to provide your bank account information.
Follow their on-screen prompts to complete the deposit.
One of the best platforms so far for me is Binance. buying crypto with a credit/debit card takes less than 10 minutes, Click here to register.
My best peer to peer crypto exchange has always been paxful, not because of anything but their continuous renovation.
How To Buy Cheap Bitcoin In Nigeria?
Is it even possible to purchase cryptocurrency at a cheap rate?. Yes it is possible and I'm here to give you the simplified methods that work every time I wish to get Bitcoin at the cheaper rate, The Good news is you can make it a reality too.
Watch The Order Book
The order book is a public list of pending trades in a cryptocurrency exchange showing the interest of buyers and sellers.
Technically an order book displays the prices people are willing to sell and buy particular crypto in real-time, below is a screenshot of a typical order book from the Luno app.
On Luno you can see on the left which is the Buy-side is green and on the right is the Sell-side which is red.
In the image above, the current price of bitcoin to Naira is circled in yellow.
Tip: The order book plays a huge role to why there's always a change in the Bitcoin market price.
- Since you wish to buy bitcoin cheap I suggest you focus on the Buy-side and look for a low price.
Here's what I do, since on the image above, the current price of BTC/NGN is ₦3,728,799 and I wish to buy cheaper than that amount.
I will look through the buy orders and check for a lower price order wanting to buy a good amount of BTC.
Placing Buy Order
For instance, in the image above I highlighted two buying points on the left side. One circled in Green and the other lined in red.
The one circled in green is trying to buy over 5.2BTC at ₦3,714,998 while the one in red is waiting to buy 0.243692BTC at ₦3,700,000.
I choose these two buying points because they have a higher number of bitcoins to buy at a cheap price.
- So what I do is copy their trade but the lower the price, the longer you have to wait for your order to get filled.
To copy the trade just click either the one circled in green or red and you will be taken to the "place order" page.
- make sure you're in the "BUY" section like in the image above and enter the amount of BTC you wish to buy then click "Place Buy Order".
Once this is done the transaction will be as pending until it is filled and you will successfully purchase bitcoin at a cheap rate than it was when you placed the buy order.
- This technique simply sets a buy request to purchase BTC automatically when it gets to the amount of your choice.
- So instead of paying ₦3,728,799 for 1 bitcoin, you choose to wait for the price to go below ₦3,700,000, which means you just bought cheap
Get someone to sell to you
If the order book method is too advanced for you. The other alternative to buying Cryptocurrency cheap in Nigeria is by getting a reliable reseller who agrees to the price you are willing to pay.
Remember I said "reliable reseller" you need to be careful else you get ripped off.
Listen you need to calm down and re-read this article, especially when you still don't understand my method to buy cheap Bitcoin in Nigeria.
Congrats to those who paid attention, I'm certain you learned something new today, Please share this article to your social media, Thanks for reading.