Last updated on June 26th, 2018
In this article, I’m going to write on how to invest in cryptocurrency in Nigeria, South Africa, Zambia or any part of the world. The truth is if you ask any kid what bitcoin is? They will tell you they’ve heard of it, even if they don’t know what it is. This is just to let us know the popularity of bitcoin nowadays.
If anybody came to meet you 3 year ago and offer you an opportunity to invest in Bitcoin, I’m sure majority of us will reject that offer. But I’m sure you won’t want to repeat the same mistake again. That’s the more reason I’ve come up with this article on how to invest and make money with cryptocurrency in Nigeria.
Investing in Cryptocurrency
As at the time I’m writing this article I got a pop up on my mobile phone that Bitcoin just hit $20,000 per coin. Men… that serious! That’s around N7.3m in Nigeria Naira. I mean this thing was sold for just 200k plus last year and its worth over 7m the following year! It amazing isn’t it? Yeah, I know.
I know how you feeling. But don’t worry if you are smart this time around this opportunity won’t pass you again. Why? Because am going to let you in on a secret most people don’t know. In the hands of others, this secret might cost you something before you could acquire it.
But not to worry this is going to be my Christmas gift for you. Ok, so I need your total attention now. The secret I’m about to tell you is not to invest in bitcoin but invest in other cryptocurrencies. Don’t get this the other way round because bitcoin still play a significant role here.
The truth is, the time to invest in bitcoin is passed. Let say you invest in it last 5years or last four years or even last year, you could have made a whole lot of serious money from it now.
Don’t worry, not all hope is gone. This year hundreds of smaller cryptocurrency have popped up and they are still popping up every day. But if you are like most people, you won’t do anything about it.
The good thing is you are not and that’s why I’m writing this article for you.
How to invest in the smaller cryptocurrency
I will give you examples of other cryptocurrencies that could have made you serious money this year only if you were informed:
- Ethereun
Ethereum just like bitcoin is a fast-growing Cryptocurrency which is almost as popular as bitcoin is today. Ethereum was release in July 2015 and it was sold for less than a dollar until late 2016 and early 2017 before the price starts soaring.
Imagine you could acquire $100 Ethereum which is over 100 Ether coin in 2015 or 2016! A single ether coin is now cost N252, 412. That’s $688 from just a dollar in 2015! Now imagine you have a 100 ether coin and multiply it with $688 well you can do the math yourself.
The good thing is you don’t have to buy the entire coin now if you can’t afford it. You can buy in bits as low as one dollar. A $100 worth of Ethereun now in the next 3 year can be a whole lot of money if you are ready to invest it.
If you are interested, create a wallet with blockchain and buy Ethereum on Luno with your credit card. You can then transfer then to blockchain wallet or leave it on Luno and watch it grow. Create a free Luno account here!
- Litecoin
Litecoin is another cryptocurrency rocking the market these days. It’s a peer –to- peer cryptocurrency introduced 6year ago. Early this year Litecoin was still sold around $4 per coin. It’s worth $300 per coin now! That’s over 100k turn-up within few month of investment.
A $100 investment in Litecoin early this year is going to make around 2m within few months!
If interested in Litecoin, you can buy It on Changelly
- Dashcoin
Dashcoin just like the other cryptocurrency was created on January 18, 2014, and its market price is already $900 per coin.
- Monero: current price $312 created 3years ago.
- Ripple: current price $0.800227
- Steam: current price $1.99
- IOTA: current price $3.91
- Ethereum Classic: current price $30.55
The point is, there are hundreds of these cryptocurrencies popping up every day and I could go on and on. But what we should know is, the best time to buy them is when they are still fresh. That is, less than a dollar. Buy them and forget about them, let’s say a year or two from now.
I know your heart might be racing already and ready to give it a shot. However, you should know better than investing in cryptocurrency carries a significant amount of risk. So when investing use your brains by educating yourself first on what you are about to invest in.
You can visit coinmarketcap to see the latest prices and the new cryptocurrencies entering the market every day.
For some of us just learning cryptocurrency, we should know that blockchain wallet only support Bitcoin, Ethereum and bitcoin cash at the moment. If you are planning to buy more just like me then you should find other means of saving your cryptocurrency.
How to store cryptocurrency:
- Coinomi: This is a crypto app that allows you to store various cryptocurrency together in one app. I would advise not to save many cryptos on this and make sure to download your recovery phrase for backup.
- Bitcoin Hardware Wallet: They are hack proof electronic device design to keep or store your coin in an offline setting. This is the best way to store your bitcoin. One should cost around $85.
- Exchange site: you can also store your cryptos using exchange site. When you pay for the cryptocurrency you want to buy, it will be first credited to your exchange wallet account. And which of course will be growing. This, however, might not be the best chance because there have been scenarios where exchange sites where hacked. The good thing is, these days most exchange sites offer stronger security unlike before. Hardware wallet is still the safest among them.
Bitcoin exchanges to buy bitcoin:
Luno is a bitcoin exchange wallet provider that allows you to easily buy bitcoin with a credit card. It was formerly known as Bitx and was created in 2013 in Singapore. Luno has ever since expanded to over 40 countries Nigeria, South Africa included.
Buy Bitcoin
Localbitcoins facilitate an over the counter service allowing you to buy bitcoin with local currency. This platform is practically in all countries they work by connecting buyers with sellers.
Buy Bitcoin
Remitano works just like localBitcoins but with a lower charging fee. It’s a peer to peer marketplace where crypto buyers and sellers connect.
Buy Bitcoin
Cryptocurrency exchangers to buy cryptos:
Changelly is a super-fast internationally exchange platform for cryptocurrencies. Their service offers one of the best exchange rates in buying and selling of cryptocurrency worldwide.
Buy Crypto
Indacoin is a London based exchange site that allows users to buy cryptocurrency without creating an account with them. It’s a fast an easy way to bye-pass account verification before buying a cryptocurrency.
Buy Crypto
NGexchanger is a Nigerian cryptocurrency exchange site. They are considered an expert when it comes to buying and selling of cryptocurrency in Nigeria.
Buy Crypto
Like i said earlier, the way to invest in cryptocurrency is by investing in the little ones. You can buy some with your credit card, while the majority can be exchange with bitcoin.
Disclaimer: Torchbankz is not a financial institution; all we do is provide educational material. So do not take this information as a professional investment advice.
In one of my next post i will right on how to store cryptocurrency the proper way. So you might want to subscribe in other not to miss out on that. As usual, if you find this article insightful do not forget to share and also share your mind in the comment box below. See ya later
you are doing a great Job. how do i join this investment.
It’s pretty simple all you need do is buy any cheap crypto and let them increase in price. You can buy them on a popular exchange like binance. But you will need to buy bitcoin or Ethereum first to exchange with the coin you want to buy. Visit luno to buy Bitcoin or ethereum with your credit card
Thank you for the post on bitcoins. I appreciate it. It is a learning curve
This is a wonderful and enlightening post. As an interested party in this investment opportunities, could you kindly clarify the following:
(a) Can i buy cryptocurrencies with Naira using my Naira debit card?
(b) Can i buy cryptocurrencies with US Dollars using my US Dollars denominated debit card?
(c) What currency will i be recouping my investment in (a) and (b) above?
(d) How easy is it to move money from the investment wallet into my local account? Any violation of existing financial regulations in Nigeria?
(e) How easily can i exit this venture?
I can recommend binance and Luno for you. They can practically do everything you ask.
You can buy cryptos with credit card on Luno in Nigeria and also move your money into your local account
Your profit is paid in crypto, you can either exchange them for buyer like Luno that can paid into your bank account or sell it to merchants.
About the exit. If you want to stop, simply sell your cryptos on your exchange and Cash your money.
I can recommend binance and Luno for you. They can practically do everything you ask.
But can i buy cryptos with credit card on binance in Nigeria and also move money into local account?
No you can’t. But this is the way I do it. I buy Bitcoin or Etherium with my credit card on Luno then I transfer the bitcoin or etherium to my binance account.
From there I can easily use it to buy any other Cryptocurrency I want. You can also transfer back to Luno if you want or sell it to friends
Thanks, but i heard using binance for ICOs isn’t good and safe. True?
Most of the cryptos on Binance are already listed on CoinCap market and have past the Initial coin offering stage. So any coin you find or binance can be traded and store with them. I can’t assure you about the safety but all my coins are on Binance.
Hi please how can I know am making profit on my binace account.? And I just bought some crypto but when it went up now what will I do and take my money…??? Thank you… ✌
You can sell it or withdraw it to your Luno account
Nice advice.
I want to buy token from people and trade it on exchange. The issue I have now is how to get the token I’ll buy converted to Nigeria naira from the exchange. I use huobi.pro exchange.
For example
If I buy ethereum from someone at a rate lower than the market rate. how do get to change this ethereum to naira at the market rate and transfer it to Mann account?
You can transfer the ethereum to your Luno account and cash it out as naira. If you don’t have one, sign up for a new account here.
Nice work
Please what’s the minimum amount to buy the bitcoin or ethereum
The minimum amount on Luno is 300naira
I am confused on how to start investing on crypto. My questions are:
What exactly is wallet? What are they used for? Are they used to buy Cryptos? How do you buy cryptos like stellar, digdecoin, zcash e.t.c? How do you sell and buy these Cryptos?
Hello Deji
It’s not so difficult, Wallet is like your Bank account, they are where you keep your cryptos. Wallet like Binance is one of the best place to keep and buy your cryptos.
The good thing about wallet is that they keep increasing if the value of your cryptos is going up and vice versa.
Nice cryptocurrency blog you have here sir
Hi, I’m new to Cryptocurrencies and would like to start investing. Where is the best place to start from? I’m very confused.
Hi Laura
I’ll suggest you buy a either Bitcoin or Ethereum from Luno to fund your account on any exchange site you’ll be using. Preferably Binance. So, from there you can exchange it for little coins and trade it as they increase.
Am somehow like confuse on this cryptocurrencies I have some question to ask
1 which is the best site to start it
2 how do I start it
3 How much am I needed as the lowest in naira and can I also buy through my account debit card
4 where will I start buying from and from who
6 I think they also do buy with gift card also like iTunes and amazon card
7 and how does it increases does it goes high and fall
Sorry which is the best crytocurrencies to invest on also
Pls help I feel like starting it