How to buy Bitcoin with PayPal in Nigeria
How to Buy Bitcoin with Paypal in Nigeria revealed. We tested and verified the best Bitcoin Brokers for Nigerian Traders.
This is a complete guide to buying Bitcoin with Paypal in Nigeria.
In this in-depth guide you’ll learn:
- What are Bitcoin and Paypal?
- How to buy Bitcoin with Paypal using Coinbase?
- How to buy crypto with PayPal on Binance?
- Which Crypto exchanges that accept PayPal?
- How and can I trade Bitcoin with $5 (2 096 NGN)?
- Which brokers offer a signup bonus on a $5 (2 096 NGN) deposit?
And lots more…
So if you’re ready to go “all in” with the best-tested guide to buying Bitcoin with Paypal in Nigeria…
Let’s dive right in…
- Louis Schoeman
How to buy Bitcoin with PayPal in Nigeria (2023)
Where can you buy Bitcoin in Nigeria?
👉 Nigerians are provided several ways to purchase Bitcoin, including using a centralized or decentralized crypto exchange or a Bitcoin CFD broker. In addition, Nigerians can also purchase Bitcoin through the two Bitcoin ATMs in Lagos.
👉 Bitcoin ATMs function similarly to in-person exchanges. For example, individuals can place cash into a machine to buy bitcoin, which is subsequently sent to their online wallets. However, Nigerians can also consider P2P exchanges.
👉 Some peer-to-peer (P2P) exchange platforms provide users with a more direct connection. LocalBitcoins is such an exchange. After opening an account, users can submit requests to purchase or sell bitcoin, along with payment method and pricing information.
👉 P2P exchanges may not provide the same level of anonymity as decentralized exchanges. However, they enable users to shop around for the lowest price. In addition, many of these exchanges feature rating systems so that users may examine prospective trading partners before doing business.
How to Buy Bitcoin with PayPal in Nigeria
👉 It is simpler than ever to purchase cryptocurrency; you only need to open an app on your mobile device. PayPal is one of a handful of well-known mobile and online payment services that let traders purchase, trade, and store cryptocurrencies for as little as $1.
👉 Buying Bitcoin straight using PayPal is one of the simplest methods to get Bitcoin. Unfortunately, before June 2023, traders could not withdraw coins acquired on the site. However, PayPal has now enabled crypto withdrawals.
👉 There are several options for customers who prefer to utilize PayPal as a payment mechanism but not PayPal’s crypto service. Coinbase is the finest choice for purchasing Bitcoin using PayPal.
👉 However, Coinbase lacks a significant presence in Nigeria, making it an unviable alternative. Alternatively, you may use LocalBitcoins, Paxful, eToro, or PayPal.
👉 However, suppose you are considering adding cryptocurrency to your portfolio. In that case, you need to carefully consider which platform to use and if you should invest in crypto.
👉 In addition, buying Bitcoin via PayPal does not represent a single avenue but several that we will highlight in the sections below.
Buy Bitcoin with PayPal through eToro
👉 When beginning to invest in Bitcoin using PayPal, the first thing to remember is that not every trading platform supports the purchase of Bitcoin using this payment method.
👉 eToro is one of the only sites that combines many payment processors effectively, enabling you to purchase Bitcoin with PayPal without difficulty. With over 24 million members in 140 countries, eToro has an outstanding reputation within the trading industry.
👉 A sizeable portion of eToro’s great reputation is attributable to the platform’s prominent level of security. eToro’s security is supported by regulation from elite organizations like the FCA, ASIC, CySEC, FinCEN, and FINRA.
👉 Users of eToro may invest in Bitcoin and a variety of altcoins through the browser-based platform or the specialized mobile app, which is available for iOS and Android.
👉 Regarding costs, eToro is completely transparent, charging a set 1% charge when initiating or cancelling a deal, in addition to the raw spread.
👉 eToro previously had a fixed spread model. Thus this new pricing structure is often significantly more favourable for most cryptocurrencies. eToro is great if you purchase Bitcoin using PayPal since the site accepts free USD deposits with a $10 minimum.
👉 on-USD deposits will incur a 0.5% conversion charge, which can be avoided by converting to USD inside the PayPal platform before depositing funds. In addition to PayPal, eToro offers credit card purchases with no deposit fees.
👉 In addition, eToro provides various fascinating trading options that maximize performance, including the extremely popular ‘CopyTrader’ function.
👉 This function enables users to rapidly replicate the transactions of other successful eToro traders, automating the investment process. In addition, even eToro has a resolute “Academy” offering classes, seminars, and podcasts to facilitate learning.
👉 Using the payment method and our social trading capabilities, you can easily buy and sell Bitcoin without difficulty, regardless of your level of expertise. To get started, Nigerians can follow these effortless steps:
➡️ Create an eToro account and log in.
➡️ Choose Bitcoin on the cryptocurrency page or use the search box.
➡️ Next, you will have two choices, namely Trade or Order.
➡️ Trade by purchasing a certain quantity of Bitcoin at the current price.
➡️ Place an order when you set a BTC price objective and the number of coins to acquire. Your order is executed when the price reaches your desired level.
➡️ Select the amount you want to purchase and click “Deposit.” To perform the order, you must have a full and authorized profile. This requires you to provide evidence of your identity and address.
➡️ Select PayPal as your final deposit method.
👉 While these instructions demonstrate how to purchase Bitcoin using PayPal account choices on eToro, there are a few more considerations.
Trade Execution on eToro
👉 When you trade BTC, unless you fall within the area of the Australian Securities and Investments Commission, you are purchasing the underlying asset.
👉 When the price goal is achieved, trades are performed. For example, when you order to purchase BTC at a certain price, it is executed within a few seconds of the asset reaching that price.
Trading and Non-Trading Fees with eToro
👉 While eToro does not collect deposit fees, withdrawals are subject to a $5 charge, and the minimum withdrawal amount is $30. In addition, the minimum currency conversion cost applied by eToro is 50 pips.
Fund Storage
👉 You can purchase BTC and leave your coins on the exchange. This is not necessarily the wisest course of action if you have a substantial stake. Wallets are the safest method to keep Bitcoins, and you could use the free eToro wallet with eToro.
👉 A cryptocurrency wallet is a virtual wallet that enables you to store cryptocurrency outside of a blockchain.
👉 Cryptocurrency wallets could be “hot” (always linked to the internet) or “cold” (not connected to the internet, such as USB drives).
👉 Most traders like to divide their assets between the two types of wallets; Nigerians keep most funds in a cold wallet while they keep enough crypto for transactions in a hot wallet.
eToro Wallet Overview
👉 To set up and use the eToro Wallet, you can:
➡️ Select your Bitcoin assets on your account page.
➡️ Enter the Bitcoin amount you want to transfer to your eToro wallet. The minimum transaction amount is 0.008 BTC, and the transaction fee is 0.0005 BTC. (Withdrawal minimums and costs will vary for different cryptocurrencies.)
➡️ Tap the transmit button and input or scan your eToro wallet address.
➡️ The request will be submitted, and completion may take up to five days.
👉 The eToro wallet is simple to use, but you might ask what makes it superior to third-party alternatives.
➡️ First, you may send Bitcoin to PayPal straight from your eToro wallet balance.
➡️ You could also transfer money to your wallet via the eToro trading interface. Because everything utilizes the same technology, transfers are seamless and very secure.
➡️ This also enables the conversion of Bitcoin to other cryptocurrencies through the eToro wallet.
➡️ Once configured, you may transfer Bitcoin and other cryptocurrencies from your eToro wallet to another wallet. This enables you to distribute your risk by storing money in several locations.
Buy Bitcoin directly through PayPal
👉 Any PayPal user can purchase, sell, and store cryptocurrency. For some items, you can even pay with cryptocurrency at the checkout.
👉 As with other long-term investments, experts advise purchasing and keeping cryptocurrency for the long run. PayPal and other programs such as eToro are making cryptocurrencies more accessible, a key appeal for novice investors. However, increasing access could potentially raise your risk.
👉 To purchase cryptocurrency with PayPal, you must create an account. If you already have a PayPal account, you may acquire cryptocurrency by clicking a “crypto” button and selecting which coins to purchase.
👉 On the PayPal mobile app, you can buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, experts urge that beginning investors stick to Bitcoin and Ethereum.
👉 You must have accessible cash, a connected debit card, or a linked bank account to make your transaction. Each week, you could spend as little as $1 or as much as $100,000.
👉 Like crypto exchanges, PayPal charges a fee for buying and selling cryptocurrencies, which varies according to the amount purchased.
👉 PayPal’s typical fees are as follows:
➡️ 1 USD to 24.99 USD – $0.50
➡️ 25 USD to 100 USD – 2.30%
➡️ 01 USD to 200 USD – 2.0%
➡️ 01 USD to 1,000 USD – 1.80%
➡️ 1,000.01 USD and more – 1.50%
Buy Bitcoin with PayPal through Crypto.com
👉 Crypto.com is another alternative if you are wondering how to purchase Bitcoin using PayPal. Advanced traders will appreciate Crypto.com’s web-based exchange platform and one of the market’s top cryptocurrency applications.
👉 This trading website provides over 220 tradable cryptocurrencies, including Bitcoin and other altcoins. Additionally, as Crypto.com supports Fiat deposits, PayPal customers can transfer USD to the exchange through bank transfer.
👉 Alternatively, Crypto.com enables Nigerians to add funds to their Crypto Visa Card via PayPal immediately. Despite incurring a 2.1% top-up charge, this will be available immediately, enabling you to begin earning points via spending.
👉 Crypto.com charges a maker/taker fee of 0.4% when trading through the exchange to purchase Bitcoin. Notably, you could minimize this cost by 10% if you pay in CRO, the native token of Crypto.com.
👉 Crypto.com is also loaded with several helpful tools for traders, such as “Crypto Earn,” which enables Nigerians to earn interest on their cryptocurrency holdings.
👉 This feature functions as one of the greatest crypto savings accounts since specific currencies may earn up to 14.5% annually.
👉 In addition, Crypto.com provides free crypto wallet software for storing your holdings, complete with two-factor authentication and compatibility for over 100 digital currencies.
Buy Bitcoin with PayPal through LocalBitcoins
👉 LocalBitcoins is a peer-to-peer cryptocurrency exchange popular for trading with almost any local fiat money, including the dollar, the peso, and the bolivar.
👉 As a peer-to-peer platform, sellers who want to be paid using PayPal, cash, or other ways submit their transactions for immediate acceptance by purchasers.
👉 LocalBitcoins is a platform that connects buyers and sellers ready to trade cryptocurrency on their terms, including quantities, time, verification, and payment methods.
👉 There is no need for intermediaries when using decentralized order books. Nigerians can easily buy, sell, and exchange one form of cryptocurrency for another instantly.
👉 Typically, these costs are unbelievably cheap, attributable to the use of smart contracts and automated market makers, also known as liquidity providers.
👉 Even though some might have a centralized settlement, others let users deal directly. The latter develops peer-to-peer marketplaces directly on the blockchain to facilitate digital currency trading.
👉 Nigerians can buy Bitcoin using PayPal on LocalBitcoins.com by following these steps:
➡️ Create a cryptocurrency wallet and account if you do not already have an account and wallet. You can do this by clicking register and filling out the required fields.
➡️ Search for vendors that accept PayPal as a payment option: Select the currency and PayPal from the “All Online Offers” drop-down box after clicking “Quick Buy.” All deals that accept PayPal as a payment option will then be shown.
➡️ You can also choose the preferred country from which to purchase Bitcoins using PayPal from the drop-down list of countries. Then, after choosing PayPal from “All Online Offers,” choose the deal with the most acceptable pricing and purchase limitations from the list of PayPal offers that appear.
➡️ Different brokers enable you to trade under varying conditions, including verification by uploading identity documents and other conditions. Verify that you accept these terms.
➡️ Enter the amount you desire to exchange with the selected seller: Once an order is made, the seller will be contacted so they may deposit the Bitcoins into escrow. You may communicate with the seller through message or other contact information shown on the order conditions.
➡️ Pay using PayPal: If the seller agrees to accept it, you may get their PayPal account information and then transfer the payment through it. Unless you trust the vendor, do not pay until the Bitcoin is released from escrow. Otherwise, if they are fraudsters, they may not transmit the cryptocurrency after payment.
➡️ Once a seller releases Bitcoin from escrow, the site will notify you.
➡️ Receive cryptocurrency: After delivering the payments to the seller through PayPal, the seller should acknowledge receiving the funds and activate the release of the Bitcoins to your account. It will reflect on the account if completed. Otherwise, contact help.
👉 In addition, another benefit of using PayPal to buy crypto is that you can file a claim with PayPal for a refund if anything goes wrong.
Reasons to use PayPal directly to purchase Bitcoin in Nigeria
👉 PayPal is user-friendly for those who desire exposure to Bitcoin but lack the expertise or confidence to create an account on a digital currency exchange platform.
👉 Novice and advanced Nigerian users will find PayPal’s new crypto capabilities a simple and easy method to buy BTC.
👉 There are instructive articles on PayPal to assist newcomers in learning more about cryptocurrencies. You can buy as little as $1 worth of Bitcoin to test the waters. In addition, PayPal enables real-time Bitcoin price tracking, and you may sell or withdraw your BTC anytime.
👉 However, more professional users might find PayPal’s crypto functionality slightly inadequate because of the limited supported coins and lack of tools.
👉 Before considering whether to purchase Bitcoin using PayPal directly, it is also necessary to understand the associated costs.
👉 When purchasing or selling cryptocurrency, PayPal will charge you a spread and a fee of at least 1.5%, which may be much more for minor transactions. You can withdraw BTC to a private wallet, but you must pay a network charge, which might be substantial during peak network use.
Buy Bitcoin with PayPal through Paxful
👉 Paxful is the best platform for anonymously acquiring Bitcoin using PayPal if you want to obtain Bitcoin without a government-issued ID or bank account. Paxful is a decentralized platform that aspires to give everyone equitable access to the global economy.
👉 Paxful was launched in 2015 in the United States as a peer-to-peer exchange. It allows up to 300 distinct payment options, such as PayPal, Bank Transfer, Cash Deposit, Gift Cards, etc.
👉 Bitcoin is the sole cryptocurrency accepted by the platform. However, over 80 fiat currencies are supported.
Create Your Paxful Account Online
👉 Provide your phone number or email address after clicking the “Register” button at the top of the page. Next, create a strong and unique password and click “Create Account.”
Verify the Account
👉 After receiving verification codes through email and text, you must input them to confirm your email and phone number.
👉 Depending on your location, you must verify your identity to use all Paxful’s services. However, you can purchase Bitcoin using PayPal from select sellers without undergoing KYC.
Select Your Preferred Vendor
👉 Click “Buy” followed by “Buy Bitcoin.” You may locate sellers that take PayPal by choosing it from the “Pay through” menu on the left. Select your desired seller, then click Buy.
Buy Your Bitcoin
👉 Enter the amount of Bitcoin you want to buy in BTC or your native currency. Then, follow the instructions on the subsequent page to transmit the agreed-upon money to the seller through PayPal after clicking the “Buy now” button. Finally, after clicking “Paid,” you should get your Bitcoin.
Why Nigerians opt for Paxful to buy Bitcoin using PayPal
👉 While many individuals are barred from the conventional banking system, Paxful allows anybody to trade cryptocurrencies using PayPal and more than 350 additional payment options. You may even purchase Bitcoin without a valid ID or bank account.
👉 With millions of users and billions of dollars in worldwide volume, Paxful is constantly very liquid. As a result, a wide selection of sellers on the site provides varying exchange rates and restrictions.
👉 Paxful does not charge fees when you acquire Bitcoin. Nevertheless, the seller determines the conversion rate and might apply a mark-up based on your verification status, payment method, local currency, and order amount.
👉 As with all P2P trading, you should be wary of people with malicious intent. However, if you follow the rules and keep deals inside Paxful, your cash will be protected by escrow.
Buy Bitcoin with PayPal through Binance
👉 Binance is great if you want to purchase Bitcoin or any of the best cryptocurrencies since the site provides over 380 crypto assets for trading. In addition, DeFi tokens and crypto-to-crypto trading pairings are available, which will appeal to seasoned crypto traders.
👉 Although Binance is a cryptocurrency exchange, customers may still use fiat cash to finance their trading balances. Nonetheless, if another user provides this option, the only way to purchase Bitcoin using PayPal is via Binance’s P2P trading service.
👉 Binance will appeal to cost-conscious traders in terms of fees since the platform charges just 0.1% for each transaction. However, users of Binance who choose to purchase cryptocurrency instantaneously without utilizing the exchange will be charged a 0.5% premium.
👉 Binance is especially popular among traders because of the platform’s many extra features, such as a marketplace where users may invest in the best NFTs to purchase at cheap trading costs.
👉 Nigerians can follow these steps to buy Bitcoin through Binance using PayPal.
Create a Free Account
👉 The “Register” button is located at the top of the webpage. You can easily sign up with Apple or Google or choose “Sign up with phone or email” and supply your country, email address, phone number, and password.
👉 Enter the verification code issued to your phone or email address.
Verify Your Details
👉 In the upper-right corner, hover over your user icon and choose Identification. Next, click “Verify” and pick your nation under Identity Verification. Next, enter your information and pick your ID type.
👉 Then, you will need to upload a picture of your ID or snap a photo of it and provide Binance access to your camera so that face recognition can verify your identity.
Select PayPal as your P2P Payment Method
👉 Select the Payment tab on the left-hand side of your dashboard. Next, click “Add a payment method” and “More” to locate and select PayPal. Next, enter your PayPal account details and verify them with the code.
Buy Bitcoin on Binance P2P
👉 Navigate to Binance P2P under Buy Cryptocurrency or Trade. Make sure “Buy,” “BTC,” and your local fiat currency are selected. In addition to selecting PayPal as the payment option, you may filter by amount and area.
👉 Click “Buy BTC” next to the desired ad, input the desired amount, then follow the on-screen instructions to complete the PayPal transaction.
The Best Bitcoin Brokers in Nigeria
👉 In this article, we have listed the best brokers that offer trading solutions and opportunities to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Axi is the best MT4 Broker in Nigeria. More than 130 different items from Axi are available for trading on MetaTrader 4. Axi offers some of the greatest trading conditions to Nigerian traders, including minimal opening spreads on all account types.
Best MetaTrader 5 / MT5 Broker in Nigeria
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best MetaTrader 5 broker in Nigeria. RoboForex provides traders with a selection of 12,000 tradable instruments that may be traded on MetaTrader 5 in addition to a few more potent trading platforms.
Best Broker for beginners in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. For new traders in Nigeria, AvaTrade provides some of the greatest teaching resources. Along with webinars, seminars, and other events, there are several manuals and videos.
Best Low Minimum Deposit Broker in Nigeria
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HF Markets is the best Low Minimum Deposit Broker in Nigeria. With a minimum investment of 2,000 Naira, HF Markets provides live trading accounts to Nigerian traders.
👉 Popular MetaTrader cryptocurrency broker HF Markets also has an in-house trading app for iOS and Android users.
Best ECN Broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is the best ECN Broker in Nigeria. One of the biggest forex and CFD brokers in the world, Pepperstone provides services in more than 170 nations.
👉 Nigerian traders should anticipate among of the quickest transaction execution times with little to no slippage and no requotes.
Best Islamic / Swap-Free Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OANDA is the best Islamic / Swap-Free Broker in Nigeria. Three different retail accounts are available from OANDA. This includes a specific Islamic account that is provided to Muslim traders in Nigeria who adhere to Sharia law.
Best Trading App in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 Overall, FBS is the best trading app in Nigeria. FBS provides its cryptocurrency account through the FBS Trader. Many features and some of the greatest market analyses are available to Nigerians.
Best Nigerian Naira Trading Account Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Nigerian Naira trading account Broker in Nigeria. One of the top multi-currency brokers that provide accounts in NGN is Exness. Exness is a broker that only works with MetaTrader and has a limited selection of trading options.
Best Lowest Spread Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best lowest spread Broker in Nigeria. IC Markets provides some of the narrowest spreads in the market because of its pure ECN execution mechanism.
👉 Nigerian traders can choose from a variety of crypto CFDs at IC Markets, which offers services to traders all over the world.
Best NDD Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Overall, XM is the best NDD Broker in Nigeria. XM is a well-known No-Dealing Desk broker that offers services to over 2.5 million traders worldwide. A portion of XM’s broad selection of more than 1,000 financial products includes cryptocurrency CFDs.
Best STP Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Tickmill is the best STP Broker in Nigeria. One of the finest brokers for new traders in Nigeria is Tickmill, which provides outstanding STP and ECN execution along with clear trading costs.
Best Sign-up Bonus Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best sign-up bonus Broker in Nigeria. One of the brokers with the broadest selection of promos and incentives is SuperForex, which provides customers with a choice of 11 trading accounts.
The Pros and Cons of Buying Bitcoin using PayPal in Nigeria
Advantages of using PayPal to Buy Bitcoin
Convenience
👉 PayPal also eliminates the trouble of currency translation, and it is simple to set up monthly and one-time payments.
👉 In addition to crypto platforms, millions of other online retailers use PayPal, so Nigerians can use it for anything without switching payment methods.
Transaction Speeds
👉 You can transfer money with PayPal in a couple of seconds. Furthermore, there is no need to wait for the cash to clear. Thus, Bitcoin could be obtained instantly.
👉 Withdrawing funds after selling Bitcoin might also be much quicker using PayPal compared to other payment options. To make transactions even quicker, you can enable One Touch if you wish to remain signed into your PayPal account.
User-Friendly
👉 PayPal is an extremely user-friendly payment method. When making Bitcoin purchases, there is not necessary to submit credit card or bank account details.
👉 Suppose you have already connected a funding source to your PayPal account. In that case, you need to enter your PayPal login to access your account. After that, PayPal will complete the transaction and promptly deposit the money into your account.
Secure
👉 PayPal employs end-to-end encryption to protect your information. In addition, as PayPal manages the transaction, your bank or credit card information is never shared with the exchange.
👉 You can also set up a PayPal security key, which will require two-factor verification every time you make a transaction.
Overall Protection
👉 PayPal continuously monitors your transactions to identify unusual behaviour and safeguard against fraud. In addition to account protection, PayPal offers Purchase Protection.
👉 If you are charged for a transaction that you did not conduct, or if you do not get what you paid for, you could file a claim online, and PayPal will provide a full refund if you are qualified.
Disadvantages of using PayPal to Buy Bitcoin
Account Freezes
👉 Although PayPal’s security features can be useful for safeguarding consumers from fraud, they can also be inconvenient if PayPal suspects legitimate transactions.
👉 PayPal has been known to withhold payments unexpectedly and lock user accounts, which can be inconvenient.
Limited Availability
👉 Whether PayPal could be used to purchase Bitcoin depends on your area, as there are restrictions across several jurisdictions, and some countries only have access to certain functions.
Excessive Fees
👉 The costs associated with using PayPal are platform dependent. For example, although deposits are free on eToro, using PayPal to fund your Coinbase account will incur more costs than other payment options.
👉 Buying Bitcoin directly via the PayPal network might incur hefty costs, particularly for minor transactions.
Conclusion
👉 PayPal is one of the most prominent online payment systems and has been operating longer than cryptocurrency. However, it took PayPal well over a decade after Bitcoin’s birth to include crypto capabilities.
👉 A growing number of exchanges and brokers allow Nigerian traders to acquire Bitcoin straight from their platform using PayPal.
👉 However, Nigerians must evaluate the costs associated with this choice and those associated with PayPal to ensure they can afford to utilize it.
FAQ
Can I use my PayPal account to buy Bitcoin in Nigeria?
Yes, you can. Several exchanges and brokers now support using PayPal when purchasing and selling Bitcoin.
How do I buy Bitcoin using PayPal in Nigeria?
You can register a PayPal Account, connect with your broker or exchange, select PayPal as your payment method, and buy Bitcoin.
Do I need ID verification to buy Bitcoin through PayPal?
Some platforms will let you buy and sell Bitcoin without verification. However, you must know that PayPal is not anonymous as it is linked with your bank account or card.
Can I instantly buy Bitcoin in Nigeria through PayPal?
Yes, you can buy PayPal instantly through several P2P exchanges and brokers.
Is Coinbase a good choice for buying Bitcoin with Paypal in Nigeria?
Yes, Coinbase is considered a good choice for buying Bitcoin with Paypal in Nigeria.
Top 3 Brokers