Nigeria is Africa’s most populous country with over 200 million citizens. Considering the facts that the internet has spread across the continent like wildfire and the local economy is in a state of inflation, it is not surprising that cryptocurrencies have gained popularity in the region. As such, Nigerians are always on the lookout for the best app to buy and sell Bitcoin in Nigeria.
Cryptocurrencies are becoming one of the main means of transacting in Nigeria, even in all of Africa. There are many reasons that fuel such a shift towards digital assets. The most important among them is the fact that cryptocurrencies are transparent, more accessible and, oftentimes, more reliable than local currencies. The availability of the internet means that Nigerians have access to any kind of application that would fulfill their needs for a fast and secure platform capable of handing their digital assets. In this material, we will explore what is the best app to buy and sell Bitcoin in Nigeria.
The Best App to Buy and Sell Bitcoin in Nigeria
Many Nigerians who are new to cryptocurrencies or are thinking of engaging in them, often ask their peers or more experienced users about what is the best app to how and what to buy and how to sell Bitcoin in Nigeria. In fact, there is no simple answer to that question, since the best app to buy Bitcoin is often the one that is considered less suitable by another user. As such, it is impossible to give a straightforward and honest answer to the question of what is the best way to buy and sell Bitcoin in Nigeria.
There are dozens of applications out there, many of which are actually not standalone apps, but rather extensions of popular cryptocurrency exchanges. Among them are the leaders of the market like KuCoin, Bybit, Bitgetm, Coinbase, Binance, and many others. All of these platforms offer solid lineups of applications that combine a host of useful functionality. They act as both exchanges and all-in-one applications capable of handling a variety of assets and operations with them. For more information see the developer’s guides of each of the applications to get a better feel of what they can offer.
Some of the more exotic applications, like those of Binance, can help users access their assets via a Mac iPad or iPhone while enjoying a watch of some movie with the Airpods blasting away. The availability of cryptocurrencies in Nigeria makes it possible to access them from any mobile phone for any number of uses, the least of which is payments for goods and services. In fact, many Nigerians rely on cryptocurrency exchanges for reasons that outweigh simple transfers of assets to merchants. The vast majority of cryptocurrency users in the country are actually engaged in trading of their digital assets with the purpose of making profits.
Taking into account the added need for a trading venue, Nigerians looking for the best app to buy and sell Bitcoin should opt not for a dedicated wallet, but rather a multifaceted and holistic application, such as an exchange. The most important factor in this case would be the usability of the application and the availability of a user-friendly interface that would make accessing the host of services and analytical suites a breeze. Apart from Bitcoin, the application should also be capable of supporting a wide range of other cryptocurrencies to make use of the blockchain space most effectively.
Choosing the Application
The first and most important rule of selecting a cryptocurrency application is checking two important factors:
The availability of round-the clock support and a comprehensive privacy policy;
A multilingual customer support team.
No matter what the application description says and what their cryptocurrency support lineup claims to be, the availability of a human face behind the code is vital. Given the dynamic and unpredictable nature of the cryptocurrency market, it is vital to have instant and direct access to a human being on the end of the interface to ask questions and get help with troubleshooting.
Any crypto exchange worth its salt will have a support team on standby to help users resolve any issues within a matter of minutes. Add to that a comprehensive FAQ section that comes as a must, and users will be set to start using the app straight away. However, when choosing a specialized application for trading cryptocurrencies, users must take into account other factors as well.
The first factor is that this platform must be a legal entity that can be turned to for help in case of any sudden failures in the operation of its system. There have been many cases in the history of the cryptocurrency domain when so-called reliable and credible exchanges turned out to be frauds. As such, the platform must not be linked to any suspicious entities.
A platform that values its users will also provide complete transparency of its operations and will ensure the privacy of user data. This means that the users’ private keys should remain with them, meaning that the platform is non-custodial. This factor helps prevent fraud and reduces the threat of hacking.
Apart from privacy and security, the platform should also provide a host of features that help trading and minimize commissions for cross-platform transfers. This factor is vital for users who rely on cryptocurrencies as a means of reducing commissions for cross-border transfers and trading with merchants. Your account should indicate all the fees directly and without any restrictions or hidden commissions to ensure the transparency of the platform’s approach to user funds.
Lastly, in order to trade crypto effectively, new users will need access to an extensive knowledge database. High quality applications, especially those provided by exchanges, will give access to such a section in the form of a library and will usher new users to first read as much as possible about crypto trading and the risks involved before letting them anywhere near the balance top up function. That allows the exchange to avoid wrongful accusations of low risk management and awareness, and also ensures that users are informed about the possible risks of loss of funds.
Key Takeaways
The best application for buying and selling Bitcoin in Nigeria is not necessarily the best application on a standalone basis. A holistic trading app is often the best solution, since it provides a wide range of options and functions that extend beyond the king of crypto and simple transfers. The user’s account and the accompanying interface must contain a clear and understandable workflow to ensure that all the necessary buttons are within the field of view – a hallmark of exchange applications and platforms.
The availability of trading options will not affect the usability of the app as a wallet, since one of the main functions of an exchange is acting as a quickly accessible repository of digital asset portfolios. Using your account should be as easy as any traditional banking app, so users will not need to learn from scratch how to use the application. Though the wallet is an indispensable part of a crypto application, users can always resort to a decentralized exchange if they want to remain independent and retain control over their private keys. A DEX also has all the necessary tools for operating Bitcoin and such platforms have the functions wielded by their centralized counterparts.
Stemming from the above, it would be wise to conclude that the best app for Nigerians is a personal choice based on preferences and requirements that are always in line with new developments. There has been an attempt at creating an app for everyone, but it failed, since there is no such thing as a perfect app.
