How to Decide on The Best Bitcoin Exchange in Nigeria

Deciding on the best Bitcoin exchange in Nigeria to buy or sell Bitcoin can be a daunting task. Before we launched Bitkoin Africa, we were troubled with the difficulty in trading Bitcoins in Nigeria and decided to do something about it. We took a hard look at all the Bitcoin exchange platforms available to Nigerians and improved upon them.

These are the features we looked out for while trading Bitcoin. We think you should look out for them before you choose an exchange to buy and sell Bitcoin.

1. Security

Security is one of the most important aspects of any Internet-based service. We found that many Bitcoin trading sites did not have protection for its users which left their data vulnerable to attack. When you buy Bitcoin from Bitkoin Africa, we do not store your card details. All card and bank payments are handled by our CBN licensed partner, Paystack.

2. Escrow

One of the features that makes us proud is our escrow feature. With escrow, we make it possible to hold Bitcoin or Naira before a trade is made. This means that for every Buy or Sell trade post on the site, we have actually collected the Bitcoin or Naira equivalent. We absolutely guarantee that you will receive your Bitcoin if you’re looking to buy or receive your Naira if you’re a seller.


3. Trust

We tried one of the Bitcoin exchanges in Nigeria and found it difficult to trust the listings. This is because the site had no escrow, lacked verification and required us to transfer money to stranger’s account. Which means although this is one of the most popular exchanges, it absolved itself from any responsibility of transactions. We had also heard from many other Bitcoin traders who had gotten scammed in the process. At Bitkoin Africa, the escrow feature and verification of users are our trust stamp. We ensure that every user follows the Central Bank of Nigeria’s Know Your Customer guidelines.

4. Ease of Use

This is another aspect we pride ourselves on. Google Developer Expert Ire Aderinokun leads our front-end development efforts. We have built Bitkoin Africa to be as fast as possible. You can even use it offline if you just want to view sections of the site but don’t want to buy or sell. Timi Ajiboye, our Chief Technical Officer has years of Software Engineering experience under his belt. We wanted this to be the best Bitcoin exchange out of Nigeria and have worked very hard to make our software up to global standard.


5. Price Dynamism

Many Bitcon exchange sites in the country allow users set fixed prices for the sale or purchase of Bitcoin. Based on feedback from our users, we launched the dynamic pricing feature. This means you can set your buy or sell trade at current market prices by the second. This reduces the need for Bitcoin traders to be online all the time. They can set dynamic prices and go to sleep knowing that they will still make a profit from their Bitcoin.

6. Customer Support

Our customer support personnel are always ready to answer any inquiries you might have. If you’re new to Bitcoin, you can ask any questions and will surely get a prompt response. Just click on the button at the bottom right of the site. If you also have any other questions on how to use the site, you can checkout our help section where we have tutorials on how to access several features.

7. Special Features

As Bitkoin Africa grows, we have added and will keep adding more features. One of our early features was the “Quick buy” option. Quick Buy allows you buy Bitcoin instantly without logging in or signing up. Just provide your Bitcoin wallet address, make payment and you will receive Bitcoin from any seller on the platform. We have also added the zero-commission feature as well as a referral system for those who wish to refer their friends.