How To Buy And Sell Bitcoin on Naira4Dollar
Bitcoin has exploded in popularity in Nigeria over the past few years.
As the largest cryptocurrency by market capitalization and trade volume, Bitcoin presents exciting opportunities for Nigerians to make money as prices fluctuate.
Naira4Dollar is one of the longest-running and most trusted Bitcoin exchange platforms in Nigeria.
The exchange makes it simple for Nigerians to buy, sell, and trade Bitcoin using the local Naira currency.
In this guide, we provide step-by-step instructions on how to use Naira4Dollar to buy and sell Bitcoin in Nigeria.
What is Bitcoin?
Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for banks or intermediaries.
Created in 2009 by the pseudonymous Satoshi Nakamoto, Bitcoin runs on a global network of computers that maintain a shared ledger called the blockchain.
The Bitcoin network is secured through cryptographic algorithms that verify and record every transaction.
This eliminates the need for third-party validation like in traditional payment systems.
Bitcoins are digital assets that represent value and can be transferred or exchanged for goods and services.
Here are some key things to know about Bitcoin:
- Bitcoin has a fixed maximum supply of 21 million tokens.
- Transactions are anonymous – only Bitcoin wallet IDs are recorded on the blockchain.
- Bitcoins are divisible up to 8 decimal places (0.00000001 BTC) called satoshis.
- The blockchain ledger is public and transparent for all to analyze.
- Transaction fees are minimal compared to traditional payment systems.
- No single entity controls the Bitcoin network. It is not susceptible to government manipulation.
Bitcoin presents Nigerians with an alternative store of value compared to the Naira which is plagued by high inflation.
As crypto adoption grows locally, platforms like Naira4Dollar make it easy to participate.
Why Use Naira4Dollar to Buy Bitcoin?
Founded in 2012, Naira4Dollar was one of the first digital currency exchanges in Nigeria.
For over a decade, they have provided Nigerians with secure trading, top liquidity, and a robust platform to buy and sell Bitcoin.
Here are the key advantages of using Naira4Dollar:
- Simple buying and selling – their platform is intuitive with streamlined order types for executing Bitcoin trades rapidly.
- Top liquidity – Naira4Dollar has high trading volumes and market depth for efficient order execution.
- Competitive rates – their Bitcoin prices closely track leading global exchanges with low spreads.
- Local Naira support – you can fund your trades using Naira via multiple payment channels.
- High limits – accounts can be upgraded for higher transaction limits by submitting KYC documents.
- Secure storage – you get free hosted wallets to store Bitcoin or can withdraw to external wallets.
- Robust platform – the exchange implements latest security protocols and infrastructure monitoring.
- Responsive support – dedicated customer assistance via email, phone, chat, and social media.
For Nigerians, Naira4Dollar ticks all the right boxes as a platform to turn Naira into Bitcoin simply and reliably.
How to Create a Naira4Dollar Account
Registering an account with Naira4Dollar is straightforward and free. Follow these steps:
- Go to www.Naira4dollar.com and click on “Register” at the top right corner.
- Enter your personal details – this includes full name, active email address, and phone number.
- Set account credentials – create a secure password and store it safely.
- Enable 2-Factor Authentication (2FA) – this adds an extra layer of account security.
- Verify your email address – check your inbox for the confirmation link and click it.
Once your email is verified, your Naira4Dollar account will be opened.
You can proceed to fund it with Naira and start trading after you complete the KYC process.
Complete KYC Verification
To unlock full account features and higher trading limits, you need to complete Know-Your-Customer (KYC) verification.
This process requires submitting valid ID documents and personal details:
- Passport or national ID card.
- Proof of address – utility bill, bank statement etc.
- Personal and contact information.
- Bank account details.
- Selfie photo holding your ID.
After submitting your KYC documents, approval may take 1-2 business days.
Once verified, you can deposit and trade higher fiat and crypto limits.
Fund Your Naira4Dollar Wallet
To buy Bitcoin, you first need to fund your Naira wallet on Naira4Dollar.
The platform supports Naira deposits through these channels:
- Naira4Dollar provides Nigerian bank details that you can transfer money into from your personal bank account.
- Transfers are usually processed quickly by the receiving bank within hours.
- Minimum transfer is ₦1000 with no maximum limit.
- Debit and credit cards issued by Nigerian banks are supported.
- Enter your card details securely on the deposit page.
- Card deposits incur a flat fee of 1.4% per transaction. Minimum amount is ₦1000.
- Cards are faster with instant reflecting of funds.
- Fewer verification documents are needed compared to bank transfers.
Having a sufficient Naira balance for your desired Bitcoin purchase volume is recommended before trading.
Top up adequately and enable 2FA for the transfer process.
How To Buy Bitcoin on Naira4Dollar
Once your Naira4Dollar account is funded, you are set to buy Bitcoin. Follow these simple steps:
- Login to your account dashboard.
- Click on ‘Trade’ on the top menu and select ‘Exchange’.
- On the exchange dashboard, search for the BTC/NGN trading pair.
- Enter the Naira amount you wish to spend on buying Bitcoin.
- Click on ‘Buy’ and your order will execute at the current market rate.
The process is quick and your purchased Bitcoin will reflect in your account almost instantly.
The trading fee for buying crypto is 0.5% of your order amount.
Set Buy Order Limits
For more control, use the Limit Order option to specify a fixed rate for buying Bitcoin rather than paying the market price.
- Select ‘Limit’ as the order type.
- Enter your desired purchase rate for Bitcoin in Naira.
- Funds are only deducted when the limit rate is met.
Limit orders enable buying dips in volatile markets but may take longer to fulfill.
Monitor order status and adjust rates when required.
Store Bitcoin in Your Naira4Dollar Wallet
By default, any Bitcoin purchased on Naira4Dollar is stored securely on their hosted multi-signature digital wallets.
You can view and manage coins in your Spot Wallet.
Benefits of storing Bitcoin on Naira4Dollar:
- Immediate availability to trade or withdraw.
- Robust security protocols to safeguard funds.
- No bitcoin transaction fees for transfers between platform wallets.
- Easy overview of portfolio value and trading history.
Use External Bitcoin Wallets
For long-term holding of sizable crypto assets, we recommend withdrawing Bitcoin to a private external wallet not hosted on an exchange.
Popular options include hardware wallets like Trezor and Ledger, mobile wallets like Exodus, and desktop wallets like Electrum.
Take responsibility for managing storage and security.
On Naira4Dollar, you can seamlessly transfer Bitcoin to any outside wallet address you specify when withdrawing.
Sell How To Sell Bitcoin on Naira4Dollar
When ready to book profits or cash out of your Bitcoin holdings, you can quickly convert back to Naira on Naira4Dollar using these steps:
- Go to your Spot Wallet that holds Bitcoin.
- Click ‘Withdraw’ below your BTC balance.
- Enter the Naira amount you wish to receive. This will deduct the BTC equivalent from your wallet.
- Withdraw to your Naira Funding wallet.
- The order will execute at current market rates. 0.6% fee applies.
Selling Bitcoin is straightforward and your Naira balance will reflect in your account almost instantly.
Timing the markets can boost your upside on volatility.
Set Sell Limit Orders
For more strategic selling, make use of Limit Orders. Steps:
- On the BTC/NGN exchange, click ‘Sell’ and select ‘Limit’.
- Input your desired Naira sale price for Bitcoin.
- The corresponding BTC quantity is deducted from wallet when the rate is met.
Use sell limits to lock in better rates during rallies and spikes.
Monitor order status and modify limits based on price action.
Withdraw Naira Earnings
Once your Naira4Dollar account is credited after selling Bitcoin, you can withdraw the funds into your local Nigerian bank account to encash your crypto gains using these methods:
- Initiate withdrawal on Naira4Dollar to your linked Nigerian bank account.
- Minimum amount is ₦1000 with no caps on daily withdrawals.
- Processing time is 24 hours on business days.
- Withdraw to the Nigerian debit/credit card you used to deposit funds.
- Daily withdrawal cap of ₦100,000 applies.
- Processing is instant with funds reflecting in your bank within an hour.
- 2% flat fee deducted per card withdrawal.
We advise enabling two-factor authentication and confirmations for withdrawal transactions as a security measure.
Verify your withdrawal details carefully before submitting requests.
Pay Fees on Trades
Naira4Dollar employs a transparent fee structure for trading and deposits/withdrawals. Key charges:
- Trading fees – 0.5% for market makers. 0.6% for market takers. Applies on buy and sell orders.
- Deposits – No fees for bank transfers or cards. Banks may deduct transfer charges.
- Withdrawals – Bank transfers are free. Cards have a 2% fixed fee per transaction.
- Crypto withdrawals – Blockchain network fees apply based on traffic. Typically less than ₦100.
There are no hidden costs. Fees are automatically deducted from your Naira4Dollar wallet balance when orders are executed.
Pro and VIP accounts can access discounted trading fees.
When managing crypto assets online, maintaining robust security is crucial.
Here are tips to keep your Naira4Dollar account and Bitcoin assets safe:
- Strong passwords – Use random lengthy passwords and change them periodically. Never repeat or recycle old passwords.
- 2FA enabled – Require an additional step like OTP to log into your account. Prevents unauthorized access.
- Limited devices – Only access your Naira4Dollar account on your personal laptop or mobile. Avoid public computers.
- Watch for phishing – Do not click suspicious links in emails or SMS about your Naira4Dollar account. Verify the domain of any page before entering details.
- Financial privacy – Do not disclose your crypto asset values or trading activity to anyone, including customer assistance.
- External wallets – Withdraw sizable Bitcoin amounts to private non-custodial wallets. Avoid storing large funds on the exchange.
Following sound security practices is vital to avoid losing money to hacks or theft.
Take responsibility for managing your account access, wallet backups, and crypto transfers.
Naira4Dollar prioritizes responsive customer assistance for their Nigerian client base.
Reach out via:
- Email – [email protected] for general inquiries or feedback.
- Phone – 07087012345 provides 24/7 call support.
- Live Chat – accessible onsite for instant messaging with the support team.
- WhatsApp – message 07087012345 for urgent assistance.
- Social media – active Facebook and Twitter accounts. Direct message for help.
Support staff are knowledgeable about using the platform and resolving account issues. Do not hesitate to contact them.
For disputes, Naira4Dollar pledges to investigate all reported cases and work to recover lost funds if deemed necessary.
File detailed complaints to help with tracking and resolution.
Frequently Asked Questions
- How do I choose a Bitcoin wallet on Naira4Dollar?
Naira4Dollar provides free native multi-signature wallets to easily store bought Bitcoin on the platform.
For added security of large holdings, withdraw to external wallets like Ledger, Trezor, or Metamask.
- What payment methods can I use?
Naira deposits are accepted via Nigerian bank transfer and debit/credit card payment.
You can withdraw sales proceeds to a bank account or card. Card deposits and withdrawals incur additional fees.
- How long do transfers take?
Bank transfers may take 1-3 hours to reflect in your account.
Card deposits are instant. Withdrawals take up to 24 hours for bank transfer and one hour for cards.
- Can I cancel or change orders?
Instant buy/sell orders cannot be changed or canceled after placement.
Limit orders can be canceled or have their price adjusted as long as they are not filled.
- Is my Bitcoin balance insured?
Naira4Dollar stores 95% of digital assets in cold storage.
Funds held in hot storage are insured but assets on external wallets are your own responsibility.
- What are the limits for new accounts?
Unverified accounts can buy up to ₦100,000 worth of Bitcoin daily.
Sell limit is ₦500,000 daily. Complete KYC to increase limits substantially.
- How do I qualify for lower trading fees?
Accounts with over ₦5 million in 30-day trade volume get Pro status for 10-50% off fees.
VIP status with 50%+ discounts requires maintaining ₦30 million in trailing volume.
- Does Naira4Dollar report to tax agencies?
Naira4Dollar complies fully with local regulations.
If your annual Bitcoin capital gains exceed ₦10 million, your taxable profit may be reported to authorities.
We hope this detailed guide gives you clarity on using Naira4Dollar to capitalize on Bitcoin adoption and price upside in Nigeria.
The exchange makes trading seamless with Naira deposits, top liquidity, and robust security protocols.
Start small, complete KYC verification, enable security protections, and routinely monitor your account.
With sound trading practices, Naira4Dollar empowers Nigerians to bank on the cryptocurrency future.