Sometimes buying Bitcoins is not as easy as it seems. Let’s check if buying Bitcoin for Nigerian Naira falls into this category. First of all, if you have access to the internet, either computer or smartphone, you have many options to buy Bitcoins in Africa. There are several exchanges and services providing matchmaking of buyers and sellers.
If you decided that you want to buy BTC, let’s see what options do you have depending on what would you be paying with. What can we pay with for Bitcoins?
- debit card
- credit card
- gift car
- money transfer
- payment card
- mobile phone or smartphone payment
As we see, there are many options. Most of people would like to use cards or bank transfer, as it is the most convenient way. In Egypt, on the other hand side, cash, gift cards and mobile payments seem to be the most popular choice. Buying Bitcoins for Egyptian Pounds require also calculation how much of a currency needs to be converted to dollars, or at least what exchange rate should we expect.
You can buy fractions of a Bitcoin. It means that you can buy Bitcoins with any amount of money. You will get fraction of 1 BTC, which will look something like this: 0.00010000 – in this case it is 10000 satoshi. Satoshi is the smallest fraction of one Bitcoin, 1 Satoshi = 0.00000001 (yes, eight decimal place).
Exchanges supporting customers from Egypt and EGP
Which exchanges let people from Egypt buy Bitcoins and other cryptocurrencies? Binance is the biggest exchange to offer account for users from Africa. They also offer easy internet deposits and Peer to Peer exchange. This last option enable local users to buy cryptocurrency directly from other customers in their area.
Paxful is an exchange that enables business between users. You can find cryptocurrency sellers in your area. There is also variety of payment methods, with gift cards as the most popular way.
How easy is to use them? Binance is a place to buy many tokens and use financial instruments. They deliver trading with leverage, new token issuances on Launchpad and selection of the most innovative projects. Paxful is a down to earth service that let users meet and do business whichever way they expect the deal to go.
How to buy Bitcoins in Egypt?
You can buy Bitcoins in 3 steps on Binance.
- register a free account on Binance
- top up your account, using payment of your choice or using P2P market
- buy Bitcoins using any available currency pair
The most useful service is Peer to Peer, also referred as P2P. You gain access to Bitcoin sellers in your area. The most important part is to assess seller’s reputation. If you choose partner with great reputation, chance of something going wrong is small. This way you would reduce risk when buying Bitcoins.
Safely buy Bitcoins in Africa
You need to follow several steps to ensure your money and Bitcoins are safe. First of all, never share your private key with anybody. This also applies to using strong passwords and never sharing it.
Use cryptocurrency wallets from reliable sources. If you must (e.g. you can’t secure cryptocurrency on your own), you can keep your Bitcoins in cryptocurrency exchange. Try to minimize the amount and work out secure storage solution for yourself.