How to Buy Bitcoin With Debit
How to Buy Bitcoin With Debit/Credit Card in Nigeria 2017
(Plus cheapest Price possible…)
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There are lots of Bitcoin exchange merchant online that accepts the credit or debit card (naira master card or visa card) for the purchase of bitcoin. But almost all of them does not accept the Naira debit card and debit cards from some other countries. The annoying thing is that they permit you to register with them before telling you that your country is not accepted. This could be a waste of time. I took my time go through thirty one sites that accept credit card for bitcoin. I found that only three of them accepts the debit/credit card from all countries including Nigeria. I have reviewed and compared this three websites with a table to compare them and even found out the cheapest exchange. If you appreciate the information, share on Facebook to reach more people.
Buy Bitcoin with Debit/Credit card at Virwox
Accepted Cards: GTB MasterCard, GTB utility card, FCMB visa card, Access bank master card and UBA Visa card, dollar card of all banks
Virvox is a virtual currency exchange that existed even before Bitcoin was open for trading in Jan 2009. Virvox was set up in two thousand seven to trade 2nd Life Lindens (SLL) and other virtual currencies used for gaming online.
Virvox Commenced accepting Bitcoin in April two thousand eleven and opened a way for people to buy Bitcoin with PayPal. In other words, people buy SLL with PayPal, convert the SLL to Bitcoin then send the bitcoin to their bitcoin wallet so the process is fairly long and don’t leave behind your debit/credit card is linked to your PayPal. Their transaction fee is fairly high 10% but they have over 740k registered users very likely because they have been around for a long time.
A quick breakdown on how to buy Bitcoin with debit card/PayPal at Virwox
- Deposit dollars to virwox through PayPal
- Buy “Second Life Lindens” (SLL) with your USD
- Purchase Bitcoin with SLL
- Withdraw BTC to your Bitcoin Wallet
From my calculation, you will lose NGN eight hundred if you buy Bitcoin with virwox compared to the local exchange.
Pros. Worldwide availability, no verification needed
Buy Bitcoin with Debit/Credit card at Luno
Accepted cards: All visa and master card from all banks
Luno is a Bitcoin exchange/wallet provider. I will recommend Luno to anybody any day, as a matter of fact, if you already have a wallet provider, I suggest you still sign up with Luno. This is the exchange I use 95% of the time the remaining 5% is just for me see how other sites work. From my practice, they are the cheapest and easiest way to buy bitcoin online. They are in many countries around the world. They were primarily called bitx when they did not have the debit/credit card option and take about twelve to twenty four hours to process your transaction. They later upgraded to a more user-friendly interface, switched their name to Lluno without disrupting their users’ account, launched their app and integrated a debit/credit card option. Your wallet if funded instantly on Luno. The good thing about Luno is that they accept your local currency. This way you do not lose money due to dual conversion from naira to dollar or Euro before Bitcoin. This means that you are no longer limited to $100 per month since the transaction is in naira. Transactions can be made with master or visa card from any bank. Luno also makes withdrawal effortless. You can lightly convert your bitcoin to naira and receive it in your bank account.
To buy Bitcoin from Luno. Click on ‘account’, click on deposit. Inject your card information. Your Luno naira wallet will be credited. Click ‘buy’ to buy bitcoin. Your bitcoin wallet will be funded instantly. You can buy bitcoin with as low as one hundred naira (about $0.28) This process is plain and straight forward.
From my calculation, you will save about Two,430 naira per $100 if you buy Bitcoin on luno when compared with the local bitcoin exchange.
Pros: Cheapest so far, user-friendly, excellent customer support
Cons: they only deal on Bitcoin
Buy Bitcoin with Debit/Credit card at Indacoin
Accepted Cards from Nigeria: GTB MasterCard, GTB utility card, FCMB visa card, Access bank master card and UBA visa card, dollar card of all banks
Indacoin is an exchange based in the UK that permits anybody from any part of the world to buy Bitcoin, Litcoin or Etherum with debit/credit card. They accept Master card and Visa card from any part of the word.
To use your card for the very first time on indacoin, you will have to inject a 3-digit code that can be found in your card statement and verify your phone number. This process is very plain and it’s just to confirm that the card belongs to you. Also for your very first transaction with a fresh card, you are limited to inbetween thirty to one hundred Euro the very first day, two hundred Euro after four days and five hundred Euro after seven days.
On the downside, tho’ the site stated that they don’t charge any fee, their exchange rate is pretty high this could be due to the debit card charges. From My calculation, you will be losing about NGN12,700 naira per $100 dollar when you use this exchange compared to using a local Nigeria Bitcoin exchange. this is a lot
Pros: worldwide availability, good support, user-friendly interface
have you made a choice yet?
There is no doubt that Luno has all the advantages but if you don’t have a debit or credit card, there are other methods you can use. I have also reviewed ten sites where you can buy Bitcoin in Nigeria most of them have offices where you can even walk in and buy with cash. If you loved reading this, please like, leave me a comment and share this post on facebook with the facebook icon below someone might need the information. If you have any information for me to update this article do let me know. Thank you.