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How to Buy and Sell Cryptocurrencies: Where and How

The process of buying Cryptocurrencies is not a tedious one, but it requires care. There are many online services that allow you to buy and sell Bitcoin and other cryptocurrencies. First of all, you will need a Crypto wallet to receive it or to send it out from. Your can purchase your Crypto from trusted peer-to-peer 3rd party service providers like Luno, Remitano, Localbitcoin etc. Exchange platforms like Binance, Coinbase, Kraken, Gemini etc.

Most of these accounts will require you to create an account, link your bank account and undergo verification (KYC) by providing a relevant means of identification (government approved) before you can do any transactions on their platform. As stressful as it may look, it is very important for the safety of your funds.

Transactions on these peer-to-peer platforms are more direct; however, your choice of platform depends on quite a number of things such as Location, how much you want to buy/sell, the desired price and how much you have at hand.

Here are a few of the popular platforms for buying and selling Cryptocurrency:

Luno

Luno is a trusted exchange with a presence in over 40 countries including South Africa, Singapore, Nigeria, Malaysia, and Indonesia. You can buy/sell directly to and from them, or you can use their exchange feature on the platform where they act as an escrow(middleman). To buy/sell on Luno, visit https://bit.ly/35QPtgW

Check out Luno’s guide on buying and selling cryptocurrency for fiat https://www.luno.com/help/en/articles/1000168398-how-do-i-buy-or-sell-cryptocurrency .

Remitano

Created in April 2016, Remitano is present in over 52 countries. Here, you can buy/sell BTC, ETH, BCH, LTC, USDT. They act as a secure escrow to safeguard your transactions. To buy/sell on Remitano, visit https://bit.ly/2r4dwdz

Binance

Binance, the world’s largest cryptocurrency exchange by trading volume is one of the best exchanges to quickly buy/sell bitcoin for fiat. They have added a feature for direct purchase with Nigerian naira, thanks to their partnership with Flutterwave. To buy/sell on Binance, you’ll have to create an account (here: https://bit.ly/binancecreate) and verify your identity for KYC (know-your customer) and AML (anti-money-laundering) purposes. This process may take a little time. Once you’re verified, locate and click on “wallet”, then “Buy Crypto”.

Choose from the Buy/Sell feature and input your desired currency from the available options. Input the amount you’re buying/selling (there are limits). Continue with the promptings on your screen to complete your transaction.

Note: Ensure that your Binance account is secured by turning on 2FA (two-factor authorization). Here’s a clear guide to enable 2FA on Binance:

How to Enable Google Authentication (2FA) and Frequently Asked Questions | Binance,2FA,google,auth,authenticator

 

Avoid using SMS authenticator so you don’t fall victim to sim swaps. Also, always update all your crypto apps when required to prevent any form of security vulnerability. There are many other platforms to buy/sell such as Paxful, Localbitcoins etc. but I prefer to go with these detailed above. Other ways to buy/sell include through trusted individual merchants who buy/sell bitcoin, or through bitcoin ATM and Bitcoin gift cards. Transacting directly through merchants is more convenient but risky as it requires absolute trust. You can only do this with someone you trust.

It is important to know that countries have policies that affect how such platforms can operate as regards buying and selling of Cryptocurrency in their local currency. For instance, Users in Nigeria are unable to purchase crypto directly from any of such platforms except through the P2p option where sellers and buyers are matched and the transaction is managed by the platform.

 

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