Coinbase is a cryptocurrency exchange platform that makes it easy to buy, sell, and store cryptocurrencies like Bitcoin and Ethereum. Coinbase is based in the US, however, the platform is available to users from many countries all over the world.
Can I Use Coinbase in Nigeria?
No. Coinbase is currently not operating in Nigeria which means that Nigerians will not be able to register an account or access the services of the exchange platform. However, there is an alternative option that is well trusted and available to Nigerian users. The exchange platform is Luno. Not only does it support selling, buying, and storing of cryptocurrencies in Nigeria but it also supports transactions with Nigerian banks.
How to Register With Luno
- Go to the LUNO website. Click on “Get Started”.
- On the signup page, enter your login details (email address and password). Then choose your country and accept the Terms of Use.
- After that, check to make sure the information you provided is correct then click “Sign Up”.
- A confirmation mail will be sent to the email address you used in registering.
- Check your email and click on the “confirm” button.
- As a new user, you will have to be verified on mobile before you can buy Bitcoin on Luno.
- Login into your account and go to your account page.
- Tap on the exchange price in ‘RED” and you will be directed to the mobile number verification page.
- Enter your mobile number and click “Next”.
- You will receive a text message on your mobile which contains a confirmation code.
- Enter the confirmation code in the box provided and click “Confirm”.
- A success message will come up and then click on “Next Step” to move to the next page.
- You will be required to provide details like your name, citizenship, date of birth, and a bank verification number (BVN). When you’ve filled this information, click on “Confirm”.
How to Deposit Money in Your Luno Account
With that done, you can now buy Bitcoin. Click on the exchange price highlighted in re to take you to the deposit page.
Tap on your preferred deposit method and enter the amount you want to deposit. Go ahead to confirm the deposit and the money will be credited to your account.
How to Buy Bitcoin on Luno
- Click on Wallet, and then BTC wallet. Tap on “Buy”
- Pick the currency you want to purchase the Bitcoin with and select the amount you wish to purchase
- Click “Buy” and you will be credited with the exact amount of Bitcoin you have purchased.
How To Withdraw Bitcoin Directly to Your Bank Account Using LUNO
Withdrawals on Luno are restricted to verified accounts. There are 3 verification levels each with a different withdrawal limit.
- Level 1: Verifying your mobile phone number places your account under a N200,000 restriction for life.
- Level 2: Verifying with a valid ID card (driver’s license, national ID, or international passport) places your account under a N500,000 restriction on a monthly basis. .
- Level 3: Verifying with either a utility bill or bank statement places your account under a N10 million restriction on a monthly basis.
How to Withdraw
- Tap on your Wallet and choose your local currency. This should be “NGN wallet” and click on “Withdraw”
- Enter the amount you want to withdraw
- A confirmation code will be sent to your contact address.
- Type in the confirmation code and click on “Withdraw”. You will receive a success message.
The funds should appear in your bank anywhere between a few hours to two business days.
How to Link Your Bank Account To Your LUNO Wallet
To make deposits and withdrawals even easier, you can link your bank to your Luno wallet. This process is very simple.
Using the Website
- On your account, navigate to the Menu and tap on “Beneficiaries”
- Tap on the drop-down menu to see more options. Select “Add Bank Account”
- Type in your banking details including your country, name and account number. You will have to choose your bank. When you’re done, click “Add Bank Account”
Using the App
- On your account, go to the menu and click on “More” and then on “Withdraw Money”
- Click “Add Beneficiary”
- Enter your bank details including your bank name, account name, and account number and Click “Next”.
If successful you will able to withdraw to your bank account.
Conclusion
Luno seems like a better pick than Coinbase and that’s because it is. The brand doesn’t just support the Nigerian Naira but also supports Nigerian banks. This allows you to make deposits and withdrawals from your LUNO account without having to go through third parties.