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As with other cryptocurrencies, in order to buy and sell Ripple’s XRP cryptocurrency in Nigeria, you must go through an exchange or broker.
While bitcoin continues to reign supreme as the best cryptocurrency to trade due to its relatively high liquidity and market recognition, Ripple continues to gain ground both in popularity and relative valuation.
Overview: Buying Ripple in Nigeria
Buying XRP in Nigeria requires you have access to a cryptocurrency exchange that allows Nigerians to register and that offers Ripple’s XRP. It’s really easy to buy Ripple in Nigeria, although your broker or exchange of choice make up the most important element in this process.
Before you dive into your first purchase of Ripple’s XRP, you should have a good idea of whether you want to buy the cryptocurrency to just hold and spend or if you just want to trade it speculatively.
By opening an account with a reputable online broker that supports XRP cryptocurrency trading, like XTB for example, you can easily trade contracts for difference or CFDs on XRP using an electronic trading platform like MetaTrader4 from MetaQuotes.
This means you can potentially make (or lose) money on the movements of the underlying cryptocurrency without dealing with the hassle of holding XRP directly.
Step 1: Open an Account at a Cryptocurrency Exchange
To open a cryptocurrency account, you will first need a funded account, such as a bank account, although some exchanges will accept credit and debit cards, PayPal and an electronic funds transfer payment.
Before you dive in to buy your first XRP, you should be fully aware of the financial risks involved and have some basic knowledge on how to trade cryptocurrency. If you want to purchase XRP directly, you will probably need to register with an exchange and then obtain a unique crypto wallet to buy and sell XRP from and to store your cryptocurrency.
The crypto wallet address has a lot in common with an email address, except that you can use the wallet address to receive payments and gifts, as well as to pay for goods and services. Your wallet can be accessed via your desktop computer, laptop, tablet, smart mobile device or web-based wallet.
Ripple charges a modest extra fee for you to keep your XRP in your own wallet, but you run the significant risk of hacking if you keep your XRP at an exchange, so choose the option that works best to you.
On the other hand, if you decide you simply want to trade XRP to make money on the movements of the cryptocurrency, then you can forego registering with an exchange or getting a crypto wallet.
Nigerians have a number of options as far as cryptocurrency exchanges, including several that have their home base in Nigeria.
Cryptocurrency exchanges used by Nigerians:
Located in Port-Harcourt, Nigeria, NGexchanger is a leading Nigerian cryptocurrency exchange. It is registered by the corporate affairs commission of Nigeria (CAC) with Registration Code BN 2491541.
This exchange has a user-friendly interface and sells more cryptocurrency than any other domestic Nigerian crypto exchange. Although NGexchanger claims that it buys and sells all cryptocurrencies, not all of them were listed on their website.
In addition, Ngexchanger offers customers a Telegram group with cryptocurrency trading signals given out free of charge. Customers receive a link to this group once they have completed their first transaction. The company also offers clients 24/7 customer service via telephone, online chat and WhatsApp.
Funding methods include using debit or credit cards in U.S. dollars or Nigerian Naira (NGN). You can also use a bank transfer or deposit cash personally at NGexchanger, though it now provides wallet services as well as a trading platform.
Another leading Nigerian cryptocurrency exchange, Naira2USD, is located in Onitsha, Nigeria. This exchange offers 24/7 email customer support as well as client support during Nigerian business hours via telephone, online chat and WhatsApp. Funding methods include bank transfers, bank deposits and depositing cash in person.
Several other cryptocurrency exchanges have their base in Nigeria; however, they do not support Ripple. Nevertheless, some exchanges do allow you to purchase Ripple by buying bitcoin first.
International and semi-international exchange permitting Nigerians to buy and sell cryptocurrencies:
This international instant cryptocurrency exchange, according to its website, provides the best crypt-to-crypto rates in the business. The company’s trading algorithm integrates with the largest cryptocurrency exchange platforms, including Bittrex, Binance and Poloniex, to name just a few.
The company accepts deposits via Visa or MasterCard for funding transactions, as well as in various cryptocurrencies.
CEX.IO cryptocurrency exchange accepts customers from all over the world including Nigeria. In addition to supporting cryptocurrency trading, this exchange allows customers to trade nine forex currency pairs as well. The company accepts Visa/MasterCard, Crypto Capital and bank transfers for funding cryptocurrency purchases.
Step 2: Get a Cryptocurrency Wallet
In order to trade XRP and retain full control over your transactions, you must withdraw them from the exchange or another source to a personal cryptocurrency wallet. A wallet requires you to use software that allows you to notify the crypto network that you want to send and receive transactions.
The wallet software can be installed on a desktop, laptop or on an Android, iOS tablet or smartphone. Alternatively, you can use a web-based wallet that does not require a download and gives you access anywhere you can make an internet connection. If you want to buy or start trading XRP, your wallet must be able to accept multiple cryptocurrencies including XRP.
Another form of wallet is known as a hardware wallet. This consists of a peripheral device that looks much like a USB memory stick that can give you increased security as long as you do not lose it.
Some Nigerian exchanges, such as NGexchanger, offer a bitcoin wallet to its customers. However, many other exchanges do not provide one and require that you either have a wallet or that you leave your currency at the exchange.
Popular wallets used in Nigeria for XRP:
This mobile cryptocurrency wallet offers a single platform with over 278 cryptocurrency wallets and tokens, as well as the ability to exchange currencies at no cost. The secure application can currently only be used on Android devices, but Coinomi says an iOS version will soon be released. The wallet platform boasts impressive blockchain interaction speed and easy setup and installation.
This wallet platform was designed for the merchant who wants to accept cryptocurrency payments or for anyone who does business online. The wallet platform accepts 65 altcoins and services more than 230,000 vendors in 182 countries. Coinpayments.net also supports popular shopping carts used by ecommerce stores, such as Opencart, Magento and WooCommerce.
Functioning as a completely wireless hardware wallet, the Bifi wallet supports an unlimited number of cryptocurrencies and crypto assets. The wallet provides total security from online and offline security threats and allows you to manage all of your cryptocurrencies on one dashboard. Bitfi’s open source software requires only one password phrase for access to all coins and does not require a backup. Bitfi claims that the wallet cannot be hacked, and it comes in a smartphone-like device.
Step 3: Withdraw Your Ripple to Your Wallet
Once you have purchased your XRP on an exchange, you may withdraw the currency to your XRP or multi-currency wallet. Ripple charges 20 units of XRP to withdraw the cryptocurrency to a wallet as a reserve requirement. This amount protects the XRP shared global ledger from excessive growth that can result from spam or malicious usage.
You can also buy Ripple from a local seller, as listed by CoinDirect.com in the graphic shown below. Note that only one seller (Soki Briggs) and no buyers of XRP appear on this list:
Besides NGexchanger or Naira2USD or an international exchange, you can walk into either of the Nigerian exchanges with paper currency and buy the cryptocurrencies you want. You can then either leave them in the exchange or transfer them to a mobile or web-based wallet.
If you want to avoid the expense of a wallet and simply trade CFDs on XRP without taking possession of the cryptocurrency, you can open an account with an online broker such as XTB.
Nigerian cryptocurrency traders can take advantage of the broker’s impressive xStation 5 trading platform that boasts one of the fastest execution speeds available. In addition, XTB offers excellent charting, news and technical analysis tools and allows trading directly from its charts.