Table of Contents
Are you new to the crypto space or a crypto enthusiast looking for the best bitcoin wallet to use in Nigeria? This article will discuss five tips for choosing the best Bitcoin wallet in Nigeria.
Bitcoin is the most popular cryptocurrency and the largest by market cap. The digital currency was the first ever crypto and was launched way back in 2009 by Satoshi Nakamoto. Since its inception, it has grown so much and has been accepted and is frequently traded by millions of people worldwide, and Nigeria is not left out of this buzz.
In February 2021, the Central Bank of Nigeria (CBN) placed a restriction on cryptocurrencies in the country. Still, according to PUNCH, Nigerians traded N497.35bn ($1.16bn) worth of Bitcoin during the period from January to June 2022, indicating its growing popularity.
Due to the increase of crypto traders in Nigeria, they need to be guided on the most suitable Bitcoin wallet to use. We’ll examine five tips for choosing the best bitcoin wallet in Nigeria.
What is a Bitcoin Wallet?
A Bitcoin wallet is an app, software or platform where you store your Bitcoin and conduct transactions.
I guess you could say that it works just like your traditional physical wallet where you store cash, but it is online and definitely more secure.
There are two types of crypto wallets- hot wallets and cold wallets.
A hot wallet is a cryptocurrency wallet connected to the internet, which you can access online, while a cold wallet is an offline wallet.
5 Tips To Choose The Best Bitcoin Wallet in Nigeria
Although this list is in no particular order, security can be said to be the most important thing when picking a wallet to use.
Because of the nature of cryptocurrencies, security is something that cannot be compromised. Over the years, we have heard numerous stories of crypto scams across the world.
When you are doing your research on bitcoin wallets, make sure the platform or application has two-factor authentication. Two-factor authentication is an added layer of security where you use two unrelated authentication methods to secure an account.
2. Payment Methods:
Some crypto exchanges and wallets only pay out funds in US Dollars, so when choosing the most suitable bitcoin wallet, it is crucial to consider your convenience and select a wallet that pays out in your local currency, Naira.
3. Transaction Fees:
Paying transaction fees feels just like paying a delivery fee for an item you bought online; nobody likes them. When choosing a Bitcoin wallet, you need to consider the various types of transaction fees they charge and which one(s) you are comfortable with.
Transaction fees include deposit fees, withdrawal fees, gas fees etc.
Deposit limits, withdrawal limits and so on are not fun. Different wallets have various limits they impose. These limits can be daily, monthly or even yearly. The limits can come in the form of a certain amount you cannot go above, whether depositing or withdrawing at once.
Please research their possible limitations and pick a wallet that best suits your interests.
Doing your research should also include looking through reviews of current users. Reviews can be found on Google play store, Apple App store and even on social media. Reach out to users to get their insight and know more about their experience using the application.
The Best Bitcoin Wallet in Nigeria- Breet App
Instead of P2P, Breet uses an over-the-counter trading method. This eliminates the wait time and intermediaries, giving you total privacy when trading and a quick trading time.
With Breet, you can receive and sell your Bitcoin, convert it to your fiat currency and withdraw straight to your local bank account instantly!
Breet is exceptionally safe and lets you receive and trade your Bitcoin risk-free.
Other cryptocurrencies supported on Breet are:
- Tether USDT
- Bitcoin Cash
Here is a quick tutorial on how to sell your Bitcoin on Breet.
With the fast-growing popularity of Bitcoin and crypto in Nigeria, you need to know how to choose the most suitable Bitcoin wallet, which is specially tailored for crypto enthusiasts in Nigeria. Here are tip to choose the best bitcoin wallet in Nigeria
With these tips, you can choose the best wallet to use, and of course, with my recommendation, you are guaranteed a stress-free trading experience with Breet.
For more help and support, get in touch with a representative at email@example.com or Call/Whatsapp at 08090569499, or you can use the LIVE CHAT button available on the app.
Breet is available to download on both Android and IOS.