• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with First Bank of Nigeria

How to Buy Crypto with First Bank of Nigeria

Last updated on November 12, 2023

Quick Summary: While First Bank of Nigeria does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Nigeria cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

First Bank of Nigeria Homepage

As mentioned in my quick summary, like most Nigeria banks, First Bank of Nigeria doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with First Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with First Bank of Nigeria.

Buy Crypto With Binance

About First Bank of Nigeria

First Bank of Nigeria Limited is a Nigerian multinational bank and financial service company located in Lagos, Nigeria. It is the leading institution in the West of Africa.The First Bank of Nigeria Limited is an affiliate company with FBN Bank as its subsidiary located in Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal; FBN Bank UK Limited is located in the United Kingdom with a branch in Paris; First Bank Representative Office in Beijing to record trade-related transactions across regions.

First Bank also operates First Pension Custodian Nigeria Limited, the most renowned pension custodian in Nigeria. The numerous members who are part of First Bank First Bank Group are serviced by a network that includes more than 700 business establishments across Africa. In order to increase financial inclusion and help those who aren’t banked.

First Bank has an extensive Agent Banking network, with more than 53,000 branches throughout Nigeria. The Bank has a specialization on retail lending and boasts the most customer database across West Africa, with over 18 million customers. For the past eight years (2011 between 2011 and 2018,) First Bank Nigeria received the top Retail Bank in Nigeria award by The Asian Banker.