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How to Buy Crypto with First City Monument Bank in Nigeria

Last updated on November 12, 2023

Quick Summary: While First City Monument Bank 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 City Monument Bank Homepage

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

Thankfully there are many crypto 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 FCMB

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

1. Pick a crypto 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 City Monument Bank.

Buy Crypto With Binance

About First City Monument Bank

First City Monument Bank (FCMB) is a part of FCMB Group Plc, is a holding company in the field of financial services with its headquarters in Lagos. FCMB Group Plc has nine subsidiaries that are divided into three business segments which include retail and commercial bank, investment banking and wealth and asset management. As of December 30, 2020 the total assets of the Group were worth US 5 billion (NGN 2,067 trillion).

The company from which the bank was derived, City Securities Limited (CSL) was established in 1977 by Oloye subomi Balogun, the Otunba tunwashe of Ijebu the Ijebu region, who was a Yoruba tradition-based aristocrat. First City Merchant Bank was founded in 1982 using the capital needed to start from CSL. It was registered as a private limited liability corporation on April 20, 1982, and issued a banking license on the 11th of August in 1983. This was the very first institution to be established in Nigeria without foreign or government assistance.

In 2001 The name for the institution altered in 2001 from First City Merchant Bank to First City Monument Bank Limited in the wake of the bank’s transformation into an all-encompassing bank. The new company, FCMB Capital Markets Limited was created to assist with its corporate finance operations. On July 15, the year 2004, FCMB was changed from being a private limited liability corporation to an open-ended public limited liability company which was then listed on the Nigerian Stock Exchange (NSE) with the introduction date of 21 December 2004.

FCMB has a number of programs within the agribusiness industry that improve access to finance as well as research and development. In May 2021, the bank had helped over 100,000 farmers increase their production of food through collaboration with groups, individuals and other stakeholder.