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How to Buy Crypto with Polaris Bank in Nigeria

Last updated on November 12, 2023

Quick Summary: While Polaris 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.

Polaris Bank Homepage

As mentioned in my quick summary, like most Nigeria banks, Polaris 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 trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Polaris Bank

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

1. Pick a crypto exchange

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 cryptocurrency

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 Polaris Bank.

Buy Crypto With Binance

About Polaris Bank

Polaris Bank Limited is a commercial bank located in Nigeria. They have been granted a license by the Central Bank of Nigeria, Nigeria’s regulator for banking. In the fall of 2022 the Bank was bought from Strategic Capital Investment Limited (SCIL).

The Bank is traced back to 1989 , when Prudent Bank Plc., was formed in the form of a limited liability business. In the year 1990 the Bank was granted the license of a merchant Bank. In the same year, it changed its name under the name of Prudent Merchant Bank Limited. The year 2006 saw Prudent Merchant Bank Limited joined along with the other four Banks to create Skye Bank Plc.

In May 2021 In May 2021, the Bank unveiled VULTe, its digital Banking Platform .” It Bank also provides Internet banking as well as Mobile banks. The bank acquired Mainstreet Bank Limited in 2014. Bank acquired Mainstreet Bank Limited.

On the 21st of September, 2018 Godwin Emefiele, the Governor of the Central Bank of Nigeria announced in Lagos that the apex bank had cancelled the operating license for Skye Bank. The governor also announced that the liabilities and assets of the bank will be transferred to an entity called Polaris Bank due to the inability of Skye Bank’s shareholders in order to rebuild the bank after the intervention in 2016.

Polaris Bank Limited maintains an interconnected branch network with more than 250 branches spread across the entire country of Nigeria. The headquarters of the bank is located in 3 Akin Adesola Street, Victoria Island, Lagos, Lagos State, Nigeria.