• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with Standard Chartered in Nigeria

How to Buy Crypto with Standard Chartered in Nigeria

Last updated on November 12, 2023

Quick Summary: While Standard Chartered 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.

Standard Chartered Homepage

As mentioned in my quick summary, like most Nigeria banks, Standard Chartered 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 crypto exchanges 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 Standard Chartered Bank

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 Standard Chartered.

Buy Crypto With Binance

About Standard Chartered

In 1965 in 1965, the Standard Bank of South Africa joined together with Bank of West Africa acquiring operations, including a bank in Nigeria that was in operation up to 1894. The name was transformed into Standard Bank of West Africa. A few years later, after it was merged, Standard Bank Nigeria was formed locally in order for the purpose of taking over the company in Nigeria. In 1971 13 percent of the capital stock was transferred to Nigerian investors.

The conclusion in the war witnessed an economic boom and, consequently the military was determined to expand the control of local banks in the retail banking sector. Hence, the Bank’s involvement into Standard Bank Nigeria (renamed First Bank of Nigeria in 1979) was decreased to 38 percent. Standard Chartered remained a shareholder of First Bank of Nigeria until the year 1996.

Standard Chartered re-entered Nigeria in 1999, and began accepting customers on the 15th September 1999, as a wholly-owned affiliate from Standard Chartered Bank Plc, located in the United Kingdom.

The Bank provides a variety of services and products in the retail sector; Wealth Management; Commercial Corporate and Institutional Private Digital, Transaction and Private Banking business. Standard Chartered employs over 900 employees and regards Nigeria as a growing center. There are around 22 branches with ATMs in every branch within Lagos, Port Harcourt and Abuja. The modern and modern and ultra-modern Nigeria Head Office was inaugurated in the year 2014.

SCBN has earned a reputation for its commitment to the highest standards of governance in the world which is a competitive advantage and an edge.

They continue to establish guidelines for governance in the countries they work in, by transferring FSA top practices e.g. KYC, AML, etc.