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How to Buy Crypto with Sterling Bank in Nigeria

Last updated on November 12, 2023

Quick Summary: While Sterling 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.

Sterling Bank Homepage

As mentioned in my quick summary, like most Nigeria banks, Sterling Bank 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 Sterling 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 Sterling Bank.

Buy Crypto With Binance

About Sterling Bank

Sterling Bank Plc, which is a full-service commercial national bank, has been granted a license by the Central Bank of Nigeria. When using Reuters as well as Bloomberg terminals, it’s listed as STERLNB.LG and STERLNBA:NL , respectively.

The bank offers services to small and medium-sized businesses (SMEs) as well as large corporations. In December 2021 the bank’s branch network was 141 and spread across Nigeria with assets worth over the amount of NGN 1.6 trillion).

Sterling Bank Plc originally incorporated in the year 1960 as Nigeria Acceptances Limited (NAL). The bank was authorized as Nigeria’s first bank for merchants in the year 1969. In the wake of the indigenization decree in 1972 the Bank became fully owned by the federal government and operated by a partnership of Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 until 1992. In 1992 the Bank was privatized in part and listed as a publicly traded business through the Nigeria Stock Exchange (NSE). In 2000 in 2000, the Federal Government sold its residual stake in this bank. This effectively turning it into completely privatized.

In January 2006 in the context of consolidating of the Nigerian banking sector, NAL Bank completed a merger with four other Nigerian Banks , including Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and changed the name to ‘Sterling Banking’. The newly merged entities have been successfully integrated and have been operating as a group since.

In accordance in line with Nigeria’s Central Bank’s revocation the universal banks, Sterling Bank now operates as a commercial bank of national size and is able to dispose of its holdings in affiliate companies and subsidiaries. In the mid-2011 period, Sterling Bank Plc acquired the franchise of the former Equatorial Trust Bank.