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How to Buy Crypto with Union Bank of Nigeria

Last updated on November 12, 2023

Quick Summary: While Union 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.

Union Bank of Nigeria Homepage

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

There are a large number of cryptocurrency trading platforms that you can use 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 Union 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 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 Union Bank of Nigeria.

Buy Crypto With Binance

About Union Bank of Nigeria

Union Bank of Nigeria Plc is a bank that is commercial in Nigeria. It has been in operation in Nigeria since the year 1917.

Union Bank is a large commercial bank that serves customers of all sizes, including small and medium-sized enterprises and large companies and organizations. As of July 9, 2009, the bank was recognized as fifth largest in world banking, and it was ranked 14th in Africa. At the time of March 31 in 2018 the institution’s assets base was estimated to be NGN1,381 billion (US$4.1billion). The equity of shareholders at the time was NGN286 billion (US$851 million).

The history of the bank can be traced back to 1836, when London banks and British merchants received an official royal charter from William IV for the purpose of conducting banking transactions within the Caribbean. This group of investors came together to form Colonial Bank. In response to an act of the legislature that allowed the bank to expand its branches to into the Caribbean, Colonial bank began operations in Nigeria in 1917.

It began with banks at Lagos, Jos and Port-Harcourt. Additional centers were established in the areas of financial importance and in 1918, Colonial Bank established additional centers in Ebute Metta, Onitsha, Ibadan, Kano and Zaria and later added a branch in Burutu on 1921. At this time Colonial’s banking operations included additional cities of British West Africa including Accra and Freetown. in 1925, Barclays Bank acquired Colonial Bank which changed the name of the bank in to Barclays Bank (Dominion, Colonial and Overseas) and then Barclays Bank (DCO).