Buy bitcoin & other crypto at FirstBank (FBN Bank)
In this quick guide, you will learn how to buy crypto within a few steps using your bank account with FirstBank Nigeria!
How to buy crypto with FBN Bank?
Step 1: open an account with a crypto exchange
FirstBank Nigeria does not offer crypto itself. You therefore need an account with a crypto exchange; a crypto exchange allows you to exchange fiat for crypto. The overview below immediately shows which providers you can turn to:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with FBN bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
You can try out the possibilities at some crypto exchanges for free & without risk with a demo. That way, you will find out if the crypto exchange suits you, and it also allows you to try out different strategies.
Step 2: deposit money with FBN Bank
It is not possible to deposit money directly at FBN Bank. Before you can deposit money, you must first verify your crypto account. Verifying your account shouldn’t take long: after uploading a copy of your passport and proof of address, you can immediately start trading crypto.
Step 3: buy crypto with FBN Bank
Now select the crypto at FBN Bank that you want to buy. Within the order screen, you can then enter the amount you aim to invest. With the buy button, you send the order directly to the crypto exchange.
It can sometimes be difficult to determine when you should buy. Personally, I am a fan of dollar cost averaging; with this strategy, you buy crypto periodically for a fixed amount. That way, you buy Bitcoin at both low and high prices.
Of course, there are different strategies including day trading; by experimenting with these, you will discover which method suits you best.
What is FBN Bank’s stance on crypto?
FBN Bank doesn’t have a negative crypto policy. You can link your bank account with FBN Bank to a reliable crypto exchange without any problems. Keep in mind that banks sometimes block transactions to unreliable crypto exchanges. It is therefore advisable to choose a registered exchange.
About FBN Bank
First Bank of Nigeria Limited is a Nigerian multinational bank headquartered in Lagos. The bank was originally founded in 1894 under the name Bank of British West Africa, but the name was changed to its current form in 1979.
The bank does not only operate in Nigeria: you can also find branches in Congo, Ghana, Gambia, Guinea, Sierra-Leone and Senegal. With over 700 branches and 18 million customers, the bank is a big player in the region.
Below is an overview of the bank’s branches:
- FBN Bank DRC (Congo)
- FBN Bank China
- FBN Bank Ghana
- FBN Bank Senegal
- FBN Bank Sierra Leone
- FBN Bank South Africa
- FBN Bank UAE
- FBN Bank UK
- FBN Bank Gambia
Can you buy Bitcoin from FBN Bank?
FBN Bank does not offer crypto products itself, nor does it currently have any plans to sell Bitcoin. However, you can link your bank account to a reliable crypto exchange without any problems.