Nigeria is popular for its Afrobeats giants and jollof rice (don’t let Ghanaians see this 😂), but did you know that the country also has the largest number of crypto users in Africa? And many of these people trade Bitcoin (BTC) and Tether (USDT).
Are you looking to buy USDT with naira or save your naira in USDT? This guide will tell you all you need to know 👇.
What is Tether (USDT)?
USDT (Tether) is a stablecoin that has its value pegged to the US dollar. The coin was created in 2014 to help investors manage the typical price swings that typical cryptos experience.
Unlike other top cryptocurrencies like Bitcoin and Ethereum, Tether aims to have a value of $1 at every point in time. That’s why you will not see someone with USDT become an overnight crypto millionaire because of a bull run. So, you can put your mind at rest that the coin’s price is unlikely to go up and down when the market moves.
Why Do You Need USDT in Nigeria?
According to Nairametrics, USDT is the most popular cryptocurrency in Nigeria. The stablecoin’s popularity is due to various reasons, including the following:
Protect Your Crypto from Price Swings
The interest in USDT among Nigerians is due to the coin’s value being pegged to the US dollar. Tether offers a level of stability in the crypto market where prices are constantly moving, helping investors find a coin they can hold without the fear of unexpected price falls.
The idea is that 1 USDT = $1. That means at any point in time, the value of the USDT in your wallet will most likely be equivalent to the same amount in USD.
Still, depegging happens sometimes. When this happens, the stablecoin has a price below the value of its underlying item (the USD). For instance, if the value of USDT falls to $0.99, depegging has occurred.
The stablecoin’s price usually bounces back after a while, though. So, there’s no reason to panic when depegging happens. Just wait it out.
Alternative to Dollar Savings
Another reason Nigerians want USDT is its accessibility as a store of value. As stated earlier, the coin’s price is pegged to the USD. That means it’s a good choice for saving in dollars.
All you have to do is deposit naira and convert it to USDT on the Quidax app, and you’ll have your coins in your wallet. You can also withdraw USDT for naira directly into your bank account. Cool, right?
Combating Devaluation
Picture this. You bought a new bag worth $50 from an online store in April 2023. At the time, $1 was about ₦497, so you needed to spend ₦24,850 on the bag. Today, the bag is still $50, but it costs ₦87,500 because $1 is now around ₦1,750. So, the bag’s price hasn’t changed, your money has lost value.
But if in April 2023, you had converted the money for the bag to USDT and saved it, you would have still had your $50 today, protected your money from devaluation. By now, its value would have stayed the same or even higher because USDT holds the same value as the US dollar.
Digital Payments
USDT is one of the most popular cryptocurrencies used for online transactions. Today, many e-commerce businesses accept crypto payments from their customers, and USDT is mostly the supported coin.
That means you can buy a nice pair of kicks online and pay for it using USDT at a supported store. You can even make bill payments or pay for subscriptions using the coin.
If you’re looking to integrate crypto services into your business, you don’t have to build from scratch. The Quidax API can get you from the ground up in no time.
Trading
USDT is available on cryptocurrency exchanges, making it possible to buy, sell, trade, and invest in it like other cryptocurrencies. For instance, you can buy USDT with naira on Quidax and also receive USDT in your Quidax wallet.
You can also exchange USDT for another cryptocurrency using the “Instant Swap” feature or trade USD in the spot market using the Quidax order book.
How to Buy USDT on Quidax
You can buy and sell USDT on Quidax with just a few clicks. Follow the steps below to begin:
- Sign up on the Quidax website or app
- Complete KYC
- Deposit funds directly from your bank account or debit card.
- Search for “USDT” in the markets section
- Enter the amount of USDT you want to buy and complete the transaction
Why Choose Quidax to Buy USDT in Nigeria?
Here are some reasons Quidax is the best crypto exchange for buying USDT in Nigeria.
Instant Transactions
Buying and selling USDT on Quidax is a breeze. You only need a few clicks, and your order will be completed instantly.
Top-Notch Security
Quidax uses advanced security tools to safeguard its website, data, and funds. These included secure encryption protocols to protect the website from hacks and two-factor authentication (2FA) to provide customers with an additional layer of security.
Moreover, Quidax recently got a provisional licence from the Securities and Exchange Commission (SEC), so you can sleep with your two eyes closed, knowing that your funds are safe.
Direct Naira Deposits and Withdrawals
You can deposit and withdraw naira directly on Quidax with no third party. That makes it easy to buy USDT with naira or sell and convert to naira in one place.
Reliable Customer Support
If you have questions or need help, the Quidax support team is always on standby. All you have to do is contact support, and you’ll get all the help or clarity you need.
Easy-to-Use Mobile App
Though the Quidax exchange is available on the web, there’s a dedicated mobile app to help you trade on the go. The app boasts a sleek design and an intuitive interface, so you can enjoy a smooth trading experience.
Final Thoughts
Tether (USDT) is a stablecoin that you can buy and sell in Nigeria using Quidax. Whether you want to use it as a store of value or make payments, Quidax has everything you need to get the best trading experience.
We’ve also got a free crypto trading course to learn the crypto basics if you’re just signing up on Quidax.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
