bitnob app review

Bitnob review: Saving in Bitcoin from Africa

March 15, 2024

Bitnob is a mobile application that allows users to buy, save and invest in Bitcoin. The platform launched in Nigeria in 2019 and quickly became one of the most popular options for cryptocurrency investors in Africa, particularly English-speaking Africa.

This article will examine the key features of Bitnob, its advantages and disadvantages, to help you determine if it is the platform that is right for you. Indeed, we have noted certain points which can make the application relatively inaccessible to all profiles.

Whether you are a Bitcoin novice or expert, this review has all the information you need to make an informed decision.

Bitnob: facilitating access to Bitcoin for African populations

bitnob review bitcoin africa

Bitnob, an innovative startup from Nigeria, aims to simplify and make accessible to all buying Bitcoin in Africa. The platform offers a variety of comprehensive services tailored to the needs of users, whether they are beginners or experienced in the bitcoin field.

Bitnob makes buying Bitcoin simple and for users based in Africa. Indeed, the platform offers different payment options such as Nigerian naira, bank transfers and mobile cards. Bitnob's intuitive mobile app also guides users through the purchasing process. It provides them with educational support and monitoring tools to manage their investments.

Is the Bitnob application accessible to all Africans?

In reality, the bitcoin application is accessible to everyone. However, for those wishing to make conversions or deposits into local currency, then only residents of Nigeria, Kenya and Uganda can access these services.

It is important to know that the application opens up to different markets as it develops.

Bitnob allows you to save in bitcoin

Bitnob also offers Bitcoin savings options. These allow users to set aside funds regularly and automatically. In this sense, the application offers flexible and customizable savings plans, adapted to various objectives and time frames.

By offering such innovative services, the company promises to drive financial inclusion and empower Nigerians to take part in the global digital economy. Moreover, the platform offers educational content and resources to help users understand Bitcoin and its revolutionary potential.

Far beyond a simple platform, Bitnob creates a community where Bitcoin enthusiasts can truly share information and exchange. Its platform frequently offers events and workshops to raise public awareness of the benefits of blockchain technology.

Registration and verification on Bitnob 

The registration and verification processes on Bitnob are very simple.

How to create an account on Bitnob?

To create an account with Bitnob:

  1. Download the Bitnob app from Google Play Store or Apple App Store.
  2. Open the app, then click “Create Account.”
  3. Please enter your mobile number and email address.
  4. Generate a strong password and confirm it.
  5. Read and approve the general conditions as well as the confidentiality policy.
  6. A verification code will be sent via SMS and email. Enter it into the app.
  7. A Bitnob account has been created for you.

What are the steps for account verification?

To access all the features of the platform and increase your transaction limits, you must verify your Bitnob account.

The required documents are:

  • A valid national identity document (national identity card, passport);
  • A selfie with your ID.

To verify the account:

  1. Head to “Settings” then “Verification” in the Bitnob app.
  2. Choose the country where you reside.
  3. Take a clear photo of yourself with your ID on.
  4. Upload images of the front and back of your ID document.
  5. To complete the verification, please follow the instructions displayed on the screen.

Note that it may take up to 24 hours for your Bitnob account to be validated. Once your account is verified, you will receive an email and SMS notification.

Steps to buy Bitcoin on Bitnob

Bitnob is a platform that offers various options for purchasing Bitcoin. Whether you are new to buying bitcoin or experienced, you will find something for your account. Here are the different options available to buy Bitcoin on Bitnob:

  1. Bank transfer:
  • Access your Bitnob account;
  • Select “Buy” then “Bitcoin”;
  • Choose the “Bank transfer” payment method;
  • Enter the amount of Bitcoin you want to buy;
  • Then follow the instructions to make a bank transfer to Bitnob's account.
  1. Mobile Money:
  • Please provide your Bitnob account;
  • Select “Buy” then “Bitcoin”;
  • Opt for “Mobile Money” as your payment method;
  • Enter the amount of Bitcoin you want to buy;
  • Choose your phone service provider and follow the steps to make payment.
  1. Credit/debit card:
  • Please log in to your Bitnob account;
  • Select “Buy” then “Bitcoin”;
  • Select “Payment by credit/debit card”;
  • Indicate the quantity of Bitcoin you want to buy;
  • Please provide your credit/debit card details and proceed to confirm payment.
  1. Bitnob Quick Buy:
  • You should log in to your Bitnob account;
  • Select “Buy” then “Bitcoin”;
  • Choose “Bitnob Quick Buy”;
  • Please enter the amount of Bitcoin you desire;
  • Confirm the payment.

Please note that the transaction amount and payment option chosen may cause variations in fees. Also, depending on your verification level, Bitnob may set purchase limits. Therefore, please read the terms and conditions carefully before making a purchase.

Savings and investment: Understand the choices offered by Bitnob

Bitnob offers innovative savings and investment solutions to help its users achieve their financial goals. On the one hand there is DCA (“Dollar Cost Averaging”) and on the other hand loans backed by Bitcoin (“Nobcredit”).

DCA (Dollar Cost Averaging)

Le DCA is a simple and effective method of investing that involves investing a fixed amount at regular intervals in an asset. This helps reduce the risk associated with market volatility and take advantage of price fluctuations to achieve a better return over the long term.

In this context, Bitnob offers an automated DCA plan that allows users to invest regularly in Bitcoin and the USDT stablecoin. In other words, Bitnob takes care of buying cryptocurrencies for you, according to the amount and frequency you want.

Nobcredit: Bitcoin loan guarantees

Nobcredit is a new loan service that provides users with the ability to borrow naira by providing Bitcoin as collateral. Users can access liquidity without selling their bitcoins with this alternative to traditional loans.

This is how Nobcredit works:

  • To obtain a loan, it is necessary to deposit bitcoins into your Bitnob account;
  • The loan value you can get depends on the value of your Bitcoin collateral;
  • It is possible to choose the duration of the loan and the interest rate;
  • Loan repayment must be made in naira.

Here are some benefits of using Nobcredit:

  • Get liquidity without selling your bitcoins;
  • Competitive interest rates;
  • The request is simple and quick;
  • No credit check.

In short, Bitnob offers different savings and investment solutions adapted to the needs of its users. DCA is perfect for investors looking for a simple, long-term approach, while Nobcredit offers a flexible financing solution for users needing access to liquidity while still holding on to their bitcoins.

What are the advantages of Bitnob: Innovation, security and simplicity

Bitnob is notable in Africa for its simplicity, security and exclusive features as a crypto exchange and financial services platform. Let’s explore in-depth the benefits that make Bitnob the preferred choice for African users.

– Intuitive user interface

Bitnob stands out for its simple and intuitive user interface, which is accessible even to beginners. It makes buying, selling, and trading cryptocurrencies and managing portfolios easy with smooth navigation and clear instructions.

– Enhanced security

The company considers the security of user funds a top priority. To ensure protection against fraud and cyberattacks, the platform implements strong security measures. This is the case of maximum identity verification, cold storage and real-time monitoring of transactions.

– Unique features

Bitnob stands out for its innovative features that meet the particular needs of African users. Among the most notable, we can cite:

  • Nobcredit: A Bitcoin-backed lending service that gives users the ability to obtain liquidity using their cryptocurrencies as collateral.
  • DCA (Dollar Cost Averaging) : An automated tool for regularly investing fixed amounts in Bitcoin, hence the risk associated with market volatility.

– Competitive costs and fees

The service offers competitive transaction fees compared to other African exchanges. In addition, the platform offers flexible and advantageous payment choices to make acquiring cryptocurrencies easier.

– Quality customer support

Bitnob promises to provide excellent customer service. The support team is here and ready to answer user questions and concerns through different communication channels.

In short, Bitnob describes itself as a reliable and innovative cryptocurrency exchange. In particular, it offers an optimal user experience as well as unique functionalities meeting the needs of the African market.

What are the disadvantages of Bitnob?

Bitnob, despite offering a convenient solution for cryptocurrency transactions in Africa, has some drawbacks to consider.

  • Complicated filing process : Some users may find the deposit process through purchasing top-up vouchers tedious and complex. There may be obstacles in finding reliable dealers due to the need to travel to make the purchase and the additional costs associated with it.
  • Daily and monthly deposit limits, which can slow down users making large transactions.
  • A site that requires KYC : It is an application that requests users' identity documents. So, for those looking to stay anonymous, this is not a recommended app.
  • A custodial application : This means that it is not the user who has his own private keys. This can again be problematic for those who want full control of their funds.

—>Read the article : Custodial and Non-Custodial crypto wallet: What are the differences?

How to withdraw money to a local bank account from Bitnob?

The withdrawal services also have some limitations:

  • Cost : When withdrawing funds to a local bank account in USD, conversion and network fees may be charged. The final amount received may be reduced by these fees.
  • Treatment delays : It takes several business days to process withdrawals, which can be inconvenient for users needing quick access to their funds.
  • Withdrawal limits : Withdrawals to local bank accounts are also subject to daily and monthly limits.

Furthermore, it is important to emphasize that these disadvantages are not necessarily eliminated. No technology is ever perfect and Bitnob remains an attractive option for crypto transactions in Africa. 

Our final opinion

It is true that Bitnob's ambition to popularize the buying and selling of Bitcoin is beneficial. However, upon trying the application, it turns out that it offers a lot of features that may confuse the beginner.

Nevertheless, features such as virtual cards, money transfer through the diaspora, simple purchase in local currency, its ease of use, its intuitive interface and support for several local languages ​​make it a recommendable application.

However, it is crucial to consider the minor drawbacks of the platform. You may encounter possible complications with the deposit process, as well as limits and fees related to withdrawals to a local bank account. Even more, the fact that the application requires KYC and that it is not custodial, this can be a hindrance for bitcoin purists for example.

In any case, your experience will depend on what you need and your priorities. One thing is sure, if you are looking for an easy and simple platform to buy bitcoin in Africa (in some countries), Bitnob could be a satisfactory option.

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Moctar Bouraima

I am passionate about what Bitcoin can bring in terms of financial emancipation and it is with great joy that I share my articles on the subject; Whether it's blockchain, web 3, DeFi, because I know that it helps in one way or another to move the ecosystem forward.

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