Scammers are everywhere in the crypto space, and Nigeria has sadly become a hotspot for fake platforms, Ponzi schemes, and impersonators. Many newbies lose money because they rush into “quick money” promises without doing proper checks.
This guide will show you step by step how to protect yourself and your Bitcoin.
(1) Never Trust ROI Promises
If someone tells you “Invest ₦50,000 and get ₦150,000 in 2 weeks”, that is a red flag 🚩.
Bitcoin doesn’t work like that. Legit investments have risk, and no one can guarantee returns.
(2) Always Verify Platforms Before Depositing
Check reviews from trusted sources, not just Telegram or WhatsApp groups.
Search the platform name + “scam” on Google.
Avoid sites that only launched recently but claim “millions of users.”
(3) Use P2P Exchanges with Escrow
If you want to buy Bitcoin with Naira, stick to platforms with escrow (for example Binance P2P, Bybit P2P).
Escrow protects you until you confirm payment. Never deal directly on WhatsApp or Telegram without protection.
(4) Secure Your Wallet
Write down your seed phrase offline (never store it in your phone gallery or email).
Use two-factor authentication (2FA) on your accounts.
Consider using a hardware wallet if your holdings are big.
(5) Watch Out for Fake Airdrops and Giveaways
Scammers often post “Send 0.01 BTC to receive 0.05 BTC back.”
No legit company will ever ask you to send money first. Ignore all such offers.
(6) Avoid Impersonators
On Telegram, WhatsApp, or even BitcoinTalk, scammers clone trusted people’s profiles.
Always double-check usernames and avoid clicking random links.
(7) Educate Yourself
The best way to avoid scams is by learning. Read forums like BitcoinTalk, follow trusted crypto educators, and ask questions if something looks too good to be true.
✅ Final Note
Crypto is powerful, but it’s also risky if you’re careless. Don’t let greed make you a victim. In Nigeria, scammers are creative, but with the right knowledge you can always stay one step ahead.
Stay safe, and if you’re ever unsure about a platform, ask here on the forum before putting your money.