The Verve card is a Nigerian Naira-dominated debit card.
This card is issued by Nigerian traditional banks, and linked to your Current or Savings bank account.
It is used mostly for ATM cash withdrawals, bill payments and payments of goods and services online, or through POS terminals.
Somehow, you can use the Verve card to deposit money to a cryptocurrency exchange that allows you to buy Bitcoin with it.
Verve card is an effective way to purchase crypto, but you have to compare the features of each platform and choose the one that is suitable.
In this guide, I will walk you through the process of buying Bitcoin online with the use of your verve card.
Let’s dive in already!
How to buy Bitcoin with Verve card
The process involved in buying bitcoin with a verve card is the same thing as using P2P crypto marketplaces.
However, unlike some other payment methods (MasterCard and VISA card), transaction fees and dynamics of the transaction may be different.
In other words, follow these simple steps below to purchase the first cryptocurrency with your Verve card.
Step 1: Create an account on an exchange
Before using an exchange or marketplace, you need to confirm that supports Verve as a payment method.
Once you’re sure it’s supported, you can then sign-up on the preferred platform and do the KYC (i.e. Know Your Customer) verification.
However, some cryptocurrency exchanges may not require AML (Anti-Money Laundry) verification to use their platform.
Step 2: Purchase desired amount of BTC
If the exchange offers an instant payment feature, the BTC will be automatically added to your wallet on the exchange platform.
Otherwise, you will need to search for a vendor who would allow you to process online transaction using your debit card.
Once the transaction goes through, you will be debited from your traditional bank in the equivalent amount.
Step 3: Transfer your crypto to safe wallet
At this point, I believe you have successfully purchased BTC using a Verve debit card in Nigeria.
However, it’s not advisable to leave your crypto investment on the exchange where you bought it for an extended period.
Therefore, you can transfer the Bitcoin to your a wallet outside the exchange, where it should be safe.
I recommend you use a hardware wallet, because it’s the best kind of wallet you should use for long-term storage.
Ledger cryptocurrency wallets are good, you can also read my review on Ledger Nano X hardware wallet.
In conclusion
Keep it in mind that Verve card is a debit card issued by financial institutions in Nigeria, and CBN has restriction on transactions related to crypto.
You should only buy crypto with the card only if you can afford the risks involved.
Also, the transaction fees can be inevitably high, while that you are processing a fiat-to-crypto exchange with a Verve debit card.
Remember to ensure that the crypto exchange you’re using (whether peer-to-peer or otherwise) allows Verve debit card as a payment option.
The reason why some exchanges do not allow for this method of payment, is the fear of fraud and debit card cancellations.
To hide your transaction footprint from the government, I will advice you to make use of a good VPN service.
