Have you been searching for the “best app to receive crypto payments in Nigeria?” You’re definitely in the right place! This piece explains the best platform to receive crypto in Nigeria.
What’s the best app to receive crypto payments in Nigeria?
Crane is a blockchain-powered financial platform for receiving crypto payments from international clients.
The benefits of using Crane for crypto payments are listed below:
1. Easy-to-understand design and features
You don’t need to be a crypto veteran to use the Crane app. Our platform is built for newbies and veterans. For example, we provide Auto-Convert, which automatically converts crypto to naira at a predefined rate, helping you maximise your profit margin without market watching.
2. Best crypto-to-naira rate on the market
Don’t lose your money to market fluctuations. While the rate varies over time, we typically provide the best value for your crypto. Don’t believe me? Here’s a comparison of our rate with another competitor:
3. Compliance with regulatory standards
We adhere to the relevant regulatory standards to secure your funds.
How to receive crypto payments in Nigeria using Crane?Â
Crane provides three ways to receive crypto payments. They’re listed below.
1. Bank Direct: Receive crypto payments directly into your bank account
Bank Direct is the answer to receiving crypto directly into your bank account. It doesn’t require any manual conversion or market watching.
Once Bank Direct is activated, we’ll automatically send the naira equivalent of your crypto to your local bank account. Here’s how it works: copy and send the crypto wallet to your client > receive the naira value of the crypto in your bank account.
To receive payments via Bank Direct on Crane, follow the steps below:
- Click on “Receive” on Crane’s homepage.
- Select Bank Direct
- Choose your preferred local bank to receive naira funds. Follow the instructions here to learn how to activate Bank Direct and add a new bank account.
- Select the crypto asset you want to receive.
- Share the wallet address. Ensure the crypto asset network matches the sender’s to avoid delays.
2. Regular Crypto Deposit: Receive crypto payments in a digital wallet
This option works best if you prefer to store your crypto earnings. It lets you receive crypto into a digital wallet and convert it whenever you want.
To ensure your crypto value doesn’t depreciate with time, we provide Auto-Convert, which lets you set a predefined value for conversions. Once set, we’ll automatically convert your crypto to naira immediately it reaches the predefined rate.
3. Request Payroll: Receive crypto payments via email
Request Payroll lets you send invoices to clients and receive payments as and when due via email. To use Request Payroll, do the following:
- Click on “Receive” on the Crane app homepage.
- Select Request Payroll.
- Create an invoice request by adding the client’s name, email, and the crypto ID. Ensure the crypto network you chose is the same as your client’s to avoid transaction delays.
BTC vs USDT: Which is best for receiving crypto payments?
Transaction fees, speed, and price stability are a few factors that influence the choice of digital currency you should use for payments.
BTC is a deflationary asset with a limited supply, making it a scarce asset susceptible to price fluctuation. In contrast, USDT is a stablecoin pegged to the United States dollar to improve price stability.
USDT is issued by a centralised authority that manages its reserves. BTC, on the other hand, is a decentralised coin with no central authority or reserves. Both digital coins are readily available on crypto wallets and popular networks.
Because USDT is pegged directly to the dollar, its market value is relatively stable compared to BTC, making it a better option for receiving crypto payments. Generally, BTC and USDT completion rates and fees depend on the network processing the transaction. However, USDT transactions typically complete faster and attract more affordable costs than BTC, which is more suitable for long-term investments.
Here’s a table summarising BTC vs USDT for receiving crypto payments.
| Metrics | BTC | USDT |
| Price stability | Highly volatile | Stable. It’s pegged directly to the USD (1 USDT = 1 USD) |
| Transaction speed | Takes 10-60 minutes on average | Very fast. Transactions complete within seconds or minutes, depending on the network and congestion level. |
| Fees | It depends on the network | Typically low, although it depends on the blockchain network. |
| Decentralisation | Fully decentralised | Centralised. Tether Limited manages USDT reserves and operations. |
| Use case | Investment and store of value | Everyday payments and bill settlements |
FAQs about crypto payments in Nigeria
1. How can I deposit crypto to a bank account?
The easiest way to deposit crypto to your bank account is Bank Direct. It lets you receive crypto directly into your bank account in seconds. You don’t have to worry about manual conversions, market watching, or long processes to convert your crypto to naira. Click the button below to activate Bank Direct on Crane.
2. Can I buy crypto on Crane?
No, you can’t buy crypto on Crane. Crane is an off-ramp service for receiving crypto and converting it to naira. You can’t purchase cryptocurrency with another digital asset or fiat. However, you can swap our utility Crane Coins (CNC) for naira when it reaches a certain value.
3. Which app can I use to convert USDT to naira?
You can use the Crane app to receive and convert USDT to naira. After receiving USDT through Bank Direct, Regular Crypto Deposit, or Request Payroll, convert it to naira using the steps below:
- Click “Convert” on the Crane app homepage.
- Select USDT as the digital asset you want to convert.
- Enter the amount you want to convert
- Apply a discount card to take a stipulated percentage off the conversion fees.
