Cryptocurrency adoption in Nigeria is growing at record speed. From using USDT as a safe store of value to sending Bitcoin abroad in minutes, Nigerians are embracing digital assets like never before.
But with great opportunity comes risk. Many new and even experienced investors lose money not because crypto itself is bad, but because they make avoidable mistakes.
At Pera, we’ve seen these mistakes play out countless times — and we want to help you avoid them. Here are the top 5 crypto mistakes Nigerians should avoid in 2025, complete with real-life examples.
1. Chasing Quick Profits Without Research
The market can be exciting, but hype is dangerous. Many Nigerians jumped into Luna in 2022 because “it was going to the moon,” only to watch it crash to almost zero. In 2024, some fell for meme coins promoted by influencers on X (Twitter) — most lost their investment in days.
📌 Why it’s risky: Hype-driven coins can lose 90%+ of their value overnight.
✅ How to avoid it:
Study the project: read the whitepaper, check the team, and verify its real-world use cases.
Follow credible news sources and communities.
If you don’t understand how it makes money, don’t put your money in it.
2. Keeping All Funds on Exchanges
In 2023, a popular African crypto exchange suddenly froze withdrawals for “maintenance” — users couldn’t access their funds for weeks. Some never got their money back.
📌 Why it’s risky: Exchanges can be hacked or shut down without warning. You don’t control the private keys, so you don’t truly own the funds.
✅ How to avoid it:
Keep long-term holdings in a non-custodial wallet like Pera’s integrated wallet.
Only keep the funds you actively trade on exchanges.
Make sure your wallet backup is stored securely and offline.
3. Falling for Scams and Phishing Attacks
We’ve seen scams like “Pay ₦50k in USDT today, get ₦100k in 24 hours” — and people still fall for them. In 2024, fake Telegram groups pretending to be from trusted Nigerian platforms scammed users by asking for their seed phrase or passwords or even private keys.
📌 Why it’s risky: Once you send your crypto to a scammer or share your keys, it’s gone forever.
✅ How to avoid it:
Never share your seed phrase or private keys. Legit companies will never ask for them.
Double-check website links — a scammer could replace pera.com with pera.co to trick you.
Only transact through verified apps like Pera, which have official download links.
4. Ignoring Transaction Fees and Network Choices
A trader once sent $50 worth of USDT on the Ethereum network during peak congestion — the network fee was $42, leaving just $8 to the receiver.
📌 Why it’s risky: High fees can wipe out your profits or make small transactions pointless.
✅ How to avoid it:
Check fees before confirming.
Use cheaper networks like BEP20 (Binance Smart Chain) or Polygon for small transfers.
Pera helps you choose the most cost-effective network when sending or swapping crypto.
5. Trading Without an Exit Strategy
A Lagos-based investor bought Bitcoin at $18,000 in 2022. When it hit $30,000 in 2023, he didn’t sell because he thought it would reach $50,000. It dropped back to $24,000, and he missed his profit window.
📌 Why it’s risky: Emotional decisions lead to panic selling or greed-based holding.
✅ How to avoid it:
Decide your selling price before you buy.
Use stop-loss and take-profit tools to automate decisions.
Review your portfolio monthly to ensure you’re still on track with your goals.
💡 Final Thoughts
Crypto is a powerful tool for building wealth, but it rewards the informed and punishes the careless. In 2025, make it your mission to trade and invest wisely — research before buying, store your funds securely, protect yourself from scams, manage fees, and plan your exits.
With Pera, you can buy, sell, swap, and store your crypto securely, with tools and networks designed to help Nigerians avoid these costly mistakes.
📲 Stay secure, stay in control — download or update the Pera app on Google Playstore or App Store today. 🚀 Pera — Your Trusted Partner for Smarter Crypto in Nigeria.