The answer is really simple. Just download a crypto trading app that works in Nigeria (winks)…
Okay, let’s be serious
Although the idea seems very profitable, don’t get too excited just yet.
There area few details you need to have on your fingertips before you head over to your app store. We already know how shaky the economy in Nigeria is, so, it’ll not be smart to lose everything while trying to double the little you have.
This article will dwell on the preliminary checks for enthusiastic beginners, so you’d avoid common “Had I known” scenarios.
Ready? Let’s get started.
Before you begin trading…
Most people in Nigeria get into crypto to “double their money” without fully understanding the principles involved. That’s why you’d see a fella go in with joy and enthusiasm only to come out screaming.
Here’s a 101 lesson. You can make money in two main ways:
- Correctly Speculating the performance of one coin against another (Trading the difference)
- Buying in hopes that a coin will increase in value, long-term. (This can be stored in an online wallet or hardware wallet).
CRYPTO TRADING PLATFORMS
You may have heard of a few; Binance, Coinbase, Bitbaazi.com, etc. These online crypto trading platforms connect you directly with the Cryptocurrency market. Here, you’d be required to deposit fiat currency in your wallet before you’d be able to start trading.
Now in Nigeria, the problem you’d run into here would be how to fund your account. With the current crypto ban by the CBN, you’d not be able to deposit money into your trading account with your local bank.
The only safe way around it is to use a P2P Exchange platform.
P2P Exchange Platforms:
Peer-to-Peer exchanges are online platforms that connect you with other crypto enthusiasts who wish to sell off their coins in exchange for the Naira. Such platforms employ an “escrow system”to ensure that your desired currency is transferred to your wallet safely and seamlessly. The perfect example of such a platform is SHIFF.MARKET.
The Exchange Company is amongst a few models that employ top-level security and a less complicated system to ensure smooth transactions between buyers and sellers. Check them out here.
Before we go, I want you to note a few things. The Crypto market is highly volatile with lots of tweaking involved, namely:
- Technical Analysis of statistical trends and coin activity in the past
- Fundamental Analysis of the value of the coins
- Sentimental Analysis of what key crypto players think and feel
Even a slight shift in thought by a key player can change the way the market behaves (You can
google how a tweet from Elon Musk crashed the price of BTC).
This is why it is paramount that you get your mindset right before you start trading.
The principles of the above three investigations are beyond the scope of this article but, not to worry, you can find them online on the pages of expert traders.
You can also practice with demo accounts to understand how the market works.