Skip to content

365TechnoBlog

365Technoblog, Blogging About Technologies

Digital Marketing agency in Nigeria
  • Casino & Game
  • Sports Betting
  • Crypto Currency
  • App Talk
  • ICT Security
  • Digital Marketing
  • Toggle search form
HOW TO START TRADING CRYPTOCURRENCY IN NIGERIA

HOW TO START TRADING CRYPTOCURRENCY IN NIGERIA

Posted on October 20, 2021October 20, 2021 By Erijitomah Efeoghene

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:

  1. Correctly Speculating the performance of one coin against another (Trading the difference)
  2. 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:

  1. Technical Analysis of statistical trends and coin activity in the past
  2. Fundamental Analysis of the value of the coins
  3. 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.

Comments

Crypto Currency Tags:fastest way to sell usdt in Nigeria, sell usdt in naira, sell usdt in nigeria, sell usdt Nigeria, sell usdt online in Nigeria, tether buyers in Nigeria, tether usdt vendors in Nigeria, usdt vendor in nigeria

Post navigation

Previous Post: What is the best P2P crypto exchange in Nigeria?
Next Post: IS COINBASE A P2P WALLET?

Related Posts

IS COINBASE A P2P WALLET? IS COINBASE A P2P WALLET? Crypto Currency
P2P Crypto Exchange in Nigeria Crypto Currency
5 Reasons to Use P2p Bitcoin Exchange in Nigeria 5 Reasons to Use P2p Bitcoin Exchange in Nigeria Crypto Currency
Why Do Cryptocurrencies Fail? Why Do Cryptocurrencies Fail? Crypto Currency
The Best Way to Manage Your Cryptocurrency Crypto Currency
What Is Bitcoin Cash? What Is Bitcoin Cash? Crypto Currency

Recent Posts

  • 11 Ways to Maximize Your TV Marketing
  • How Blockchain and IoT Change Logistics Processes
  • Tips To Effectively Enhance Your Online Presence
  • Price of Top 3 Mirrorless Cameras in Nigeria 2023
  • The Definitive Guide to Crypto Swing Trading
  • Why eSports Demands New Financial Incentives
  • What Is Bitcoin Cash?
  • The Top 5 Best Advantages Of Investing In Cryptocurrency
  • A Complete Checklist to Choose The Best HRMS Software
  • Meet Sunny Cui, an aspiring so called “philanthropy tech-founder” looking to reinvent tutoring in Nigeria.
  • You Should Hire A Professional Website Development Agency
  • IELTS Surrey: Best IELTS Centre In Surrey BC?
Put your name and email to get notification anytime a new post is made.
Loading

Content Safety

HERO


365technoblog.com

Trustworthy

Approved by Sur.ly

2022
  • Advertise With Us
  • Contact Us
  • Submit a Guest Post FREE

Technology Marketing Recommendations

  • App Marketing Agency
  • ICT Marketing Agency Africa
  • Digital Marketing Agency
  • Casino & Game
  • Sports Betting
  • Crypto Currency
  • App Talk
  • ICT Security
  • Digital Marketing

365technoblog.com writes informative and educative guides, tips, and answers numerous questions about technology’s world – App, Security, SmartPhone, etc. Also, 365technoblog.com offers guides on digital marketing of technology’s products and services to manufacturers and sellers.

Copyright © 2023 365TechnoBlog.

Powered by PressBook Grid Blogs theme