Did I hear you say you want to know how to trade cryptocurrency in Nigeria? Oh good. This is a descriptive guide to cryptocurrency trading in Nigeria and all you need know.
This article will;
- Answer your question on what Cryptocurrency is
- Show you way to trade and invest in Cryptocurrency in Nigeria
- Reveal best cryptocurrency trading platforms in Nigeria
What is Cryptocurrency?
In the simplest of terms, cryptocurrency is a digital currency that is used as a means of exchange of values or storage of values. Cryptocurrency offers opportunity to save one’s money and have a better return.
Recently and in the late 2020, big investors, companies, organizations decided to invest and venture into Cryptocurrency. And if you must know, some companies have certain percentage of their values in cryptocurrencies.
Examples of Cryptocurrencies
- Binance Coin
- Bitcoin Cash
- And over two thousand more
Benefits of cryptocurency
People venture into crypto to;
- Make money by trading it (we have prepared a A-Z course on how t trade cryptocurrency like a pro)
- As a form of investment: Investing is what you do when you put your money somewhere and expect return days or months after
- Make online transactions: You no longer need to use your credit card to make payment online
How to profitably trade cryptocurrency in Nigeria
Trading cryptocurrency in Nigeria is not as hard as you may think it is. With as little as N5,000 you can start dealing with crypto and make some profits everyday. But, if you do it the wrong way, you will surely end up leaving money on the table and perhaps, lose all your money (but it’s rare).
The ways to make money from cryptocurrency in Nigeria are;
- As a trader (probably a Day trader)
- Investor (you buy and keep for later)
- Buy in bit or bulk and sell to big exchanges or bigger vendors
Out of these ways, those who actively trade crypto make the most money (provided the person is well taught). Others make money but not as much as would a professional trader.
Want to know why? Check the video below;
NOTE: If you are still the type that uses INSTANT BUY/SELL on crypto exchanges, you have been shortchanging yourself. See how to place order on LUNO APP here.
How Nigeria Government interfered with Cryptocurrency trading
Earlier 2021, CBN (Central Bank of Nigeria) released a memo that says any banks associated with cryptocurrency trading will be dealt with and the individuals accounts blocked. This news stricken all cryptocurrency exchanges that serves Nigeria because they can no longer make use of their Nigerian bank accounts for transaction, hence deposit and withdrawal were stopped.
What was the way out?
Cryptocurrency exchanges found a means of making sure their users were able to deposit and withdraw their funs and they (some big exchanges) came about what we call, P2P trading. With P2P trading, you don’t have any issue with deposit and withdrawal.
Some popular exchanges that offer P2P trading option are;
Out of these, I recommend Quidax P2P trading option for you as a Nigerian. When you deposit your money to Quidax, you can then buy a coin/USDT and transfer to other exchanges to trade or HODL.
Top cryptocurrency exchanges in Nigeria today
Below are the lists of top Cryptocurrency exchanges you can access in Nigeria, trade with and get paid in Naira.
- Quidax: Quidax is owned by our very own Nigeria and was created couple of years ago. it offers INSTANT BUY/SELL of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, TRON, Bitcoin Cash and Tether (USDT). What distinguished Quidax from other crypto exchanges in Nigeria is, Quidax offers Spot Trading (for Day Traders) where people make use of the Order Book.
- Roqqu: Another crypto exchange owned by a Nigerian. The cons offered instant Buy and Sell are Bitcoin, Ethereum, Litecin, TRON, XRP, Steem. Roqqu does not offer Spot Trading.
- Yellowcard..io: Yellowcard does not have many coin but surely, you can trade your BTC for Naira on the platform.
- MyPatricia: This is a cryptocurrency Exchange or a payment gateway based in Lagos, Nigeria. MyPatricia deals majorly with Bitcoin
- NairaEx: Deals majorly with Bitcoin
- And so many others.
TIP: If you want to be an active trader and reduce unnecessary transaction fees, I recommend some foreign based Exchanges like: Binance, Luno, OKEX and Kucoin.
But if you want to make use of a Nigerian Exchange that offers Spot Trading, I recommend Quidax.
Wrapping up Cryptocurrency Trading in Nigeria
This is just a quick overview of how cryptocurrency trading is done in Nigeria or anywhere. The Fundamental knowledge of this financial Market will reshape your financial life. If it doesn’t, it means you refuse to take it seriously.