Cryptocurrency trading in Nigeria (Getting started)

January 11, 2020 coinist Comments 0 Comment

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Cryptocurrency trading in Nigeria (Getting started)

Cryptocurrencies, much like forex can be traded on. The huge spike in prices experienced by this cryptocurrencies gives an opportunity for smart traders to make quick profit.

If you have been wondering on how to trade cryptocurrency in Nigeria, then this blog post is for you.

Am going to show you an easy way to get started trading cryptocurrency in Nigeria.

There are two important exchanges am going to write about. They are:

1. Luno

2. Binance

1. Luno

2. Binance

3. How to register an account on binance

4. How to register an account on Luno

5. How to trade cryptocurrency in Nigeria

6. Conclusion

Luno

Luno is a cryptocurrency exchange where you can buy bitcoin, bitcoin cash and ethereum.

Luno, formerly known as bitx was established in 2013, it was only as recently as 2016 that it rebranded to luno.

Luno was setup by Timothy stranex and the platform offers services as a cryptocurrency trading platform, a brokerage service and a bitcoin wallet also.

Luno is aimed at developing countries such as Nigeria, Indonesia, Zambia and Malaysia.

Binance

Binance is a crypto only trading platform that offers one of the most competitive rates around.

If you are looking to trade crypto to crypto only. This is probably the easiest and cheapest way to go.

Binance is a Hong Kong based cryptocurrency exchange launched by developer Chang peng Zhao in 2017.

You will have to register an account on both of these exchanges.

How to register an account on binance

It is fairly easy to register for a binance account.

Visit Binance.com

The registration page contains four input fields. Email, password, confirm password and an optional referral id field.

Click on the submit button.

You will have to verify your email address.

You verify your email address by clicking on the link in a confirmation message sent by binance to your email.

How to register an account on Luno

Visit luno.com or download the luno app

Click on Sign up

Enter an email address and password

Select your country of residence.

Tick the “I’m not a robot button”

Verify your email address

In other to increase your trade volume on Luno, you will have to provide some documents like your government issued ID e.t.c

After you have registered an account on both luno and binance, you can then move on to the next stage.

How to trade cryptocurrency in Nigeria

After signing up with luno, you will need to buy cryptocurrency (Bitcoin, ethereum and Bitcoin cash)

To buy cryptocurrency on Luno, you will have to fund your luno naira wallet:

1. Click on DEPOSIT

2. You will pay on Luno with either PAYU or GTBANK

3. After payment, you should check and view your wallet to check the amount you just deposited in Nigerian naira.

4. You can then buy Bitcoin, ethereum or Bitcoin cash from your wallet.

After buying your Bitcoin, ethereum or Bitcoin cash from luno, you should proceed to the binance website or app.

Copy your wallet address from your binance dashboard.

The reason you are copying this address is so that you will send your funds from luno to binance.

This is because you are going to be trading on binance.

You have to go back to the luno website or app and paste the address that you copied from binance.

This is so that you can make your transfer, by going back to luno just click on your wallet and click on send, it will ask you either to send Bitcoin or ethereum.

Just click on on your desired currency and paste your binance currency address that you just copied and click on NEXT.

After that you will wait for your currency to reflect on your binance dashboard.

After the transfer is successful, you can start trading.

In subsequent post’s am going to go into detail on how to trade cryptocurrency in Nigeria.

Conclusion

Trading cryptocurrency is a complex process, there is a range of things you will need to know before you can become a successful.

If you have some forex knowledge, it will help you alot. In subsequent post’s am going to be showing you the best trading techniques and how to be successful trading cryptocurrency.

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Read my post on how to trade bitcoin in Nigeria

Read my post on how to start bitcoin business in Nigeria