Bitcoin trading in Nigeria (how to trade Bitcoin in Nigeria)
Bitcoin trading can be extremely profitable for professionals or beginners.
Since bitcoin is very volatile (it’s value can increase or decrease drastically), this has created opportunities for smart traders to make quick profit.
Bitcoin trading has very little barrier to entry, if you already own bitcoin, you can start trading almost instantly.
What is bitcoin?
Bitcoin is a cryptocurrency that was created by an unknown person with the alias Satoshi nakamoto.
The aim was to create a digital currency that could not be controlled by the government or by any one organization.
Bitcoin(BTC) is a decentralized digital currency, This means that transactions can be carried out between two different people without passing through a central authority like the banks.
This is possible because bitcoin works on a public ledger called a “blockchain” where all transactions are included.
In this blog post I titled “bitcoin trading in Nigeria”, am going to show you how to trade bitcoin in Nigeria.
After reading this post, you should have a basic idea of how to get started trading bitcoin in Nigeria.
Why should you trade bitcoin?
1. Bitcoin is global
Bitcoin isn’t a Fiat currency like the US dollar or Nigerian naira. This means that it’s price isn’t directly affected by the economy or the policies of any one country.
2. Bitcoin trade 24/7
Unlike the stock market, there are no official bitcoin exchanges. Instead, there are hundreds of exchanges around the world that operate 24/7.
Because there is no official bitcoin exchange, there is also no official bitcoin price. This can create arbitrage opportunities.
3. Bitcoin is volatile
Like earlier stated, the price of bitcoin can change drastically, these price spikes can create opportunities for smart traders to make money.
How to trade bitcoin in Nigeria
Before you can start bitcoin trading in Nigeria, you will need to look for an exchange.
The following exchanges dominate the bitcoin exchange market:
Bitfinex is the world’s number 1 bitcoin exchange in terms of USD trading volume, with about 25,000 BTC traded per day.
Customers can trade with no verification if cryptocurrency is used as the deposit method.
Bitstamp was founded in 2011, making it one of bitcoin’s oldest exchanges.
It’s currently the world’s second largest exchange based on USD volume, with a little under 10,000btc traded per day.
Coinbase exchange was the first regulated bitcoin exchange in the US. With about 8,000btc traded daily, it’s the world 4th largest exchange based on trade volume.
Read my coinbase review
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.
After picking an exchange to trade on, you wwill need to:
1. Create an account
This is pretty straight forward. You will need to provided your username, email and password.
All exchanges have carrying levels of verification.
2. Fund your account
Before you can begin trading, you would need to fund your account.
All exchanges have carrying payment methods.
3. Start trading
There is a steep learning curve to trading bitcoin successfully, but trading usually entails buying at a particular price and selling at another or vice versa.
As with any form of trading, your capital is always at risk.
A sharp spike in price can mean you gain a lot or you lose a lot of money.
Also, leaving your money on exchanges is generally risky, as there have been cases of exchanges getting hacked and the customers ended up losing all their funds.
So should you decide to trade bitcoin, you should keep these things in mind.
I hope you now have a basic understanding of bitcoin trading in Nigeria and how to get started trading bitcoin.
In subsequent posts, am going to write in detail on how to successfully trade bitcoin in Nigeria and also techniques that work.
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