Why Trade Bitcoin with AvaTrade. Uncompromised Safety – We fall under the authorisation of 7 regulatory bodies, and segregate our client accounts, meaning we comply with the highest level of safety protocol.; Many Cryptos to Choose From – Choose from a selection of leading Cryptos to trade on our robust trading platforms.; No Hidden Fees – We offer zero commissions when trading Crypto. Aug 23, · In a quick summary, a bitcoin trading process involves 3 simple steps which include: First you’ll need a bitcoin wallet – an app that lets you receive, hold, and spend bitcoin. Open a Bitcoin trading account in Nigeria at NairaEx website on 24crypto.de, buy your first set of bitcoins and transfer it to your bitcoin 24crypto.de: BTC Nigeria. Oct 20, · Welcome to Mitrobenetwork, in today's guide, I will expose you to Bitcoin Trading in Nigeria –Including Everything You Need to Know About Cryptocurrency Trading, Buying and Selling Bitcoin, Ethereum & Other Cryptocurrencies.
How to trade on bitcoin in nigeria8 ways on how to make money with Bitcoin in Nigeria - Coinistnigeria
It is a termed coined by cryptocurrency enthusiast, it means Hold on for dear life. Since the value of Bitcoin is very volatile, lots of people want until the value drops, then they buy it and hold hodl on to it for a longtime, usually years, when the value has significantly risen, then they sell it for huge profit. The early adopters of bitcoin, when the value was next to nothing are basically millionaires right now.
Bitcoin can be traded on, much like forex, money can be made from sharp spike in the price of Bitcoin. Since Bitcoin is very volatile, lots of traders have made money from it by selling high and buying low. Trading bitcoin is similar to trading forex, the one Stark difference is that, rather than trade through brokers, Bitcoin is traded one exchanges.
Some of the most popular Bitcoin trading platform are:. If you have valuable experience trading forex, you can easily learn to make money trading Bitcoin also, but as you should also know, just like forex, your capital is always at risk. It is usually very easy to get started trading Bitcoin on these exchanges , you will have to sign up and also provide some personal information, so your account can be verified. Arbitrage is when you buy an asset from one market at a particular price and then you sell it on another market at a different price, looking to make profit from the price difference.
Arbitrage can be applied to Bitcoin, if you buy Bitcoin at a particular exchange for one price and you sell at another exchange where the price is different, you can make money from it. In reality tho, this is not usually the case, as exchanges charge transaction fees and also the blockchain is sonetines slow to process transactions.
Another way to make money with Bitcoin in Nigeria is gambling with Bitcoin, if you are not really used to gambling, then this might not be for you. Gambling for Bitcoin is an emerging markets trend as we see new companies providing platforms where one can gamble with Bitcoin. Although there are platforms where you can gamble other cryptocurrencies, the Bitcoin platforms are the biggest. Gambling is obviously a high risk way of making money with Bitcoin, so you should be very careful. This basically entails loaning your Bitcoin to another person at a certain interest rate for when you get paid back.
This is usually done on modified exchanges. Profit lies in the interest rate, which can be very high. Binance is a crypto only trading platform that offers one of the most competitive rates around. Binance now accepts naira. If you are looking to trade crypto to crypto only, this is probably the easiest and cheapest way to go. 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.
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. 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.
If also you have questions, comments or contributions of any kind, leave them below in the comments section. Read my post on how to trade cryptocurrency in Nigeria. At the time, a paper explaining its mechanics and the ideology behind it, was published through the Cryptography Mailing List.
The first Bitcoin software client was released in , and Nakamoto collaborated with many other developers on the open-source team, never revealing his identity. By , the enigmatic Bitcoin founder had disappeared. His peers then, understood how valuable this cryptocurrency was and worked feverishly to develop it to its maximum potential. Bitcoin was the first digital currency to be created.
It is also the most respected, capitalised and traded cryptocurrency in the world. Cryptocurrency trading allows for maximum yield when it is volatile, due to its many ups and downs.
This is precisely the reason global traders enjoy Bitcoin trading. Whenever a breaking story surfaces, Bitcoin starts to fluctuate and traders have the opportunity to cash in.