Oct 20, · Traders in Nigeria can trade bitcoins in two ways. Bitcoins can be bought and sold directly from exchanges like Luno, Paxful, etc, that offer bitcoins in return for physical or fiat currency. As a trader in Nigeria, you can trade BTC as a CFD instrument via any broker that offers Crypto Trading. You will have to open a Trading Account with a CFD Broker that offers Cryptocurrencies. There a few globally regulated Brokers that offer Bitcoin trading. You can trade Bitcoin against fiat currency like the US Dollar i.e. BTC/USD pair. Safest and fastest way to trade Bitcoin and other Cryptos in Nigeria. Trading. $, Countries. Users. 90,+ Sign up for free. Buy & Sell Crypto with top payment options in Nigeria. SEPA Bank. Buy or Sell in Nigeria with NGN Bitcoin, Ethereum, US Tether (USDT) and other cryptocurrencies fully secure and private with PayPal.
Trade bitcoin in nigeria6 Best Bitcoin Brokers in Nigeria - Bitcoin Trading platforms compared
Because there is no official bitcoin exchange, there is also no official bitcoin price. This can create arbitrage opportunities. Like earlier stated, the price of bitcoin can change drastically, these price spikes can create opportunities for smart traders to make money. Coinbase exchange was the first regulated bitcoin exchange in the US.
Read my coinbase review. 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.
There a few globally regulated Brokers that offer Bitcoin trading. You can trade Bitcoin against fiat currency like the US Dollar i. These CFD Brokers usually also offer leverage. It is limited to or maximum in the case of Cryptos. Let us now briefly understand some of the common terminologies in Bitcoin trading:. The Bitcoin price refers to the price of the last trade held through a particular trading platform. It is a crucial point of difference. This occurs as there is no single Bitcoin exchange globally.
The price of Bitcoin in certain nations for instance can differ from its price in the Nigeria. This is as the major exchanges in these nations include diverse trades. You will also sometimes see the terms low and high next to the price. They refer to the lowest and highest prices of Bitcoin in the past 24 hours.
Here is an example of a Bitcoin Chart from Volume denotes the number of total Bitcoins traded in a given timeframe. It is used by traders for identifying the significance of a trend, and market sentiment. Major trends are normally accompanied by large volumes of trade. Meanwhile, low volumes accompany weak trends. For instance, high volumes will accompany a healthy upward trend when price increases.
Volumes will be low when the price decreases. You may at times witness abrupt fluctuations in the price. Then, Market Experts advise to check the significance of the trading volume.
This is to determine if it is only a minor correction or commencement of a reverse trend. The price at which sellers are prepared for the sale of these pairs is the Ask price.
Leverage is the multiplier at which you are allowed trading than permitted by your initial funds for trade. It is represented through a ratio. The examples of leverage ratios offered by CFD Brokers are , , or 1: Consider a trade transaction with the bid price as 0. It implies that the spread is 0. The movement of the rate of exchange is measured via Pip. It is the unit to determine if you have incurred loss or profit on an exchange.
The value of each pip unit corresponds to 0. This determines your actual loss or profit in fiscal terms. You must select a renowned platform offering CFD trading on Cryptos. The Broker must offer a robust platform for trading. You must be easily able to conduct technical analysis on it.
The platform must also enable you to quickly execute trades with a vast choice of Cryptos at lowest fees. Brokers will generally have a page where they compare their fees, like this page on Hotforex for their BTCUSD trading conditions comparison for different account types. Moreover, you must be offered access to a web-based or downloadable platform by the Broker.
Mobile App access must also be included by them. The offerings of the Broker must include a Margin Account. It must permit a minimum of leverage on the majority of pairs excluding Cryptos.
Their education section must assist you in trading in the dynamic markets. The trading conditions must also not heavily invade on your profits. Moreover, the Broker must also provide you with a Demo Account. This will permit you to test the platform and trading conditions. It is without risking your actual capital. While analyzing Bitcoins or any financial instruments, traders usually follow two Trading Strategies or methodologies:.
This analysis attempts to forecast the price by looking at the overall scenario. In Bitcoin for instance it includes evaluating the Bitcoin industry, news regarding BTC, and technological advancements like the lightning network.
Global regulations and any other issues or news that can impact Bitcoins success are also included. The fundamental analysis looks at the value of Bitcoin as a technology and the impact of appropriate external forces.
It is irrespective of the existing price. Then their impact on the price is analyzed. For instance, consider that China abruptly decides to ban BTC. The analysis will then forecast a likely price decline. This analysis attempts to forecast the price by examining market statistics.
It includes past trading volumes and price movements. The aim is to identify trends and patterns in the price. The future price patterns are then predicted based on these inferences. The technical analysis has a core assumption in it.