How to Fund your Bitcoin Wallet in Nigeria

If you’re conversant enough with cryptocurrencies, you shouldn’t find it disputable that Bitcoin is the world’s leading cryptocurrency in terms of market capitalization and user base. 

Beyond the preceding assertion on Bitcoin’s popularity, this very post is intended to guide you on how to create and fund a Bitcoin wallet in Nigeria. Additionally, the article will show you the easy steps for buying Bitcoin on Quidax. 

Firstly, let’s understand briefly what bitcoin and cryptocurrency trading really is!

Bitcoin trading doesn’t need a great deal of introduction to most people as hundreds and multiples of people must have heard one or two things about cryptocurrencies.

Unarguably, the crypto industry is further rising in influence owing to the fact that more people are embracing the idea of trading in the world’s powerful digital currencies including Bitcoin, Ethereum, Litecoin, etc.

How Is Cryptocurrency Trading Done?

Practically, cryptocurrency trading is done in a systematic way involving a number of steps. The first step, usually, is to create a bitcoin wallet by using any of the trusted platforms available in the cryptocurrency sphere. Purchasing coins is what follows and doing this necessitates forfeiting a certain amount of physical money in return for bitcoins. Normally, the amount of bitcoins you intend to start with determines what sum of (physical) money you’ll be churning out of your pocket.

After purchasing bitcoins, you can then use the desired cryptocurrency exchange site for converting the bitcoins into your preferred altcoins –altcoins are notable substitutes for the widely acclaimed Bitcoin and few of the high-profile options are Ethereum and Litecoin.

It’s noteworthy that in the course of your crypto trading, you need to keep up a secure digital wallet. This, frankly, is to avoid losing your purchased coins (whilst storing or exchanging them) to cyber scammers lurking around exchange sites. In consequence of the latter, it is strongly recommended that you trade with a duly secured online trading platform such as AvaTrade.

Cyber criminals can go a length as great as prying into your digital wallet and depriving you of your coins. But with a trading platform like AvaTrade, you’re certain to easily save yourself this attack as the platform doesn’t require any wallet for its trading.

How to Succeed with Cryptocurrency Trading

Your likelihood of making the most out of cryptocurrency trading depends largely on your trading strategy, experience and conversance with vital cryptocurrency news. Generally, experts have tagged the formula of “buying low and selling high” as the best strategy for reeling in substantial benefits in cryptocurrency trading. Even if your startup capital for cryptocurrency trading is relatively small, you can still get a cryptocurrency well suited for your startup capability. Meanwhile, practicing the trading strategy of “buying low and selling high” will appear as your surest bet at profiting from cryptocurrency trading.

In choosing the best cryptocurrency for your trading, one important thing is to keep yourself abreast of cryptocurrency news while another is to thoroughly reflect on relevant technical and fundamental analyses. Technical analysis, in the first place, refers to the research conducted on financial assets in order to generate vital information about their strengths, weaknesses, etc.

Fundamental analysis, in the second place, involves an in-depth investigation into the vulnerability of cryptocurrency markets with special consideration of the likelihood that some industry experts can decide to twist market situations in order to favour themselves.

Step-by-Step Guide for Creating a Bitcoin Wallet on Quidax

In creating a Bitcoin wallet on Quidax, you’ll have to undergo three steps. Notably, the first step involves signing up for a Quidax account, the second step entails account verification while the third step requires you to locate your bitcoin address. 

Step I

• Visit Quidax through the link here
• Navigate to the top right-hand corner of the Quidax homepage and tap the Get Started or Create Account option you find there
• Supply your details as required –ensure you correctly fill in your phone number and your email address as you’ll have to verify your account afterwards
• Then, hit the Create Account button 

Step II

• To verify your account, hit the button indicating Continue to your account
• Head to your email for the account verification
• Upload the required credentials (Proof of Residency and ID card) to verify your basic information –although it isn’t compulsory, verifying your basic information qualifies you for the sale or purchase of Bitcoins worth over #20,000 
• Enable 2FA –although enabling 2FA isn’t compulsory, it’s required for the beneficial purpose of added security

Step III

• To locate your bitcoin address, simply hit the Wallet option
• Doing the above should land you on the wallet page for cryptocurrencies including Bitcoin
• Toggle to the Bitcoin section of the page and tap the attached Receive button
• Doing the above will enable you to view your Bitcoin wallet. Looking at the image that emerges, you should check the section tagged ‘3’ for your Bitcoin address. Also, you can fetch more Bitcoin addresses using the section tagged ‘4’

Funding Your Bitcoin Wallet

Loading funds into your Bitcoin wallet (on Quidax) can be done in two ways: (i) buying Bitcoin with naira on Quidax and (ii) requesting that somebody should send Bitcoin to your Bitcoin address.

Steps for Buying Bitcoin on Quidax

• • Enter the Quidax account you created earlier
  • Locate the Wallet option and click it
  • Toggle to the naira section and tap the Deposit button there
  • Specify Card payment as your deposit method
  • Fill in your details –email and phone number
  • Input the amount of naira you wish to deposit in the wallet
  • Following that, hit the Pay button
  • Input your card details and confirm, as required
  • With the above done, the amount of naira you input should reflect in your naira wallet and now, you’re free to buy bitcoin
  • To buy bitcoin, tap the Instant Buy/Sell option
  • Input the amount of bitcoin you intend to buy
  • Tap the Continue button
  • Now, you should see an overview of your order
  • To process your bitcoin purchase, hit the Confirm Order button

Conclusion

We hope reading this post has exposed you to how you can create a Bitcoin wallet as well as fund the wallet. While the Bitcoin wallet creation discussed so far is based on Quidax which is a crypto exchange, you should note that the kind of wallet you’ll be creating on the exchange is termed “hot wallet”. 

Unlike in the case of a cold wallet where you alone can access the wallet, a hot wallet can be accessed by both the owner (of the wallet) and the exchange on which the wallet was created.