mitrobeBitcoin Trading in Nigeria –Everything You Need to Know About Cryptocurrency Trading, Buying and Selling Bitcoin, Ethereum & Other Cryptocurrencies
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.
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.
By and large, this article is intended to educate you about cryptocurrency trading, particularly with help on how you can start it in Nigeria.
How Is Cryptocurrency Trading Done?
Traditionally, cryptocurrency trading is done in a systematic way involving a number of steps. The first step, usually, is to create a bitcoin wallet or account and get it funded 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 Binance, HitBTC or AvaTrade.
Cybercriminals can go to lengths as great as prying into your digital wallet and depriving you of your coins. But with a trading platform like Binance or AvaTrade, you’re certain to easily save yourself this attack as the platform doesn’t require any wallet for its trading. We have carefully explained and identified top cryptocurrency exchangers with high liquidity, you should consider reading it to get more understanding of the subject matter.
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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, practising 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.
There are few cryptocurrencies that are profitable to trade. When embarking on cryptocurrency trading, caution must be taken in selecting crypto pairs to avoid losses.
As we all know, cryptocurrencies are digital currencies, also called virtual currencies that act as a medium of exchange and are made financially secure through the technology of cryptography, in which you can not spend the same coin twice. Many cryptocurrencies are formed on the basis of blockchain technology. If you are looking at entering into the world of digital currency trading, this is a good choice as there is so much profit to be made in this industry.
That is of course if you know how to play your game right. There is no denying the fact that some cryptocurrencies are better in worth than others when trading. So, here is our list of recommended cryptocurrencies for trading.
Bitcoin
Bitcoin is obviously and undoubtedly the best cryptocurrency you can invest in right now in 2022/2023 and continually it will be like that. Bitcoin is still one of the most secure cryptocurrencies you should invest in. The price of Bitcoin has become more reasonable over the years, also buying Bitcoin from any of the crypto-currency exchange outlets like coinbase is now very fast and easy to do.
You’re also able to store your Bitcoins in online wallets. Bitcoin is probably the biggest cryptocurrency out there and it has over 40% market share in the cryptocurrency world. What’s not to invest in? Bitcoin still unarguably dominates the market. Although the price of Bitcoin frequently fluctuates regularly, you just need to stay up-to-date with the current cryptocurrency trends. To trade with bitcoin, you will normally see pairs like BTC/USTH. BTC/ETH, BTC/TRX,BTC/XRP.
All you have to do is select your best crypto pairs and trade wisely. Don’t panic while trading, as the market is always volatile, once a particular cryptocurrency crashes or goes down, all you have to do is relax and don’t panic, it will certainly, and definitely rises up back in no distant time. All you need is patience because it can take 1-3 weeks or even a month. But sometimes, it can rise up back within an hour interval from dropping.
Ethereum
Ethereum is another cryptocurrency that has boomed in recent years. It did experience a growth surge in 2017 and since then it has been topping the list of cryptocurrencies. In 2017, Ethereum grew by about 3,00% and in 2017, it became the second-largest cryptocurrency in the world, only behind Bitcoin. It has been estimated that the market cap for Ethereum would rise up to 300 billion dollars by 2020 ending.
A lot of technological advancements have also been promised by the Ethereum developers. So, in all of these, you do not want to miss out on trying Ethereum. I tell you! In order to trade successfully in cryptocurrency, Etherium is one crypto to consider, usually along with Bitcoin. Just like this in a typical example. BTC/ETH, ETH/USDT,ETH/LINK
DASH
As of November 2019, 1 DASH equals 53.62 Dollars. DASH was built based on the Bitcoin software but it has its own advantages. It actually has a faster speed of transaction and more security privacy than when compared to Bitcoin. DASH was released in 2014 and its name is a combo of “digital” and “cash”. DASH has features unique to it that make it stand out from Bitcoin and Litecoin.
It has the PrivateSend, the InstantSend and Masternodes feature. The Instant Send feature is a strong point for you to want to invest in DASH. It takes just a few seconds for a transaction, unlike Bitcoin which takes up to 10 minutes. You can see DASH Trading pairs like this, DASH/TRX, DASH/BTC…Etc.
Cardano’s ADA
Cardano’s ADA is another cryptocurrency to buy in 2020. You can buy the currency from coinmama.com and Remitano, Cardano, Coin Switch crypto-currency exchange and others. Cardano is considered to be among the best blockchain currencies in the world today. The ADA cryptocurrency is also sold on Cardano itself as well, so you can buy directly from the Cardano company. It is believed that the ADA cryptocurrency will strongly compete with Ethereum in 2020.
Ripple (XRP)
Ripple has one of the largest total market caps of all the cryptocurrencies. XRP is the cryptocurrency used by the Ripple payment network. You can buy and sell the XRP cryptocurrency safely from the Ripple company. It is very secure. The current price of XRP is 0.20 Dollars. Don’t let this figure discourage you, as the price of XRP is very likely to rise again very soon by early 2020! You don’t want to miss out! You can always see Ripple crypto pairs like this when trading, XRP/BTC, XRP/LINK, XRP/TRX…
Litecoin
Litecoin showed a growth increase per cent of over 8000 in 2017. This tells you a lot from the onset right? When mentioning the top cryptocurrencies to buy, we can’t leave out Litecoin. Litecoin started in 2011 as a spin-off of Bitcoin and as of November 2019, 1 Litecoin equals 46 US Dollars. You can sign up with a number of cryptocurrency trading sites to start trading Litecoin. Litecoin has been predicted to have its value rise to $250 at the end of 2019 and to over $500 by the end of 2020.
7. Chainlink (LINK)
ChainLink is a decentralized oracle network cryptocurrency that provides real-world data to smart contracts on the blockchain. LINK is the digital asset token used to pay for services on the network. Chainlink is one of the top cryptocurrencies predicted by Teeka Tiwari to skyrocket before the end of 2020/2021. However, we are still expecting the outcome since they’ve been serious obstruction by the outbreak of coronavirus.
So, Link is one of the best cryptos to start trading with if you really want to venture into cryptocurrency trading. Currently, there are pairs such as LINK/USDT, LINK/BTC, LINK/ETH, LINK/TRX…etc
8. TRON (TRX)
Tron –Tron (symbolically denoted with TRX) is a cryptocurrency created in 2017. Admittedly, it has grown into a significant digital currency, making it one of the world’s leading cryptocurrencies.
Decentralisation –this refers to a system devoid of regulatory individuals (such as admins), project management or server monitoring. With Tron being a decentralized platform, all individuals (including Tron creators and investors) on the platform are equal, meaning one participant doesn’t stand the chance of modifying its smart contract.
TRX is another tiny crypto to start exploring when considering the best crypto pairs to trade with. You can see TRX pairs like TRX/USDT, TRX/BTC, TRX/ETH,TRX/XRP…etc…
9. Polkadot (DOT)
DOT is one of the most prominent coins for the new bull market as it ticks all the boxes previously discussed. Not only is it a top 10 coin by market cap, but it also has very strong fundamentals that solve pressing problems (building custom blockchains). Aside from that, its founder is an ex-Ethereum founder, which is why the project is often dubbed ETH 2.0, but not a direct competitor to the latter.
DOT is currently valued at $16.5 per coin and its fan base is growing at an increasing pace. If you wish to find out more about the project click here.
10. Binance Coin
Established in 2017 and serving as the standard token of the Binance crypto exchange platform, Binance Coin is a token that enables traders on the Binance platform to trade in various cryptocurrencies without any hassle. With Binance Coin, traders on the Binance platform can conveniently make expeditious payments for services. This is one of the best cryptos to trade with when operating from Binance directly. BNB is currently trading at $56 and that is incredibly high considering the market/trading price a few weeks ago, over a 20% increase.
All in all, the 10 listed cryptocurrencies above are some of the best digital currencies you could put your money on right now. However, there are lots of others out there, you can do your research and settle for the best or your choice.
Now, let me tell you a short story. I had a friend who happened to be a novice in the cryptocurrency space. But he had always wanted to get into the business of crypto trading, so one day he contacted me requesting bitcoin and I told him, I had just 100$ worth of BTC. He replied by saying, what he needs is Bitcoin and not BTC..lol. I laughed at him and told him that BTC is the same thing as Bitcoin. So now you understand why you need to get yourself acquainted with the majority of the trading or crypto terminologies.
As we all know, one of the largest platforms for interacting with other crypto traders is Twitter and Reddit. Get yourself Tweetdeck and set up your favourite coins in columns, and play along as the price rises or drops.
Here are a few terminologies people use, so you can understand what’s going on in the cryptocurrency community.
•$btc $eth etc — Coin tags used to group Twitter chatter by cryptocurrency
•HODL — To hold a coin (not sell)
•Moon — rapid increase in price
•Rekt — Losing trade (short or long term)
•Pump (sometimes spelt “pamp”)– rapid increase in price, but suggestive of artificial manipulation (pump n dump)
•Whale — an individual or entity with a very large holding of a cryptocurrency. Usually in reference to extremely large buy/sell orders that have the effect of altering the price
•Fomo — “Fear of Missing out” — usually in reference to entering a bad trade (“I fomo’ed in…”)
•Alt-season — the mythical (?) re-enactment of the 2017 bull run
•Knifedrop — extremely quick price drop
•Long — expecting a price to increase
•Short — expecting a price to decrease (on some exchanges you can short crypto — but not all coins, and it is not that common)
•Low sat — a coin that has a sub 100 satoshi value
Top 5 Cryptocurrency Exchanges in Nigeria
If you’re convinced about making financial success for yourself through cryptocurrency trading in Nigeria, it is worth considering one of the most commonly used cryptocurrency exchanges in the country for your transactions. So, below is a list of the top 5 cryptocurrency exchanges you can start with:
- Luno –the commonest cryptocurrency exchange in Nigeria, launched in 2013 and supports several popular cryptocurrencies including BTC, LTC, ETH, XRP and BCH.
- Binance –the world’s biggest cryptocurrency exchange, launched in 2017 and actively supports over 100 coins including ETH, BCH, LTC, BTC and many others.
- Quidax –a top-rated Nigerian cryptocurrency exchange, launched in 2018 and widely famed as the foremost exchange to feature 24/7 instant deposit and withdrawal support for the Nigeria naira
- Remitano-Remitano, a widely known cryptocurrency exchange platform, is a brainchild of Babylon Solutions Limited –a Seychelles-incorporated company. Among the players in the cryptocurrency exchange sphere, Remitano happens to be one of the most trusted options for peer-to-peer buying and selling of Bitcoin without any hassle.
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Besides its multi-country support, Remitano is admired for availing users of a number of exclusive benefits including 24/7 online customer support, a simple user interface and less expensive fees.
Frankly, Remitano thrives on the strength of a management team generously dominated by banking experts with remarkable experience in Agile Software Development, Payment Systems, E-currencies and financial products.
As we speak, Remitano’s crypto exchange service is supported in no less than 30 countries inclusive of Nigeria, Australia, China, Cambodia, Vietnam and Malaysia.
This article is a comprehensive review of Remitano with special emphasis on how to open an account, and buy and sell cryptocurrencies on the exchange platform.
How to Open an Account on Remitano
Remitano, as mentioned earlier, is a trusted cryptocurrency exchange platform widely used by people across the world. If you’re keen to conveniently trade on this platform, it’s advisable that you register as a member. Below is how you can attempt the platform’s registration process:
- Visit Remitano’s official website at https://remitano.com
- On the site’s homepage, toggle to the top right-hand corner and click the tab with three white horizontal lines
- On the emerging page, click the Login/Register button and comply with the subsequent instructions in order to become a Remitano member
How to Buy Cryptocurrencies on Remitano
Remitano is such an exchange platform that paves the way for hassle-free cryptocurrency transactions. Thanks to the platform’s user-friendly interface, buying Bitcoin on Remitano seems extremely easy. Provided that you have your national fiat currency intact and have duly passed the Know Your Customer (KYC) process, you’re pretty sure of buying or selling cryptocurrencies on Remitano.
You may follow the steps below in order to purchase cryptocurrencies (Ripple, USDT, Litecoin, Bitcoin Cash, Ethereum and Bitcoin) on Remitano:
- Visit the official Remitano website at https://remitano.com
- On the site’s homepage, navigate to the list of sellers and select your desired seller
- Then, fill in the amount of coin you intend to purchase from the seller
- Provide your wallet address in the respective field
- To set open your trade with the seller, tap the option <<Buy BTC/ETH/BCH/USDT/XRP/LTC>>
- On the emerging trade page, you’ll find the seller’s payment details
- Copy the said details, set up Internet banking and use INSTANT TRANSFER in making payment for the coins purchased
- With that done, look for the option <<I have paid seller>> and click it
- Wait for the seller to verify the payment
How to Sell Cryptocurrencies on Remitano
Just as buying cryptocurrencies is damn easy on Remitano, so is selling your Bitcoin to buyers on the platform. You may follow the steps below in order to sell cryptocurrencies (Ripple, USDT, Litecoin, Bitcoin Cash, Ethereum and Bitcoin) on Remitano:
- Visit the official Remitano website at https://remitano.com
- Navigate down to the list of buyers on the website’s homepage
- Select your preferred buyer from the list of buyers
- On the subsequent page, you’ll find your trade information with the proposed buyer. Likewise, you’ll find the details of the buyer
- Enter the amount of BTC you wish to sell in the required field
Click the Sell BTC button after providing all necessary transaction details
5. BlockVila
Conclusion
We hope this article has given you a basic understanding of cryptocurrency trading. Importantly, you’ll better learn how to buy and sell cryptocurrencies in Nigeria by making good use of the aforementioned cryptocurrency exchanges.
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OFONIMEH JOHNSON
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