7 Ways To Make Money From Cryptocurrency In Nigeria
November 07, 2021
Cryptocurrency is here to stay, and I doubt there is any internet user who is yet to hear about it. I know Nigeria as a country has banned cryptocurrencies (and even started a digital currency, eNaira), but a lot of people are making a living from them still.
Now I'm not coming to teach you how to make money with Luno in Nigeria or answer any of the similar questions, and we'll be going straight to the things.
How Much Can I Use To Start Bitcoin Trading in Nigeria
Assuming you know what cryptos are all about already, I'll be going straight to the point.
First, none of all these is financial advice. Make your researches first before putting in your money. When people ask them I tell them to put in any amount they can get.
First, none of all these is financial advice. Make your researches first before putting in your money. When people ask them I tell them to put in any amount they can get.
Take, for instance, if you had purchased Solana coin (SOL) sometime last year, you could have gotten it for less than $2. It is currently $248.
If you had put in $50 to get 25 of it, by now you'll be having about $6,200, which is something around ₦2,547,960 at the current exchange rate.
There's really no business that an investment of $50 would give you $6,200 in a year anywhere else.
So back to the first question, invest any amount you can afford to spare.
How To Buy And Sell Bitcoin In Nigeria After The Ban
The major way to buy and sell crypto in Nigeria after the ban is the P2P (peer-to-peer) method, where you sell and buy from other users.
There are a lot of platforms where you can buy it from, and I'll be talking about it in the subsequent sections.
Aside from that, you can also buy and sell with trusted exchangers, keyword TRUSTED. Buying with your credit card would be very risky now, and when you trade avoid using crypto related terms in the statement so you and who you're sending the money to won't get into trouble.
Where Can You Buy Cryptocurrencies In Nigeria?
There are a lot of platforms, and I'll be talking about a few of them.
- Trustwallet
I think this is one of the biggest, though I rarely use it. You only have a token and losing it would cost you your savings.
You can download the Trustwallet app from your mobile stores and get started immediately.
- Binance
Binance is one of the biggest exchanges in the world. It is owned by the same company behind Trustwallet, and I love them because of the p2p.
Signing up is completely free, and you can click here to get started. Majority of the coins are on the platform, and you can hodl as well.
- Luno
The Luno platform is one of the most popular for Nigerians, and getting your account approved doesn't require much.
I think I used my BVN for my own then, and that was it. They don't have as much coins as Binance, but the major cryptos are on there.
You can sign up by clicking here.
You can sign up by clicking here.
- Roqqu
A major cryto exchange platform, Roqque was founded by a Nigerian. It has a good number of coins too, and though I haven't really used it, you can check up their reviews on Playstore before you download the app.
How To Make Money From Bitcoin And Other Cryptocurrencies In Nigeria
There are several ways of making money from cryptos, but these seven are my favourite:
- Trading of cryptocurrencies
You can make money from the rising and falling of cryptos. It is just like Forex trading, and is also very risky.
There are a good number of platforms where you can do future trading like Binance, Gate.io and Kucoin.
- Scalping
In scalping, you practice a trading style that specializes in profiting off of small price changes and making a fast profit off reselling.
It also needs carefulness and though a bit similar to future trading, it is less riskier and off course, less profitable.
- Arbitraging
Arbitrage simply desined is the simultaneous purchase and sale of the same asset in different markets in order to profit from tiny differences in the asset's listed price.
For instance bitcoin is $30,000 on Binance and $29,900 on Luno, you can buy from Luno and send to Binance, then withdraw. The figures are random, and they are not exactly this way.
- Hodling of cryptocurrencies
Like I said earlier, Solana was less than $2 a year ago and currently above $240, if you had held on to it for a year what you did is hodl.
We can say you held, or hodled - either ways you just didn't sell off over the period.
- Buying and selling of coins
You can buy and sell cryptos and make profit from people. I don't need to expand on this.
Place your buying price and your selling price, and make profit from conversions.
- Teaching people
If you are good in cryptocurrencies, you can sell a course or even organise a physical class. There are a lot of people who'd be willing to patronise you.
- Referring people to sign up to crypto apps
There are tons of exchange platforms and almost all have referral programs. They have different opportunities, and you can compare and go for the good ones of your choice.
Conlusion
There are several ways through which one can make money from cryptocurrencies in Nigeria.
Do you know anything I missed out? Kindly drop them as comments below and also with your questions.
Don't forget to share to your friends.
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