Business & Investment

8 Steps To Start E-Currency Exchange Business In Nigeria

Many people had been thinking and searching for a legitimate business to do in Nigeria especially now that there is a recession in the country.

While some had succeeded in getting one, some had concluded that there is no job elsewhere and had resorted to their fate, blaming the government.

In this article, I am going to walk you through the steps of starting a lucrative business called E-Currency Exchange. With this, you don’t need to bother yourself much looking for a job from one place to the other.

Read Also: How to transfer bitcoin to bank account in Nigeria

8 Steps To Start E-Currency Exchange Business In Nigeria
E-Currency Exchange Business In Nigeria – Photo Source: https://www.businesswire.com

As soon as you get these tips I am going to discuss in this article and adhere to it, you would say goodbye to the economic recession.

Before we go deep into the steps, it would be nice for us to get to know some terms so that we will get a better understanding of what I’m writing about. So let me start by explaining what E-Currency is all about.

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What is E-Currency?

E-Currency means Electronic Currency. It can also be called digital currency. It is a type of currency that is available only in digital form.

It plays the same role as the physical cash (naira and coins) which we transact business with. A typical example of E-Currency is Bitcoin.

What is E-Currency Exchange?

This simply means trading on digital currencies. That is buying and selling of digital currencies. It can be done strictly online or otherwise.

Who is an E-Currency Exchanger?

Before you talk of E-Currency exchange, there must be an E-Currency Exchanger. This is a person whose duty is to sell or buy E-Currency from you. It can be a person or a company.

Now that we have gotten the foundation of what E-currency is all about, let us go deep into the topic.

Steps To Start E-Currency Exchange Business In Nigeria

Before any business can be successful, the owner or whoever that wants to go into such business has to follow some specified steps. Not going through the steps can spell doom for that business or make it not to function the way it ought to function.

In this article, we are going to consider eight (8) definite steps you can take to start E-Currency Exchange Business in Nigeria.

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1. Study The Market Demand

This should be the first step to take. There are different E-Currencies like Bitcoin, PayPal and others, it is better to check the one that is in high demand before you get started.

Through your evaluation, you would be able to determine which of the E-Currencies is in more demand by customers and go for it.

 2. Get In Touch With Those Already In The Business

You might not really know them physically but you can go through their websites. Check out the areas they are doing well and where they are not doing too well.

If there are some of them you can meet one-on-one, do well to interact with them and ask them questions. I believe you can get one or two things that will help you from this.

3. Build Your Own Website

From what you found out in step 2, you can build your own website and make it look better than those ones you have compared theirs.

This is the first contact prospective customers have before getting to know you, so there is a need for the website to be professionally built to attract customers.

Make provision for those ones that would love to chat with you before transacting business with you so that they don’t need to stress themselves before getting what they want.

 4. Get Registered With Cooperate Affairs Commission (CAC)

As soon as you decide on the currency to trade on and had made the necessary inquiries, the next step is to register the business with CAC. This makes the business legal and free from unnecessary harassment.

This might not really cost more than N30,000.00 (Thirty Thousand Naira Only). This is a good avenue to give your customer a relaxed mind when dealing with you.

Read Also: How To Start A Blog In Nigeria

 5. Get A Physical Office

This is not compulsory but it increases your chances of getting those customers that might not really be good in online transactions.

It also makes it easy for those that want to interact with you face to face. As you are making your gains online, you are also making gains offline. A place that is facing a major road is the ideal for this kind of business.

 6. Create Account With E-Currency Service Provider

There are many of them that provide service for E-Currency exchange. Check through them and make your choice, but you need to be very careful so you don’t make the mistake of registering with fake providers.

7. Get Money Deposited Into Your Account

Once you have created an account with your service provider, the next step should be to fund it. Before you do this, contact them and negotiate well with them.

This can be done through bank deposit or debit card. You can as well buy from other customers. It is advisable to get your account well funded before you start selling so that you will be able to save enough cash.

Remember it is from this account you will be selling to your customers, so you don’t need to run out of currency, else you will be termed an unserious E-Currency Exchanger.

8.  Talk About Your Business

After funding your account, you are ready to start the business. Note that many people might not be aware of it yet, so you need to start by broadcasting it.

You can print flyers, publish it online through Facebook, twitter and other social media so that people will get to know about it and patronize you. As people begin to come, do well to attend to them well so you can build your clientele.

Read Also: 5 Steps to Start internet business from the scratch

 Conclusion

With these eight (8) steps mentioned, you can be able to start your own E-Currency Exchange business in Nigeria and thrive in it without stress. Also, remember you don’t stop growing, so you keep on reading and developing yourself in the business.

 

I wish you good luck.

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Chinonye Ikebaku

Chinonye is an IT Expert and a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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