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Cryptocurrency

How to Trade Bitcoin in Nigeria – Buy and Sell Bitcoin for Profit

How to Trade Bitcoin in Nigeria – Learn how to start bitcoin trading in Nigeria. See the things you need, trending bitcoin trading platforms, step-by-step guide to trade (buy/sell) bitcoin, safety/precautions.

Bitcoin is one of the cryptocurrencies that is only accessible through electronic means. It is a digital currency that provides its, users, with an electronic payment system.

In contrast to the physical form currency that people of the World have access to take around from one place to the other, Bitcoin can only be stored on devices and this gives access to the carrier to use it in any country that it is been accepted.

Bitcoin trading in Nigeria like the other cryptocurrencies is not controlled or regulated by the government of any country or central banks but is produced by miners. .This means, no government of any country can control the worth of a Bitcoin.

See Also: How To Start Bitcoin Business In Nigeria

Things you need as a Bitcoin trader in Nigeria

Trade Bitcoin in Nigeria

In this article, we will cover the following topics:

Bitcoin trading in Nigeria is very simple if you follow this guide properly. As a BTC trader, getting to know the necessary information is very vital to make your trading easy and to always incur profit rather than loss. Allow me to take you through the things you need as a trader:

1. Secure a BTC wallet

As a new trader, you will be left with the option of choosing between wallets to store your BTC. In so much that many platforms give traders access to store their BTC. .There is also a need for a trader to be careful in choosing a wallet.

Just like the usefulness of a physical wallet to everyone same also is the usefulness of a BTC wallet to everyone that wants to trade. The wallet serves as a way of storing every BTC asset of a trader before bitcoin trading in nigeria can be initiated.

See Also: 10 Best Sites to Buy Bitcoin in Nigeria | Best bitcoin wallet in Nigeria

2. Capital to start trading business

Your capital of starting trading as a trader is very much important and this must be considered by every trader before starting a trade business.

A trader will need capital to start trading and it is most times advice that a new trader starts with a very small capital because of the huge risk in trading. .A trader must be careful of having the mindset of making a huge profit as quickly as possible because you stand the chance of losing all your capital due to the high volatility of cryptocurrencies.

3. Acquaintance with trading market

One of the best of trading by traders is for traders to get themselves acquainted with the trading market. There are a variety of things to know and when the trading market is not been researched out by the trader, he stands the chance of losing all the capital in no time.

The trading process is not consistent and the market is not consistent due to the volatility of cryptocurrencies and this must be well recognized by a trader so as not to incur more loss than profit.

4. Strategic Trading Strategy

As a trader, understand the best trading strategy that you can best fit in. .There are four different categories a BTC trader can fall into which are, Scalpers, Passive trader, Day trader, and Swing Trading.

A trader must know how each trading strategy works (deals with how quickly a trader wants to make a profit) and decide what he best thinks will be good for his trading.

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

5. Disciplined Profit Targets with the Stop-Loss Orders

Part of what a trader needs when starting BTC trading is the ability to choose the profit target which will always please when trading and also to set the stop-loss order which will always help the trader not incur more loss when trading run into a loss.

Getting disciplined in deciding the profit target and the stop-loss order is very important for a trader to take note of.

6. Buy and store BTC

Many traders are always eager to burn their BTC with the light of making a profit as fast as possible but it is not always working that way. .Due to the high volatility of BTC, a trader can bypass short-term volatility and make an increase within a short-term holding.

7. Self-control

One of the major needs of a trader is to always get himself controlled and not trying to make a huge profit at every cost. .The price of BTC might spike unusually and traders can be tricked to think it is the best time to trade and fall into incurring a loss.

Also, a trader might tend to be consumed by the passion of making another profit immediately after making a profit. Traders must be very careful in making quick decisions when they are about to trade again after making a good profit because the market might change if not well observed.

See Also: Steps To Start Cryptocurrency Business In Nigeria And Tips To Succeed

8. Be careful of swindlers

Because BTC is online, it is open to Ponzi schemes and fake wallets. Since regulation is not in place, it holds to the fact that hackers can lay hold on it if a trader is not careful.

14 Trending Bitcoin Trading Platforms

  • Coinbase
  • PrimeXBT
  • Coinsmart
  • Gemini
  • Coinmama
  • changelly
  • bitFlyer
  • Poloniex
  • paybis
  • Overbit
  • CLUB SWAN
  • KuCoin
  • Switchere
  • BitHash

Step-by-Step Guide to trade Bitcoin in Nigeria –  (buy/sell) Bitcoin.

.Follow these guides to learn how to trade bitcoin in Nigeria (buy and sell your BTC):

  • Open an account in any of the above-listed platforms.
  • Verify your account.
  • Buy your BTC through the available funding means of the platform.
  • Trade your BTC.
  • Sell your BTC to avoid losses.

Although different bitcoin trading platforms have different methods on how to start bitcoin trading in Nigeria, the steps given above are considered generic can be useful even if you are a new trader.

See Also: 10 Ways to Make Extra Money as a Salary Earner in Nigeria

Safety and Precautions to trade Bitcoin

Before you trade bitcoin in Nigeria, remember that it’s very volatile. Due to the high volatility of Bitcoin with other cryptocurrencies, it should be noted that there is a high risk that a trader stands to make a huge loss and the same also stands to make a huge profit since it is highly volatile.

Traders need to know the following safety or precaution measures in other to incur more profit than the loss when trading.

The price of Bitcoin is not constant

Bitcoin like the other cryptocurrencies is not regulated by any organization. The price of Bitcoin consistently swings and this means that a trader must be careful how he trades in order not to run into a loss.

Hacking of cryptocurrency account

Traders are advised to make proper and thorough research on the type of platform to choose so that hackers won’t override their accounts.

See Also: How to Earn Money with Bitcoins in Nigeria

Technology reliance

Traders should note Bitcoin is only an online-based exchange. It depends on technology and a trader stands to lose everything if technology is shut down or if there are cyber threats. .Therefore, traders are advised to trade with a small amount of money.

Conclusion

That’s it on how to start bitcoin trading in nigeria. Hope it was very helpful to you. If you have any question, kindly use the comments section below.

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Kolapo Victor

Kolapo is 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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