Cryptocurrency has been one of the most discussed topics in 2020 in the finance industry among other investment options such as the stock market.
However, while the trends might want to make you join the crypto train, you must take your time and do proper research before venturing into it.
What You Should Know Before Trading Crypto
1:Learn how the crypto market works; the market is very volatile which means that the prices of assets can quickly go up or down. Timing is everything.
2:Choose the trading platform; exchanges platforms (Binance, Bundle,) or speculating platforms (use broker like Coinbase, and Bitmex).
3:Trade fees (what you are charged between currencies like Naira to USD, Marker fees ( the cost incurred when you make an offer to sell), Taker Fee (The cost incurred when you accept an offer)
4:Secure Your Account; if you lose your account or it gets hacked, you have lost everything. So, pay attention to the techniques needed to secure your account like having a very strong password, the 2FA, and other safe practices that should be followed to the letter.
5:Define your trading strategy; because there are several Cryptocurrencies out there to trade, the volatility of the market to consider, high-risk trades, etc, these factors should help you define your goals, knowing how to enter and exit a market.
6:As a volatile market, you should be able to identify the events that are likely to move or affect the market structures like breaking news, ICOs and Blockchain forks, government policies and regulations, etc.
7:There are two basic ways to trade on Cryptocurrencies; you can speculate their prices on CFDs (trading on the difference between Cryptocurrencies) .
8:The cost of using an exchange software or App.
9:Withdrawal and Deposit Charges
Three steps to start Trading Cryptocurrency in Nigeria.
1: Let the trades begin. You can either trade Naira to Crypto or Crypto to Crypto.
2:Signup with Binance exchange to create your crypto account.
3:Fund your account through bank transfer.
Easy Steps to Make Payments Using Binance Exchange Via P2P
- Click on Wallet and select P2P
- Click P2P trading
- Please select “Buy” on the next page and select “NGN” in the fiat session and accept the risk warning.
- Take a convenient offer from the list
- Fill the amount in Naira you want to deposit
- You are directed to a completion page with the account number of the trader and make the payment using a bank transfer into that account.
- Once payment is completed, click transferred and next.
- Trader confirms the receipt of the money, and then you are credited.
List of Notable Coins
- Bitcoin
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Polkadot (DOT)
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Binance Coin (BNB)
- Tether (USDT)
- DogeCoin
- XRP Achieve
The Best Crypto Trading Sites
- Coinbase
- Binance
- Gemini
- eToro
- com
- Kraken
- Uphold
- BlockFi
- Bittrex
- Voyager
- Robinhood
- IO
- Coinmama
- Bitstamp
- Bit met
Safety Tips When Trading Cryptocurrency
Do not get too excited with successful stories of people who have made good money with cryptocurrency trading. Below are some safety tips that will guide you in trading Cryptocurrency.
1: Do not just buy altcoins because they are cheap but buy because of their prospect to rise and which is determined by the market cap.
2:Timing is everything, and when it comes to investing in cryptocurrency; you can lose money quickly if the timing is wrong and if the asset (coin) drops in value.
3:Altcoin prices always depend on the current prices of Bitcoin, and Bitcoins prices are relative to fiat currencies which are equally volatile.
4:Do your research and be double sure on the Crypto asset you want to invest your hard-earned money.
5: Never be in a rush to enter a massive market rush but stay focused on gathering small but sure profits.
6:It is important to check the activities of your account as often as you can.
7:Always confirm if the Initial Coin Offering is genuine.
8:Do not keep all of your money in an exchange because these platforms are prone to attacks from hackers but keep them in a private wallet.
Tips You Should Know If You Must Succeed In Crypto Trading
1:Take advantage of the volatility of the market, news, and other information that affect the Cryptocurrency market.
2:Bitcoins are very expensive and may be difficult for you to buy as a beginner.
3:Every crypto coin is made for a purpose. So focus on its real value and the prospect. If a coin will do well you can tell because of its purpose and those are the types of coins you should invest in.
4:You can invest in Altcoins and alternate cryptocurrencies from Bitcoins, and they are popular.
5:Use CoinmarketCap to research for Altcoins to trade. Altcoins are relatively cheap before they go high
Conclusion
Crytobuisness is very profitable when you start it will a large capital and you will make you profit fast.
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