{"id":295810,"date":"2023-09-26T15:17:13","date_gmt":"2023-09-26T14:17:13","guid":{"rendered":"https:\/\/nigerianfinder.com\/?p=295810"},"modified":"2023-09-26T15:17:13","modified_gmt":"2023-09-26T14:17:13","slug":"how-to-start-bitcoin-trading-in-nigeria","status":"publish","type":"post","link":"https:\/\/nigerianfinder.com\/how-to-start-bitcoin-trading-in-nigeria\/","title":{"rendered":"How to Start Bitcoin Trading in Nigeria\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are you interested in earning income by buying and selling Bitcoin in Nigeria? If the answer is yes, read on as we discuss how to start Bitcoin trading in Nigeria and also provide you with valuable tips to help you succeed as a Bitcoin trader.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-295812\" src=\"https:\/\/nigerianfinder.com\/wp-content\/uploads\/2023\/09\/How-to-Start-Bitcoin-Trading-in-Nigeria-.jpg\" alt=\"How to Start Bitcoin Trading in Nigeria\u00a0\" width=\"604\" height=\"348\" srcset=\"https:\/\/nigerianfinder.com\/wp-content\/uploads\/2023\/09\/How-to-Start-Bitcoin-Trading-in-Nigeria-.jpg 604w, https:\/\/nigerianfinder.com\/wp-content\/uploads\/2023\/09\/How-to-Start-Bitcoin-Trading-in-Nigeria--600x346.jpg 600w\" sizes=\"(max-width: 604px) 100vw, 604px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">How to start Bitcoin trading in Nigeria will be discussed below:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>What is Bitcoin?\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin (BTC) is the first kind of cryptocurrency that was invented by Satoshi Nakamoto in 2008. However, the identity of Satoshi Nakamoto is unidentified, hence no one knows for certain if the inventor of this cryptocurrency is an individual or a group of intellects.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the last decade, the use of Bitcoin has evolved and millions of people around the globe now use the pioneer cryptocurrency as a payment option (to those who accept it) or a source of earning income by trading BTC.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Steps on How to Start Bitcoin Trading in Nigeria\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now that we&#8217;ve explained what Bitcoin trading entails, let&#8217;s provide you with a step-by-step guide on how to go over it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This section will be discussed under the following subheadings:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sign up for a cryptocurrency exchange\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Fund your account\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pick Bitcoin to invest in\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Begin trading Bitcoin<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Store your Bitcoin safely in a digital wallet\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Step 1: Sign Up for a Cryptocurrency Exchange\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Once you have decided you want to begin Bitcoin trading, the first step of the process is to sign up for a Bitcoin-friendly cryptocurrency exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Opening an account on a cryptocurrency exchange is a quick and simple process that requires providing your personal details and fulfilling the Know Your Customer Customer (KYC) requirements.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some examples of crypto exchange platforms that you can sign up for in Nigeria:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Binance\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Coinbase\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Luno\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quidax\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Patricia\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HFM\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Step 2: Fund Your Account\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After successful registration on the crypto exchange of your choice, the next line of action is to put money into your account.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Depending on the cryptocurrency exchange platform you signed up for, you may fund your account through any of the following ways:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank deposits\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Peer to peer (P2P)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wire transfer\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Step 3: Pick Bitcoin to Invest In\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With your account on your preferred cryptocurrency exchange platform funded, the next thing to do is to select the quantity of Bitcoin that you want to invest in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Different cryptocurrency exchange platforms have different ways through which users can buy Bitcoin or any other digital currency that they wish to trade further.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Proceed to pay the user who has agreed to sell the quantity of Bitcoin you wish to buy. The amount you pay for the units of Bitcoin you wish to purchase would be the equivalent of the fiat money you are making the payment with.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Upon <\/span><span style=\"font-weight: 400;\">receipt<\/span><span style=\"font-weight: 400;\"> of your payment, the user with whom you transacted will send you the Bitcoin equivalent to your digital wallet. And with the BTC in your wallet, you can begin trading.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Step 4: Begin Trading Bitcoin\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">With BTC in your wallet, you can begin trading in Bitcoin on your cryptocurrency exchange platform with other users per your chosen trading strategy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several strategies you can apply when trading Bitcoin on a cryptocurrency exchange. These include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Day trading\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Swing trading\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Position trading\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scalping\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Each of the above-mentioned Bitcoin trading strategies has its pros and cons. Later on in this article we would discuss each of these strategies and outline their strengths and weaknesses to help you make an informed decision on the strategy you choose to work it.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Step 5: Store your Bitcoin Safely in a Digital Wallet\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As you begin trading Bitcoin using your preferred cryptocurrency exchange platform, you would need to store your BTC in your digit wallet provided by the exchange.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The digital wallet affords you the chance to access your BTC on your chosen cryptocurrency exchange whenever you wish to trade. But if you plan on holding your BTC for longer, you may need to buy a specific Bitcoin wallet.\u00a0\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Bitcoin Trading Strategies, (plus their Pros &amp; Cons)<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As earlier mentioned, there are different Bitcoin trading strategies you can use to trade BTC. In this section of this article, we will briefly talk about four of the common trading strategies and list their respective pros and cons.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These BTC trading strategies include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">BTC day trading\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">BTC swing trading\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">BTC position trading\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">BTC scalping\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>BTC Day Trading\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This BTC trading strategy involves entering and exiting positions within the same day. What this means is that you make a profit from BTC&#8217;s short-term market movement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pros\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Presents an opportunity for a quick profit\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Better risk management\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Cons\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Might love money faster\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Very short-term outlook\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Closing a deal within a day is difficult\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>BTC Swing Trading\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">BTC swing trading involves a trader taking advantage of short-term price patterns to make a profit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pros\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provides an opportunity to make many long-term decisions\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Less stressful than day trading\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Cons\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quite difficult to learn\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Traders need in-depth research to trade using this strategy\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>BTC Position Trading\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This trading strategy involves buying and holding Bitcoin for extended periods.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pros\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Easier to figure out how to trade using this strategy\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Less stressful\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Market movements are easier to predict\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Cons\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Profits can only be actualized in the long term\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Holding BTC for a long time can be risky\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>BTC Scalping\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Scalping as a BTC trading strategy focuses on short-term market movement that allows a trader to make substantial small but frequent profits on very small price changes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pros\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Quick profits at a high win rate<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Cons\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Risky\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Require proper skill to make a profit\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">\n<h2><strong>Tips to be Successful in Bitcoin Trading\u00a0<\/strong><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here are some tips that can enhance your chances of being successful in BTC trading:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Do your research before making any trading decision. Keep up to date with every news and any key event that could potentially cause price movements.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ignore hype or misleading news\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Build a balanced cryptocurrency portfolio.\u00a0 That is to say, aside from Bitcoin, keep other cryptocurrencies like Ethereum, Dogecoin, BNB, Litecoin, Cardano, and so on.\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you interested in earning income by buying and selling Bitcoin in Nigeria? If the answer is yes, read on &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"How to Start Bitcoin Trading in Nigeria\u00a0\" class=\"read-more button\" href=\"https:\/\/nigerianfinder.com\/how-to-start-bitcoin-trading-in-nigeria\/#more-295810\" aria-label=\"More on How to Start Bitcoin Trading in Nigeria\u00a0\">Read more<\/a><\/p>\n","protected":false},"author":2534,"featured_media":295812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/nigerianfinder.com\/wp-content\/uploads\/2023\/09\/How-to-Start-Bitcoin-Trading-in-Nigeria-.jpg","jetpack_shortlink":"https:\/\/wp.me\/p6w1sx-1eX8","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts\/295810"}],"collection":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/users\/2534"}],"replies":[{"embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/comments?post=295810"}],"version-history":[{"count":1,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts\/295810\/revisions"}],"predecessor-version":[{"id":295813,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/posts\/295810\/revisions\/295813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/media\/295812"}],"wp:attachment":[{"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/media?parent=295810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/categories?post=295810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nigerianfinder.com\/wp-json\/wp\/v2\/tags?post=295810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}