How to start cryptocurrency trading in Nigeria

0
379

In this blog post, I’ll reveal how you too can join the few people packing cryptocurrency money every day in Nigeria. This information will help you if you are located in other countries too as this guide is applicable to people who want to start cryptocurrency trading from anywhere in the world but with monumental focus on Nigerians.

The cryptocurrency industry is becoming fast growing and widely accepted across the globe with key players in the economy joining the league. Cryptocurrency is a digital assets that can be used for payment processing or as a legal tender commodity by itself. Most cryptocurrencies we have in the world are decentralised meaning, there’s no central authorities or governments controlling or regulating its use. They store their transactions in a distributed ledger called blockchain which is saved securely on the computers of users on the network. Cryptocurrencies are volatile which makes them very risky to invest. You can earn big and at the same time lose big if you don’t play your games well. This why trading cryptocurrencies and hedging against losses through informed decisions is essential than just HODLING and that’s why I will be revealing how you too can get started with trading cryptocurrency and earning profit by yourself.
Instead of you having to read some cryto jargons on trading, I have made it a lot easier and stress free to learn cryptocurrency trading all for free without any charges. The training is less course oriented but more of a hands-on practical with videos showing how to carry out every steps you need to take provided. Also, I’ll be breaking down the terminologies surrounding trading charts and trading by itself. You don’t need to worry about when to buy or sell as trading signals and indicators will be provided on when to buy and sell at a particular price. You just need to follow the directions I’ll be providing with videos illustration to follow. Meaning, you’ll learn trading by following the same strategies I’m using to make profits with explanation given about the rationale behind every action taken by me. With time, you’ll get to understand the technical analysis surrounding cryptocurrency trading which you can apply on your own as you get used to the system.
I’ll be employing technical analysis of price actions and interpretation of price chart patterns by identifying key signals that drive price change in the market.

Basics of cryptocurrency trading

Trading cryptocurrency involves buying certain cryptocurrency assets when the price is expected to increase (that is, when it’s low) and selling it off at point the price is expected to fall (when it’s high). This technique of cryptocurrency trading involves analysing price movements through the use of indicators, looking out for signals for next price trends. Common indicators used in technical analysis of cryptocurrency price include trendlines, channels, moving average and momentum indicators. It’s noteworthy to know that, the decision of traders based on technical analysis of price charts is subjective rather than objective. So, trader’s decision in the market is more based on their experience with the price chart and the asset being traded. The intrinsic skills in trading cryptocurrency or any asset is in identifying the supports and resistance levels which are basic signals that traders look out for in making decisions whether to buy or sell an asset.

Why you should start trading cryptocurrency

The cryptocurrency is billions of dollars in market cap and this is just a fraction of the fiat currency in circulation. This shows that the cryptocurrency is still young and fast growing. Many institutional investors are joining the fast and robust economy which has the potential to replace the traditional currency. This is a strong reason why you should invest in this economy as early adoption will give you an edge over others as the world gradually becomes digital. So, trading cryptocurrency now and building your digital portfolio could be a smart long term investment as the prices of these digital assets are bound to increase as the world slowly adopt them. Trading cryptocurrency on the other hand could be a good short term investment that is capable of financing your dialy needs.