Bitcoin over the years has been the outstanding currency from all cryptocurrencies ever known. It’s a good currency to invest on and despite different highs and lows it gets, you’d be so rich if you know your way around it.
I know sometimes these questions come to your mind, should I invest in bitcoin? Will I get 3x what I invested on? Are wallets such as Luno Bitcoin Wallet, Blockchain Wallet, Coinbase Wallet etc. secured enough? Well, you will, but you have to bear it in mind that being successful in bitcoin business is no rocket science. In this article, I’ll like to talk about the tips you should know if you’re someone who wants to be a bitcoin trader in Nigeria.
Trading bitcoin involves you buying and selling. In other words, you’re investing when you buy, and buying with the mindset of getting more money when you sell. But this process has seen people fall short on the good side of trading bitcoin.
But knowing the right thing to do and also making strategic moves will make you a successful bitcoin trader in Nigeria. Nigeria is one of the countries where bitcoin trading is known to be done, means your chances of being successful as a bitcoin trader in Nigeria is very much high.
Table of Contents
5 Tips To Trade Bitcoin in Nigeria
1. Use Secured Bitcoin Wallet
First and foremost, this should be your top priority as a bitcoin trader, you should keep it in mind that bitcoin can’t be traced once you lose it. So as a trader you should use secured bitcoin wallet if you want to buy or sell bitcoin. There are a host of bitcoin wallets that can be considered when selecting the most dependable, they include Luno Bitcoin Wallet, Blockchain Wallet, Coinbase Wallet etc. Using a secured bitcoin wallet is, in fact, one of the most important tips on this list as it helps to safely secure all your bitcoin to avoid being scammed.
2. Avoid Investment Platforms
The only investment you can make as a bitcoin trader is when you buy cheap and sell higher, you might stumble upon websites claiming to double your bitcoins or even on some telegram channels. They’re scams and you should never indulge in such activities as a bitcoin trader that wants to be successful in bitcoin trading.
3. Understand The Bitcoin Market
You should pay attention to the bitcoin market, and as we all know that the bitcoin market is volatile and sometimes bitcoin value changes, though there are factors that could affect bitcoin value, you should always keep an eye on the bitcoin supply, news and events surrounding it. Sometimes bitcoin value depreciates if there’s a breach in security or macroeconomic release.
4. Build A Trading Plan
A traveller with no destination is as good as a sailer with no compass because they’ll eventually get lost. Becoming a bitcoin trader in Nigeria, you have to look at what you aim to achieve, the amount of money you hope to make should not be a top priority in your goals because sometimes it pushes bitcoin traders to become greedy.
5. Profit Target & Stop Loss
It’s never healthy when you invest maybe $500 to $1000 on buying bitcoin and after a couple of trades; you get to realize you even lost more than you bought. That is when you implement your profit target and make use of stop loss.
A profit target is when you decide to sell your bitcoins at the exact amount you bought it and even when push comes to shove, you’ll realize you didn’t end up losing anything. You have applied a profit target and also made use of stop loss.
I believe you have gained or one or two valuable points from this article, now you can indulge in bitcoin trading business as a Nigerian, you have to be smart and keep your eye on every news, publications and events surrounding bitcoin.
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