How to Trade Bitcoins in Nigeria for Beginners

How to Trade Bitcoins in Nigeria for Beginners

How to Trade Bitcoins in Nigeria

In this guide, we’re going to show you how to trade bitcoins in Nigeria, whilst maintaining full security. Unfortunately, due to the rise of 419 and scams in Nigeria, the Bitcoin space has been polluted with fake websites. These websites make it hard for people to trade Bitcoins in Nigeria. Thus, in this guide, we’re going to show you how to guide clear out of the scams and trade Bitcoins in Nigeria in peace.

Trading Bitcoins can be a pretty risky venture, depending on your knowledge into crypto currencies. However, with WikiCrypto’s articles on Bitcoin Trading, you can be sure that you have the basic knowledge to trade Bitcoins in Nigeria. So, let’s start with how to trade Bitcoins in Nigeria. You can either choose to buy bitcoins and then exchange them over a standard exchange like CEX.IO. On these exchanges, you can purchase Bitcoins with fiat currency. Once you purchase Bitcoins, you wait until the price of the Bitcoins rises. Then, you sell them over the exchange and get your profit. However, this way of trading Bitcoins can be pretty slow and has low profitability if you invest less than $1000.

A New Way To Trade Bitcoins in Nigeria

Fortunately for aspiring traders, there’s another option for how to trade Bitcoins. It’s called CFD trading and it’s one of the most profitable and popular ways of trading Bitcoins. Essentially the CFD trading market is all about speculation. If you think the price of Bitcoins will rise, you purchase a specific amount of CFDs of Bitcoin. Now, if the price does go up, you make a proportional profit and if the price decreases, you make a proportional loss. What’s great with CFD trading is that you can also short Bitcoins. Shorting Bitcoins refers to selling Bitcoins that you borrow. You sell these Bitcoins on the condition that you will buy them back at a later time. Once you sell them, you hope for the price to decrease. Thus, when you buy it back, it costs you less and you make a good profit. Unfortunately, you can’t short Bitcoins in real life but you can with CFD trading!

Why Trade Bitcoins in Nigeria using CFDs?

CFD trading has many benefits for traders. That’s why it’s one of the fastest growing communities of Bitcoin traders. Firstly, you can short bitcoins on a CFD trading platform. This is unpractical in real life and takes too much time to coordinate. However, on the CFD trading platform, shorting is very easy. You can check out WikiCrypto’s guide for Shorting Bitcoins on a CFD platform. You can also use leverage on a CFD trading platform. Using leverage means that you can borrow money for trades from the platform. Thus, you could trade for much higher sums than the deposit that you did on the platform. You pretty much return the money you borrowed but get to keep any profits that you make on that specific trade. That means that you can make much more profit by using leverage trading than your deposit. However, be careful because the losses can be quite large also, and since losses can exceed your deposit, you’ll have to pay the platform back. Overall, it’s a great way to invest into Bitcoin.

Where to Trade Bitcoins in Nigeria

Plus500 is one of the world’s most popular and profitable CFD trading platform that exists today and for good reason. It has some of the best features on a CFD trading platform; whilst being easy to follow for beginners and versatile for the most experienced traders. You can trade Bitcoins in Nigeria on Plus500. The platform currently enables you to invest in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), DASH and NEM. This is quite a large range of leading crypto currencies compared to all other CFD trading platforms. If you want, you can diversify your portfolio trading Bitcoins and other currencies along with it. The risk-management tools offered to each user are a great way to minimize your risks whilst trading.

 

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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