Rumors regarding cryptocurrency have been circulating in Nigeria over the past month that CBN (Central Bank of Nigeria) has banned cryptocurrency.
As a result, people are less likely to invest in cryptocurrency. However, recently Adamu Lamtek issued a legal statement from the CBN stating that cryptocurrency is not banned in Nigeria. On the contrary, it has been restricted only for transactions in banks.
According to the official report, the CBN does not intend to discourage traders. Therefore, you shouldn’t pay attention to such rumors because there is no truth in them. Consequently, start trading in cryptocurrency to make a good profit. This guide provides complete information on cryptocurrency trading in Nigeria.
Overview of Cryptocurrency
Cryptocurrency is a digital currency that is being used for online trading. It has attracted the attention of many traders because of the fact that traders can trade online all over the world and make their business known in other countries.
Furthermore, money is easily transferred from one country to another in no time. Thus, cryptocurrency is also known as borderless money or digital asset.
Is Cryptocurrency Legal in Nigeria?
The use of cryptocurrency is illegal in some countries of Africa. However, there are no laws or policies in Nigeria that oppose cryptocurrency. Accordingly, the use of cryptocurrency in Nigeria is completely legal.
Read also: COVID-19 Attracting More Players To Forex Trading – Expert
Popular Cryptocurrencies Used for Trading in Nigeria
According to a recent Statista global consumer survey, 32% of Nigerians trade in cryptocurrencies, which is higher than other country in terms of rates. The following types of cryptocurrencies are widely traded in Nigeria.
Steps to Trade Cryptocurrency in Nigeria
1- Create a Brokerage Account
You must have a brokerage account to trade in cryptocurrency. Therefore, the first step is to create a brokerage account. There are various brokerage platforms for account creation, but the most commonly used in Nigeria are eToro, Gemini, and Coinbase brokerage. The information needed to create an account includes your name, social security number, email address, date of birth, and address.
2- Link Your Bank Account
After creating an account, in the second step, you have to link your brokerage account with your bank account. The account is mainly linked via wireless transfer and debit card. However, the wireless transfer is the cheapest way to link an account.
3- Select Crypto to Trade
Most traders in Nigeria prefer to invest in Ethereum and Bitcoin. This is because technical methods are used to predict the growth of these altcoins, which is beneficial for traders. Besides, some traders invest a portion of their capital in small altcoins. Nevertheless, these altcoins have high volatility, which sometimes cause traders to suffer losses.
4- Depositing Naira in your Cryptocurrency Wallets
Furthermore, when you trade in cryptocurrency, you must have a cryptocurrency wallet. You can use a hardware wallet or software wallet to secure your cryptocurrency. However, a hardware wallet is more secure in terms of security as it secures information privacy and access control by taking it offline.
Coupled with, if you want to store your cryptocurrency in a hardware wallet, you should use Ledger. Thus, according to the remarks of the merchants, this is the best wallet. Furthermore, the most commonly used wallets as software wallets are android, google chrome, and iOS.
Well-known Exchanges for Cryptocurrency Trading in Nigeria
These exchanges are popular among traders for cryptocurrency trading in Nigeria:
Conclusion:
Furthermore, if you want to make a good profit by trading cryptocurrency, you should use british bitcoin profit. It’s an automated trading platform that has helped traders make tremendous profits in a short period. If you are new to trading, it’s better to start with an auto trading platform.
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