Dec 17, · According to an analysis of bitcoin trading platform Paxful’s database shared with cryptocoin365.de, Nigeria has traded the equivalent of 60, BTC – . Dec 11, · Buy Bitcoin in Nigeria with bank transfers Bank transfer has made any form of trading easy. Whether it is grocery shopping, buying gadgets, or trading bitcoin, you can complete a transaction in a few minutes via bank transfer. Peer-to-peer exchanges allow you to buy bitcoin with naira from sellers using the bank transfer option. Luno is a Bitcoin exchange with a presence in South Africa, Singapore, Nigeria, Malaysia and Indonesia. It offers 0% fees for market makers, meaning you can avoid fees if you place a buy order then wait for a seller to take it. Luno also offers an Instant Buy feature. .
Bitcoin traders in nigeria9 Exchanges to Buy Bitcoin & Crypto in Nigeria ()
Leading brands, advertisers and influencers are taking advantage of the prevailing Bitcoin macro trend, and, this year, Nigeria got its first crypto ATM. The plight of the Naira, the fallout from the pandemic and the efficacy of Bitcoin have combined to bring cryptocurrency to the fore in Nigeria. But what does this mean for the future? And there are signs that more regulation is on the horizon. The publication of a draft framework for a National Blockchain Adoption Strategy, in October, brought with it hope that such a move could revitalize the economy.
The framework includes comprehensive regulatory oversight. Read on the Decrypt App for the best experience. For the best experience, top crypto news at your fingertips and exclusive features download now. Features Long Reads. By Adriana Hamacher 8 min read. In brief Nigerians are turning to Bitcoin in the face of a struggling economy. Bitcoin is propping up businesses unable to obtain the US dollars needed for international trade.
The cryptocurrency is gaining legitimacy as a second source of income, a hedging tool, and a means of funding decentralized protest. Load More. New Bitcoins are generated as a reward for record-keeping of a public ledger called the blockchain.
The process of generating bitcoins is called mining. Apart from mining, bitcoins can also be obtained by exchanging products, services, and physical or fiat currency at prevailing rates. The fluctuating prices of bitcoin allow traders to speculate on the price of bitcoin by buying at low and selling at higher prices or vice versa.
The Securities and Exchange Commission of Nigeria announced in September that it will be regulating the trades of cryptocurrencies in Nigeria. The Nigerian SEC has come up with regulatory standards to promote ethical practices in cryptocurrency trades while enhancing the transparency and security of the traders. Earlier, cryptocurrencies like bitcoin, Ripple, Litecoin, Ethereum, etc were not considered as money.
The price movements of bitcoin and other cryptocurrencies can be speculated on, without actually owning them through CFDs. Any potential trader in Nigeria can trade bitcoins through CFDs directly by creating an account with the brokers that offer cryptocurrency CFDs in Nigeria.
Buying and selling of actual bitcoins involve complexity while there is always a risk of theft from the exchange or your wallet.
This storage security risk gets eliminated while trading cryptocurrency CFDs. The contract for difference also allows traders to take the advantage of leverage, margin, and various other useful features that can enhance the trading experience and increase profit opportunities.
Bitcoins can be bought and sold from an exchange at current BTC prices. Or Bitcoins can be traded through a contract for difference. By dealing with CFDs, the bitcoins are not actually bought, sold, or stored in your wallet. Instead, the price movement of bitcoins is speculated against numerous physical or fiat currencies. Various international brokers offer cryptocurrency trading in Nigeria through CFDs. There are several FSCA regulated brokers in Nigeria while some are also regulated by foreign top tier regulatory authorities.
With the availability of leverage, the traders are allowed to open a bigger position with a smaller initial deposit called margin. Traders in Nigeria can use leverage ratio of to Bitcoin trading through CFD can be better understood with the help of an example.
In this type of Bitcoin trade, you do not hold actual Bitcoin. You are only speculating on the price of BTC i. There a few globally regulated Brokers that offer Bitcoin trading. You can trade Bitcoin against fiat currency like the US Dollar i. These CFD Brokers usually also offer leverage. It is limited to or maximum in the case of Cryptos. Let us now briefly understand some of the common terminologies in Bitcoin trading:.
The Bitcoin price refers to the price of the last trade held through a particular trading platform. It is a crucial point of difference. This occurs as there is no single Bitcoin exchange globally. The price of Bitcoin in certain nations for instance can differ from its price in the Nigeria. This is as the major exchanges in these nations include diverse trades. You will also sometimes see the terms low and high next to the price.
They refer to the lowest and highest prices of Bitcoin in the past 24 hours. Here is an example of a Bitcoin Chart from Volume denotes the number of total Bitcoins traded in a given timeframe. It is used by traders for identifying the significance of a trend, and market sentiment. Major trends are normally accompanied by large volumes of trade. Meanwhile, low volumes accompany weak trends. For instance, high volumes will accompany a healthy upward trend when price increases.
Volumes will be low when the price decreases. You may at times witness abrupt fluctuations in the price. Then, Market Experts advise to check the significance of the trading volume. This is to determine if it is only a minor correction or commencement of a reverse trend. The price at which sellers are prepared for the sale of these pairs is the Ask price. Leverage is the multiplier at which you are allowed trading than permitted by your initial funds for trade.
It is represented through a ratio. The examples of leverage ratios offered by CFD Brokers are , , or 1: Consider a trade transaction with the bid price as 0. It implies that the spread is 0. The movement of the rate of exchange is measured via Pip. It is the unit to determine if you have incurred loss or profit on an exchange.
The value of each pip unit corresponds to 0. This determines your actual loss or profit in fiscal terms. You must select a renowned platform offering CFD trading on Cryptos. The Broker must offer a robust platform for trading. You must be easily able to conduct technical analysis on it. The platform must also enable you to quickly execute trades with a vast choice of Cryptos at lowest fees.
Brokers will generally have a page where they compare their fees, like this page on Hotforex for their BTCUSD trading conditions comparison for different account types. Moreover, you must be offered access to a web-based or downloadable platform by the Broker.