Cryptocurrency is everywhere. All over social media, you are likely to run into TundeBTC, Amaka.Eth, Ima.sol, and similar nicknames. You want to be one of them but don’t know how to start. Or you’re simply curious about crypto as a concept.
This article is for you, welcome.
Here are 5 things you need to know to be a proper crypto bro and get started as a crypto trader in Nigeria
1. Do Your Research
Cryptocurrency, blockchain and other related concepts can seem complex to understand, particularly with the way it is spoken about online. It often comes across as rocket science that can only be comprehended by super geniuses. We can assure you that point of view is a limited one and only exists for gatekeeping purposes.
This may sound overly simplistic but all it takes is a google search to start off your journey into demystifying cryptocurrency. There are tons of articles, crypto blogs, podcasts, and youtube videos explaining different terms and concepts within the crypto-blockchain ecosystem. Filter the social media crypto noise and do your own research. A great place to start is this free online crypto academy where all the crypto terms are explained in layman terms for quick understanding.
2. Use a Reliable Cryptocurrency Exchange
There are many crypto exchanges online, which is a good thing. The problem however is selecting the right one for you. As a crypto trader, there are certain basic criterias an exchange platform must meet such as low barrier entry, easy KYC process, affordable rates and 24/7 customer service.
As Nigerians, we need an easier way to get into crypto and exchanges that are tailored to our reality are the best fit. Fortunately, we have several homegrown crypto exchanges like Quidax, Buycoins and Yellow card. They all have amazing features. Quidax has an order book and 0% maker trading fee. Buycoins has instant P2P. Yellow Card has quick crypto-to-cash conversion and vice versa, little to no transaction fees, best rates in the market, plus you can literally trade with just 500 Naira.
3. Keep Your Eyes and Ears Open
Crypto trading requires a significant level of alertness. While it is inadvisable to dedicate every waking hour to monitoring the charts and keeping up with crypto online community discussions; It is necessary to stay up-to-date. Keep your eyes open for change in trends and keep your ears open for trading tips.
4. Avoid Market Peer Pressure
Peer pressure in the crypto ecosystem is very real. Even the most experienced traders have fallen prey to it at one point or another. Some might say it’s part of the cryptocurrency experience. Still, crypto peer pressure or FOMO (Fear Of Missing Out) can be avoided by always doing due investigation before buying any coin, token, NFT, or investing into a defi or web3 project. The crypto-blockchain ecosystem is as full of scammers as it is full of genuine innovators. Do not let market peer pressure coerce you into staking all your money on a scam project or investing all your funds into a scam coin/token.
5. Never underestimate security of your assets
Online security has never been as important as it is today. If you look up “crypto hack” on the internet, you will find over 10 serious hacks that have happened just this year alone. Your money and assets deserve to be stored in a safe wallet. You deserve to trade on a platform that values the security of your identity and assets. Exchanges like Yellow Card understand this and have fully implemented safety measures to ensure your funds stay protected.
Trading crypto is not as mysterious or as exclusionary as social media makes it out to be.
You just need two things – research and a solidly built cryptocurrency exchange to get you going.
One of the best things about choosing Yellow Card as your crypto exchange is that with just 500 naira, you too can become a Bitcoin Baddie or a Boss.eth. You also get great USDT rates, because what good is your money if you can’t get the best value for it? Sign up to sell USDT at the best rates in Nigeria.