Five Must Have Resources For Anyone Looking to Start Bitcoin Trading Business in Nigeria
The OTC Bitcoin trading business in Nigeria is moving at a faster rate then expected coupled with the recent price of naira to Bitcoin in Nigeria.
Many Bitcoin traders prefer to use WhatsApp groups and Telegram groups among others to move their funds without regulations and at their own preferred prices and convenience
Current study suggests that the volume moving on these informal platforms are far more higher than the reports from formal exchanges in Nigeria.
Many youths, are moving into this business. Many others with no prior knowledge are looking for ways and the required resources to get into this business in Nigeria.
Quick Facts: OTC Bitcoin Trading is a type of trading where you can move large funds between one trader and the other. Some others move smaller funds in what can be referred to as Peer-to-Peer (P2P) Bitcoin trading market with escrow service.
We have curated a full list of the tools you need to get onboard and they include:
- An active Bitcoin Wallet with lower fees like Coinomi Bitcoin Wallet
- An Active Naira Bank Account like Kuda Bank Account with no fees on transactions for uo to 25 transactions in one month.
- An upto date naira to dollar exchange rate for the Bitcoin to Naira Market like Binance Exchange, Luno or Quidax Instant buy or sell rate.
- Opening Bitcoin trading account on exchanges like Binance or Quidax and other informal scam free trading groups.
Download Kuda here: and join with this code: 3EH1XLI9.
When you have these tools handy, you can start with referral trading for taking small naira commission without any funds. From there you can move on to trading with your own funds.
How Can I Make Money With OTC Bitcoin Trading in Nigeria?
I know you will be wondering how these people make their money.
Well, they make money by buying Bitcoin at a lower value and selling to another person directly or with escrow service at a higher price.
So when someone buys $100 Bitcoin at 450 per $1 that is N45,000. When he sells it to another vendor, the vendor maybe buys at N46,000 via 460 per $1. Now he made 10 naira per $1 capped at N1,000 profit for $100.
Before starting your Bitcoin OTC Trading Business in Nigeria, make sure you read about it here, before venturing into it.
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