Ngozi NwaubaniCrypto trading in 2022 still offers high rewards and is still risky. Before jumping into it as a business, you should know a few things or add the skill to your collection of investments or side hustles. If you are getting into cryptocurrency in 2022, don’t forget the Chinese proverb:
The best time to plant a tree was 20 years ago. The second best time is now.
Chinese proverb
As an aspiring crypto trader, you need to get comfortable with the terms and conditions of trading. Despite the ban on crypto in Nigeria, thousands of Nigerian crypto traders are still trading and earning daily from their Nigerian homes. Unlike Twitter, Nigeria can’t make thousands of cryptocurrencies trading platforms, and their IP addresses disappear. It’s a good thing that Crypto was created to be a decentralized system and put a stop to government control and manipulation.
Cryptocurrencies are now accepted around the world; missing out on a chance to educate oneself about this trend is not advice I will give. Many people plan to buy and invest in crypto this year. If you’re one of them, this is how to start.
1. Join a practical crypto class or take a short course
As a newcomer, there are things you need to understand in crypto that you will not get from your personal research. When I was learning about cryptocurrencies, I had to join a couple of zoom classes to get the hang of things. You need someone to teach you the basics, whether online or offline. It must be practical research, and you need to be equipped with your materials during the class. You need to install different applications for trading, information, and wallets. You sometimes need to have funded your trading wallet to follow the training properly. You need to learn how to use these applications, learn about elements, trading pairs, etc.
2. Get acquainted with the online crypto community
It is always a good idea to be a part of a community for business or social reasons. For cryptocurrency, it is essential to be part of it. Cryptocurrencies are primarily built on the community; people trade daily with themselves, which sets the supply and demand of coins. It is good to know what others are doing in the same trade as you if they are losing or making profits. There are thousands of WhatsApp groups, telegram channels, and Reddit groups, and you can join as many as you can handle. Communities can help you in the following way;
Sending signals – Admins and ‘trading gurus’ give updates on when to buy and sell. They provide info about new coins and valuable tips to help novice traders and veteran traders.
Warn against scammers– A collaborative community filled with different people who have encountered different things. There are always warnings about scam coins, illicit websites, and members can also ask questions and get guidance.
3. Learn the language of crypto
This is how crypto traders communicate with themselves. Don’t worry; it’s not a new programming language like Javascript or something. It’s just a few acronyms about expressions. They are phrases that are shortened and used when conversing to inform others about what is happening in the crypto scene quickly.
For example, DYOR- Do your own research means that you should research it whenever you get information on groups and communities. In crypto trading, no one gives financial advice; everyone is in it just the same as you take risks. Therefore, no one can assure you or bet their lives on promises. Other slang and their meanings can be found here.
4. Funding your crypto wallet in Nigeria
Before you can trade crypto, you’ll fund your wallet to trade, but you cannot link your bank account or transfer payments thanks to the Nigerian ban. Well, there is a solution for that. With peer-to-peer trading, it is possible to fund your account quickly. There are peer-to-peer trading platforms like Paxful that can help you get your crypto wallet funded. Some vendors sell stable coins (USDT) to sellers who want to buy with legal tender as in money.
You send the amount of money you want to be exchanged to the vendor’s bank account, and they credit your crypto trading platform. Don’t worry; it’s safe. Vendors can’t elope with your money because the platform stands as a middle man. Or, if you are skeptical, you can ask crypto traders you trust to exchange for you just the same. A lot of crypto traders do this also as a form of business.
5. Decide on a cryptocurrency exchange
Choosing a suitable crypto exchange is about balancing things like ease of use, fees, and other factors. Over the years, several types of crypto exchange hacks offer security, and some have third-party insurance that gives an extra layer of protection.
It would be best to use a suitable exchange for you, it might not be the same as the one with which you received your crypto training, but most exchange platforms are similar. When you become part of the community, you can ask others about this, or better yet, check out a list of top cryptocurrency apps and exchanges to find out more.
6. Research the cryptocurrencies you want to buy
There are over 17,000 cryptocurrencies on the crypto market right now. New coins often spring up, but you need to focus on the solid ones for businesses — cryptos like Bitcoin and Ethereum with reputable teams. You need to first get familiar with these coins before exploring because these coins determine how the market works.
When branching out, remember to DYOR about smaller coins and their profitability. You can do this by Looking into the management team, the purpose of the crypto, how many tokens it has issued (or will issue), and how those tokens or coins are distributed. You are less likely to fall victim to a crypto scam by researching. Besides coin trading, you can look into mining coins, collecting airdrops, and buying NFTs.
Final Note
Remember, cryptocurrency is about trading to make a profit. Though some coins may add value over time, you need to know and accept that sometimes you may win and other times not. To be a crypto trader, you need to constantly be online to monitor the market, updates, prices, fluctuations, etc.
Please don’t rush into crypto simply because everyone else is doing it or you are scared of missing out. Instead, work with what you can afford to invest and make your own decisions. You need to be committed to the trade, and if you can accept all that, you will excel.
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