I never knew the power of this Bitcoin Exchange Business in Nigeria until one afternoon where a single crypto transaction netted me N40,000 in profits in a few minutes. What?

Yeah. That was it.

Sadly I never had the capital back then to continue with the business as the digital asset I sold was from a Ghanaian guy who entrusted me with it. 

Because he was not getting profits by giving me to sell here in Nigeria – as in, there were no routes to send the money to him in Cedes from Naira.

With no way out, I had to return the money to him which also meant I closed my newly found Crypto Exchange Business here in Nigeria and I was out of crypto.

Don’t pity me though. 😕

The thing is, while I couldn’t continue with it as I lacked the capital to, for you today, I will show you how to get started with even N100,000, but note that more is always better – for reserves.

 

What is and how does the Crypto Exchange Business work?

Starting a crypto exchange business means you are placing yourself as a solution for those in the crypto industry. That is to say.

You provide a solution for those who want to BUY & SELL Bitcoin and Altcoins from you. 

With each successful transactions, the customer is happy and you are happy as well with profits from the business transaction which you will see some examples very soon.

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How to Start a Bitcoin and Cryptocurrency Exchange Business in Nigeria in 5 steps

How to start a Bitcoin and Cryptocurrency Exchange Business in Nigeria

  1. Have a crypto bank (Trading or buy from crypto sellers in Nigeria)
  2. Get crypto wallets (Trust Wallet, Binance wallet, Luno wallet).
  3. Build a platform for your exchange (WhatsApp or Website)
  4. Publicity (Open a thread on Nairaland for support and trust level scores)
  5. Build a Customer support system (Live chat or WhatsApp)

Let’s get started.

 

Step 1. Have a Crypto Bank (Trading or buy from crypto sellers in Nigeria)

Like every banking and monetary service, you want to make sure you have a money bank that can serve the masses.

As a new crypto exchange, you want to have at least 1BTC to start with.

Of course, 1BTC is not the maximum, but as you already know, imagine having 10 buyers buying off the BTC in one day and the rest are sent away to your competitors?

So, if you want to act as a crypto exchange you want to make sure you have a crypto bank that is a reserve to serve your clients.

 

Where you can source crypto – using Bitcoin as a case study

#1. Trade and store up Bitcoin. #2. Buy from bitcoin sellers in Nigeria. #3. Invest in your Naira savings.

Option #1. This is only for those who can trade crypto. Where to get cryptocurrencies to start your exchange business is from the profits of the crypto trading.

If you want to start crypto trading to save up money for your exchange business plan then you can see how to trade on Binance.

 

Option #2. A recommended place you have options to buy cryptos low or with price varieties is on Binance P2P as many Nigerians are willing to close deals with you fast.

You have other places such as Remitano Nigeria P2P or LocalBitcoins.

 

P.S – if you are working with the above P2P platforms, kindly take some minutes to know how transactions with P2P platforms work.

 

Option #3. This involves finding bitcoin sellers in Nigeria where you can buy Bitcoin low and sell high to your clients.

To get started, look for sellers on Facebook groups and Nairaland.

Make sure to avoid Telegram scammers.

 

Alternatively, there is a community of both bitcoin buyers and sellers here in Nigeria you can join and buy Bitcoin relatively LOW as you have many sellers and sell HIGH for your client.

Access to this community is with a fee – but you will get it for free. You’ll get what it takes to access it as we go on.

When you join, do well to communicate with other sellers who may introduce you to other legitimate crypto groups.

 

#3. Invest using your Naira savings.

The last way you can start the crypto exchange business is funding via your savings. If you had planned for this for a long time then you can use the proceeds you saved and buy crypto to start the exchange business.

 

In summary, you have to make sure you have enough BTC in reserve for your clients.

 

Step 2. Get Crypto Wallets (Trust Wallet and Luno wallet)

When you are certain of where to get Bitcoin for your exchange business, the next step of action is making use of a good crypto wallet out there.

The top 2 versatile crypto wallets I recommend for this business are Trust Wallet from Binance and Luno Wallet.

While you may want to use other beginner wallets (this is completely up to you), for me, I think these 2 are enough.

Optional: if you have up to 10 BTC, then you need a hardware wallet for reservation. See Ledger Nano S comparison or price in Nigeria.

 

Step 3. Build a platform for your exchange (Website)

Having gotten a source of crypto and the best wallets to use, you need to build a platform wherefore you will transact the business.

Often, the best way to build trust is getting people to know you, and it starts with a business website.

To get on with this crypto exchange business you need a secure crypto website that showcases your portfolio.

To build a website, you can check out this guide from this digital marketing blog.

When you are done building a website, the next best thing to do is to install a live chat plugin for timely response to your clients.

Alternatively, first, download the WordPress plugin and integrate it with your WhatsApp Business for timely notification when a client comes knocking at the door.

 

Step 4. Publicity (Open a thread on Nairaland for support and trust level scores)

With your crypto bank in place, the best wallets to store and transact the business, the next thing is publicity – getting noticed as a crypto exchanger in Nigeria.

The thing with publicity is that you have to go out there and make noise about your blockchain business and brand else no one will notice you.

Just like you will see some examples of crypto sites that are doing this in Nigeria, start by using your social media accounts to announce that you are now into the crypto exchange business.

Going further, since you have contacts on your phone and WhatsApp, make use of that as well. 

Go to popular crypto and tech websites and put up banners, and the most popular one, go to Nairaland and buy adverts placements to put the words across.

 

Additionally, if you want to build a good customer base, be sure to create a Telegram group for your business.

With it, as a seller buys from you and builds trust, he or she (since you both are on Telegram) will buy again and also recommend your crypto business to his/her peers.

 

Step 5. Build a Customer support system

Have you ever heard of a company called Binance?

If yes, you will be amazed to know that they’ve made a profit of more than $800,000,000 in the 3 years they’ve been around. What’s the secret?

Some of the steps are as discussed here.

For them, they were wise enough to offer a good customer support system which eventually built their brand. See below because that is what you want to do as well.

start a Bitcoin and Cryptocurrency Exchange Business

In a bid to build trust with good customer services you want to create a thread on Nairaland with your crypto website name and answer all questions people will throw at you.

The thing is, any way possible you think that getting publicity will pay off go for it. Just go out there and let people know that you exists.

 

Cryptocurrency Exchange Business, How Profitable Can it Be?

cryptocurrency exchange business plan

Without beating around the bush or hyping the structure of the business, the good news is that you will make money if you are consistent over time most especially if you are starting with low capital. Hmm. How possible?

(Using Bitcoin as a case study). Imagine that you can see where to buy Bitcoin at N450/$ and sell for your clients at N480/$.

Let’s say you have $2,000 worth of Bitcoin you bought at N450 = N900,000

Now if at the end of your first week you get $2,000 sale orders. Here is your profit.

N480 X $2,000 sale order = N960,000

N450 X $2,000 = N900,000

N960,000- N900,000= N60,000

 

Excluding what you have above, it is worthy to note that your earnings may be less or more depending on the exchange rate.

For instance, you could sell BTC for N490 instead of N480. Which means you make more money. Hope you get my point now.

Imagine that you can transact $5,000 in a week. Just check out your earnings in a month, and more when your exchange business becomes well known and trusted.

 

To show you that this is a thing in Nigeria, let’s go to Nairaland.com.

It’s 2:35am as of the time of documenting this case study. Going over to https://www.nairaland.com/

On the homepage are 2 crypto adverts.

is bitcoin a legal business in nigeria

For any reason that these 2 banners are on the homepage, the assumption is that it is profitable else why waste money on what’s not working (the front page for that matter).

 

Going over to the Investment section.

how to start a bitcoin business in nigeria easily

You will see that there are also 2 banners promoting the crypto exchange business in Nigeria.

 

Going over to the Business Section.

start CRYPTO TRADING business in nigeria as a beginner

Again in the Business section is a crypto exchange business ad.

The above are just a few on the forum. If you go to the Romance and Travel sections you will find more ad banners promoting Bitcoin-related exchange business.

Even though you might pay N50,000 to learn what I just taught now, the simple truth is that the Bitcoin exchange business in Nigeria is so profitable that the 5 websites below are making lots of money. Let’s see them.

 

Top 5 websites and examples making money with Bitcoin Exchange Business in Nigeria

Below are some crypto exchange websites to take inspiration from if you want to offer the service they are offering.

 

1. Blockvilla

Blockvila is a leading and most trusted cryptocurrency Trading and exchange company – quoted from the site.

Cryptocurrency business in Nigeria

I have been a Blockvilla customer, so, I can say that they are legit and professional in dealing with customers.

Plus, they exchange a lot of cryptocurrencies for you with swift payments.

You can check out the site here.

 

2. Load.ng

LoadNG provides an automated way to receive Naira immediately after sending Bitcoin to the designated wallet – quoted from the site.

bitcoin exchange business plan

You can check out the site here.

 

Redimit

Redimit is a new crypto exchange website where you sell Bitcoin and Get Naira Instantly – quoted from the site.

start Bitcoin Exchange Business in Nigeria

You can check out the site here.

 

Patricia

Patricia is yet another crypto exchange website you can take inspiration from.

bitcoin exchange business plan

You can check out the site here.

 

Cryptofully

Cryptofully is another digital payment service to take inspiration.

bitcoins business in Nigeria

The exchange allows users to send and receive money using cryptocurrency and cash out directly into any Nigerian bank account instantly.

You can check out the site here.

 

Before we round up.

What is the Cost to start a Crypto Exchange in Nigeria?

Cost to start a Crypto Exchange

Just like I said before, the more the capital the better.

But if you are not on a budget you can start low. With that in view, the cost to start a crypto exchange in Nigeria ranges from N100,000 to N10,000,000+.

With a bigger crypto bank, you can serve a lot of clients.

While N300,000 seems a lot more ideal if N100k is what you can afford then no problem as you can always start small.

You just need to hold Bitcoin or any crypto you want to work with.

 

Now since you are starting low, in place of a website, make use of WhatsApp and Nairaland to find small buyers. (I shared with us how to build trust).

Sell to those who need crypto within N300,000. When you run out of assets you reinvest again and do the same till you have more to go big and get a website, place adverts on Nairaland, and expand further.

 

Wrapping up the exchange business in Nigeria.

Just like other top crypto companies in Nigeria such as Nairaex, Blockvilla, Cryptofully, and more are doing it, you can get started today and start a cryptocurrency business only if you are willing.

When in doubt of where to go from here. Just think about what would have happened if you saved up and got started.

See, you don’t need to start big. Just get started with what you have. At least, that is how great things start; small.

 

Here is what to do once again.

Step 1. Hold crypto for the exchange business.

Find where to buy low and sell high. Do your research on this. But I recommend using Binance P2P or Remitano P2P as you have options.

Additionally, a good place to start is a crypto trader’s community we talked about.

If you are interested in the business/joining up in the community of some sellers then leave a comment below the article.

Step 2. Use the best crypto wallets to hold the cryptos

Step 3. Use a website if you have a large crypto bank if not, go for WhatsApp and Nairaland only.

Step 4. Bring in clients – publicity.

Step 5. Build Trust by trying your best to satisfy your customers.

 

Go out there and take action. That is it from me today. 

As part of starting small, if you want to sell Ethereum then start with that, and if BTC, then do the same.

When in doubt of this, I might tell you that some crypto sellers make N1,000,000+ in profits a week doing the same exchange business right here in Nigeria.

 

For comparisons – read also – How to Start Cryptocurrency and Bitcoin Business

Ref. Graphics – Canva.com. Crypto storage, Earning Free Altcoins.

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