Thinking of starting a Bitcoin business in Nigeria? You’re not alone. But wait. How do you start a business you don’t know about?
Never to worry because the cool thing is that, Bitcoin business in Nigeria has lifted a lot of youths from poverty with a staggering unemployment rate in Nigeria.
For you, I don’t know where you are today but the truth is, you can start a cryptocurrency and bitcoin business in Nigeria and earn some income, enough to keep body and soul together.
When in doubt, know that this website is more of an “empowerment platform” for everyone to make money in crypto and not necessarily “core education on crypto tech”.
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Cryptocurrency Training in Nigeria, do you need it?
You know it is funny that a lot of people want to make money trading cryptocurrencies yet they never take the time to learn about it.
The thing is, these sets of people can make money via pure luck and gaming the system, but it will only take 10 or 30 seconds and all they worked hard for is gone through bad crypto trading antics.
In the same way, if you want to make money in the blockchain tech that has taken over Nigeria by storm then there is need for a pure Cryptocurrency training so you are shown everything and what to do.
If this is what you want, the good news is that very soon I will tell you about the crypto business.
After that, you are free to see how to make money with crypto even without knowing how to trade crypto as the professionals are doing it.
Be it as it may, if you already know how the crypto works then no need to waste time. Let’s get it going.
6 Best Ways to Start Cryptocurrency and Bitcoin Business in Nigeria
Here are the best ways to start making money in Crypto as a Nigerian.
1. Start Arbitrage Crypto Business Trading
The first way to making money is by using crypto arbitrage.
While there is an advanced definition to it, in simple terms, it means making money off the price differences in the crypto market and on various crypto exchanges.
For instance, Bitcoin can be selling at $5,000 on Binance.com, and Luno it sells for $5,500.
As an arbitrage crypto trader, you can make money if you buy Bitcoin on the Binance exchange and transfer to Luno to buy Bitcoin back at a higher price.
Let’s assume that by the time you had transferred Bitcoin from Binance to Luno the price difference must have been $50 more on Luno. That is, selling at $5,050 on Luno
After successful moving to Luno, you use the Market order and sell on Luno, you would have made $450.
That is how Arbitrage works generally. You compare 2 bitcoin exchanges, buy low from one, and sell on the other high, and make money off the difference in prices.
The Best Arbitrage Opportunities
Before we see the best arbitrage opportunities for you, here is my rule in crypto. I recommend using only a few crypto exchanges for proper focus.
Here is a combo for you.
- From Luno to Remitano and vice versa – International
- From Luno to Binance – International
- From Remitano to Binance – International
- From Luno, Remitano, or Binance to Blockvilla – locally.
How to Start Arbitrage Crypto Business Trading in Nigeria using International Exchanges: Luno to Binance
Step 1. Sign up for trading accounts and Log in.
Step 2. Fund your account with Fiats.
Deposit money (Fiat – Naira) into your Luno account if you are buying from Luno to Binance.
Alternatively, if you have up to $500 for this business, you can split the amount and deposit $250 in Naira into your Luno account and the remaining half on Binance.com.
#a. Sign up for your account. #b. Click on Deposit #c. enter the amount and choose the payment option you want to use. I recommend credit card with PayU.
You can choose any option that suits you. #d. deposit the funds and move on.
When done, here is a typical view of your funding balance.
Watch out and see how much Bitcoin is being traded on Binance and Luno. The difference is your profits.
Login to your Luno and Binance account and see how much they are being traded.
On Luno, go to “Exchange”.
On Binance, go to “Exchange”.
On Luno I can see that Bitcoin is traded at “N9,242,000 per Bitcoin” with the option to buy lower if a trader decides to sell his at N9,239,000 or sell higher if you have one to sell.
Let’s go to Binance and see if the price is lower, and if yes, we buy there and come back to sell at Luno.
On Binance exchange, go to “Fiat” select Bitcoin and Naira pair – scroll down the page and click on “NGN”.
On Binance, I can see that Bitcoin is being traded at N9,180,460.
At this point, because the price of Bitcoin on Binance is lower than as on Luno, we would, in turn, Buy on Binance and sell on Luno.
To buy on Binance, enter the amount of BTC you want to buy, choose the buy order.
For instant purchase, click on “Market” and click Buy BTC.
Transfer the Bitcoin to Luno
Having bought the BTC on Binance, the next step is to transfer it ASAP to our Luno BTC wallet.
Quickly, copy your Luno BTC address and paste it on Binance and make a transfer.
Copying your Luno BTC address
#a. Go to wallet #b. Click on BTC #c. Click on receive #d. Create a Bitcoin address or copy an old one to Binance.
Make a transfer to Binance
#a. Click on withdraw.
#b. choose BTC #c. paste the BTC address from Luno on Binance and submit.
Selling the Bitcoin on Luno from Binance
When the transfer is completed, come back to Luno and place a sell order.
If you want to sell it instantly, click on “Market” and hit on Sell BTC.
Profit from the transaction:
The Trading price on Binance: N9,180,460
The Trading Price on Luno: N9,242,200 – initial price on Luno.
Profits: N9,242,200 – N9,180,460 = N61,740
At the same time range,
On Luno Exchange
You can buy BTC on Luno at “N9,183,505” and sell it for “N9,223,371.87 NGN “on Remitano.
On Remitano Exchange
Your profits: N39,866
Observation: Because of rapid Bitcoin price changes, the best way to trade on time is to have your funds in Naira ready to transact so you can make reasonable profits.
Again, this method is more profitable with big investments.
This is just one way and using Bitcoin to make money.
The advantage of this method is that losses in crypto is very minimal unless there is a rapid fall on the traded cryptocurrency across various exchanges in the world – which leads to the question “if you’ve experienced such before”.
Again, there is room for more when you use Altcoins.
That is to say, instead of trading Bitcoin to Bitcoin, you can trade Litecoin to Litecoin.
With Altcoins, the case is different as they are even better because the price differences are NOT rapid as compared to Bitcoin.
Going further, there are other 4 ways to making money with cryptocurrency and Bitcoin Business.
The above was just one way to show us that we can actually make money with crypto even if you cannot trade professionally using technical analysis or following the news trend.
Let’s see another less risky way.
2. X2 Altcoin Trading
The next way you can make money with the crypto business is by buying and holding the same coin on 2 different exchanges and selling high wherever one is overpriced or overvalued. Here is what I mean.
Working with Luno and Binance using Ethereum
Since both of these platforms trade Ethereum (ETH), what to do is buy Ethereum on both Luno and Binance and hold. Hold here means, keep, or save.
When once Ethereum is overvalued on either Binance or Luno you sell it out and take the little profits.
Alternatively, you can sell out everything and rebuy when it goes down.
Let’s launch in.
On Luno, I can see that ETH trades at 0.030499
And on Binance, it is trading at 0.030518.
The difference: 0.030518 ETH- 0.030499 ETH= 0.000019 ETH.
The above is the profit for 1 ETH. For any amount you invest, you can evaluate your profits and see your profits.
So assuming you funded both of your accounts with the same amount of crypto you will make money as you sell in profits and buy again as the market triggers back.
3. Crypto Trading for Money
The next way you can start a crypto business is by trading digitals assets and making money for yourself or sell out to others from your profit.
The thing with crypto trading is, it is way easier than Forex.
With that established, you still need to learn how to trade carefully to make money.
Just before you get started if there is a trading strategy you should always adopt it is making use of Stop-Loss.
As the name implies, Stop-Loss is to prevent more losses than you were supposed to lose.
So how does the crypto trading business work?
Crypto trading is making money off those who trade with emotions. If you become emotionalized other traders will make money off you.
Making money off it
After successful trading, you have the option to sell the crypto from your profits to other buyers or simply withdraw the earnings to your bank account in Naira.
Needless to say, with the way the country and economy is, crypto trading has saved a lot of Nigerians from lack and poverty.
If you are ready to get started today, first register for a trading account here on Binance – what I recommend and most Nigerians use for profitability.
Next, click here to see how to trade cryptocurrencies and make money in Nigeria.
4. Crypto Investment at 4% per year
There is yet another way to make money in crypto presented by Luno called Luno Investment. Here is how it works.
Luno allows you the opportunity to lend your bitcoin – invest in a wallet called “Bitcoin Savings Wallet” where you get an interest of 4% per year.
Thinking of where the 4% comes from?
Now when you invest with Luno, Luno gives out the Bitcoin for third-party investors where profits are made, and out of the profits you are given 4% per year.
For instance, if 1 Bitcoin is $10,000, and you invest $4,000, your ROI after one year will be 4/100 x $4,000 = which is $160.
In essence, you will get $4,160 in total.
Click here to learn more about Luno Investment
Before we close, let’s see the other ways you can still make money in crypto.
5. Local Exchangers to End-Users
The next way to make money with Crypto as a Nigerian is by buying from local sellers “LOW” and selling for your buyers’ “HIGH” and making profits off the differences.
For this method, you want to start telling people that you’re a crypto seller.
Apart from individual announcements, another way to publicizing your newfound business is using Facebook groups and Nairaland.
If you are serious then you can do what others are doing on Nairaland. How do I mean?
Simply go on and place a banner on Nairaland to promote your cryptos business. See below.
So, basically, as of the time of writing, you can buy from other sellers at $450-$460 and sell at $480+ to buyers that contact you.
The thing is, this business is super profitable such that a lot of sections on Nairaland are bombarded with digital assets adverts. See another in the “Investment” section.
Still going to the “Business Section” you will see a lot more to tell you that crypto business has saved a lot of people in Nigeria.
And to think that some years ago all these sellers were nowhere to be found is amazing.
But today, they are making it big selling crypto without even knowing how to trade using technical analysis.
Make Money as an Exchanger for sellers
Going further, when you establish yourself as a trusted seller, other sellers will come to exchange their cryptos on your site wherefore you will make money.
For instance, if you go to NairaEx, you will see that Bitcoin sells at N492+ while on Load.ng it is going for “N472”.
Just like there are different rates per seller, for you, you can do the same by selling at your own rate and taking profits off the differences.
Where to buy from other crypto sellers low?
Now if you are serious about this crypto business then you can join a group of crypto sellers where you can buy Bitcoin LOW when the opportunity shows up and SELL for your end-users.
If this interests you then you can join others today.
Kindly note that this dedicated crypto sellers’ community is free, but I don’t want to give this out for free because some of us won’t value it nor take action.
So, yeah, if you want to join the crypto business entrepreneurs, the access to this verified group is $20 in BTC or ETH only.
6. Local Exchangers for Personal Profiting
The last type of crypto business in Nigeria for today is buying from Local Exchangers for personal profiting. Here is how it works.
When you join the crypto community we talked about above, as of the time of writing (the price of Bitcoin consideration), you could buy Bitcoin at N450+/$ and sell it as you’ve seen on Load.ng or NairaEx. Here’s the calculation. ‘
If you buy N100,000 worth of crypto from another local seller in the community at N450/ and sell at N480/$.
Buy – N450/$ at N100,000 = $222.2 BTC
Sell – N480/$ X $222.2 = N106,656
Profits = N106,656 – N100,000 = N6,656
At N200,000 invested you make cool N13,000+ without thinking of BTC price in the general market.
To get started with this Bitcoin business, I recommend you use Luno wallet as the transaction fees are low and at times zero.
And ultimately, withdrawal to your Nigerian Bank account takes 3 minutes which I showed here.
How to get started with this method of crypto business.
- Look for a crypto seller and buy BTC low. If you don’t have any place to start with, you can pay N5,000 or $25 in BTC or ETH and join the community of local traders.
- Get a Luno account for this operation. Luno is free.
- Having bought the BTC low, go to any Nigerian sellers and exchange it for more or sell it to other buyers and make money.
Frequently asked questions on starting a crypto business from home in Nigeria.
Q. How much is Bitcoin in Nigeria, and does the business depend on crypto price differences?
A. First off, to check Bitcoin price in Nigeria, enter “BTC to Naira” on Google and get the price prompt.
And yes, the crypto business depends on the prices they are traded in Naira.
Q. Is this one of the ways to invest in bitcoin in Nigeria?
A. Yes. Because at the end of the day, the sole reason for this is making money off it, so yes, this is a form of crypto – Bitcoin investment.
Q. is Cryptocurrency in Nigeria the best investment?
A. It depends. While a lot of people have asked if Bitcoin is legal in Nigeria. The thing is, Bitcoin is neither banned nor defined as a legal tender.
However, since 2016 or earlier, thousands if not millions of Nigerians have been out of poverty, or at least have food to put on the table due to selling digital currencies.
So, if cryptocurrency gives you the best ROI then you can say that it is the best investment.
You see, the above are just some of the ways to make sense of crypto. I hope this also makes sense to you.
That’s it from me today.
Oh, I know you have a lot of questions, no problem. Just leave them below and I will answer all in the comment section.