The economic decline of Nigeria has pushed the adoption of crypto and bitcoin to certain levels never experienced before. Transaction volumes have declined a lot as of late. Hence, people are looking for trading bitcoin in Nigeria. Are you looking to trade bitcoin as well? The decline means for several exchanges that there are a lot of people looking to buy or sell crypto and open a wallet. In case you are a beginner, investing in bitcoin may seem complicated, however, it is easier when it is broken down into steps:. Here is a detailed guide on trading bitcoin in Nigeria:
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Know the Value of Bitcoin
The first thing you have to identify is that you don’t need to purchase a whole bitcoin at once. Every bitcoin is divided into a unit of crypto called Satoshis. It can be divided down to 8 decimal places. That means a single Satoshi is equal to one-hundredth millionth of the bitcoin and one bitcoin is 100 million Satoshis. Hence, you can purchase any number of units based on your risk appetite. However, you can buy a different amount from different exchanges. QXChange is a global exchange available in Nigeria enables you to buy a fraction of one bitcoin from $15.
Go For Exchange
While there are a few ways of buying bitcoin, some experts suggest going through an exchange for beginners. Such exchanges take measures to make sure that funds by investors are protected and they also make the procedure of beginning your seamless and easy journey. Exchanges may also assist you in keeping record of your transactions. Exchanges come with a wallet as well.
Therefore, you would have to download a wallet using the Google Play Store, create an account on an exchange platform, and offer your personal ID and documents in case you are using a platform that demands KYC (Know Your Customer). Most exchanges would allow you to pay with your debit card or transfer from your account directly.
Deposit the Money
Once you get your wallet linked and connected, the next step is buying bitcoin. A lot of exchanges enable you to buy bitcoin with your local currency such as the naira. You would need to deposit money into your wallet and this may come at a cost. There are a variety of charges for a bank deposit. It is crucial to research the charges associated with every payment option that works in the best possible manner for you. After you deposit the amount you have selected successfully, the next step is to click on the buy option.
Track Your Transaction
Different exchanges provide different ways of tracing the record of your transactions. After each withdrawal is confirmed, your bitcoin would be sent from your wallet onto the blockchain in order to be validated on the way to destination. If you want to trade bitcoin in Nigeria, QXChange offers the best platform where you can buy and trade bitcoin. It is a trusted platform with a great track record.
