Cryptocurrency
7 Things You Must Do Before Investing In Any Cryptocurrency
Evaluating a cryptocurrency you want to know if it will be worth investing in has never been an easy job, but in this article, I am going to show you 7 things you must do before investing in any crypto currency. This article will also help you identify legit investments and separate them from rug pull and scam investments.
First of before we start I will like to remind you that crypto is a volatile asset, and by volatile we mean the price is constantly subject to fluctuations and sometimes manipulations. Yes even though crypto is decentralized, its price can sometimes be manipulated, to have a better understanding of price manipulation, I will refer you to this article.
See 2 Ways Market Whales Manipulate The Market And How You Can Avoid Them
So with no further long talks let’s dive into this ocean of knowledge.
7 Things You Must Do Before Investing In Any Cryptocurrency
Contents
How to Evaluate a Cryptocurrency
Step 1: Check the Market Listing
The first step is to look up the project on a cryptocurrency aggregator. The two largest cryptocurrency aggregators are CoinMarketCap and Coingecko. CMC is the most well-known while CoinGecko is known to more smaller-cap projects.
These sites provide a high-level overview of the project: trading history, crypto ranking, a brief description of the project as well as the primary links to the project website and the project’s social media links.
Project Ranking:
The project ranking provides a quick assessment of where the project ranks when compared to all other cryptocurrencies. In July 2022, the total number of cryptocurrencies was 20,268. It’s important to note that not every cryptocurrency is functional or worthwhile. When “dead” cryptos are taken out of the equation, there are only about 10,953 that are still in use. (which is determined by the project’s market capitalization) is a good initial indicator of where the project currently stands.
Depending on your investment style and preferences, you may only be interested in the top 100 ranked projects, which generally offer the least risk. However, if you are looking for those lesser-known ‘gems’ (as we refer to those upcoming projects) with massive growth potential, then you will likely want to be looking for those projects ranking in the 1,000s and above. Projects ranked 5,000s and higher are generally considered highly risky projects and in most cases should be avoided because they have a higher tendency of doing a rug pull.
Market Cap :
The project ranking is determined by the Market Cap and it is calculated by multiplying the current price of the coin/token with the total number of coins/tokens in circulation. In general, the higher the value of the market cap (the higher the ranking) the less volatile and safer the investment (relatively speaking of course).
Price History:
Taking a quick look at the daily, weekly, monthly, and yearly trading history will provide a high-level overview of the price and performance of the project, and trends, and also highlight any potential issues.
Trading Volume & Liquidity:
The trading volume is how much is bought and sold over some time and is a very important metric. Liquidity is a measure of how easily a crypto asset can be bought or sold and this is important as it will allow you to buy and sell when you want, especially when considering low-volume projects where you may not be able to sell out when you want.
A low trading volume of a medium-cap project can also be an indicator of a project which has been abandoned, lacks a real-world use case, or small community and something to watch out for.
Circulating Supply vs Total Supply:
It is also important to distinguish between the circulating supply and the total supply of a project. The circulating supply is the number of coins/tokens which are in actual circulation while the total supply is a fixed value of the total number of coins/tokens that can ever exist.
Bitcoin offers a good reference point when considering the circulating supply and total supply of a project. For Bitcoin, there are only 21 million in total supply while there are about 19 million currently in circulation.
When compared to a project like XRP, which has a total supply of 100 billion and a circulating supply of around 47 billion, the scarcity of Bitcoin coins can easily be seen (thus the higher value for one Bitcoin). Also, in cases where the total supply is of many magnitudes larger, a large influx in the circulating supply can quickly debase the price.
The Price:
While projects which are traded at less than a penny may seem like a good opportunity at first glance, the total supply and circulating supply need to be taken into consideration.
Going back to Bitcoin as an example, with only 21 million in total supply, it has a much lower total supply than many other cryptocurrencies. Using XRP as a comparative example, it has a total supply of 100 billion and a trading price of less than $1.
It’s important to realize that low-priced cryptocurrencies have the psychological effect of seeming like a potentially good deal, but this can only be determined after taking into account the circulating and total supply. Some people look at eye project with the eye of it being the next bitcoin. Doing more than 100x at their current price, but can only be possible when the total supply is not too bogus.
Be wary of projects with an extremely large total supply, which in turn results in a very low market price.
Step 2: Visit the Project Website:
If the initial review of the project details on the cryptocurrency aggregator site looks positive, then the next step would be to check out the project website.
Visiting a project’s official website is a must!
There is no excuse for a poorly developed website. Today it is very easy and relatively inexpensive to develop a clean and functional website. The project website should be well put together, functional and openly share details about the project, the people behind it, the roadmap, and the investors (if applicable).
If the website is of poor quality, has spelling mistakes, is reluctant to disclose to the team members, or even worse is a copy-and-paste of a prior fork, then these are all causes for concern and should be avoided.
The Team (developers, executives, partners, advisors):
For most projects, especially newer projects it is the team and developers involved in the project who are the most valuable assets. It’s the credibility and experience of the team behind the project which will have a direct result in the success or failure of the project. It’s for this reason, a current example of such project is the Aptos. Although they have been actively supported by finance which is a bog name in the industry, but there are still a lot of fishy details, owing to the huge price drop when the coin was launched. It was later found out that the team had staked 80% of the token before they launched and we’re the major retailers when they launched.
When assessing the team, determine the prior experience in the market and prior projects. Is this their first project or do they have a solid history of developing successful projects in this market?
Unfortunately, many smaller projects have been known to fake their team (using AI-generated photos), so it isn’t enough to take at ‘face’ value what the website says. If LinkedIn or other social profiles of the team is provided, it’s always prudent to follow up and verify their authenticity.
When assessing the team, it’s also important to take into account the leadership (executives). Projects with partnerships with well-known firms are also a good sign, but as with most information on the website, verify where possible.
The Road Map & Vision:
As an investor, you are looking into the future potential for the project and the road map and vision are also critical components of the assessment.
A solid project will have a strong and well-defined vision with a roadmap and dates attached providing details for the development at each stage. It goes with the saying, without a clear vision and roadmap, the future success of the project is in doubt. Investing in something you don’t know is just gambling.
Investors:
Does the project already have investors and if so, who are they? Projects which have already been invested in by well-known investment firms are an excellent sign. These firms often specialize in specific niche markets and if they have already invested, chances are they have also done their due diligence and believe in the project.
Step 3: Check Social Media Profiles
If everything looks good at this point, the next step is to check the social media profiles. This step will take a bit more time to assess.
The first social media site to visit is the project’s Twitter account. Twitter is a quick method to determine how socially active the project is and the most recent tweets. It’s also good to note the interaction within the tweets. The number of Twitter followers is another important metric to be aware of. Twitter is currently like the lead platform for announcement of crypto projects.
You Must Check For The Community Behind A Token Before Investing In Any Cryptocurrency
Telegram / Discord
Telegram and Discord are chat groups that can offer even greater insight into the project, the team, and the community. The follower count is a good indicator to look for. Within chat groups, take some time to read through the posts and get a feel for the type of people interested and involved. Are their questions being answered? Groups that overly engage in psychological tactics such as inducing FOMO should be considered red flags. Such FOMO could be used to instigate a rug pull, and you sure don’t want to be part of that.
Reddit is an open community where everyone can share his/views about a particular subject. Oftentimes Reddit will have non-project sponsored groups and or discussion subreddits about the project and the opinions in this community is usually free from fear or favour. With the upvoting system employed by Reddit, it is a great source for ‘street knowledge of what may not otherwise be publicly available.
Things to look for on Reddit include, how active is the community. How many followers are on the subreddit? Does the team offer AMAs (ask me anything)? Is the team helpful in sharing information about the project?
If the coin has potential, there is almost always a Reddit discussion about it. If Reddit isn’t yet talking about it, you are either early to the party or it’s yet another potential red flag.
Step 4: Assess the Community
It’s likely been said many times and worth saying again — No community, no future. It is the community supporting the project which makes it successful! The LUNC and Terra community showed their power in the recent burning of token and we all saw how CZ was coerced into agreeing to their demands.
You should not underestimated the importance of the community. If you are familiar with either Doge or Shibu, it was the community that brought these projects to great heights. The enthusiasm and size of the community play a large role in the initial and continued success of the project.
Look for cryptocurrencies with strong, active communities. This is a good sign that there is genuine interest and belief in the project. Again, it’s worth noting that Reddit and twitter are great places to start researching the community and gaining ‘street knowledge’ not otherwise available anywhere else.
Step 5: Read the White Paper
A white paper is a document created by a crypto project that provides investors with technical information about the project, including the concept, the roadmap as well as how the project plans to grow and succeed.
A project’s white paper can provide insight into the inner workings of the project. Although many white papers may be highly technical, it is an important data point for assessing the quality of the project and the team behind it.
If there is no White Paper, generally this is a red flag. Also, White Papers with spelling mistakes, unnecessary technicalities or lacking basic grammar and punctuation are red flags. Some scam projects use AI generated whitepapers, which make them very bogus and unreal when reading.
Does the coin solve a major problem, or compliment a block chain that does
Step 6: Understand the Utility & Use Case Of The Project
For the long-term viability of a project, it needs to have a well-defined and clear use case. Does the project solve an important problem? If you are looking to invest in this project for the long term, then the answer needs to be a definitive YES.
A project’s success is directly related to something which its users will need (or want). While gaming and metaverse projects may not at first glance solve an important problem, they do offer something people want. No matter the niche or project, it must be able to solve an issue or compliment where another block chain has missed out.
When assessing the utility or use case of a project, it’s important to look at both the current demand and potential future demand. Does the potential future demand include worldwide adoption or is it only local? If you are not able to determine the reasons or motivations for significant future demand, then then it’s likely not a project you will want to hold for the long term.
Step 7: Scam Checks
Unfortunately, there are many scams within crypto and these scams are becoming increasingly more sophisticated, such as malicious contracts and rug pulls which are very difficult to detect for the average investor.
To help protect against these potential scams as well as provide additional (technical) analysis of the project, many free online tools can help
Some of the tools I use include:
Scamsniper
Provides token information, honeypot check, liquidity check,and audit information. Also uses data collected from BSCheckEUu, TokenSniffer.com & StaySafu.org → Scamsniper.net
BSCheck
Provides overall risk assessment, dev wallet information, token owner, and top holder information → BSCheckEUu
RugDoc
This offers overall assessment of smart contracts and identifies potential rugs. Works for projects built BSC, FTM, and POLY contracts blockchains.→ RugDoc.io
youtube video
In Conclusion
These are generic 7-step process for evaluating any cryptocurrency and offers a starting point for those looking to DYOR. However, it needs to be noted that specific niche markets within the crypto space will require slightly different and more specialized assessment approaches, as would be the case in gaming or Defii projects.
Also for people who are into day trading, or scrap trading, you simple cannot be going through all of these steps because of just one trade. It is important that you trade on a platform with good trading metrics options like Binance.
With the growing popularity of cryptocurrencies, trading bots have become increasingly popular among investors looking to maximize their profits and minimize their risks. In this fast-paced and volatile market, trading bots can help traders stay ahead of the curve and make informed decisions in real-time.
Trading bots provide crypto trading signals
Contents
What are trading bot
A trading bot is a software program that is designed to to buy or sell or make trade on behalf of a human. The trading bots are programmed by a set of data and they make decisions involving various market trends from these data. They use statistical model and machine learning to analyze market data and provide trading signals from previous trends.
Trading with bots has continued to gain more attention due to their usefulness in the market they can make transaction at a faster rate and without emotional bias.
They can pretty much can execute transaction at a slated price. The bots can make transaction at a faster rate and without emotional bias compared to humans who allow their emotions to make the best of them mostly during trade analysis.
Why should you consider trading with bot
Automation of trades has gotten more important because the cryptocurrencies market is it 24 hours 7 Days market that has no shutting down or weekend break. It is very difficult for a human being to be monitoring the market all through this period. The bots can analyze the market for a longer period of time and make decisions from this analysis compared to humans who have a very short span of concentration and focus for the market and the trading bot make decisions based on analysis and with emotional bias, since a computer program has no sense of emotion.
Building a trading strategy with a trading bot
Bot trading Strategies
Trading with bot can be programmed to work on various marketing strategies. Some trading bots are designed to just buy and hold while some are designed to work in various scrapping modes (small trading time frames) and different time frames why some are designed to work on various market positions. ie, the market conditions can make the bots to adjust leverage or adjust positions to reduce losses or increase profits.
How crypto trading bots work
The Way Trading bots work is just to analyze market data and market statistics to make future predictions of the direction of movement of the coin or cryptocurrency. When the bot executes such predictions and the predictions turns out to be true, the owner makes profit but if such predictions fail and the trade goes against the bots then the trader will lose a substantial amount of money depending on how much he or she invested in that trade.
The data and parameter that the trading bot assess or make use of in making market analysis are includes technical analysis tools such as MACD and RSI and liquidity, support and resistance level.
Some trading bot also analyse financial, market and economic data to assess the value of a crypto assets and the potential or future value of such assets.
There are also bots which are designed to do copy trading. These bots just copy the trades of a specific experienced trader or a selected trader and use this to execute the same positions for it’s own trades.
Some components of Trading bot
A trading bot is made to work like an artificial intelligence machine that makes decision in place of a human Factor.
Trading bots it has several components, about six of them which are listed below;
Data feed
The first components of a trading both is a data feed, the data field is where the bot gets all it’s market data to analyse and make decision from or structure it and make a future trading signal or future predictions from. The market that are usually scrapped for trading data of any token analysis includes, tradingview, mt4 and mt5.
Trading algorithm
The next one is the trading algorithm the trading algorithm is like the Api itself that makes mathematical calculation based on the inference from the market data to predict the future trading signal of the market or the future movement of the market.
Trading bot calculations and miscalculation
Risk management
The risk management factor involves the features that allow the trading bots to determine how much it should use to place a trade, the leverage, the margin the stop-loss, your entry points and your time frame and targeted profits.
Execution platform
An execution platform is also needed, the execution platform is the place in which you deployed the trading bot. It can be a crypto exchange app, a trading platform like meta4 or meta5 or any of the stock exchange or brokerage market.
Monitoring and optimization
Before the trading both can be deployed into a real market, it has to back tested and optimise and this process is called back testing and optimisation. It is the process in which you use a demo funds or demon funded account on the trading bot to see how well it performs or it will perform in the real market.
The monitoring and reporting dashboard gives helps you track the performance of the trading bot overtime and make the necessary adjustments which you have to do further profits.
Advantages Of Trading Bots
Accurate for analysis
Trading bots are accurate for analyzing market data, and has faster speed for such analysis, market data are quite cumbersome to get around with, but it is not so for a trading bot which can simplify the trades into maths and provide you with the numbers next to come in form of trading signals.
Zero emotion in predicting crypto signals
Most of the time, the crypto market do get the most of traders because they get at the top of their emotions to make profits and make huge gains from a particular trade but this is an impossible scenario with trading bots. As a robot it lacks the ability to feel or be controlled by emotions. Trading can be quite manipulative, and most often, humans do fall for this manipulations and that differentiate bots from them since they don’t base their analysis on emotions.
24/7 Analysis
Market analysis requires constant monitoring especially for scrap trading or trading at a smaller time frames and it is improbable for a human being to monitor his trade for 24hours, 7days a week, but that is not the problem for a trading bot which can constantly and consistently monitor your trade for you even when you are asleep and place the trade on your behalf when it sees a good entry or exit points.
Optimization and fine tuning
Trading Bots can also be optimised for fast or slow profit and the timeframe for which you want the trade to run can be optimised. Your risk management also can easily be optimised from the trading boots so it is easily optimizable for the trader to suits whichever pattern or form of trade you want to place.
Disadvantages of a trading bot
Trading with boots also had some disadvantages some of which are;
Bull and bear market can confuse a trading bot
Over-reliance on historical data
over-reliance on historical data and assumptions. Crypto currencies are very volatile and in some cases they form patterns which do not conform to anynof the previous pattern or trend of the cryptocurrencies. Cryptocurrency repeat history but most of the time it does not follow any pattern of history it’s just create a new pattern.
When such a volatility or unpredictable events formed, the bots loses focus because it is being faced with a problem which it is not trained on. The bot can therefore make decisions that will lead to loss of money.
Dependence on mathematical model and technology
Another one of the disadvantage of trading boots is the over dependence on technology and mathematical models or machine learning when such technology or models fails, it lead to loss of money.
Parameters to consider when choosing a trading bot
One of the most important factors to consider when choosing a trading bot is the ability of the trading bot to be paired with you trading platform. When you chose a trading bot that cannot work on your trading platform you can easily get stranded of what to do next with it.
Another important factor to consider when choosing a trading bot is the ability for you to fine-tune it to your own taste. Most trading bot have limited parameters to reconfigure for your own specific trading so you have to be sure of the parameters in the bots that can be reconfigured.
Several crypto exchange platforms have taken a step forward to create their own trading bot for Traders, all you just have to do is buy the bot and you be able to access the trading bots for a limited amount of time depending on your subscription plan.
Conclusion
We can now see that while trading bot are very good for trading they also have their downside and they are not good enough to beat the expertise of a human being behind a good trading strategy.
Trading bots are awesome for analyzing chat and market trends but for making decisions especially when the trade can be manipulated by external factors it is best that a human being be behind to control the bot.
Cryptocurrency mining in Nigeria has become a popular way to get passive income, as Nigeria is quickly becoming a hub for the industry’s growth. This is as results of the low cost of energy, a growing adoption of cryptocurrencies, and a young population that is knowledgeable about technology, Nigeria is in the best position to benefit from the possible long-term expansion of digital currencies.
Cryptocurrency Mining in Nigeria
Why Cryptocurrency Mining In Nigeria Is The Go
In this piece, we’ll go over some of the probable upsides to cryptocurrency mining in Nigeria, including the chance to broaden one’s income streams, hone one’s technical skills, and get in on the ground floor of a rapidly evolving sector.
If you’re interested in cryptocurrency mining or just want to understand more about this emerging industry, reading on will tell you why Nigeria is quickly becoming a significant participant in the world of cryptocurrencies.
During the past decade, mining cryptocurrency has exploded in popularity due to the ease with which people can earn passive income. Nigerians are no exception to the global trend toward investing in Bitcoin, Ethereum and some other altcoins meteoric growth in popularity. In this article, we’ll look at some of the possible motivations for considering cryptocurrency mining in Nigeria.
Mining ⛏️ cryptocurrency
Low Cost Electricity
One of the main benefits of locating cryptocurrency mining operations in Nigeria is the relatively low cost of power. Mining equipment in Nigeria is significantly cheaper to run than in other countries because the average cost of power in Nigeria is one of the lowest in the world. As a result, miner profits rise, making this a desirable option for anyone considering a career in mining.
Aside from that, alternative fuel used to power up most rigs such as biofuel and diesel are cheap in the country.
Growing Adoption Of Cryptocurrencies
There are few countries as advanced as Nigeria when it comes to the number of people exposed to the use of cryptocurrency. Increasing numbers of Nigerians, a country with a large and growing youth population and a high percentage of technological literate youths, are considering using virtual currencies as a means of online investment and commerce.
Many economist predict that Bitcoin transactions will become increasingly prevalent in Nigeria over the next few years. By starting to mine bitcoin now, Nigerians will be in the advantageous position of being early adopters, putting them in a better position to benefit from any future appreciation in the value of digital currency.
Multiple streams of income
Nigeria is a country that has, throughout its existence, had to fight to overcome economic challenges. Many people in Nigeria are trying to find new ways to make money because of the country’s high unemployment rate and unstable economy. Bitcoin miners can diversify their income streams by earning a passive income while also generating new income. As the price of electricity continues to drop and more and more people begin using cryptocurrencies, crypto mining has become an attractive option for those in need of a supplementary income.
A typical mining rig
Economic growth can be maintained
Despite the fact that the value of cryptocurrencies can be extremely volatile, many experts in the financial sector believe that digital currencies will play an increasingly important role in the future of finance. Nigerians who start mining cryptocurrencies now may be able to benefit in the long run if the value of these currencies increases. Growth opportunities will also be enhanced by the rising demand for mining services as more businesses and individuals adopt bitcoin.
Developments in technology
Cryptocurrency mining requires a high level of technical competence; as such, it offers a chance for individuals to expand their technical knowledge. With the rising demand for technological abilities in Nigeria and throughout the world, it is crucial to think about how mining can provide individuals with a wonderful opportunity to build substantial skills that can be applied in other areas of their professional careers.
To sum up, there are a number of compelling reasons for Nigerians to think about cryptocurrency mining. Cryptocurrency Mining allows people to make money while they sleep and to diversify their sources of income. Elecricity is cheap, cryptocurrency is gaining popularity, and there is room for expansion in the future. These advantages of mining help to explain why this industry is so competitive. As an added bonus, working in the mining business is a great way to pick up valuable technical skills that can be applied in a wide variety of contexts. The practice of cryptocurrency mining is growing in popularity in Nigeria, and it’s a good bet for people who want to secure their financial future by investing now.
crypto mining
Some Cons Of Cryptocurrency Mining in Nigeria
Although cryptocurrency mining in Nigeria has the potential to bring about a number of advantages, there are also a number of unanticipated disadvantages that must be considered.
Here are a few things to consider:
Power outages
Nigerians pay some of the world’s lowest rates for electricity, but the country routinely experiences blackouts and voltage fluctuations. This could lead to unplanned downtime of mining equipment and a loss of revenue.
Availability of hardware
Mining cryptocurrencies like Bitcoin and Ethereum requires specialist hardware like ASIC miners, which may be difficult to come by in Nigeria. This might make mining in the country challenging. Thus, it might be a more challenging and costly task to enter the mining industry.
Regulatory Uncertainty
Miners and investors may face regulatory ambiguity in Nigeria due to the country’s lack of an established regulatory framework for cryptocurrencies. The lack of oversight could make it challenging for mining companies to secure financing and insurance.
Bullish on cryptocurrency mining
Greenhouse emissions problems
Cryptocurrency mining consumes a great deal of power, which could have negative effects on the natural world. Since a large amount of Nigeria’s electrical infrastructure is driven by fossil fuels, mining may contribute to greenhouse gas emissions and other environmental problems in the country.
While there are undeniably benefits to bitcoin mining in Nigeria, it is important to consider the aforementioned potential negatives before getting started. Long-term success in mining may be possible for people who take the time to learn about the hazards they confront and implement measures to lessen those effects.
As more and more people get to learn more about cryptography, people also unravel some of the secrets behind some Ponzi schemes flagging themselves as crypto exchanges. The recent bear market has caused a massive cexodus in the crypto economy.
In case you don’t know what a cexodus is, it is just one crypto jagon used to denote how people are moving thier funds and crypto away from centralized exchanges into decentralized exchanges or hardware wallets. It is more like the bible book of Exodus where the Israelites left Egypt but now it is referring to crypto enthusiast leaving an exchange center.
Cexodus Bring Down Top Exchanges For Crypto Trading
A cexodus is a term fabricated from centralized exchange and Exodus. It means when people are taking their stuffs from centralized exchanges. As the cexodus continues, newbies confused of where to put their money and trade crypto, to that end, this piece will explore some of the best cryptocurrency trading apps in Nigeria and beyond.
There seems to be no shortage of young Nigerians eager to discuss crypto trading, but are they actually following the proper procedures? Lovers of cryptocurrencies who desire the freedom to trade whenever, where ever, and however they like will find trading apps for mobile devices an absolute necessity.
This brings us to the topic of trust between users and the owners of exchanges. To avoid falling prey you need to do thorough research into some of the backbones behind these exchanges and their scheme of operations.
It is worth noting that we have earlier covered this topic in our beginners guide to crypto trading
CBN and naira dollar exchange
The CBN Rule Against Crypto Trading
The Central Bank of Nigeria has outlawed any cryptocurrency transactions within the country due to the high risk associated with such investments and the negative impacts it has had on the country’s exchange rate against the dollar. However, due to the 24-hour nature of the markets, you must always be prepared to either cash in on advantageous opportunities or liquidate some of your holdings in order to limit your losses. The top 5 exchanges for crypto traders in Nigeria are: Binance Coinbase/Coinbase Pro Kucoin Huobi BYBIT
About Binance
Binance is a cryptocurrency exchange and storage platform all in one. The cryptocurrency trading app market is thriving in Nigeria. It’s no secret that Binance is a major player in the cryptocurrency market. It’s perfect for first-time users because it’s straightforward and simple to operate. Since Binance facilitates the trading of so many different cryptocurrencies, it is often regarded as one of the greatest venues for doing so in Nigeria. The Binance app for iOS and Android allows you to buy, sell, and view transaction history for bitcoin. You’ll also have the means to monitor and control all of your active trades and portfolio holdings.
Advantages Of Using Binance
As a trader, you can choose among limit orders, market orders, and stop orders and OCO. Even the least popular cryptocurrencies can be traded using the Binance app, as it supports more than 380 different currency pairs. Credit cards are another option for making cryptocurrency purchases using fiat currency. It’s compatible with both Google’s Android and Apple’s iOS.
Google partners with coinbase
Coinbase
Coinbase is also marketplace for buying and selling Bitcoin and other cryptocurrencies. Nigerians have the option of buying and selling cryptocurrencies on this exchange. Coinbase is simple to navigate and ideal for newcomers. The upgraded mobile application, now known as Coinbase Pro, is available at no cost and offers more advanced trading features compared to Coinbase. It’s available for download from both the App Store and the Google Play store. Just as easy to put into practice. Coinbase Pro is designed for more advanced traders who value mobility and the convenience of always having all the resources they need at their fingertips, regardless of where they happen to be. There is an order book, several orders, a market depth chart, and a candle chart.
KUCOIN
KuCoin is less “safe” than other exchanges because it is smaller and less well-known. However, it has a rather straightforward application. The platform facilitates an extremely large volume of trades. In spite of the fact that the software was designed with novice traders in mind, seasoned pros will also feel at home within its user interface. New design principles were used in the app’s user interface, making it more streamlined, intuitive, and user-friendly. It enables users to do fundamental monetary operations including adding and removing funds from an account, as well as buying and selling cryptocurrencies. It fits in well with the design of the site and looks fantastic. Getting in touch with support is as simple as tapping a button within the app. Trading is simplified by candlestick chart that shows price fluctuations over time. You can sign up for price notifications to get notified as soon as a lucrative chance arises. The program’s apparent ability to manage several accounts is also promising, since it will be especially helpful to the most busy bitcoin traders.
Understanding the market using market Indicators
HUOBI
Huobi: All-in-one platform like Binance. Huobi is a professional digital asset exchange platform that has its headquarters based in Singapore. More importantly, Huobi is one of the few crypto exchanges from Seychelles. From the information on their website, Huobi has millions of users from over 130 countries worldwide. Additionally, the platform supports both cryptocurrencies and ICO tokens. The tech gurus behind this platform believe that the advancements in blockchain will soon lead to the appearance of digital assets. The company was founded back in 2013 in Beijing.
Key Features of Huobi
High liquidity:
Huobi offers high liquidity to its customers; hence you can make a profit from every swing in the market.
User-Protection Fund
just like Binance, Huobi also uses its funds to create an insurance policy for its traders against hacks or even theft.
Institutional trading:
Huobi features institutional accounts that have attracted significant investors from all over the world.
Margin trading:
additionally, Huobi also supports C2C lending and margin trading.
Unique Selling Point
Huobi is pretty much focused on their home town. On this platform, Chinese traders get zero deposit fees and also several other benefits. Additionally, Huobi is designed to cater to all types of traders: both advanced and beginner traders.
Huobi Fees
The platform offers a 0.2% fee on trading and below. The fee will vary on the particular pair. You also have access to discounts when you are trading with the Huobi token.
Pros
There’s a wide selection of cryptocurrencies on the platform. Huobi offers high liquidity. 24/7 customer support system. They also have top-notch security systems.
Cons
The platform is not available to US citizens. And that is all for now guys, up next we will be discussing how to tap into this 21 century stream of wealth and have your money working for you even when the market is in a downtrend.
BYBIT
ByBit: The biggest derivatives exchange in the world.
ByBit is a derivatives exchange from the British Virgin Islands, but currently, their offices are in Singapore. Their services were officially launched at the end of 2018. This exchange typically allows its traders to access leverage of about 100:1. Within the past few years, ByBit has managed to build up a sizeable amount of liquidity. The company operates under the ByBit Fintech organization, and it’s registered in the British Virgin Islands.
Key Features of ByBit
Interesting bonuses:
ByBit always has a new user promotion to get some nice bonuses.
High liquidity:
the daily volume is always within the top 5 crypto derivatives platforms.
Insurance Fund: to manage the risks posed by shortfalls, ByBit uses insurance funds to protect their clients. Typically, this fund can be used in case the trader is liquidated below their bankruptcy price.
2-factor authentication:
when it comes to security, ByBit comes with an extra 2-step authentication process that protects every trader against hackers.
Unique Selling Point
Aside from the continuous improvements of the safety and reliability of ByBit, traders also have access to a 100X leverage that lets you make the maximum profit from every trade. The company also introduced the spot price index as well as the mark price system. All these factors reduce the chances of traders getting manipulated by the market on the platform.
ByBit Fees
On this platform, takers get a 0.075% fee charge per order. On the other hand, the makers get a -0.025% fee charge on their trades. When you withdraw on ByBit, you have to pay a 0.0005 BTC charge. Unfortunately, ByBit doesn’t accept fiat currency. Therefore, it means you will have to find another way to convert your investment to cryptocurrencies.
Pros
It has a lot of extra tools and trading pairs in comparison to BitMEX.
ByBit has one of the best security systems in the business.
The platform allows you to access a 100X leverage.
Things You Must Do Before Investing In Any Cryptocurrency
Cons
- Derivatives trading is very risky and should only be used by experienced traders. Conclusion Here we conclude our platform-agnostic, Android and iOS-compatible list of the top bitcoin trading apps in Nigeria. These cryptocurrency trading apps for mobile were hand-picked, and they offer functionality that many investors seek. The following apps allow you to exchange Bitcoin, Ethereum, Bitcoin Cash, Dogecoins, and Litecoins quickly, conveniently, and securely.
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