Cryptocurrency is the new gold.
The crypto trends we see daily on our screens aren’t facades, and they will be here for a long time.
The future of money is digital, and the savvy people among us are already aligning their financial goals to that digital future.
Maybe you are one of the savvy few, that is why you are keenly interested in investing in Cryptocurrency.
Not a bad move from your side.
In this article, we’ll be looking at some of the ways to invest in cryptocurrency and build a profitable digital empire right from where you are.
If you put enough effort and do a few things right, maybe, just maybe, you’ll be the next crypto king.
How to begin your Crypto Investment Journey
The way you begin your journey into cryptocurrency investment would determine how you end up.
So, it’s important that you create a lot of clarity around your plans, so that you are able to stay on the path and find the best avenues for value creation.
Create Your Crypto Investment Goals
The first step in your crypto investment journey is to create realistic investment goals.
You don’t want to be too poetic or too restrictive about this. Create your goals according to your level of experience and the kind of resources that you have.
How much ROI do you plan to make weekly, monthly, or yearly?
How much capital do you have to start with and how much growth would be satisfactory?
How much time do you plan to commit to your crypto investment on a daily, weekly, and monthly basis?
Find the right platform for you
Once you have your crypto goals in place, the next step is to find the right platform that can help you achieve your goals.
There are hundreds of crypto investment platforms you can choose from, but only a few can work to your taste.
You have to ask some vital questions to be able to determine the right crypto platform for you.
What payment methods do they accept?
How fast can you get your money in to capitalize on opportunities?
How fast can you get your money out of the platform to receive your wins?
What are the regulatory systems in place? And can you meet them?
Your choice of platform would depend on the answers you provide.
Here are the most popular crypto trading platforms in Nigeria:
Binance is the most popular crypto trading platform in Nigeria. They offer a variety of cryptocurrencies that cater for different kinds of investors.
And the biggest part of Binance is that they are flexible to the needs of Nigerian crypto investors.
Binance also has a network of Nigeria beta users and product advisors, so they are here to stay.
Signing up with Binance is usually a breeze, and the KYC documentation is generally relaxed. So you could sign up today and start trading cryptocurrency in a few hours once your account gets verified.
Coinbase is like the grandfather of all crypto trading platforms.
They made the big bet on the future of cryptocurrency when others were a bit sceptical, and Coinbase are now rightly reaping the rewards.
I believe that Coinbase is more suited to big time crypto traders who are not looking for a lot of trade flexibility but security and scale of investment.
Coinbase is also very easy to sign up with, just like Binance, and they have a lighter version, which is even faster to use.
Paxful is quite popular in Nigeria and Africa as a whole.
In terms of payment options, they are arguably the most flexible platform to use.
But in my experience, paxful is a bad rap for Nigerians, as they have a very strict and inflexible sign up process.
They are also notorious for closing down accounts and telling users to forfeit their funds, but still a lot of Nigerians still use them.
I’ve tried to sign up with Binance a few times, but their machine verification process would not verify me.
I also reached out to their customer care and sent my documents directly for verification, but there was no luck. Hence, I’ve given up on using Paxful.
Create an Investment Strategy
Once you have a goal in place and have found the right platform for you, the next piece of the puzzle is to create your crypto investment strategy.
You have to know the types of crypto you would like to invest in.
Do you prefer more established coins? Or Stable coins? Or trendy coins? Or the high-growth coins?
The choice is yours.
Now, are you investing for the long-term or the short-term?
How long do you plan to hold a particular cryptocurrency?
Again, the choice is yours.
Buying your First Cryptocurrency
Now that you have everything in place, you have to make the bold move of buying your first Cryptocurrency.
You can choose from a variety of payment methods made available by whatever platform you use.
Here are some of them:
P2P crypto trading
P2P is the obvious payment of choice, as it deals with cash.
Almost all crypto trading platforms now facilitate P2P transactions, due to the speed and acceptance.
Gift cards exchange
Gift card exchange for crypto isn’t quite popular, but it is possible on platforms such as Paxful.
Due to the nature of Gift cards, they can only be exchanged for cryptocurrency using P2P transactions.
Payoneer to Crypto Exchange
Payoneer is a popular payment channel for freelancers and global traders.
What this means is that a lot of online workers have funds sitting in their Payoneer accounts.
Now, what if they want to invest some of those funds into cryptocurrency to grow their money?
Doing that is possible on platforms such Paxful and is facilitated via the P2P route.
Online Wallet Transfer
Users of online wallets such as Neteller or Skrill can transfer funds for use in buying crypto.
Even though many of these online Wallet platforms are now transitioning into crypto wallets, most users prefer to keep their money on crypto trading platforms where there is more flexibility to grow their money.
Growing your Cryptocurrency
Depending on your crypto investment strategy, you could grow your crypto as fast or as slow as you want.
There are several strategies to use in crypto trading, and most times, these strategies would determine the choice of cryptocurrency invested in.
The joy of crypto trading is that you could move your crypto in and out of whatever crypto investment you wish, in your pursuit of profit.
Let’s take a look at some of popular crypto investment strategies:
Buying the Trend
Most crypto investors are trend investors.
They follow the crowd in pursuit of profit. Sometimes, they may be right and other times wrong, but this strategy has prevailed.
To profit from a trend, you have to invest early and exit early.
Most of the late comer or late runner investors in a crypto trend are usually the losers.
So, you have to be skilled in finding profitable crypto trends and quick in getting your profit out without letting greed consume you.
It is true that HODLers aka Crypto holders, are believers.
They are also long-term crypto investors who believe that a particular crypto asset would continue to bring them profits.
So, they continue to hold despite the fluctuations of the market.
Most crypto HODLers are early investors in that particular crypto assets and most times have been partakers of big profits.
So, they are bullish on that cryptocurrency due to the belief that profit is made in ‘the buying’ and not in ‘the selling’.
Crypto trading platforms are now incorporating conventional investment models to attract new investors.
In recent times, the growth of stablecoins investment shows that many users do not want to partake in the fluctuations of the crypto market.
Rather, they prefer a predictable or fixed-income kind of growth for their crypto assets.
Hence, platforms like Binance are now shaping up to offer Stablecoins investments that offer between 4% to 10% returns per annum.
Savvy crypto investors who love control prefer to grow their crypto assets via P2P trades.
Not only do they enjoy the freedom and liquidity to do anything with their cryptocurrency, they are able to maximize the profits when a particular cryptocurrency appreciates.
The mantra for P2P crypto traders is the popular ‘buy low, sell high’ that has guided most successful stock traders over the years.
Which is still useful in growing the millennial money that is guiding us into a future of digital finance.Share: