Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software. Wikipedia
The market is not a popular one especially now that we have restriction from CBN on Bitcoin. For those looking for a guide on a perfect and safe place to trade (buy and sell) Cryptocurrencies, you are on the right path.
This post deals extensively on certain questions that may be on your mind and will help you do the needful in the right way.
You need to understand that Bitcoin and other cryptocurrencies are of high volatility. Hence, a lot of Exchange platforms have been established for the buying and selling of Bitcoin and other cryptocurrencies.
However, such establishments have made the hunt for a cryptocurrency marketplace difficult.
For instance, some of these platforms are used for fraudulent activity, after paying or buying, you won’t be credited the paid Bitcoin or cryptocurrencies.
Whereas, some of these platforms are genuine in their trading activity but their charges and commission are on the high side. After buying and trading, the worth of cryptocurrency and Bitcoin that will be credited to your wallet will be too small.
This post shows the best platforms and trusted without fear.
1. Coinbase
Coinbase is a popular platform for buying and selling Bitcoin and other cryptocurrencies. Coinbase is a secure platform that makes it easy to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and more. Coinbase supports almost all the available cryptocurrencies.
Armstrong Brian and Fred Ehrsam are the founders of coinbase on July 20th, 2012. The major idea of creating this platform was to ease the stress of looking for a means to buy and sell cryptocurrencies.
It has evolved from being just an exchange platform to also have a crypto wallet.
Security wise
Coinbase is very secured with two-way authentication. It is very difficult for blackhats to gain access to your Coinbase wallet.
User wise
It is one of the most widely used exchange platforms for buying and selling cryptocurrencies. Presently, this Bitcoin and cryptocurrencies exchange platform has over 33,000,000 users.
Support
Coinbase supports almost all the available cryptocurrencies starting from Bitcoin to Altcoins and also supports almost all the country except Nigeria.
Recently they updated their policy to exclude Nigeria from their support list because of the restriction by the Central Bank of Nigeria prohibiting Nigerian Banks from offering their banking platforms to Bitcoin and other cryptocurrencies traders.
2. Binance
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of April 2021, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Wikipedia
Binance is one of the largest trading platforms now in 2021 because of its low charges and support policy. Most people i know use it.
Binance is a Bitcoin and cryptocurrencies exchange platform aimed at simplifying the task of buying and selling cryptocurrencies.
Launched in July 2017, the platform operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume.
Binance makes it easy for you to know when to buy and sell because it offers you an overview of the recent market price of all the cryptocurrencies it supports.
How Binance works
It does this in the form of a technical analysis chart (for pro traders) by showing the price movement of the cryptocurrency you want to trade (buy or sell) either in weeks, days, months, and even minutes and seconds.
It also shows you the price change in percentage. This is for people who aren’t traders but which to buy or sell.
Binance offers you a wallet when you sign up. This wallet holds your coin for trading (buying or selling).
Security
Binance is not totally safe because in the year 2019, May 7th, it was hacked and over $40 million worth of Bitcoin was stolen.
Support
Binance has a peer trading that makes it easy to trade (buy and sell) and withdraw directly to your local bank account in Nigeria, unlike other Crypto exchange platforms whose policy no longer supports Nigeria.
3. Kraken
Kraken is another great platform for buying and selling cryptocurrencies. Though not popular but has over 5-star reviews from its current users. Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides cryptocurrency-to-fiat-money trading, and provides price information to Bloomberg Terminal. Wikipedia
It was initially designed only for the trading of Bitcoin. But over the years with the evolution and value-added to other cryptocurrencies, it now supports 17 different Altcoins in addition to Bitcoin.
Security
Kraken has been reviewed to be completely safe as there is no record of hacking or misplacement of coins.
Charges and Commission
But it is known for its high charge fees but in exchange and withdrawal.
Support
From the onset even before the ban on a cryptocurrency exchange in Nigeria, its policy has never supported Nigeria.
4. eToro
eToro is a cryptocurrency platform operating on two different purposes – Trading and investing. Established in 2006 in Tel Aviv Israel by Yoni Assia, Ronem Assia, and David Ring for the purpose of investment.
eToro served as a broker for investment. Along the line, lots of people started giving bad reviews of losing their money to this investment platform so they added cryptocurrency exchange to help build the company.
Presently, eToro is recognized as a cryptocurrency exchange platform with a low standard record in the exchange aspect.
It charges $5 on every successful withdrawal on the platform and zero dollar fee for investing.
It is being regulated by FCA, CYSEC, and ASIC so it is safe for both trading (buying and selling) and investing.
From the onset till date, their policy doesn’t support Nigeria but there are promises from them that in the nearest future, Nigeria will be welcomed with arms opened wide.
5. Luno
Luno is a digital platform that supports buying and selling of cryptocurrency, storing cryptocurrency, and an easy means of paying for services.
The initial purpose of Luno was to make it a crypto wallet for storing cryptocurrencies because it is completely safe.
But in the long run, it added trading (buying and selling) features for Bitcoin and cryptocurrency. Trading with Luno is strictly at your own risk because it is not completely legalized to trade by any jurisdiction.
Charges
In terms of service fees, it offers a flat rate for certain withdrawals and at times $0.
Support
Available in over 40 countries including Nigeria. Luno policy used to support Nigeria until CBN’s new ban on cryptocurrencies.
Currently, there are two main ways of using Luno
- The first is to continue your activity with Luno and don’t worry about withdrawing until CBN revokes its ban.
- The second means is to fund your Luno wallet from another external wallet and also withdraw by sending your coins to any external wallet.
6. Coinmama
Coinmama is among the leading cryptocurrency exchange platform to buy & sell crypto with credit card, debit card or bank transfer. It is among the list of crypto platforms that changed its initial form to suit the current trend in the world of cryptocurrency.
It supports exchanges for other top Altcoins to diversify their reach and catch up with the current trend in the crypto market.
Security
When you trade on this platform, it is risky because they don’t have any wallet for traders. You make purchases and buy coins directly with your crypto wallet on this platform. With this system of operation, you stand the risk of either getting your wallet hacked or writing your wallet address wrongly.
Support system
They did not allow Nigeria to buy crypto directly but through a third-party means that they provided.
Besides, the ban by CBN has made Nigeria to be restricted by policy.
7. BlockFi
With Blockfi Trading you can buy, sell, or exchange a variety of cryptocurrencies at competitive prices and start earning interest the moment your trade is placed. Established in 2017, by Zac Prince and Flori Marquez and is located in New York.
Blockfi is a digital investing platform for investing in Bitcoin and cryptocurrency. It was not established for the selling and buying of cryptocurrency.
Though the company can decide to sell off most of its generated Bitcoin and other cryptocurrencies at a cheaper rate.
Security
This platform can’t be said to be 100% secured because it was once hacked even though the CEO claims there was no stolen fund.
Support
Either for the purpose of trading (buying and selling) or investing, this platform doesn’t support Nigeria.
8. Bisq
Bisq is a desktop means of local Bitcoin trading. It is a peer-to-peer means of trading supported by the community. Bisq is an open-source desktop application that allows you to buy and sell bitcoins in exchange for national currencies, or alternative cryptocurrencies.
To trade with Bisq, you need to install the software and run it locally on your laptop only.
Security
This platform offers you a local wallet address for trading (buying and selling) that is not safe because it has no regulations guarding the trade and no strong security.
Before you go on trading, you’ll have to deposit money into your wallet or transfer coins from another wallet.
This type of trading offered by this company is only available for peers in the same community.
Support
Unfortunately, the policy of Bisq doesn’t support Nigeria as there’s no Bisq community in Nigeria.
9. Kucoin
Kucoin is known as Exchange of Choice for Millions. Was founded on September 15, 2017, by Michael Gan, Eric Don, Top Lan, Kuet Li, John Lee, Jack Zhu, and Linda Lin.
It has been known as one of the best and a great platform supporting the trade (buying and selling) of Bitcoin and fast-growing Altcoins like Tron (TRX) and Ripple (XRP).
This platform offers you an instant and safe wallet whenever you want to trade or make an exchange.
Security
Has a record of strong security. The platform is one of the best because it has never been hacked and there have been no recorded cases of fraudulent activities.
The only challenge you might face using this platform is their high charge. They charge over 3% of your coin whenever you’re buying or withdrawing.
Kucoin policy used to support Nigerians until the ban by CBN.
10. Quidax
Quidax is an exchange platform established in 2017 by a Nigerian by the name Bauchi Okoro. It was established with the intention of making cryptocurrencies available for Nigerians to trade in Naira. You can buy, sell and store Bitcoin, Ethereum, Ripple (XRP), Litecoin & other cryptocurrencies with Naira.
Though this platform is not yet popular and used by almost all traders in Nigeria, the reviews from those already trading with this platform suggest that this platform is genuine and safe.
Quidax has its own customized, secured and easy-to-use wallet that it offers to all its traders.
It is secured to date and has zero record of ever being hacked, mishandled coins, or disrupted in the working process.
It is available to all Nigerians but due to the recent ban on cryptocurrencies In Nigeria, no transactions involving Nigeria are accepted in Quidax.
11. Bitpanda
Bitpanda platform makes it easy to buy, sell, swap, send and store Bitcoin, Ethereum, gold and over 20 other digital assets on your phone or desktop. It is an Australian-based cryptocurrency exchange Platform established in 2014.
It has two types of trading – Newbies Trading and Bitpanda Pro trading.
The newbies trading experience can be best described as an exchange where you directly buy and sell with the platform and its available funds.
You don’t need to have any prior experience in trading to be able to use this type of trading.
In Bitpanda Pro trading, you are expected to trade with peers. You offer your coin to be sold at a certain amount and if the amount is accepted by another trader, he’ll buy your coin.
This form of trading requires you to be able to trade like a professional so you don’t end up losing all your coins.
Bitpanda has its own wallet for trading disregarding the form of trading you wish to engage in. It has been recognized as one of the most secure Bitcoin exchange platforms. Even before the ban by CBN, Its policy did not support the traders from Nigeria.
12. Local Bitcoin
LocalBitcoin is a peer to peer bitcoin marketplace based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins. Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins.
The platform serves as an escrow and gives you the opportunity to trade with your peers in your local currency.
This platform has its own personalized website for trading and charges a small amount when you deposit on the wallet or deposit to the wallet.
This platform is completely regulated and hence it’s completely safe coupled with the fact that there have been no negative reviews from people using this platform.
Support
LocalBitcoin supports Nigeria as it’s a P2P means of trading. Even with the current ban by CBN trading on this platform is still supposed for Nigerians.
13. Coinburp
Coinburp is cryptocurrency exchange Platform based in London and founded by Peter Wood in 2015 with the vision of making trading easy for newbies.
At the moment trading with this platform will be very risky and impossible because it’s a local trading Platform functioning in London.
Security and safety
It has no wallet and it’s not completely safe.
Support
This platform does not support any other country except London for now.
How to Buy and Sell Bitcoins and other Cryptocurrencies
For newbies to trade Bitcoin or Cryptocurrencies, it can be very risky because you can end up losing your coins to fraud platforms or incurring a loss.
To prevent loss due to trading in fraud and scam platforms, there are some of the major exchange platforms analyzed here to give you a basic overview of each. All you need do is to go through and decide on which suits you.
Whatever might be your reasons for trading bitcoin: buying & selling crypto with no profit plan or to make profit as a trader, these guidelines are for you
Best Tips to help you trade Bitcoin and earn like a pro
- The first step is to decide on the coin you want to trade with. Know your coin, make research on the coin and understand how the price moves before deciding to trade with it. You ought to have a comprehensive knowledge of your choice of coin.
2. The second step is to choose the platform you want to trade with. You need to understand the platform you choose. You ought to have sound knowledge of the trading, withdrawal, and deposit process of that platform.
3. The third step is to buy when it’s cheap and sell when it’s expensive. There are two means for determining when to sell and buy Bitcoin and other Altcoins – Percentage display and chart calculation.
The percentage display is very common and it’s available in almost all the crypto exchange platforms. It shows you in percentage how much the price of a particular coin has risen or fallen in price.
The rise is indicated with a positive or plus sign and the fall is indicated with a negative or minus sign
The other means of determining when to buy and sell is by reading charts.
These charts are available in platforms that offer advanced trading and peer-to-peer trading. This helps in determining the change in price given a specified duration of time.
While reading the chart, you must watch the candlesticks, if it’s green, it indicates a rise in Price, if read a fall in price.
Certain indicators like MACD (Moving average convergence divergence is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.) and the relative strength index (RSI) (is a momentum indicator used in technical analysis that measures the magnitude of recent price changes to evaluate overbought or oversold conditions in the price of a stock or other asset.) can be employed to aid the reading of the chart.
How to trade Bitcoin and other cryptocurrencies in Nigeria
Trading now is a bit complex because of the current ban by CBN (central bank of Nigeria) on cryptocurrency. Apart from this, there are ways to trade in Nigeria. The first means is to trade with a platform that supports P2P (peer to peer) means of trading. Trading platforms like Binance is the best option for this.
Alternatively, you can continue trading with your favorite platform. Once you decide to withdraw, you either sell the coins locally or send them to an external wallet.
Finally – Best Places to Buy and Sell Cryptocurrencies
Before you dive into crypto trade, ensure to analyze each platform and understand how they operate. You need to learn the act of trading bitcoin to avoid tears.
Trust this guide has been helpful. Please leave a feedback if any in the comment section below.
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