The Bitcoin markets can be volatile and daunting at first but timing is key to achieving the most out of your Bitcoin. Whether your sending a remittance or a trader executing a buy order having access to the right resources and the timing can make the difference between securing profit or even making a loss. We will discuss how you can easily and safely trade Bitcoin to make some extra Naira !
There are various factors you should look for when you buy and sell Bitcoin. First you must inspect the volume being traded of Bitcoin. The higher the volume, the higher the potential for the price to move. A rising volume reflects the increased market sentiment. Shorting the market is extremely easy as this is prime time for quick trades buy low sell high and while the profit is small, these trades must constantly be executed and the profit racks up fast.
One quick tip is to examine the buy and sell books on exchanges. From this you can easily view the “walls” where the Bitcoin value has been consolidated. A wall closer to the value can be a signal the prices are set to rise slowly but to a considerable degree.
The exchange you decide to use is pivotal when considering where to buy and sell. There are several factors which you should check including :
– The fees you may have to pay. For traders this is emphasized as even 1% can cut into the profits made. Premium exchanges such as NairaEX have some of the lowest fees on the market beating competitors such as world remit to offer you value for your Naira.
– The exchange rate. The exchange rate for many exchanges is down to spot prices. Ultimately this means the value of your Naira can change within seconds. However many exchanges such as NairaEX employ fixed exchange rates in which the exchange rate is set before the transaction and remains unchanged.
– Information security and identity protection. Some exchanges do require your personal details. Users do feel uncomfortable giving out info to unknown companies and rightly so as many smaller companies can easily carry out identity theft. Exchanges such as NairaEX do not ask for any personal info so you may remain anonymous throughout the transactions.
Please do not take any advice in the article literally as NairaEX or the author can not be held liable for any financial damage.