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DO’S AND DON’TS IN CRYPTOCURRENCY TRADING IN NIGERIA

Posted on July 24, 2023July 24, 2023 By Mmadu Abuchi
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Are you a crypto enthusiast? Thinking about getting into the world of crypto trading, if yes, then you have come to the right place. Here, we will gladly help to prepare you before you take the plunge. In this industry, it is essential to be equipped with some key do’s and don’ts that can make or break your crypto journey before you begin. From navigating the volatile market of the crypto-sphere to safeguarding your hard-earned Naira, we’ve got you covered! So, without further ramblings, here are 5 do’s and don’ts in cryptocurrency trading in Nigeria.

Do’s:

Educate Yourself: Knowledge is the ultimate power in the crypto realm. Take the time to learn about the fundamental concepts, different cryptocurrencies, and market dynamics. Plenty of online resources, forums, and tutorials are just a click away, ready to unveil the crypto mysteries. One of the resources we recommend is the Crypto Profit Kit from www.kryptoprofitkit.info/. It is an excellent resource that offers comprehensive and practical knowledge for beginners and intermediate traders alike. This course provides valuable insights and strategies to become a highly profitable trader with a high winning rate. The Crypto Profit Kit covers a wide range of essential topics, from understanding the basics of crypto trading to using technical and fundamental analysis effectively. You’ll also have an active learning and learned community with you, clueing you into opportunities in the market and sharing real-world experiences.

Start Small: Hold your horses! As a beginner, it’s best to start with a small amount of money, and if your trading equipment allows it, a demo account. Get a feel for the market, learn from your wins and losses, and gradually build up your trading expertise. Rome was not built in a day, so take it easy.

Use Reputable Exchanges: There are plenty of crypto exchanges out there, but not all are trustworthy. Stick to reputable platforms that comply with Nigerian regulations and offer top-notch security to protect your funds. Also look into the crypto trading communities and hear what the users from those communities have to say before you choose a particular exchange or platform.

Secure Your Wallet: This is very important, as they say prevention is better than cure, so safety first is the motto. In order to do this get yourself a secure digital wallet to store your precious coins. Hardware wallets are like Fort Knox, keeping your private keys offline and out of harm’s way. But remember, wherever you stash your keys, keep them safe, and in close proximity.

Implement Risk Management: Crypto can be a very wild ride, and fortunes can flip in a flash. Always set stop-loss and take-profit orders to prevent sleepless nights over potential losses. It’s all about preserving that hard-earned cash.

Don’ts:

Chase Quick Bucks: Keep your cool, fellas! Don’t fall for get-rich-quick schemes or FOMO (Fear of Missing Out). Impulsive decisions could leave you with a wallet as empty as the Sahara desert. If you have a plan, try to carefully outline why, to serve as a reminder for when these tempting schemes cross your path.

Invest Without Research: In the crypto world, knowledge is gold. Don’t blindly invest in coins just because your friend’s cousin’s neighbour said so. Do some research, analyse, and understand the projects you’re investing in. Remember, you’re the boss of your own investments and any losses that come about listening to a friend of a friend is not their fault, it’s yours.

Share Your Private Keys: Psst! Keep those private keys private! Never, and we mean NEVER, share them with anyone, not even your best buddy. Your keys are your keys – hold them close!

Panic Buy or Sell: When the market gets stormy, don’t hit the panic button. Selling in a frenzy can lead to hasty decisions and regret. Stay calm and stick to your trading plan like a boss. If you have a good reason for creating that plan before changing it consider the reason you created it in the first place. For example, if you understand that a new coin will rival one you already own and you have placed orders to sell, stick with it unless serious circumstances change and in that case, make serious considerations for what the change in circumstances would mean, then make a decision.

Ignore Security Measures: We can’t stress this enough – security is vital! Don’t compromise on safety. Enable two-factor authentication, use strong passwords, and avoid shady links like you’re dodging potholes on Lagos roads, because if there’s a security breach, there’s no guarantee that whatever is taken will be recovered.

So, there you have it – the essential do’s and don’ts of crypto trading in Nigeria. Now that you’re armed with these valuable tips, go forth and conquer the crypto sphere with confidence! Remember, the crypto market can be as vibrant as a Nigerian market, so tread carefully and enjoy the journey! Good luck!

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