HOW TO BUY CRYPTOCURRENCIES USING YOUR LOCAL BANK ACCOUNT
The question many people are asking is: how will I buy cryptocurrency? This piece will answer this question.
The advances in mobile technology has made it easier to buy cryptocurrencies using your fiat/country’s money- in the case of Nigeria, the Naira. Below are three reliable ways that you can follow to buy and save cryptocurrencies safely.
· Binance: Binance is one of the biggest cryptocurrency exchanges that has launched operations into Nigeria recently. To use Binance to buy and sell cryptocurrencies, you need to download the binance mobile app on your phone and register with your email and create a password. Once you register, Binance will give you a cryptocurrency wallet which you can use to buy and store cryptocurrencies into. Cryptocurrency wallet is your bank account where you can receive and send money.
With Binance mobile app, you can do KYC(Know your Customer) and enable your wallet to connect to the Naira bank account so that you can use your naira account to buy cryptocurrency any time. Just download the app and start buying and saving cryptocurrencies.
· Luno : Luno is another great cryptocurrency exchange to buy and sell cryptocurrency exchange in Nigeria. You can download luno mobile app and complete your registration and KYC to create wallets and start holding cryptocurrencies.
With Luno, you can transfer money from GTBank account and any other bank account into your Luno Naira wallet account and use same to buy cryptocurrencies almost instantly.
· LocalBitcoin.com : Local Bitcoin.com is a great website where people can sell bitcoin to other people directly. On localbitcoin.com, you can only sell and buy bitcoin; you can not buy other cryptocurrencies like Ethereum, Bitcoin Cash, etc.
Just type the above website into your computer browser to register and start buying and selling bitcoins.
UNDERSTAND CRYPTOCURRENCIES RISK
Cryptocurrencies are risky asset that offer high return on your investment. So, when buying them, remember that you are taking a risk because their market prices rise and crash. Because of this risk, you need to know when to buy cryptocurrencies and sell them.
My final word on this is: the cryptocurrency market is volatile because prices will always rise and crash. The best strategy to invest is to identify one or two coins such bitcoin and Ethereum and buy when the price crash and sell when prices rise. Luno and Binance mobile apps are good tools to use to follow and monitor prices of cryptocurrencies.