Binary Options Cryptocurrency Nigeria
Cryptocurrencies have changed the face of many things in Africa and Nigeria. However, one of the most noticeable ways in which cryptocurrencies (and Bitcoin) have had effect in Nigeria is the level of economic liberation they have brought – and are still bringing – to many Nigerians. Some Nigerians have become millionaires from trading and investing in cryptocurrencies and binary options cryptocurrency Nigeria, and listed below are some of them.
Why do you need them and their stories? Getting to know people who have succeeded at crypto will surely give you the motivation you need to keep at the game. Furthermore, there are several lessons you can learn from these persons.
In no particular order, successful crypto investors/traders in Nigeria include:
1) Gaius Chibueze
Popularly known as the “Bitcoin Chief”, Chibueze is a Nigerian early Bitcoin investor and crypto trader. He is a popular crypto educator and a passionate advocate of Blockchain and Blockchain-powered solutions to social problems.
Chibueze ranked among the top traders on the global cryptocurrency platform, Binance, in 2019 and has consistently retained the spot ever since. He is the founder of ABiT Network, a group of companies utilising cryptocurrencies to create value. One of the products of the company is the ABiT app, a mobile app for learning, buying and selling cryptocurrencies with a multi-coin wallet to run easy crypto transactions.
He recently pioneered a new cryptocurrency, Tatcoin, represented as $Tat, launched under his ABiT Network. Tatcoin is still a token, but on the way to becoming a full-blown crypto coin.
2) Sam and Steve Nico Williams
This duo is brothers (identical twins). They are of Nigerian descent although based in London, UK. These brothers, both aged 40, pioneered the Populous (PPT) cryptocurrency which at one point was the 52nd most capitalised crypto coin in the world. This gave the brothers a combined worth of £41 million.
Outside Nigeria, there are thousands of people who have made significant sums from cryptocurrency investing or binary trading Nigeria; in fact on a much bigger scale. Listed below are some of the persons believed to be the richest crypto millionaires.
1) Barry Silbert
Popularly known as “The King of Crypto”, Silbert is the CEO of Digital Currency Group, a group of companies that invests in multiple cryptocurrency applications and technology.
2) Dan Morehead
The founder of Pantera Capital, the first investment fund focused only on crypto. Since founding in 2013, Pantera has generated over 24,000% for its investors.
3) Michael Novogratz
A hedge fund legend, he holds at least $500 million holdings of Cryptocurrencies.
Bitcoin Binary Options Trading Nigeria
Bitcoin binary options trading is becoming more and more popular in Nigeria. Nigerian traders can participate in bitcoin binary options trading by signing up with one of the binary options brokers that we listed on our website.
Some of the most popular bitcoin binary options trading Nigeria brokers are IQ Option Nigeria and Binary.com Nigeria.
Beside trading bitcoin binary options, Nigerian traders are also interested in buying and selling Bitcoin, and not just trading binary options on bitcoin.
A Bitcoin broker is a company that facilitates the buying and selling of Bitcoin as well as other cryptocurrencies.
There are several Bitcoin brokers you can find around. In the past, Nigerians had only the option of foreign brokers to conduct Bitcoin transactions but in the last couple of years, indigenous Bitcoin brokers have arrived on the stage.
Essentially, a broker allows you to buy or sell Bitcoins on their platform. This purchase or sale of Bitcoin can be done with the broker directly. That is if you need Bitcoin you buy straight from the broker; similarly, if you want to dispose of it, you sell to the Broker.
On the other hand, the exchange simply creates a platform for buyers of Bitcoin and the sellers to meet each other and make Bitcoin trades. Essentially, the Bitcoin exchange does not sell or buy to you; they simply serve as a platform to connect you to potential trade partners.
There are advantages and disadvantages that apply to both systems. Nevertheless, most recent Bitcoin companies operate both models, that is they operate as both a broker and as an exchange. Thus, they can connect you to potential buyers or sellers and they can also serve as the buyers or sellers. It is up to you to choose which model you want to work with based on the advantages and disadvantages.
For instance, in the pure Bitcoin exchange model, there are seeming bigger chances of fraud occuring, as your trade partners can create fake transactions to fool you. This may also happen in the case of the Bitcoin broker model, especially if you fall into the hands of wrong broker; however the chances are very slim.
On the other hand, the Bitcoin exchange allows you to bargain and negotiate prices. This way, you can get the best possible deal for you.
However, in the Bitcoin exchange model, you will have fixed prices irrespective of whether it is a good deal for you or not.
Furthermore, with the Bitcoin broker model, you may be restricted as to the time at which you can conduct transactions. These are companies that have open and close office hours; as such, you are limited to trading within those times only. However, with the Bitcoin Exchange, you are trading with fellow traders who can be available at any time of the day.
However, we must note that there are different models used by Bitcoin brokers, and it is quite important for you to understand this, so as to avoid an unpleasant experience.
There are chiefly 3 types of Bitcoin broker models, namely:
- Broker OTC broker
- P2P exchange
- Trading Platform
1) Bitcoin OTC Broker
Known as over the counter broker, this is the simplest type of broker model, and in fact, the earliest model. With this model, you are trading directly with your broker. To purchase Bitcoin, you send money directly (Fiat currency) to your broker who in turn credits your Bitcoin wallet. To also sell, you send Bitcoin and receive Fiat currency, paid via your bank account or other payment channels.
This system has a number of benefits; one of which is that you can be rest assured that you can never be scammed (provided you trade with a credible broker).
There are downsides on the other hand. For instance, most exchanges don’t operate throughout the day; this means you can’t conduct Bitcoin trades off business hours or even on weekends.
2) Bitcoin P2P Broker
P2P means “Peer to Peer”. As the name suggests, the Bitcoin P2P Broker does not buy or sell Bitcoin from/to you. They simply connect you to other traders who are willing to sell/buy Bitcoin and other cryptocurrencies. The exchange just serves as an escrow or intermediary between the traders.
One of the benefits of this system is that one can trade at any time one wants to. Similarly, there is none of the bureaucracy that comes with trading OTC directly with a broker. There is a flip side, however. This method opens one to different forms of fraud. In case of a sell transaction, a fraudulent trader on the other side might trick you into confirming a trade, leading you to lose your coins.
3) Trading Platform
These platforms make it possible for you to trade and earn from price movements in the cryptocurrency markets, just like you trade forex and other markets. Pairs available for trading include BTC/USD, BTC/ETH, amongst others.
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