Cryptocurrency is no longer just a new wave of digital financial opportunity. It’s now considered mainstream and a legal way to access wealth like never before.
If you’re new to crypto and looking for ways to start making money in the cryptoverse, then you’re not alone.
I’ve tried making money with crypto in different ways, and I’ve had varying successes. I even lost some quid while at it, so I consider my crypto journey, one filled with mixed fortunes.
Well, in this post, I want to highlight a few ways I’ve tried to make money with crypto here in Nigeria, and how you can too.
Maybe you could get involved, hit a bull run, and make some good money.
Let’s get right to it.
Crypto Savings
The simplest way to make money with crypto is via crypto savings. Most crypto platforms have a Crypto Earn feature that allows users to save their crypto and earn interest periodically.
So, if you are new to crypto and do not have the time to learn to trade or do other crypto activities, then you could just save your crypto and earn between 3% to 10% APY.
Crypto Trading
If you are more adventurous and want to trade the markets for more profits, then crypto trading is the way to go.
This is quite risky and you could lose all your money, so it’s important to up your trading skills before attempting to trade, and only trade with money you can afford to lose.
You can trade crypto via these options:
- Spot Trading: Spot trading is where you trade with your crypto capital on a 1:1 basis. You trade on the spot without any margin or leverage
- Margin Trading: With Margin trading, you can trade with margin, which is essentially a loan correspondent with your crypto capital. Most platforms allow a maximum margin of 1:10
- Futures Trading: Futures trading is where you trade on crypto derivatives, with leverage up to 1:100
Most crypto trading platforms have a Demo feature that simulates crypto trading, where intending traders can practice and perfect their trading strategies before attempting to trade with real money.
It is advisable for new traders to demo trade for a minimum of 6 months before attempting to risk their capital.
Copy Trading
Copy trading is ideal for traders who have an eye for spotting good opportunities in the market but don’t have the time or discipline to follow trades and stick to specific strategies.
All they have to do is find and replicate trades that are performing well, and make similar profit.
Many copytraders have a portfolio of trades that they copy, just like a stock index, and they adjust their portfolio of copy trades based on periodic performance.
Many beginner traders have found that they are more suited to copying trades than actually trading by themselves.
So, if you are not yet confident in your trading skills, but want to still engage in active trading, then this might be a safe option.
Crypto Airdrops
If you have a lot of time on your hands but no money to invest in the crypto market, then you can try making money via crypto Airdrops.
Most platforms will require you to perform specific tasks to be eligible to receive free crypto tokens.
These tasks include:
- Social media following
- Crypto wallet activation
- Complete platform transactions
- Complete quizzes and surveys
- Participate in crypto staking
The more of these tasks that you perform, the more crypto tokens you can earn, which can amount to a reasonable sum over time.
Liquidity Pools
New projects launching on crypto platforms require liquidity to facilitate the buying and selling of tokens on the platforms.
So, they incentive users to stake specific cryptos and stable coins with the promise of earning a few of their tokens.
You can earn free crypto tokens this way, by staking cryptos such as USDT, BNB, MNT, depending on the platform, and you’ll be able to earn free tokens on newly launched cryptos, which you can exchange for fiat and withdraw.
Web3 Content Creation
With the growth of the Web3 comes the need for a knowledgebase to sell project ideas and pass information updates on new products and happenings in the cryptoverse.
Hence, many crypto platforms are now tending towards User Generated Content (UGC) which incentivizes users to create content and earn rewards.
Platforms such as Binance via Binance Square now reward users who create helpful engaging content with a share of the commission from trades on crypto projects they write about.
This means that users can now share ideas, analytics, and trade experiences with others and earn rewards in crypto.
Sell NFTs
Selling Non-Fungible Tokens (NFTs) is a great way for artists and art lovers to make money with crypto.
With NFTs, artists can tokenize and sell their artworks or unique creative work on the blockchain, while art lovers and investors can buy and sell NFTs for profit.
Examples of NFTs include:
- Digital Artworks
- Original music track or instrumental
- Digital Tradable Cards
- Digital Collectibles
- Metaverse Game Assets
Artists need to go through a bit of a learning curve though, in terms of how to tokenize their creative work and choosing the right platform for their NFTs.
On the other hand, art lovers who have a keen eye for great arts can learn to buy underpriced NFTs and sell them for profit.
FAQs on Making Money with Cryptocurrency in Nigeria
Can I make money with Crypto if I don’t have any money?
Of course. You can make money with crypto without having any money. You could earn via crypto airdrops or by creating contents on web3 and other crypto platforms.
What is the Easiest Way to Make Money with Crypto?
In my opinion, the easiest way to make money with crypto is to buy stablecoins and put it into Crypto savings to earn interest. You could also stake that stablecoins to support new projects and earn free tokens.
Can I Make Passive Income with Crypto?
Of course. Crypto savings can give you passive income if you save for longer periods. Most of the time, the longer you save, the more you can earn.
Is Crypto Risky for Beginners?
Yes. Crypto is risky for beginners. So, you have to be careful about what you do with your money on crypto platforms. It’s advisable to use learning tools available on most platforms such as demo trading and the knowledgebase to learn about features and opportunities before risking your money.
Is Copy Trading Risky?
Yes. Copy trading is risky. Even though you are likely copying trades of more experienced traders who have shown a history of strong trading performance, there is still a risk of losing money.
What is the best Cryptocurrency to buy?
It depends. You’ll have to analyze the crypto market to find crypto opportunities that suit your goals.
How much can I start with Crypto Trading?
How much you start with will depend on how much you are willing to lose. It’s advisable to start small and then gradually grow your crypto investment.
