HOW TO START A DIGITAL CURRENCY EXCHANGE BUSINESS IN NIGERIA

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When I first got into the online making money business, I started with trading bitcoin. After I had gotten some extra bitcoin, I needed to convert them into Naira so I started looking for ways to do that then I came across two e-currency exchange companies in Nigeria called ijamexchange.ng and topupgold.com. With them I was able to sell my bitcoin and convert it into Naira (this was awesome).

As lots and lots of people are getting to know about how to make money online and also venturing into the different aspect of making money online ranging from affiliate marketing, blogging, vlogging etc. and using one or more e-payment method such as payoneer, payza, perfect money etc. to receive money they will surely need an exchanger they can sell their e-payments to receive cash deposited into their local bank account. E-currency can also be used to transfer money to other if you don’t want to use Western Union.

Starting a digital currency or e-currency exchange business is one of the most profitable business anyone can consider going into as the market is still wide with not much competitor. Though unlike other online businesses that requires little or no capital to start, you have got to invest cash to start this business but you are sure of a great return on investment (ROI) on any penny used in starting this business.

What Is The Job Of An E-currency Exchanger

As an e-currency exchanger, your job mainly is to provide an avenue where people can come and either buy e-currency by using physical cash deposited to a bank account or sell e-currency where they get credited with physical cash. An e-currency exchanger buys from others at a lesser price and sells to others at a higher price. Example an e-currency exchanger can exchange bitcoin for cash or cash for bitcoin.

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How Much You Can Make

Though this is not a get rich quick scheme but you are sure of making good amount of money in the long run on a daily, weekly and monthly basis, it all depends on the number of client’s base you have. Example you can buy an e-currency for ₦340/$1 and sell to people for ₦360/$1 making a profit of ₦20 per $1. Imagine selling $1,000 which will amount to ₦20,000 per sale and you make a $1,000 sale 2 time in a week which will amount to ₦40,000 a week and ₦160,000 per month.

For you to be able to start this business here are what you need to do

Get To Know The Market

You have got to survey the market to know the demands for each e-currency. As of now, bitcoin, payoneer, paypal, payza, perfect money are in top demand due to people trying to withdraw or send money using e-payment methods.

Learn The Trade

This can only be possible by reading books, attending seminars and getting to meet people that are already into the business. Understudy them, get to know how they structure their website and how they fix their prices for buying and selling. When you have been able to figure out some things then you can go ahead to start your own.

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Register Your Business

Getting to register your business with the Cooperate Affairs Commission (CAC) is very necessary as it gives you the legal right to operate your business anywhere in the country.  For as low as ₦50,000 you can get a registered business name to start your business.

Open An Account With E-Currency Service Providers And Fund It

There are several e-currency service providers you can create accounts with to start using. Make sure when searching you look for those that are genuine because some are fake. Here are a list of some e-currency service providers

Paypal

Payoneer

Payza

Solid Trust Pay

EgoPay

OkPay

Etc.

Once you have successfully setup your e-currency accounts, now it’s time to fund it. The fastest way to fund your account would be to contact other e-currency exchanger and negotiate price with them or you can start your business by only buying from customers until you have enough e-currency to start selling.

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Create Your Own Website

Once you have funded your account the next step is to create a website where your customers can come and make transactions. Your website will probably be the meeting point between you and your customers so you have got to make it look professional. Your website would include a registration area, login area and transaction area and also add a live chat section where your customers can contact you for any inquiry.

Get An Office

This is not very important but since this business can be done both online and offline you would need a place where your offline clients can come and make their transaction.

Promote Your Business

Since you just starting out you would need to get your business out there so people can start patronizing you. There are different ways of doing this which includes: printing of flyers, banners, advertising on newspapers and social media etc.

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