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Economy

How Can You Buy Cryptocurrency Online?

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buy cryptocurrency online

Cryptocurrency is the digital currency that can be used to buy goods and services. In recent months, the interest of people in this form of currency has increased many folds due to its trading for profit, with speculators at times causing the prices of cryptocurrencies to soar many times.

How much potential cryptocurrencies have?

Some people believe that some cryptocurrencies such as Bitcoin have the potential to replace the current currency system that is traded in terms of gold. Bitcoin and Ethereum are two well-known cryptocurrencies, but new cryptocurrencies are also being introduced and invested in.

Ethereum is the second-largest cryptocurrency which has gained huge potential as a long-term investment. When the legality of cryptocurrency is questioned, the monetary regulatory authority Central Reserve Bank argues that there is currently no legal framework applicable to these types of currencies.

Bitcoin, Ethereum, Ripple, EOS etc. are some of the examples of cryptocurrencies having some or more monetary value. The past four years have seen cryptocurrencies become prevalent in every region of the world.

How to buy Cryptocurrency Online?

Coming to the point of how you can buy cryptocurrency online, it can be bought through exchanges and stockbrokers, or from other owners. The risk of investing in digital assets is always kept in consideration while buying the currency as Bill Gates says that people should think wisely before investing in Bitcoin or any other cryptocurrency if they have less money than Elon Musk. This implies that everyone on this earth should invest wisely.

Where to buy cryptocurrency online?

For buying cryptocurrency online, four major steps are to be performed. Firstly, one has to choose where he or she wants to buy the crypto. They can use any of the mediums of their comfort including exchanges and traditional brokers.

How to buy Cryptocurrency at Cryptocurrency Exchanges?

Cryptocurrency exchanges are online websites that help you in buying cryptocurrency in exchange for your local currency. Payment methods used at these exchanges are bank transfer or payment through credit card. Some of them also accept Paypal. There are a lot of exchanges with different levels of security. The most common methods followed at these exchanging centres are as described below:

  • First step is to register yourself with your credentials;
  • Second step is verifying your identity. This can be done through your identity card, passport or driving license;
  • Next step is further verification to secure your account called two-step verification.

Once you are done with the above, you can start buying cryptocurrency online on the exchange. You can buy and hold your cryptocurrency or exchange it with any other cryptocurrency.  

Precautionary steps while trading online:

  • Check the security of the exchange;
  • Transaction fee;
  • The number of payment methods available;
  • The amount of time needed to activate your account;
  • Checking the user reviews related to a certain exchange.

Summing it up, you can buy cryptocurrency by following the above simple steps. You should search for the best broker exchanges for cryptocurrency such as Coinbase, Coinmama, CEX.io, Bitstamp, Kriptomat etc.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Akara, Kulikuli, Roasted Corn Business Not Capital Intensive—Remi Tinubu

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remi tinubu

​By Modupe Gbadeyanka

Nigeria’s First Lady, Mrs Oluremi Tinubu, has given Nigerians business advice that may not involve a lot of money to start.

Speaking with newsmen recently, the wife of President Bola Tinubu said businesses like akara (fried bean cake), kulikuli (a crunchy snack from roasted peanuts or groundnuts) and roasted corn can be set up without breaking the bank.

She disclosed that to support her husband’s Renewed Hope agenda, she has provided funding packages to traders and others to the tune of N3.5 billion.

“To start akara business doesn’t take a lot of money. To start roasting corn and kuli-kuli doesn’t take much. We didn’t give them a loan; we gave it to them as a grant,” she stated.

She further said, “We’ve encouraged Nigerians as best as we could, what is within our hands, I have given, and I keep giving. Those are the things we’ve done.”

“I remember giving for TB (tuberculosis) when I heard of many TB cases; I gave N2 billion, to breast cancer, I gave N1 billion, and to [tackle] malnutrition, I gave N500 million.

“These are the things we’ve been doing to assist the government. So, we’ve had impact in agriculture, social investment, education (as scholarship and ICT training) and others. We are still open to doing more,” she disclosed.

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Economy

NASD Exchange Extends Winning Streak by 1.70%

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NASD OTC stock exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange rallied by 1.70 per cent on Thursday, June 25, after three price gainers overpowered the two price losers recorded at the close of business.

Consequently, the market capitalisation of the trading platform increased by N43.79 billion to N2.618 trillion from N2.574 trillion, and the NASD Security Index (NSI) improved by 72.96 points to close at 4,362.32 points, in contrast to Wednesday’s 4,289.36 points.

Yesterday, the price advancers were led by Nipco Plc, which chalked up N31.79 to close at N349.76 per unit versus the preceding day’s N317.97 per unit. Okitipupa Plc gained N18.00 to end at N298.00 per share versus the previous session’s N280.00 per share, and Central Securities Clearing System (CSCS) Plc went up by N7.11 to N86.79 per unit from N79.68 per unit.

On the flip side, Nitrox Industrial Gases Plc crumbled by 32 Kobo to close at N21.09 per share compared with the N21.41 per share it closed at midweek, and Food Concepts Plc depreciated by 25 Kobo to N2.51 per unit from N2.76 per unit.

During the session, the value of securities traded by investors went down by 86.7 per cent to N10.9 million from the preceding session’s N82.9 million, and the volume of securities dropped 84.9 per cent to 10.9 million units from the previous 82.9 million, while the number of deals grew by 84.2 per cent to 35 deals from 19 deals.

At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.4 million units exchanged for N4.7 billion.

GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

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Economy

Bears Plunge NGX All-Share Index by 0.64% to 235,074.54 Points

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NGX All-Share Index

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.

For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.

As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.

Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.

Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.

Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.

Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.

The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.

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