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How to Trade Bitcoin Safely and Securely

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Trade Bitcoin

The unfortunate reality is that scammers continue to plague the digital asset markets. Therefore, it is important to learn how you can protect yourself when trading or investing in crypto. To help you achieve this goal, this guide you will explain how to trade bitcoin safely and securely.

How to Trade Bitcoin

legitimate bitcoin doublerYou can trade bitcoin on exchanges and peer-to-peer (P2P) marketplaces by buying and selling directly from and to other traders. On the other hand, you can place a buy or sell offer, which will appear in a public listing on the exchange. By doing this, you become a market maker.

Market making is the process of providing liquidity to buyers and sellers on an exchange by placing offers and limit orders. Market makers earn money from the difference at which they sell or buy cryptocurrencies.

For example, you can place sell and buy bitcoin offers on Paxful after creating an account and completing the verification process. When you create an offer, you will set the trade limits and the trade margin. The trade limit means that other traders can only buy from you a minimum of ten US dollars and a maximum of 50 US dollars worth of BTC for example.

Use a Trusted Platform to Trade Bitcoin Safely and Securely

Young AfricansThe first step towards trading bitcoin safely and securely is choosing the right platform. A suitable crypto exchange or marketplace should have customer support, it should be transparent, and compliant. Therefore, find out what people are saying about a particular platform, and if it is mostly positive feedback, you can trade on it.

Furthermore, a good platform should comply with any relevant regulations and it should clearly outline terms of service and its privacy, dispute, KYC, and AML policies. Moreover, a good platform is transparent enough to reveal its fees, whether it stores your crypto or not, and what it is responsible for.

For instance, Paxful clearly states in its terms of service that it “does not act as a payment processor.” That means that the liability for the entire payment process lies between the buyer and the seller. Additionally, Paxful explains that it does not custody the digital currencies of its users.

Learn the Rules

Before you begin to trade bitcoin, understand the rules of that platform. Learn how the platform works and what you should do in case a problem arises while trading. Moreover, find out what you can and cannot do. The last thing you want is to get blocked from a good platform for breaking the rules.

Besides the policies and terms of service, you can learn a lot from the FAQ section and the blog. Therefore, make sure that you read through them before you begin trading.

Trade Bitcoin with Verified Traders

Another precaution that you should take is trading with verified users only. Most crypto exchanges and marketplaces require their users to verify their identity through a KYC process. This could entail ID, phone, home address, and email verification. Once users submit these details, the platform will determine their authenticity, then either approve or disapprove their applications.

Therefore, ensure that you trade with traders that have fully completed the verification process because it means the platform has approved their authenticity.

Paxful has several verification levels that give users certain trading rights. For example, if you only verify your email address and phone number, you can only carry out trades of up to $1,000 per trade. If you verify your ID, however, the limit per trade increases to $10,000.

Choose Traders with a High Positive Feedback Score

You are most likely to have a smooth trade when transacting with a user that has a high positive feedback score. Also, read the feedback that other traders have written before starting a trade.

A platform like Paxful allows both buyers and sellers to leave feedback after carrying out a trade. As a result, always trade on a platform where you can view the feedback left by other traders.

Use Escrow

Another safety precaution you can take is to trade bitcoin on a platform that offers escrow. The escrow feature protects the buyer by locking the bitcoin as they make the payment.

The Paxful escrow, for instance, locks bitcoin once a user initiates a trade. Paxful keeps the bitcoin locked until the conditions of the transaction are met. If you complete the payment process and the seller fails to release the bitcoin from escrow, you should report the issue immediately to the Paxful customer support.

Do Not Trade Outside the Platform

Never agree to trade outside a platform because the risk of getting scammed will increase. Therefore, if someone asks you to trade outside an exchange or P2P platform, politely decline.

They could offer seemingly logical reasons for their proposal or offer a better deal. However, if the deal is too good to be true, think twice. Users that make such proposals probably do not have the best intentions anyway.

Cancel a Trade if Something Does Not Seem Right

If the above scenario takes place, you should cancel the trade immediately. Also, if the trader is making other proposals instead of carrying out the transaction as expected, cancel the trade instantly. If possible, report the user to save other traders from getting duped or leave negative feedback.

Note, however, that it is not always easy to tell that something is wrong. For that reason, be alert when trading bitcoin and never be desperate.

Ensure That the Trader’s Names Match

When making a trade, ask for the user’s ID and confirm that the ID name is similar to the bank account name or the online wallet account name.

The process of naming matching will let you know whether you are sending payment to the seller or to someone else. So, if the ID name does not match the PayPal account name, you should cancel the trade .

Trading bitcoin should not scare you. As long as you observe the tips above and refrain from desiring quick and huge returns, you will remain safe.

Aside from trading bitcoin, you can earn digital currency in these other four ways.

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How to Bet with Bitcoin on Football

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With the new football season having started, it’s time to learn how you can bet with bitcoin on your favorite football club. The good news is that many online betting companies now accept bitcoin.

Read on to learn why betting companies love bitcoin and how to bet with BTC on your football team.

Why Betting Companies Support Bitcoin

Since its establishment in 2009, Bitcoin (BTC) has been and continues to be the most popular cryptocurrency, and with good reason. Some of Bitcoin’s most impactful features include:

1. Fast and inexpensive

With bitcoin, it takes a few minutes to send and receive any amount of money. And if you are using the Bitcoin Lightning Network to make payments, transaction costs are a few cents.

2. No third-party interference

Because of its decentralized nature, which makes it impossible for anyone (including governments) to control, you can feel safe to make any payments you want (including to online betting platforms). This also comes with the added advantage of not having to disclose your personal information when making a payment.

3. Supports borderless payments

With Bitcoin’s decentralized nature comes its borderless characteristics. This makes it possible for anyone in the world to be able to send and receive bitcoin payments wherever they are.

Betting companies were among the first adopters of bitcoin because it enables them to reach a broader audience and provide an innovative digital payment option to bettors. From playing a bitcoin slot to betting on any sport imaginable, bitcoin casinos and online betting companies have truly embraced bitcoin.

The credibility of bitcoin as a financial and payment solution is also being felt in the world of football. For example, in April 2021, Southhampton F.C began paying its players bonuses in bitcoin, opening up a whole world of possibility for other clubs to start doing the same.

How to Bet With Bitcoin on Football

Bet with Bitcoin on Football

Betting with bitcoin has proved to be an efficient process for bettors, and betting companies who have embraced cryptocurrency as an efficient payment system.

One of the leading sports betting companies that enables you to bet with bitcoin is Sportsbet.io. So let’s dive in and show you how you can bet with bitcoin on this popular platform.

Betting with Bitcoin on Sportsbet.io

Sportsbet.io is a user-friendly and highly modern betting platform. It has a functional live betting service and is one of the few betting companies that will allow you to bet in bitcoin through a few easy steps.

  1. Register for Sportsbet.io by clicking on the ‘Create an Account’ tab on the top right of the homepage.
  2. Access your wallet by logging into Sportsbet.io. On the top right of the page, next to your balance, click your balance or the ‘Deposit’ button.
  3. Next, you click on ‘Use Currency’ and on ‘Deposit.’
  4. A QR code will appear.
  5. Open your bitcoin wallet, scan the QR code, and choose how much BTC you want to send to your betting account.
  6. You will have to wait for three confirmations on the Bitcoin blockchain for your funds to settle in your SportsBet.io account.
  7. Start betting on your team(s).

Now that we have started you off on your journey, happy betting, and may the odds be ever in your favour!

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How to Cash Out Bitcoin to Naira Using Cryptofully

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Bitcoin to Naira

Over the past few months, Nigeria’s central bank has made it difficult for traders to cash out bitcoin to naira, restricting crypto companies from having a Nigerian bank account. But there is now a cheap and efficient way to cash out your bitcoin to naira.

In this guide, you will learn how to convert your BTC to NGN and receive the money in your bank account within minutes using Cryptofully.

Getting Started on Cryptofully 

Cryptofully is a peer-to-peer payments app that allows you to easily convert bitcoin to naira and automatically settles into your Naira bank account.

Using Cryptofully, you can cash out your bitcoin from anywhere in the world into any Nigerian bank account. The platform also supports US dollars and payment options, including Visa, Mastercard, Google Pay, and Apple Pay.

Cryptofully leverages a local network of peer-to-peer (P2P) traders, enabling it to convert BTC to NGN within minutes. With this P2P system, you are not looking for a peer to buy your bitcoin. Cryptofully automatically matches your trade to the best peer and makes it seamless for the user.  

All that’s needed to cash out bitcoin to naira using Cryptofully is to sign up, complete the KYC, add a bank account and convert your bitcoin to cash.

How to Cash Out Bitcoin to Nigerian Naira

You can cash out your bitcoin to your Nigerian bank account using either the Cryptofully website or mobile app. 

Download the Cryptofully App

mobile app

Step 1: Create an account

  1. Get the app on iOS or Android.
  2. Open the app and register with your email address and verify the email address.
  3. Start the KYC process. Visit Profile, click to Add bank, and add your BVN. You can also add your bank account in this section.

Step 2: Cash Out Your Bitcoin to Naira

  1. Type in the amount you want to cash out.
  2. Then choose to send via bitcoin.
  3. On the following page, you can add your bank account details in the recipient field.
  4. On the last page, you can see a Bitcoin wallet address. Send your bitcoin to that wallet address and within a few minutes, the equivalent amount in naira will settle in your bank account. 
  5. Cryptofully matches you to a peer instantly who sends the money to your naira bank account.

Visit the Cryptofully Website

Cryptofully Platform

You don’t need to sign up or log in with any details on the website to start using it

  1. Go to the Cryptofully website at www.cryptofully.com.
  2. Specify the amount of bitcoin you want to cash out to naira. You can use either the Floating Rate or Fixed Rate. The Floating Rate means the exchange rate can change based on changes in bitcoin prices, and the Fixed Rate means you can lock in an exchange rate for your transaction.
  3. The naira amount equivalent you will get in your bank account will appear below.
  4. On the following page, you will see a space to fill in the preferred bank account you want to receive your money.
  5. Then, you will be shown a Bitcoin wallet address. 
  6. Copy the wallet address and do a transfer to the address. The Cryptofully system matches you immediately to a peer.
  7. The peer sends the money and the money settles in your naira bank account.

Since the Central Bank of Nigeria enacted draconian measures against crypto companies, preventing them from having banking relationships, the peer-to-peer bitcoin trade has flourished in the West African country.

Peer-to-peer payment apps, like Cryptofully, are enabling Nigerians to continue using bitcoin for remittances, payments, and as an investment.

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How to Trade Cryptocurrency on Sikix.io

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Sikix Dashboard

Sikix is a decentralized exchange that allows users to have full control over their funds while trading digital assets. In this guide, you will learn how to trade cryptocurrency on Sikix.

Opening an Account on Sikix

To start trading on Sikix, you have to create an account.

Here are the steps you will take:

  • Visit the Sikix website
  • Click “Register Account”

Sikix

  • Enter an account name and password
  • Hit “Confirm”
  • Save the seed file to your computer and click “I’ve Backed It Up.” You should store your seed phrase safely because the platform cannot restore it for you.
  • Click the settings icon to verify your email address and phone number

Sikix.io

  • Next, go to “Balance” to deposit crypto or fiat into your account. For instance, if you want to deposit BTC, go to bitcoin on the list, click “Deposit” and copy the address provided. Transfer bitcoin to the address and click “Confirm.” Note that the minimum amount of BTC that you can deposit is 0.01.

Sikix Dashboard

  • Once the bitcoin hits your account, you should see the total balance and the USD equivalent displayed on the balance page.

On Sikix, the most common base currencies are USDT and the Nigerian naira (NGN). You can deposit both of them before you start trading. But that does not prevent you from depositing any of the other supported cryptocurrencies.

Depositing Local Currency to Your Account

To deposit naira, follow these instructions:

  • Go to “Balance”
  • Search for NGN on the list and click “Deposit”
  • Enter the amount you want to deposit. The platform will display the fees and the amount you will deposit.

Sikix Exchange

  • The platform will redirect you to a new page where you will enter your card details. Alternatively, you can use any of the other payment methods listed.

Sikix Trading

  • Once the transaction is complete, you should see your newly deposited funds on the balance page.

How to Trade Cryptocurrency on Sikix

Assuming that you deposited USDT in your account, here is how you can trade on Sikix:

  • Go to “Trade”
  • On the left-hand side of the screen, select a trading pair from the drop-down menu. For instance, you can choose the ETH/USDT trading pair. That means that you can buy ether with USDT. Note that the graph shows how the price of ETH is changing against USDT. You can view this change over different periods.

SIKIX DEX

  • On the right-hand side of the screen, select the green box. This box represents the bidding price, which is the maximum amount that you are willing to pay for ETH. The red box represents the asking price, the minimum price that a seller is willing to accept. You can choose to trade at these levels.
  • Alternatively, you can make your purchase through a limit or market order. The limit order allows you to buy ETH at a fixed price. Conversely, a market order enables you to buy ETH at the best market price.
  • Once you have entered the amounts, click “Buy ETH” to open your order. If you placed a market order, your purchase will take place immediately. However, you will have to wait to get a match if you placed a limit order.
  • When your order goes through, an ETH balance should reflect in your account.

Presently, the exchange supports BTC, USDT, ETH, BCH, XLM, XRP, NGN, and CMT with a plan to add more digital currencies in the future.

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