How To Make Money Trading Cryptocurrencies in 2024

It’s the bull run again, the season that crypto trends, you can’t argue the fact that Cryptocurrency has come to stay, and many people have made and are still making a fortune out of it, we are not talking about Bitcoin alone, we are referring to Cryptocurrency in general, on this post we will guide you on how can trade Cryptocurrencies and make money while doing that, Am making this guide free of any charge for our esteemed customers and followers that are Cryptocurrency enthusiast and would like to venture into its trading.

This guide isn’t a make money investment guide that promotes Ponzi schemes, and platforms that promise high investment returns after a period of time, using referral bonuses to recruit and scam gullible members. This is a guide on how the Cryptocurrency market works, how you can utilize the market, how you can trade on different Cryptocurrencies and possibly make a fortune by doing that.

Trading Cryptos in a layman’s language simply means buying some Cryptocurrencies when the price is relatively low and selling it when it’s high, you can call it hoarding of coins, some Cryptocurrencies and tokens value ranges from $0.0000539 to $1 and are increasing in value every day, now if you can buy thousands of this Crypto coins, hoard them for some days, weeks or months and sell them as soon as the value is high, you will be making a good return on investment within few hours, days or weeks, months or years as the case may be, some cryptocurrencies can grow by up to 100% to 10000% percent within few weeks or months, take a look at the screenshots below

This Coin grew by 167% within a month period

Grew by 106% within one week

This Coin grew by 874% within a month

Grew by 230% within 7 days period

This Coin grew by 930% within a month period

Grew by 480% within a week

Those are few examples among hundreds of coins that have good potentials, plus these coins are valued below $1 that makes it easier for one to buy thousands of them because the profit is in the numbers.

For example, a coin is worth N1.5($0.00366426) per coin and you bought 5000 of that coin at N7500(1.5 * 5000) or $18.32($0.00366426 * 5000), if the coin grew and is valued at N10(0.02442838) per coin you will have N50000(10*5000) or $122.14(0.02442838 * 5000)

The questions you need to ask now are:

How do I know these coins and tokens?

How To I buy and sell these coins swiftly and easily?

How do I Store these coins?

The answers to these questions are what this guide on Cryptocurrency trading is all about, so read on

Things you need to Trade Cryptocurrency

Before venturing into cryptocurrency trading you need to have some tools or resources that will enhance and facilitate the process this includes:

1 ~ An android or IOS Smartphone or PC

2~ A Cryptocurrency Wallet, for receiving, sending and storing of your Cryptocurrencies.

3 ~ An exchange platform, for selling and buying Cryptocurrencies.

4~ Updated Cryptocurrency Coins and tokens Analysis and Tips

5 ~ A source of Cryptocurrency tips, insights, analysis etc, it can be a crypto youtube channel, telegram channel discord channel etc..

How To Make Money By Trading Cryptocurrency

Answering the questions asked earlier is your key to trading and making profit from Cryptocurrencies, so here is it.

1. Have an account on popular exchanges

2. Have a Multi-Crypocurrency wallet

First to start trading Cryptocurrency you need to have a multi-cryptocurrency wallet for storing, sending and receiving of those coins and tokens, we already have a list of the best cryptocurrency wallet where you can store multiple cryptocurrencies, click here to view them and download any of them.

3. Consider Buying Memecoins

Memecoins are those coins that usually have animal or pet names and are mostly for jokes and fun, Memecoins don’t usually have any concrete future projections or goals, example of meme coins are Dogecoin, Shiba inu, Floki, Pepe, etc..

You can make lots of money from Meme coins if you get in early, because their prices are usually very cheap thus you can get as many as possible with few dollars and sell them when the price increases, meme coins can do 2x, 10x, 100x and even 1000x, however you should know when to sell your coins and take some profit, because meme coins are highly volutile, the price the go up 10x this minute and the next minutes is down my 10x

You shouldn’t be too greedy with Memecoins or crypto in general, always have a set limit that you sell your coin for profit because the market is not predictable

4.Perform Cryptocurrency Analysis and Due deligence

The ultimate thing is having an idea of the coins that are not scam projects that worth little cents now and are constantly increasing in value, as shown on the screenshots above, most people charge to give out this kind of information, but we @ androidtechvilla.com will give you that information free of any charge,there are two ways to achieve this:

A. Using CoinMarketCap to Ascertain the Ranking, Value and Price Changes of some Altercoins

Coinmarketcap.com is a cryptocurrency analysis website, that has all the information regarding any Cryptocurrency, the price changes, the ranking, the market capitalization, etc, if a coin is listed on coinmarketcap it means that the coin has been recognized and can be safely traded on.

So here how you can use coinmarketcap to perform your Crypto hunt and research to ascertain the top performing altercoins, meme coins etc, their value and the price changes over a specific period of time.

And like I said earlier you should be more interested in Cryptocurrencies that are worth some cents, with good ranking and marketing capitalization

1~ To do that visit Coinmarketcap.com, or download the app from playstore, you will see the list of top ranked Cryptocurrencies of which Bitcoin is the number 1.

2~ Then click on “categories” to see the coins categorization as shown on the screenshot below

Select any of the Category and scroll further to see the coins that are doing well

3~ Select any of them, then scroll through the page and check it’s price changes under the chart option, you can check the 24hours, 7days, 30days, 90 days or all time price change of the coin.

You should visit their official website, check the community behind the project and how active their ecosystem is and their future and prospective projects or plans for the coins development and adoption

You should also check the hype around the coin on social media, X(twitter), the team behind the coin, especially for meme coins

with that information you will ascertain if the coin is actually doing well or not

B. Using a Multi-Crypocurrency wallet to ascertain the price, Ranking of Cryptocurrencies

you can use any of the Multi-Crypocurrency wallet apps that we shared earlier to ascertain the price changes of some Cryptocurrencies, for this guide we will be using the Trust wallet, if you have the trust wallet app, go to the app settings and add as many different Crypto coins to your portfolio.

To do so, click on the settings icon on the home page

Then Tick as many Crypto coins and tokens to add them to your portfolio

Now that you have those coins, you need to go through them and look for the Cryptos that value some cents, $0. Etc, we will be using Tron for example

Click on the coin and check its growth within a specific time frame, a day , weekly , monthly, yearly etc

This will show the percentage growth the coin attained within any of the time frames, if it looks promising, then you should consider buying bulk some of that coin

Note : You can still buy Cryptocurrencies that worth hundreds or thousands of dollars like Bitcoin, Ethereum, BNB etc, although you might need to buy a good fraction of any of them to be able to make profits when the price goes up, what matters here is that the coin grows constantly over time and not stagnant.

Also, we will soon start sharing cryptocurrency Analysis, tips on coins with high profitability potentials etc, on our various social media platforms Facebook page, Twitter handles, Androidtechvilla Telegram channel and Also on our WhatsApp TV channel, you should join those channels for updated Cryptocurrency Analysis.

C. An Exchange Platform to buy and sell Cryptocurrencies

Your work is not fully done until you are able to buy those coins because not every exchange out there supports some of those Cryptocurrencies, so you need to make use of a swift and trusted Cryptocurrency exchange platform that supports those coins that you will want to hold, this is very vital, because that’s how you can be able to buy those coins with you local currency, and equally sell the coins and get paid in your local currency too whenever you want to withdraw your coins/profits, there are different Cryptocurrency exchange platforms that you can buy and sell Cryptocurrency Binance, Bybit, etc

We at Edozexchange.com equally buy and sell different Cryptocurrencies, you can visit our website to get started.

SAFETY PRECAUTIONS FOR TRADING CRYPTOCURRENCIES(NOT A FINANCIAL ADVICE)

1 ~ Use money you can afford to loose(your spare money)

2 ~ Don’t be greedy or too emotional

3 ~ Have a profit target and sell your coins when you have made some profit

Note that Cryptocurrency fluctuates in nature, and trading in Cryptocurrency involves some sort of risk, it’s very important that you know that, also a coin can pump by 1000% this week and fall by 1500% the next week, just like any investment, while trading Cryptocurrency use monies that you don’t need sooner(your spare money).

It’s very important that you connect to our social media platforms, so as to be up to date with Cryptocurrency tips and analysis

Feel free to drop your questions or contributions via the comment section below.

Best Regards.