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7 Steps to Start a Crypto Business in Nigeria by Partnering With Coindirect

Become a full-time Trade Vendor on Coindirect and make a career out of cryptocurrency in Nigeria.

If you are looking for a new online business opportunity, see if trading cryptocurrency on Coindirect full-time could be for you. You can choose your own working hours, set your own prices and create your own Offers on the peer-to-peer marketplace.Coindirect is a platform that let’s local users easily buy, convert, sell and store over 30 of the most popular cryptocurrencies in one place.

Being a Vendor partner is different to simply buying or selling altcoins on the platform, as Vendors are able to fully customise their own sell and buy Offers. Becoming a Vendor partner with Coindirect also allows you to work with the support team to assist you in building a successful career in Cryptocurrency trading. Read the following 7 steps to see if becoming a Cryptocurrency Vendor is your next move.
  1. Know The Market:  As a Vendor, your profits will rely on your ability to understand the shifting cryptocurrency market values. Having a solid grip of how cryptocurrencies function and a strong financial background will definitely play to your advantage as a Coindirect Trade Vendor. Your income will come from the success of the trades you offer on the platform and understanding the financial risk involved should be taken seriously.
  1. Invest Capital  :Whether you’re buying or selling coins, you’ll need to invest some initial capital to get started with cryptocurrency trading by creating your own liquidity. As with regular forms of trading, an upfront investment creates the foundation for your abilities to purchase, and sell, significant volumes of Naira. Larger volumes mean that even if the profit margins are small, you can still see substantial profits. Currently there are no minimum limits for Trade Vendors on Coindirect.
  1. Sign up and Verify yourself :To set up your Verified Coindirect account, you can follow the straight-forward steps here. Verifying your account allows Coindirect to follow international best practices with Know Your Customer (KYC) and Anti-money laundering (AML) regulations acting as an effective tool for fraud protection. Once your account is approved by the Coindirect team (it takes up to 24 hours), you will have the ability to create your first offer as a Vendor.
  1. Choose your payment methods :Coindirect offers the ability to conveniently transact locally with Nigerian bank transfers between buyers and sellers. There is also the option to set up alternative payment methods such as PayPal or TransferWise, which makes it easier for you to reach out to more potential buyers or sellers in 20 other countries. To keep things simple, you can set up as many payment methods as you need all under a single account. Coindirect lets you create Offers in whichever country you have a relevant payment method setup in. Their automatic currency conversion system means potential buyers can view your Offer in their local currency, taking the difficulty out of managing multiple currencies. When a buyer completes a transaction with you, Coindirect will instantly convert your Bitcoin into the required currency. 
  1. Create your first offer :With a verified Coindirect account and your chosen payment methods set up, you’re now able to start trading by clicking the ‘Create an Offer’ button on your Dashboard. This will open a window that allows you to fully customise your Offer specifications. This is where you’ll choose which cryptocurrency you want to buy or sell, which country you are selling from, which wallet to use and the payment methods you support. Vendors can decide if they want to set a fixed price or use an equation to adjust the value to market trends. They can set their minimum and maximum trade amount limits and the time limit in which buyers are required to pay for an order. With Coindirect, you are able setup multiple Offers, with a maximum of 2 Offers for each altcoin per territory. As soon as you post the Offer, it will appear on the Coindirect Buy or Sell page and stay live until the balance of the wallet that you have setup runs out. If you want to make any changes to a live offer, you’re able to pause or hide the offer while you edit it. Once you’re finished, simply switch the Offer back to live.
  1. Keep track in the Partner Area :Clicking through to the ‘Partner Area’ on the right-hand side of your Coindirect profile menu takes you to an area similar to your normal Dashboard. This page include some additional features for you as a Coindirect vendor. This is where you can post new Buy or Sell Offers, edit your live Offers, track the progress of orders placed with you and also view your past Offers.
  1. Track and conclude orders :When one of your offers is live, it’s best practice to regularly check-in for incoming orders. Transactions that are approved and concluded quickly will lead to buyers giving you positive ratings, building your reputation as a trusted Coindirect partner. Approving orders is made easier with chat functionality that allows you to communicate directly with the person placing an order with you.

All transactions on Coindirect are escrow-protected which ensures both parties honour the order. Coindirect holds the purchased coins on behalf of the seller in a secure, third party location until the transaction is finalised, releasing them once both parties are in agreement. Coindirect also offers a full Dispute Resolution process for any irregularities you may experience during the order process.

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