People normally ask “can you really make money with cryptocurrency in Ghana” and the answer is always yes absolutely. Over the past decade, cryptocurrency has been shifting the economy to amazing heights where people’s lives are changing including Ghanaians. There are lots of scam schemes out there, the list below shows a few of the legit ways to make money with cryptocurrency in Ghana
#1 Forex Trading
What is Forex Trading?
is the practice of converting one currency into another for several purposes, most frequently for business, trade, or travel. In 2019, the daily transaction on forex markets increased to $6.6 trillion from $5.1 trillion in 2016. Forex's overall market value climbed from $1.934 quadrillion in 2016 to $2.409 in 2019. The only financial market in the world that ropes around the clock are forex. Over 170 different currencies are available on the forex market.
88% of all forex trading includes the United States Dollar (USD), 68% of the trading volume on the forex markets is made up of seven currency pairs. Male and female FX traders often surpass each other by 1.8%. With these statics, you can guarantee that you can make money in the forex market as a Ghanaian.
How Do I Make Money with Forex Trading
To make money in forex, you need to learn how to trade forex so you become a forex trader. A forex trader understands the move in the forex market with the use of indicators, apps, and information.
You need the information to understand forex because some vital information can trigger the forex market to an all-time high & low and you make money from the movement by placing a trade with the use of brokers and apps.
Some Examples Of Brokers and Apps You Can Use include Exness, Meta Trader 4, Meta Trader 5, Binance, Deriv, and more. You can sign up on any of these platforms for free and begin your trading journey.
#2 Arbitrage Trading
Arbitrage trading is similar to forex but less complicated and less risky. As compared to forex where you trade between only two currency pairs, with arbitrage trading, you can trade between three currency pairs.
With the three currency pairs not being the only form of arbitrage trade, you can also trade on the minor fluctuations in the forex market on the two currency pairs and make decent money on the market as a Ghanaian.
#3 Buying and Selling Crypto Currency
This type of trade is much simple compared to forex or arbitrage trading. You buy low when the currency value drops and sell and the currency value increases. This type of trading is mostly termed P2P trading and it’s one of the popular ways people are using to make money in Ghana.
Some of the best and safest sites you can use to trade cryptocurrency in Ghana;
So, what exactly is an airdrop? An airdrop is simply a promotional gift given to players to keep them interested in a product. Crypto airdrops accomplish this by dispersing free cryptocurrencies or service-related tokens. They generally demand that members advertise their service on numerous social media sites in exchange.
To make money with crypto airdrop, you mostly do not need initial capital to start, you just need information about a new product or service. Most companies require you to sign up to become a member and then you get rewarded for your membership. A few examples of websites that host airdrops are Binance, Rubic, Permission, EthPow, and more.
#5 NFT Trading
Non-fungible Token is referred to as NFT. It is a blockchain-based smart contract (a token) supported by codes. It contains specific details on a work of original or priceless art. Because it cannot be exchanged for anything, it is referred to as non-fungible. For instance, you do not solely own your house, car, currency, or money.
Millions of people have the same or even more in terms of money, property, and vehicles. NFT is a special form of user-generated content that connects buyers and sellers on the Blockchain but cannot be traded like the other assets.
An NFT can be any type of artwork, including photos and music videos. The value that an NFT has, which may be a component of the work or the artist who created it, is what counts most. To get into NFT, you need to choose a niche, a marketplace, and a wallet. With choosing a marketplace you can get started with, Open Sea, or Larva Labs Axie, you can always choose other marketplaces that suites you the most.
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