How to buy Lyca Island in Abuja
How to buy Lyca Island in a few easy steps explained. As big business now also invest in cryptocurrencies, this is the time to own your own crypto-coins like Lyca Island.
The easy beginners guide will take you safely and step by step through the process of buying Lyca Island. When you follow these steps you'll own your first Lyca Island today! How awesome!
TIP for Nigeria! Before starting with the article below, make sure you create a Binance Nigeria account (within 1 minute) so you can follow the steps below directly. How to buy Lyca Island (LYCA) for beginners in Abuja
- Step 1 - Create & secure an account
- Step 2 - How much Lyca Island LYCA should I buy?
- Step 3 - Payment methods buying Lyca Island
- Step 4 - Trade or buy your first Lyca Island
- Step 5 - Prepare for the crypto future!
- Step 6 - More information about buying Lyca Island
Step 1 - Create an account
Binance is one of the biggest platforms in the world. Big benefit is that it is very transparent to buy Lyca Island on Binance. Just like when you're trading normal fiat currency you pay a small fee on every trade you make and Binance has excellent rates. Once you bought Lyca Island you can choose to keep your coins online or send them to a offline wallet if available for your cryptocurrency.
Below in super simple steps explained, how to create a new and safe account.
1.1 Safe account
Click on this link to go to Binance Exchange to create an account.
1.2 Strong password
Enter your email & strong password, tick off I agree to the Binance Term of Use and click register.
1.3 Verify your email address
After this step is completed a verify email will be send to you.
Check your inbox and confirm your email address
1.4 Secure your account
Awesome your Binance account is created! Now follow the next steps and make sure your account is 2FA secured. This is highly recommended.
What is 2FA?
With 2FA you will generate a security code every time you login with a new session. This will help to prevent other people to get access to your account. Most used 2FA authentication options are SMS and authenticator apps like Google Authenticator.
1.5 You've an account now!
You're account is ready to use and buy Lyca Island (LYCA)
Step 2 - How much Lyca Island (LYCA) should I buy
The good thing on cryptocurrencies are that you can divide them and buy just a (small) piece. This way you still own your piece of Lyca Island and you can use it or hold it.
It's good to first test with a small amount of Naira to gain confidence about the process of purchasing Lyca Island and than scale up your transactions and buy more Lyca Island. (be aware of the fee's that are involved when you buy and sell cryptocurrencies)
Two SMART reasons it's good to be active on multiple exchanges
Smart to do is create multiple accounts at once. The demand of people are increasing fast and sometimes you want to trade ASAP. Therefor its good to have accounts on multiple exchanges.
Another reason to have an account on multiple exchanges is that not all exchanges list the same cryptocurrency coins. When you discover a new coin that you want to buy with your Naira (NGN) you don't want to end up in line waiting for approval but just take action before the price goes up. Click here for a FULL list of popular exchanges including our personal TOP 5.
Step 3 - Payment methods buying Lyca Island
On Binance you have over 100 payment options to deposit money and buy your Lyca Island. Simply select your currency (in your case from Nigeria, probably Naira) and the payment option you want to use. Of course they also provide the most used payment methods like Credit Card, Bank Transfer & PayPal.
Note: every country has different payment options, simply login and check the payment methods for Nigeria. In the cryptoworld and on exchanges like Binance you can't buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These are cryptocurrencies you can buy to later swap them over to the currency you want to buy. Before buying your preferred coin its good to look-up what what coins are paired to the coin you want to buy.
Step 4 - Trade or buy your first Lyca Island from Abuja
In the cryptoworld and on exchanges like Binance you can't buy every coin directly with FIAT currency. Therefor they created stable coins like Tether USDT.
These stable coins are cryptocurrencies you can buy to later swap them over to the currency you want to buy. The name stable-coin is from the USD as the price of these coins just use the price of the USD. Before buying your preferred cryptocurrency its good to look-up what what coins are paired to the coin you want to buy. For example some coins only pair with Bitcoin and Ethereum other also pair with stable coins.
Benefit of usingstable-coins
As some cryptocurrencies can be volatile stable coins are often linked to the USD. Therefor their price stays very similar what will reduce the risk while trading fiat currency into other crypto coins and visa versa.
Step 5 - Prepare for the crypto future!
As said in the beginning of this article about buying Lyca Island(LYCA), prepare yourself and create multiple secured accounts on exchanges. This way you will be ahead on the herd when you want to buy a new cryptocurrency that is not listed on the one platform you're on.
Step 6 - More information about Lyca Island
DYOR - Do Your Own Research
When investing in Lyca Island always make sure you do your own research on the coin, technology of the coin and the team behind the coin. Before you're investing in a coin its important to do you your own research on the coin, technology of the coin and the team behind the coin.
DCA - Dollar Cost Averaging Strategy
Dollar Cost Averaging is a strategy that is popular in the investment- and crypto-world. It's a tactic where you purchase systematic a certain amount of a certain coin / investment you believe in. For example every month 100 Naira. As you buy systematic it will reduce the emotional involvement and as you spread the money you invest you spread the risk of a changing market.
- Invest small amounts
- Less stress about volatile markets
- Less chance on losses as you never buy full amounts on peaks
Cons DCA
- Won't make optimal trades as you don't invest all on the bottom
- Takes longer, as you're not rich after one trade
- If you DCA on one investment you can pick a loser investment what will only go down. Better is there to spread your investments while doing DCA.
Explanation Video DCA Dollar Cost Averaging
