How To Make Money As A Currency Exchanger

[moonchild]

Exchange business is a business known among Nigerians, it deals with changing of hard currencies like dollars, pounds, euros to Naira.

These days you might see a lot of people going into this kind of business and wonder how do they make profits.

To be an exchanger you need to have a source of getting forex at a cheap price.

Nowadays, with P2P services, exchange business it's easy to venture into.

You need to have a capital(this depends on platforms) that you can start with and then, register your business as this is a delicate business that needs due process because of law enforcement agencies.

You can then register on these platforms as an exchanger.

Binance.com(cryptpcurrency platform)
Deriv.com(forex platform)

It takes some documents to be able to register on these platforms.

When someone wants to withdraw or deposit, your exchange will come up from the list and when you exchange for the customer you'll earn on each dollar depending on the official rate and black market rate.

If you don't want to register on this platforms you can setup your website and start offering the service, but in my opinion I think registering on these platforms will help you solve the chicken and egg problem, because you don't have to look for customers.

 

[Victorial]

I know about these two platforms like the back of my hands. I have an account with both of them too but I only have Binance verified. Deriv failed to verify me with the same document I used to verify myself on Binance. So I am currently trading on Binance alone. Binance is the best and I have been using the peer to peer trading for months. I have also traded on Deriv a few times

 

[sincerem]

Being a vendor at Binance exchange P2P will present you with enough benefits. But you have to have reasonable amount of money in order to earn via P2P trading as a vendor, which is a buyer. At Binance you can simply set your own price which is approved by Binance exchange, and it comes with profit as you offer services to sellers via Binance P2P exchange platform. I've agreed earlier to get started on this kind of business, but I am not financial capable at the moment to meet up with buying plenty of the coins to earn reasonable amount of money.

 

[Sotherefore]

This business will require you to have a lot of money up to $1000 before you are able to make at least $10 everyday. a lot of people are using this opportunity to make money on binance P2P in which they have to buy coins at a lower rate and sell it at a higher rate.. I don't really know much about how it work but what I understand is that it will require a lot of money before you are able to start up the business to run it perfectly.. people are still doing it and they are confirming that it is profitable.