With the advent of the internet, buying and selling of e-Currency has become a popular activity for internet users worldwide.
Sending and receiving money has become easier, faster and safer as an individual can anonymously transfer funds to another person
without the need to visit a bank.
E-Currency exchange have also reduced the fears people faced when using conventional money transfer services like Western Union, MoneyGram.
Everyday, millions of dollars are being transferred online using various e-Currency Companies such as PayZa, PayPal, SolidTrust Pay, Perfect Money, WebMoney, EgoPay.
And there is a huge demand in the country for e-Currency as more Nigerians are embracing money transfers through electronic means for various reasons ranging from security, anonymity, speed and ease of use.
Recently, the global demand for Bitcoin (cryptocurrency or digital currency) have been on the steady increase worldwide and this would in turn open a floodgate of business opportunities for smart Nigerians who would be exchanging Bitcoin for Naira and vice versa.
E-Currency is an electronic money that is accepted and used as a means of payment in the internet.
People can pay for goods and services on the internet through e-currency. These e-currency can be domiciled in dollars, pounds, Naira, Euros as the case may be.
Popular e-currencies that can be used for online payments includes PayZa, PayPal, SolidTrust Pay (STP), Perfect Money (PM), WebMoney (WMZ), EgoPay, Neteller, Moneybooker, Visacard, Mastercard.
Recently an E-Currency, LibertyReserve (LR), was shut down by the American Government for crime related activities.
E-Currency Exchanging Business
An E-currency exchanger is a person or company that would buy or sell e-currency from you. They assist in funding your e-currency account by accepting your Naira and depositing dollar equivalent to your e-currency or e-wallet account at a particular exchange rate.
E-currency exchangers are online Bureau de change. When it comes to selling, you would transfer your e-currency money to them and they would in turn pay you Naira equivalent.
In Nigeria, e-currency exchange is a very lucrative business as there is a huge demand for the various e-currencies and the market is young, developing at a rapid rate. More Nigerians are getting online and they would need to make payments for their online transactions.
As an exchanger, your major work would be to fund your client’s e-currency accounts, and pay Naira equivalents to your client’s bank accounts.
Firstly, You would have to open an exchanger account with the popular e-currency companies like PayZa (formerly known as AlertPay), SolidTrust Pay, BetonMarkets (binary.com), Perfect Money, WebMoney, EgoPay, Neteller.
Once your exchanger account has been opened and properly verified, the e-Currency Company would add your Company profile/details to their website homepage of approved exchangers or partners. see an example below
For a start, it is advised you fund your exchanger account with a good amount around $2000 – $5000. This is because you would be transferring from your exchanger account to your client’s account when you are funding their account. Most of your clients could be buying small dollar amounts like $50, $100, $150, $190, $320 and occasionally some may buy few thousands of dollars.
You can fund your exchanger account through popular e-currency merchants or backbone exchangers. Most e-currency companies also allows their exchangers to fund their accounts through wire transfers using your domiciliary account in Nigeria.
As an exchanger, you can open a dollar domiciliary account with any bank in Nigeria so as to easily send money abroad.
You also need to have a good amount in your Naira account around N200,000 – N500,000.
This would enable you to make Naira transfers when paying your client’s withdrawals from their e-currency accounts.
As an exchanger, you would need to have a good office facing a major road. Its important you locate your business at a strategic location.
Depending on the number of your customers and daily sales, you can employ one or two persons.
What you must realize is that most of your clients won’t come to your office, they would transact with you through your website. Therefore you must have a functional and professionally designed website.
Because clients all over the country would visit your website in order to buy e-Currency.
How much money can I make from e-Currency Exchange?
For instance, If you are selling various e-Currencies e.g. PM, EgoPay, PayZa, PayPal, Binary and on each Currency you are selling an average of $2000 monthly, giving a total sales of $10,000 (Though, this is a small amount compared to a popular e-Currency exchanger located opposite Computer Village, Ikeja, Lagos that averages over $1000 daily sales from various e-Currencies)
Assuming you buy these e-currencies at the rate of N175/$1, that gives N1,750,000.
Now, assume you sell to your customers at N190/$1, you would be making a good profit of N150,000.
And I assure you, by the time you offer quality services to your customers you could be making over N500,000 monthly from this business.
There are other services you can also render along with your primary e-Currency business such as:
Paying of goods/services online for people
Running Forex training services because most people that buy e-Currency use them for Forex trading, binary options, online casino, sports betting and HYIP.