The crypto space is booming for its potential utilities and how lucrative it has been over the years.
The lucrative attributes of the crypto space are a turn-on for many people, especially beginners.
With this, many people are tripping into the crypto space to make ends meet.
Unfortunately, people with no capital are left behind.
The above induced the creation of our previous article on;
How to make money from the crypto space without capital.
Notwithstanding, it is nice to tell you that the crypto space accommodates those with and without capital, unlike other ecosystems.
The cryptocurrency exchange business has been lucrative, as people have used it to make ends meet and as a side hustle.
If you could view the concept of a crypto exchange system, you would understand that it is not a business to start without capital. However, this article will reveal a crypto exchange secret for our readers today.
What is a cryptocurrency exchange?
A cryptocurrency exchange is a digital marketplace where traders can buy and sell crypto using different fiat currencies or altcoins.
Who is a Cryptocurrency exchanger?
A crypto exchanger uses a p2p mechanism to exchange cryptocurrencies for customers.
Simply put, he is the person who buys or sells cryptocurrencies to different people.
How to be a Cryptocurrency exchanger without capital
Being a cryptocurrency exchanger is beyond having or not having capital. It involves understanding the p2p protocol you use for your crypto exchange journey.
Before we discuss the key points of being a crypto exchanger, let’s understand the best crypto exchange to use for the crypto exchange business.
Binance P2P interface
Many known crypto exchangers utilize Binance p2p behind the scene for their crypto exchange business.
Binance p2p links you with ready sellers or buyers to deal with as a crypto exchanger.
From reports, Binance p2p seems to be secured, and it is hard for someone to fraud you, except that you are not grounded in the p2p system.
To be grounded, you need to understand the Binance p2p interface, gain the trust of your customers, etc.
The video below shows you everything you need to know about; how to buy or sell on the Binance p2p interface without complications.
Your mission as a crypto exchanger is two;
- Buy cheaply from Binance p2p and sell higher to your clients and
- Buy cheaply from your clients and sell higher to someone via Binance p2p.
After understanding the Binance p2p platform, let’s discuss the key points to being a crypto exchanger without capital.
Points in being a crypto exchanger without capital
Do the following to gain profits from buying and selling crypto without capital.
Get a business flier.
Begin your crypto exchange business by creating a flier to make it professional and to get a better audience.
Build a better audience
The size of your audience will determine your profit rate and trust rate. Therefore, you need to gain more social media contacts and so on.
To achieve this, do the following.
- Utilize all social platforms.
- Share business fliers with friends and families.
- Participate in Whatsapp contact gain programs.
Build business trust
Trust building is a must, especially if you are starting without capital. Your audience should be able to trust you with their money or cryptocurrencies.
The reason is that since you don’t have the capital to buy fiat currencies or cryptocurrencies, you need to use theirs(customers) for the exchange process.
To build customers’ trust, you need to do the following.
- Start exchanging cryptocurrencies for the people you know: At first, customers who don’t know you will not entrust their money with you. So, you need to start with people you know to raise funds before broadening your horizon.
- Exchange speed is necessary: The fastness at which you deliver your business builds customers’ trust. So, you are to run transactions efficiently.
- Always use fair exchange rates: Buying or selling with a moderate price will get you more audience and build trust. You don’t need to be greedy, especially in your startup phase.
Be available and up to date.
To be reliable in your crypto exchange business, you should be online often to serve customers when they need your services.
You will slowly lose customers when you stop being reliable.
Also, exchange rates change from time to time, so you have to let customers know the current price rates.
To achieve this, create fliers for price rates and upload them daily to look professional and unique.
Crypto Exchange trick without capital
If you don’t have the required funds in starting your crypto exchange business, you have to do the following.
If it’s a buying transaction(Buying from a client).
- Confirm the current rate from Binance p2p.
- Send your rate to the client.
- Ask the client to send you the cryptocurrency.
- Navigate to your Binance p2p interface.
- Sell the coin to a buyer with many previous transactions records
- Receive your payment, take your profit and
- Send the rest to your client.
If it’s a sell transaction(Selling to a client).
- Confirm the current rate from Binance p2p.
- Send your rate to the client.
- Ask the client to send you fiat currency( Naira or whatever Fiat currency).
- Navigate to your Binance p2p interface.
- Take your profit in cash after calculating.
- Use the remainder to buy the particular coin from a seller with many previous transaction records.
- Receive the cryptocurrency and
- Send to your client.
This is how you can become a crypto exchanger without having startup capital.
Summary
No matter how many cryptocurrency exchangers are, money still flows in the business. You have to be unique and put customers above yourself.
Conclusion
The difference between crypto exchanges and crypto exchangers is that the formal is a market while the latter is a person.
Crypto exchangers utilize social media platforms as their market, while crypto exchanges have their marketplaces.