These days, almost everywhere you turn on Twitter, there’s at least one person talking about the latest cryptocurrency, crypto strategy, or NFT. But they don’t actually get to the good bit: How to make money from crypto. And what good is all the crypto news you hear, if you can’t benefit from it?

It seems like every month, there’s someone who has made billions from investing in crypto, like the guy who turned $8000 worth of shib into $5.7 billion. Even though we regularly give free cryptocurrency to customers who signed up on Quidax, we realized something during the process. Showing you how to make money on your own in crypto will go a long way. So today, we’re taking a deep dive into 20 proven ways to secure the bag in crypto!

1. Arbitrage

If you’re looking for how to make money from crypto in the most low-risk way, arbitrage is the best way to do it. Arbitrage is when you buy crypto at a low price on one exchange, move the crypto you bought to another exchange, and sell it there for a higher price. 

This opportunity is there because crypto prices have a small difference on different exchanges. For example, the price of one Bitcoin can be $1,000 on one exchange and $1,100 on another. So if you buy it on the first exchange and sell it on the other, you’ll make $100 profit. 

Some Things to Note About Arbitrage

  • The profit that comes from arbitrage isn’t a lot because the difference between the price of the same crypto across exchanges isn’t much. 
  • You may lose a big portion of your profit to transaction fees so make sure you’re not using a currency like Ethereum that has huge transaction fees 

How to Get Started with Arbitrage

  • For this, you’ll need to sign up on Quidax and another cryptocurrency exchange. 
  • Make sure you do your research before picking the second exchange. You’ll need a secure exchange that you can buy and sell crypto instantly on. 
  • You’ll also need to make sure that there’s a big enough difference between the prices on both exchanges for the crypto you want to buy.
  • Buy the crypto on Quidax, then send it to the next exchange and sell it. 
  • Withdraw the money plus your profit to your bank account.
  • Go back to Quidax, deposit again and buy the cryptocurrency again.
  • Repeat the process until you’re satisfied.

2. Day Trading

Believe it or not, some people make a lot of money from buying and selling a cryptocurrency as its price changes throughout the day. These people are called day traders and it works like this: Let’s say the price of a crypto is $1000 right now. 

In the next few minutes or hours, it can go up to $1,050 or go down to $980. Since this type of price change keeps happening throughout the day, you can profit from the difference. A day trader could buy the crypto at $980, wait for it to hit $1000 and sell it, pocket $20 and repeat the process many times. Eventually the profit will stack up. 

Live coin watch: How to make money with crypto
A list of coins showing their performance on livecoinwatch.com

Things to Note About Day Trading

  • You’ll need to constantly monitor the price movement of the crypto you bought. This can be really tough. A good hack is setting price alerts like the ones we have on Quidax. You can set an ‘alarm’ for when the crypto hits different prices. That way, you can relax, leave your screen, and have time for other things.  
  • The amount you start with matters a lot. The more money you start with, the more your profit will be. 
  • If you’re not the type of person who’s fine with risk, then day trading might not be your cup of tea.

How to Get Started with Day Trading 

  • Download the Quidax app and Sign up 
  • Deposit Naira or crypto
  • Choose the cryptocurrency you want and buy the amount you want to start day trading with 
  • Go to settings > price alerts and click on new alert
  • Add the prices you want to set an alert for 
  • Sit back and chill until you’re ready to sell the crypto you bought

3. Buying and HODLING

You’ve probably seen and heard a lot of crypto talk in Telegram groups, on Twitter, in webinars, or even among your friends. And one common term people use is ‘HODL’, but what does it actually mean? 

HODL means ‘Hold On for Dear Life’. In crypto, it means buying a cryptocurrency and believing in it so much that you hold it and refuse to sell even when the price goes down. One example of a coin that people have profited from HODLING is Bitcoin. 

Many people, including the Winklevoss brothers, who sued Mark Zuckerberg for allegedly stealing their Facebook idea, made millions of dollars by hodling Bitcoin for years. If you’re not the type of person who has the energy to keep monitoring coins, HODLing might be the best option for you. 

What you Should Know About ‘Hodling’ Crypto

There’s no single formula that everyone can use to see into the future when it comes to crypto. But by staying on top of all updates concerning that coin, you’ll know whether to hodl or sell. Some ways to stay informed are: 

  • Follow the news about that crypto by setting up RSS Feeds. You can set up an app called Feedly which will gather news from different sources about a particular coin.
  • Join the coin’s reddit group (subreddit). Many cryptocurrencies have their own Reddit communities where people share updates about that coin.
  • Search for the coin on twitter:
    • You can search by typing the name of the coin alone or using a hashtag (#) or a dollar sign ($) in front of the name. This will pull up tweets about the coin. But be careful because scammers also use hashtags to promote their scams. Here’s a quick guide on how to spot these scams and protect yourself. Stay safe!

How to Buy and HODL Crypto

  • Sign up on Quidax
  • Deposit and buy the crypto you want
  • Hold it in a wallet, either on Quidax or an external wallet like Metamask or Trustwallet. Pro Tip: Leaving it on an exchange allows you to sell it quickly if you need to. 

4. Creating, Minting, and Selling an NFT 

Another proven way to make money with cryptocurrency is by creating, minting, and selling your own NFT. 

What is an NFT? The Easiest Way to Understand it

An NFT, also known as Non-fungible token is simply something that has a unique record on a blockchain. Let’s look at an example of how an NFT works using objects you know: 

  1. Let’s say you have two red combs that look exactly the same. So you give them numbers: Comb 1 and Comb 2. 
  2. You write these numbers somewhere so that anyone can see them. So even though both combs are identical, they have different ID numbers and this makes them two unique objects. 
  3. Let’s say anyone in your house can view this notebook where you’ve written the numbers for each comb. 
  4. One beautiful day, your sister decides to buy Comb 2 from you so you sell it and record the sale in the notebook where you wrote their unique numbers. So anyone who checks will see that comb 2 was initially yours but it now belongs to your sister. 
  5. Your sister decides to sell Comb 2 for a higher price than she bought it from you. She sells it and records the sale in the notebook too. 
  6. No matter who ends up with Comb 2, anyone can check your notebook and see its sale history and also who originally owned it. This is how NFT’s work.
NFTs on Opensea: How to make money with Crypto
The Top 15 NFT collections as seen on Opensea.io

How to Make Money from Creating NFTs

Almost any digital media can be an NFT including pictures, music, videos, books, even tweets and other social media posts. And anyone can create start profiting from NFTs in a simple 3 step process: 

  • Create the image, music or post you want to sell as an NFT
  • Buy Ethereum and move it to an external crypto wallet. 
  • Put a record of it on the blockchain. This is called minting and you can do it through the same website you want to sell the NFT on. Some popular websites include Rarible and Opensea. 
  • To mint an NFT, you’ll have to pay a blockchain network fee known as Gas and it’s usually in the form of Ethereum. 
  • After minting your NFT, add a price and list it for sale
  • Promote it to your friends and people on social media so that they can see your NFT and buy it. 

5. Becoming a P2P Trader 

Peer-to-peer marketplaces are platforms where people meet to buy or sell different cryptocurrencies. Many crypto platforms and exchanges offer Peer-to-peer trading. This means that you can sell your crypto to people looking for a way to buy. You can also buy from people at a low price. Always make sure you are using a verified exchange P2P platform to avoid getting scammed. 

How to Become a Crypto P2P Trader 

  • Sign up on an exchange or platform that offers P2P services 
  • Register to become a trader
  • List the cryptocurrency you want to buy or sell to people
  • Add the price you’ll either buy or sell for, as well as the amount of crypto you have to trade
  • Wait for people to send you trade requests on the platform 

6. Holding a Coin that has a Redistribution Fee

You’ll find out that there’s levels to this crypto thing. While some coins increase in price and earn you a nice fat profit, some others put in extra work. Cryptocurrencies like BabyDoge and SafeMoon share a percentage of all the transaction fees with people who hold the coin. If you hold a coin like that, you can earn passive income by simply holding it.

How to Make Money from BabyDoge

  • Sign up on Quidax
  • Deposit naira or any other cryptocurrency
  • Buy BabyDoge using USDT and hold it for as long as you want

7. Using a Crypto Faucet

Crypto faucets are sites that give you crypto for doing an activity. This activity can be watching an ad, completing a survey, etc. It’s like those games you play, in which you can get extra coins or levels when you watch an ad. Some popular crypto faucets are: Moon Bitcoin, Moon Litecoin, and Coinfaucet.

How to Make Money From a Crypto Faucet

  • Research on which faucets are the best for you. This will depend on the rewards and activities you’ll have to complete to get those rewards. 
  • Either sign up or connect your wallet to the faucet
  • Complete the faucet activities 
  • Deposit the money you earn in your external or exchange wallet

Here’s a quick guide on how to deposit crypto on an exchange >>>

8. Trading Crypto Exchange-Traded Funds (ETFs)

Okay, this one is for the people in the back who don’t want to touch crypto but still want to benefit from crypto. You know how people invest in mutual funds? Where an asset manager puts all the investors’ money together and helps them invest in different companies or assets like gold? 

Exchange traded funds are sort of like that. The major difference is that crypto ETFs allow many people to buy shares in a product that is the same price as a specific crypto. For example, a Bitcoin ETF will have the same price as Bitcoin.  

So: 

  • If 1 Bitcoin is $50,000, the value of the ETF is also $50,000. 
  • If the price of Bitcoin rises by 20%, the value of the ETF will also rise by 20%. This means as people who have Bitcoin are collecting their 20% profit, you’ll also get 20% profit from the ETF. It’s the same when the price falls. 
  • You can buy shares of a Bitcoin ETF, the same way you would buy some Bitcoins. 

So the bottom line is that an ETF allows you to feel like you’re investing in a crypto and get the benefits of that crypto without ever buying that crypto. Currently, the most popular Bitcoin ETF is BITO, which was created by proshares.

How to Invest in a Bitcoin ETF

Investing in a Bitcoin ETF works like this:

  • Set up a brokerage account
  • Decide how many shares of the ETF you want to buy
  • Place a market order or a limit order on the brokerage 

9. NFT Trading 

Another popular way to make money from NFTs is by trading them instead of creating them. Simply put, you can buy an NFT from someone else, and sell it for a higher price. This is common with NFTs in the form of art work. 

Popular NFTs are usually created in collections. This means that there can be 5000 different NFTs with similar designs created in the same batch by the same artist. Some popular collections are cryptopunks, and Bored Ape Yacht Club. 

NFT Trading: How to make money with crypto
Bored Ape NFTs in their natural habitat as seen on opensea.io

How to Make Money from NFTs by Trading Them

Trading NFTs is similar to trading crypto. You buy an NFT at a low price and “flip” it at a higher price. For example Bored Ape NFTs were about $200 when they first came out. Now, a single Bored Ape NFT can go as high as $400,000. There are a lot of NFT collections waiting to be traded. Here’s how you can do that:

  • Look through collections on OpenSea or Rarible. 
  • Research collections you’re interested in. Check for the following: 
    • Whether the price is within your budget 
    • Do the NFTs look interesting? 
    • How many NFTs exist within the collection. (It’s better if it’s 10,000 or less)
    • Are any reputable people talking about it?
    • What is the NFT team’s plan for the collection?
      • Is there a plan to build a community around it?
      • Will they use it as a means of identity i’m their group?
      • Do they have plans to host networking events around the collection?
  • Buy Ethereum on Quidax and transfer it to your metamask wallet 
  • Connect your wallet to open sea or the NFT platform you want to use.
  • Buy the NFT and wait for some time. 
  • Keep checking the prices of NFTs in that collection and monitoring news about the collection.
  • Hold for as long as you want and sell when you’re comfortable.

10. Betting

Sports betting is really popular outside crypto. Basically, you place a bet on which team will win a sport of your choice. And if they win, you get a certain amount of money but if they lose, you lose your money too. But did you know that sports betting also happens in crypto? There are special crypto casinos where you can place bets in crypto and accept your rewards in crypto. 

You can also play other casino games like dice, poker, blackjack and more. So if casinos are your jam and you don’t mind throwing your crypto in the ring, then crypto casinos have got you. Some examples of popular crypto casinos include: 

How to Get Started with Crypto Betting

  • Read up on betting strategies. The last thing you want is to lose money because you don’t know the best strategies to use. 
  • Next, sign up on a good crypto betting site. You can check Smart Betting Guide for reviews.
  • Check out the betting games available. Some sites allow you to bet on classic casino games like blackjack, dice, and poker. Or you can try sports betting depending on which you know better.
  • Deposit and place your bet like any other betting site.

11. Joining a DAO

A DAO, also known as a Decentralized autonomous Organization, is a group of people who come together to make decisions on a specific goal. Sounds like we’ve just defined a company. But hear me out, there’s a big difference. DAOs are groups of people who don’t know each other and who don’t ever have to know each other. They simply have voting rights in the organization. 

Again, I’ll explain this with an example you’re probably familiar with. 

  • Let’s look at the Quidax community Telegram group as a DAO. 
  • In it, there are people who come together because of the Quidax exchange. 
  • Imagine if these community members all own QDX, the official Quidax cryptocurrency. 
  • Next, imagine if they could vote on new changes and features on the exchange. The best part is that they don’t even have to know each other’s names. They just have to buy QDX from the Quidax exchange to get this voting power. 
Join a DAO: How to make money with crypto
DAOs are made up of different people who may not know each other.

But let’s talk about the good part: how to make money from crypto through a DAO.

Because DAOs can make joint decisions, members of the DAO can also decide on what to invest in. Because there are many people in the group, you get different opinions and may come across people who have more experience with investments.  

How to Join a DAO

There are a lot of great DAOs out there. You can check DAOlist or DeepDAO. But you have to be careful when choosing a DAO because not all of them are legit. These are some things you should consider: 

  • Popularity
  • Relevance
  • The goals of the DAO
  • Size of the DAO
  • Past moves the DAO has made. 

When you’ve chosen a DAO to join, follow these steps: 

  • Buy Ethereum on Quidax and send it to a wallet like metamask 
  • Exchange your cryptocurrency for the DAOs cryptocurrency. DAOs usually have their own cryptocurrency which gives members the right to vote on decisions. So you’ll have to buy that before you can join one. 
  • Join the DAOs Telegram or discord community 
  • Some DAOs will need you to submit a proposal of how you can help them grow. But this is not compulsory.
  • When you join, you’ll be able to see the opportunities within the organization. 

12. Being an Early Investor/Joining a Whitelist

Early investors in crypto usually reap the best rewards. Let’s take Bitcoin for example. People who bought Bitcoin when it was worth $100 would have seen a 50,000% growth today. Even NFT collections tell people to join their whitelists. People on these whitelists will be allowed to buy the NFT before anyone else at a lower price so that they can profit later. Most new cryptocurrencies also have these early investor lists that allow people take part in a pre-sale of the coin. 

Early Investor Whitelist: How to make money with crypto
A Calendar of upcoming coin launches on ICOdrops

How to be an Early Crypto Investor 

Not every cryptocurrency is guaranteed to succeed so you have to do a lot of research on your own and decide what is worth investing in. But you can follow these steps to get started: 

  • You can view upcoming coin launches Cryptorank, Coinmarketcap, or ICOdrops
  • Choose a coin and search for it on social media (twitter, Reddit, Instagram, Telegram, and Facebook. 
  • Check what people are saying about it and try to view the team behind the project
  • Look at the whitepaper for the coin, and check their official website for the roadmap
  • Ask yourself questions like 
    • What problem is this coin trying to solve?
    • Is the team legit? 
    • Is there any long term value?
  • Ask your other friends who deal with crypto for their opinions on the coin. You can consider these opinions when making your decision but don’t take any opinion as solid financial advice
  • Buy ETH or BNB with instant swap on Quidax depending on which network the coin is on. If it’s on the Ethereum network, buy ETH but if it’s on the Binance Smart Chain, buy BNB.
  • Exchange your ETH or BNB for the coin and you’re good to go. 

13. Sharing Liquidity Pool Profits

When you hear the word ‘liquidity’ in crypto, they’re talking about how available a crypto is for people to buy and sell on an exchange. Sometimes, there’s little liquidity because people who have bought that crypto are not selling and people who want to buy can’t pay high prices. So some exchanges have something called a liquidity pool. If you have a cryptocurrency that people want to buy, you can deposit it into a liquidity pool and earn profit from it as more people buy that crypto. When you’re ready to collect your crypto back, you can withdraw it from the pool along with your money. 

How to make money from a Crypto Liquidity Pool

Decentralized exchanges usually have active liquidity pools that you can join easily. Here’s how to do that: 

  • Find a decentralized exchange like PancakeSwap.
  • Buy some $CAKE through instant Swap on Quidax and send it to an external wallet like metamask.
  • Follow the instructions on the decentralized exchange on how to deposit in their pool (it’s different for each exchange.

14. Getting Crypto Rewards

Crypto is literally the land of milk and honey when it comes to reward systems. Many crypto projects will reward you for simply owning that cryptocurrency. For example, here at Quidax, we’ve rewarded QDX holders with SHIB, WKD, and BabyDoge. We give out regular rewards for people who keep their QDX in our Quidax vault. 

How to Make Money From Crypto Rewards 

For a guaranteed reward that we can speak on, simply buy QDX on quidax and stake it in the QDX vault. Here’s a quick tutorial on how to do that. For other rewards: 

  • Check Coinmarketcap, airdrops.io, or ICOmarks to see upcoming airdrops and rewards. 
  • Research which of the coins with upcoming airdrops are legit
  • Buy either ETH or BNB on Quidax and exchange it for the coin on a decentralized exchange. 

How QDX Vault Works >>>

15. Earning Cashbacks on Cards 

Some services have cryptocurrency cards that come with cashbacks. This means that you get some money back when you use their cards. Some cards also come preloaded with some money to get you started. While this may not help you make a lot of money, it will definitely help you save a lot. 

How to Get Crypto Cashbacks

  • Register for a crypto card service and request for a credit or debit card
  • Use it to make payments 
  • Claim your cashback

16. Crypto Lending

So you know all that crypto you have sitting in a wallet somewhere? You can actually make money from loaning it out. Platforms like AAVE and Compound allow you to put up your crypto for lending and earn interest on it easily. 

How to Make Money from Crypto Lending 

  • Check the AAVE homepage to see the interest rates of different cryptocurrencies.
  • Buy the crypto you want to lend. For example, you can buy AAVE instantly on Quidax then send it to your external wallet. 
  • Connect your external wallet to AAve by clicking “connect a wallet” on the AAVE homepage.
  • Click on the ‘deposit’ button beside the coin you want to lend
  • Enter the amount and confirm the transaction in your wallet.
  • Next, you’ll receive aTokens in your wallet. These are Aave interest-bearing tokens and they’ll replace the tokens you loaned out. They’ll start collecting interest and you can use them to claim your deposit and interest when you’re ready. 

17. Earning-as-you-Learn

As you’ll see in our Quidax Academy courses, learning about crypto doesn’t have to be boring. And some platforms go the extra mile to pay you to learn about crypto. It’s easy money and you can learn something new in the process. 

How to Make Money from Learning About Crypto

  • Search for sites that pay you to learn about crypto and sign up on one
  • These sites are usually free to use so don’t choose sites that tell you to pay any fee. 
  • Choose a course to learn and earn

18. Earning from Referrals

Just like companies in other fields have referral programs for their customers, crypto companies do the same. When you sign up on a crypto site, you can get money or rewards for each new person you refer to the site. As you refer more people, you make more money.

How to Make Money from Referrals in Crypto

  • Check which crypto platforms have referral programs and sign up
  • Get a referral code 
  • Send it to as many people as you can. You can also share it on your social media pages for other people to find. 

19. Affiliate Marketing 

If you own a blog, podcast, youtube channel or any other platform that allows you to reach many people in the finance or crypto space, affiliate marketing is for you. Basically, you can make a lot of extra money by getting your audience to sign up to a service using your affiliate link. It’s like referrals but on a bigger scale. 

How to Make Money from Crypto Affiliate Marketing

  • Sign up for a crypto affiliate program such as the one we have at Quidax
  • Get your affiliate link and paste it in the description box of your blog posts, youtube channel, podcast or website.
  • Create fun initiatives that make your audience click on the link such as giveaways and special privileges for people who do
  • Get paid according to the number of people who use your link

20. Creating Crypto Content

Creating content through Youtube, a personal website, or even social media is one of the best ways to make money and grow within the space. You can create funny content, educational content and work with companies to make money from content

How to Make Money from Crypto Content

  • Advertise your referral or affiliate links in your content
  • Partner with crypto companies to help them advertise their products
  • Partner with brands to manage their social media and create content from them