How to make money in Algeria, $300 a month from currency trading

How to make money from currency trading in Algeria

Here by trading, we of course mean buying and selling currencies, whether it is the euro, the US dollar, the Canadian dollar or the British pound to name just the major and most in-demand currencies on the Algerian black market.

It should also be noted that we will not be talking about the traditional way of doing things, by purchasing paper money, but a more modern and much less restrictive way, using online platforms and banks.

What do you need to get started?

Above all, you need a European or international bank account to receive payments in foreign currencies, and don't worry, it's less complicated than it sounds. Obviously it is not a traditional bank account like BNP Paribas or Société Générale Algérie, but rather an online bank or wallet: Paysera, Wise, Skrill, Bianance, PayPal...

You also need a ccp account, and having the BaridiMob app will be a plus, because it will allow you to make transfers without leaving your home

next step

Once you have everything you need mentioned above, you will have to find and retain sellers and buyers. This is the key to your success, the more customers you have in your address book, the more profits you will make.

Find currency sellers

The people who will sell you amounts of coins will mainly be online workers, freelancers, developers, translators, designers, YouTube content creators...

You should know that all these workers receive their wages in foreign currency, generally in euros or dollars, and they need to convert them into dinars to be able to spend them here in Algeria.

Find buyers

Once you buy an amount in currency, you have to sell it, and for this, you have a lot of options, currency buyers, this is not what is lacking in Algeria.

How will all this work in reality?

You're right, theory is good, but you want real examples, practical cases.

Suppose, after some effort, you get to know a developer, working with a European client, who receives a salary of 500 euros per month, which amount he sells to you as soon as he receives it at an exchange rate of 210, and you, on your part, will sell the amount 214, (4 * 500), you have made a profit. 2000 Algerian dinars, without really getting tired. You will tell me 2000 DZD per month, that is very little, and you are absolutely right, but imagine that you know 20 developers, or even 30, that will make you 60.000 DZD per month, not bad, no.

As we said above, the most important thing in currency trading is your contact book, it is your ability to attract new clients.

Risks to consider

Currency trading has many advantages, but it also involves some risks, which you can however avoid or reduce

•      You are being scammed or your money is being stolen
•      Financial risks in the event of a sharp decline in the exchange rate
•      The risk of closing your bank account

Our tips for forex trading

1. Don't trust anyone to make transactions, always prefer hand to hand exchange, a stranger offers you a sum, ask to see it in person
2. Always be aware and up to date with market exchange rates, too low a rate usually means a scam
3. Sell at the best price, but do not be stingy, your gains will not be made in one transaction, it is the number of transactions that will make the difference, 5 transactions with 2 Algerian dinars for every 1 euro will bring you more than one transaction with a price of 5 dinars for 1 euro, the quantity is the most important
4. Don't wait too long for exchange rates to rise, sell as soon as possible
5. Don't offer your sellers too low prices, or you'll lose them as customers. Remember, this is their paycheck, and they worked hard to earn it.
6. Find out the terms of use of various platforms and online banks, for example Pyasera prohibits the purchase of crypto-money…

conclusion

This article helps you understand currency trading and take your first steps as a beginner. We recommend that you are well-versed in the topic before launching.