₦airaland Forum

Do not try anything forex trading with your money o! It's one of the worst things that has happened to many Nigerians.

If you want Dollar returns on your money, take your Naira, convert it to Dollars electronically through any of the CBN licensed financial institutions, invest it a Dollar mutual fund with any of the SEC registered asset management firms and see your returns accumulate gradually within a high safety investment product that is regulated.

That forex trading thing is a rabbit hole that is surrounded with sinking sand and anyone wise will not even dine at its table talk less of using a long spoon.

Be warned o!

ololufemi:
Do not try anything forex trading with your money o! It's one of the worst things that has happened to many Nigerians.

If you want Dollar returns on your money, take your Naira, convert it to Dollars electronically through any of the CBN licensed financial institutions, invest it a Dollar mutual fund with any of the SEC registered asset management firms and see your returns accumulate gradually within a high safety investment product that is regulated.

That forex trading thing is a rabbit hole that is surrounded with sinking sand and anyone wise will not even dine at its table talk less of using a long spoon.

Be warned o!

what about people making it from forex trading??

Good morning everyone

Pls Lately, I’ve been thinking a lot about building a crypto exchange… something similar to likes of Jeroid or Quidax.

Honestly, it’s just an idea for now, but it keeps coming back. I keep imagining what it would feel like to create a platform that makes crypto more accessible locally, especially in places where people need easier options.

Not only that … I want to create something where transactions work at the speed of light.
I mean ridiculously quick speed .
I feel like that’s the only real way to stand out and beat the competition: to have hypersonic-speed transactions that people can actually rely on.

But I’ve also had a bunch of doubts in mind.

I’ve been asking myself questions like:

Where do I even start from for someone entirely new to the crypto space?

Also, is this something I can actually pull off and is it worth it in the long run?

And probably the most important question: how much would this actually cost me, money-wise?

And more importantly … as I said earlier … Is the juice worth the squeeze in the end ?








Please, I don’t want to get into an endless money pit.

I know for a fact that it’s easy to get overwhelmed.

So I figured I’d just ask instead .

If you’ve been in this space … maybe you’ve worked on a crypto product, built a platform, or just know how these things come together … I’d really appreciate your thoughts & opinions

I’m open to learning, open to being corrected, and open to any advice you think might help

Thanks in advance 🙏

AmgAmg:
Good morning everyone

Pls Lately, I’ve been thinking a lot about building a crypto exchange… something similar to likes of Jeroid or Quidax.

Honestly, it’s just an idea for now, but it keeps coming back. I keep imagining what it would feel like to create a platform that makes crypto more accessible locally, especially in places where people need easier options.

Not only that … I want to create something where transactions work at the speed of light.
I mean ridiculously quick speed .
I feel like that’s the only real way to stand out and beat the competition: to have hypersonic-speed transactions that people can actually rely on.

But I’ve also had a bunch of doubts in mind.

I’ve been asking myself questions like:

Where do I even start from for someone entirely new to the crypto space?

Also, is this something I can actually pull off and is it worth it in the long run?

And probably the most important question: how much would this actually cost me, money-wise?

And more importantly … as I said earlier … Is the juice worth the squeeze in the end ?

Please, I don’t want to get into an endless money pit.

I know for a fact that it’s easy to get overwhelmed.

So I figured I’d just ask instead .

If you’ve been in this space … maybe you’ve worked on a crypto product, built a platform, or just know how these things come together … I’d really appreciate your thoughts & opinions

I’m open to learning, open to being corrected, and open to any advice you think might help

Thanks in advance 🙏

You haven't seen anything yet to invest in from page 1, it is crypto exchange that is now on your mind. And you're not even a tech person. Okay o.

To start, get a team to build you a crypto platform. By a team, it doesn't involve only developers, it involves fronted and backend devs, QA Engineers, UI UX Engineers, Etc. Be careful of booby traps in scripts and purchased apps.

Then, you move to operations. Customer service, Marketing, Influencer marketing. You need solid lawyers and your bankers should be your pals.

In this line of business, hackers will target you. Your customers will target your vulnerability, so you have to be at alert 24/7. If your team see that you lack technical knowledge, I just dey laugh. You'll be dinner walking on 2 legs bro.

AmgAmg:
Good morning everyone

Pls Lately, I’ve been thinking a lot about building a crypto exchange… something similar to likes of Jeroid or Quidax.

Honestly, it’s just an idea for now, but it keeps coming back. I keep imagining what it would feel like to create a platform that makes crypto more accessible locally, especially in places where people need easier options.

Not only that … I want to create something where transactions work at the speed of light.
I mean ridiculously quick speed .
I feel like that’s the only real way to stand out and beat the competition: to have hypersonic-speed transactions that people can actually rely on.

But I’ve also had a bunch of doubts in mind.

I’ve been asking myself questions like:

Where do I even start from for someone entirely new to the crypto space?

Also, is this something I can actually pull off and is it worth it in the long run?

And probably the most important question: how much would this actually cost me, money-wise?

And more importantly … as I said earlier … Is the juice worth the squeeze in the end ?








Please, I don’t want to get into an endless money pit.

I know for a fact that it’s easy to get overwhelmed.

So I figured I’d just ask instead .

If you’ve been in this space … maybe you’ve worked on a crypto product, built a platform, or just know how these things come together … I’d really appreciate your thoughts & opinions

I’m open to learning, open to being corrected, and open to any advice you think might help

Thanks in advance 🙏

As both an entrepreneur and a software engineer who has built several fintech products, I will recommend you have a business plan and figure out your USP (Unique Selling Proposition) first, which you've rightly done, which is the transaction speed you mentioned, and perhaps there are also some others. Moving forward, you need to register the company and, most importantly, stay in compliance with the necessary authorities and this will ease your partnership with other service providers when you want to integrate their API on your platform. Coming from a business angle and to save your resources (time and money), you may want to quickly run an MVP and validate your idea before building and in that case, you can build an online brand with a simple landing page to get clients and get them to join your waitlist and see how this goes and you can also reach out to influential folks in the crypto community for a repost. So, depending on how this goes, you can build and launch.

With that being said, its an idea that's feasible due to the several pain problems involved in this part of the world most especially the delay and you can also partner with a reliable onramp provider which will allow users to convert their fiat into crypto.

I hope this helps!

Mannyemmy:
As both an entrepreneur and a software engineer who has built several fintech products, I will recommend you have a business plan and figure out your USP (Unique Selling Proposition) first, which you've rightly done, which is the transaction speed you mentioned, and perhaps there are also some others. Moving forward, you need to register the company and, most importantly, stay in compliance with the necessary authorities and this will ease your partnership with other service providers when you want to integrate their API on your platform. Coming from a business angle and to save your resources (time and money), you may want to quickly run an MVP and validate your idea before building and in that case, you can build an online brand with a simple landing page to get clients and get them to join your waitlist and see how this goes and you can also reach out to influential folks in the crypto community for a repost. So, depending on how this goes, you can build and launch.

With that being said, its an idea that's feasible due to the several pain problems involved in this part of the world most especially the delay and you can also partner with a reliable onramp provider which will allow users to convert their fiat into crypto.

I hope this helps!

Had to re-edit

Like I said, Thanks a lot for your advice… really appreciate from depth of my heart . What you said actually reminded me of a conversation I had recently with someone who’s also in tech but like a rookie. lol . We were discussing the idea of building an exchange and all the moving parts involved. Like you rightly said, starting with an MVP is the smart way to go. Just build something small, test it, see how people respond, and then scale up if it clicks.

But here’s the thing … even though I’m totally on board with the MVP phase, I’ve also been thinking ahead. I like to plan things out as much as possible,

Imagine someone starting to building a house , but in their head they’re already picturing the full duplex. Like what and what it takes to put everything together, they wanna know how much the blocks, roofing, wiring … everything …. would eventually cost. That’s kind of where my mind is.

So yes, I’ll test the waters first. I’ll keep things lean and maybe even use third-party providers for fiat onramp and other integrations. But I still need a sense… even if it’s just a ballpark estimate … of what a full, properly scaled exchange might cost to build and launch. From development to licenses, compliance, hosting infrastructure, security layers, media marketing and all the other stuff that has to be in place for things to run smoothly.

I’m not trying to rush into all that now, but I want to know the road ahead … what I might be getting into if this MVP gains traction and I decide to go all in….


I’ve seen people get stuck midway not because their idea didn’t work, but because they didn’t plan beyond version one. I’m trying not to be that guy.

Hope you get the idea and where I am coming from ….

Thanks again …. would really appreciate your take on this

AmgAmg:
The reason I created this thread was for interaction and educational purposes. Not clout chasing

I believe in creating spaces where people can share ideas, ask questions, and possibly even find ways to collaborate.

In fact, I’ve already connected with two individuals I’m genuinely interested in working with in the future . That, to me, already makes this thread valuable.

Hello, l just saw your thread today because this is what l have been looking for too. A physical worthwhile investment that will establish me for years to come. Hoping to get a genuine one, instead of saving with the bank.

AmgAmg:
Had to re-edit

Like I said, Thanks a lot for your advice… really appreciate from depth of my heart . What you said actually reminded me of a conversation I had recently with someone who’s also in tech but like a rookie. lol . We were discussing the idea of building an exchange and all the moving parts involved. Like you rightly said, starting with an MVP is the smart way to go. Just build something small, test it, see how people respond, and then scale up if it clicks.

But here’s the thing … even though I’m totally on board with the MVP phase, I’ve also been thinking ahead. I like to plan things out as much as possible,

Imagine someone starting to building a house , but in their head they’re already picturing the full duplex. Like what and what it takes to put everything together, they wanna know how much the blocks, roofing, wiring … everything …. would eventually cost. That’s kind of where my mind is.

So yes, I’ll test the waters first. I’ll keep things lean and maybe even use third-party providers for fiat onramp and other integrations. But I still need a sense… even if it’s just a ballpark estimate … of what a full, properly scaled exchange might cost to build and launch. From development to licenses, compliance, hosting infrastructure, security layers, media marketing and all the other stuff that has to be in place for things to run smoothly.

I’m not trying to rush into all that now, but I want to know the road ahead … what I might be getting into if this MVP gains traction and I decide to go all in….


I’ve seen people get stuck midway not because their idea didn’t work, but because they didn’t plan beyond version one. I’m trying not to be that guy.

Hope you get the idea and where I am coming from ….

Thanks again …. would really appreciate your take on this

I'll try my best to explain it explicitly to you here, but I do hope that I don't miss any vital point(s).

Firstly, before I expatiate on the pricing and regulations involved, I want you to understand the concept of what you're building, and the reason simply stems from the initial references you provided here on your earliest post about starting up a crypto exchange platform, which are Quidax and Jeroid. While both have some features in common, they're broadly different! Basically, Quidax is a centralized cryptocurrency exchange, and Jeroid is primarily a fintech or mobile app that offers crypto trading as one of its services, which is manually controlled. Think of "Quidax" as the Binance or Bybit of Africa that has a robust trading system and allows users to buy, sell, and store various cryptocurrencies like Bitcoin and Ethereum, offering features like P2P trading and an OTC desk, including an API for developers, and think of "Jeroid" as your regular WhatsApp crypto vendor you know who built an application to optimize their trading process but still does it manually on their backend regardless. I want to believe you understand now because it's pertinent.

With that being said, the reason for my explanation above is that your choice of references is a bit absurd in that particular context due to the enormous distance between the two of them in terms of pricing and the overall development. It's like comparing a Rolls-Royce La Rose Noire Droptail to a Toyota Corolla.

Moving forward, I believe you should grasp where I'm coming from and, perhaps, where I'm going to. To start with, the establishment of a similar Quidax-type of crypto exchange app in Nigeria is capital intensive. You'll mainly need to do a CAC registration, SEC registration, and intellectual property (IP) registration. The last time I checked, Nigeria’s Securities and Exchange Commission increased the registration fee of platforms offering crypto exchange services, raising it from 30 million naira to 150 million naira. To digress a little, in June 2024, the Nigerian Securities and Exchange Commission introduced the Accelerated Regulatory Incubation Program (ARIP) to manage the activities of these VASPs (Virtual Asset Service Providers). By August 2024, your beloved reference, Quidax, was one of two companies that were granted a license. Aside from the regulatory aspects, developing a Quidax-like application can cost you $20,000 and above unless you want to utilize a white-label solution like PayBitoPro, which is relatively cheaper.

On the other hand, starting up a Jeroid-type of crypto exchange app in Nigeria is a lot cheaper compared to Quidax. Like I mentioned earlier, Jeroid application is basically a mobile app that offers crypto exchange as one of its services, and transactions are manually carried out by its administrators. Unlike Quidax, it doesn't require much regulation, and you can make use of third-party APIs depending on the services you want to offer, like Jeroid does. You may still need a license if you want to accept fiat on your application, and maybe a cooperative license will do, and the cost varies, and you can consult a tech lawyer within your vicinity to learn more and the amount should be less than 250,000 naira. However, you still need to register your company with CAC, which is important. To give a guesstimate on how much it will cost to develop the app in Nigeria, I would say between 800k and 3M, depending on the core features required.

I, believe these are the major points you should know and the likes of the hosting infrastructure, security layers, media marketing and all the other stuff like you rightly mentioned on your comment are all negotiable items and with the right business plan, you can achieve all of this with some few millions of naira.

I hope this helps!

Mannyemmy:
I'll try my best to explain it explicitly to you here, but I do hope that I don't miss any vital point(s).

Firstly, before I expatiate on the pricing and regulations involved, I want you to understand the concept of what you're building, and the reason simply stems from the initial references you provided here on your earliest post about starting up a crypto exchange platform, which are Quidax and Jeroid. While both have some features in common, they're broadly different! Basically, Quidax is a centralized cryptocurrency exchange, and Jeroid is primarily a fintech or mobile app that offers crypto trading as one of its services, which is manually controlled. Think of "Quidax" as the Binance or Bybit of Africa that has a robust trading system and allows users to buy, sell, and store various cryptocurrencies like Bitcoin and Ethereum, offering features like P2P trading and an OTC desk, including an API for developers, and think of "Jeroid" as your regular WhatsApp crypto vendor you know who built an application to optimize their trading process but still does it manually on their backend regardless. I want to believe you understand now because it's pertinent.

With that being said, the reason for my explanation above is that your choice of references is a bit absurd in that particular context due to the enormous distance between the two of them in terms of pricing and the overall development. It's like comparing a Rolls-Royce La Rose Noire Droptail to a Toyota Corolla.

Moving forward, I believe you should grasp where I'm coming from and, perhaps, where I'm going to. To start with, the establishment of a similar Quidax-type of crypto exchange app in Nigeria is capital intensive. You'll mainly need to do a CAC registration, SEC registration, and intellectual property (IP) registration. The last time I checked, Nigeria’s Securities and Exchange Commission increased the registration fee of platforms offering crypto exchange services, raising it from 30 million naira to 150 million naira. To digress a little, in June 2024, the Nigerian Securities and Exchange Commission introduced the Accelerated Regulatory Incubation Program (ARIP) to manage the activities of these VASPs (Virtual Asset Service Providers). By August 2024, your beloved reference, Quidax, was one of two companies that were granted a license. Aside from the regulatory aspects, developing a Quidax-like application can cost you $20,000 and above unless you want to utilize a white-label solution like PayBitoPro, which is relatively cheaper.

On the other hand, starting up a Jeroid-type of crypto exchange app in Nigeria is a lot cheaper compared to Quidax. Like I mentioned earlier, Jeroid application is basically a mobile app that offers crypto exchange as one of its services, and transactions are manually carried out by its administrators. Unlike Quidax, it doesn't require much regulation, and you can make use of third-party APIs depending on the services you want to offer, like Jeroid does. You may still need a license if you want to accept fiat on your application, and maybe a cooperative license will do, and the cost varies, and you can consult a tech lawyer within your vicinity to learn more and the amount should be less than 250,000 naira. However, you still need to register your company with CAC, which is important. To give a guesstimate on how much it will cost to develop the app in Nigeria, I would say between 800k and 3M, depending on the core features required.

I, believe these are the major points you should know and the likes of the hosting infrastructure, security layers, media marketing and all the other stuff like you rightly mentioned on your comment are all negotiable items and with the right business plan, you can achieve all of this with some few millions of naira.

I hope this helps!

You write really well .

Mannyemmy:
I'll try my best to explain it explicitly to you here, but I do hope that I don't miss any vital point(s).

Firstly, before I expatiate on the pricing and regulations involved, I want you to understand the concept of what you're building, and the reason simply stems from the initial references you provided here on your earliest post about starting up a crypto exchange platform, which are Quidax and Jeroid. While both have some features in common, they're broadly different! Basically, Quidax is a centralized cryptocurrency exchange, and Jeroid is primarily a fintech or mobile app that offers crypto trading as one of its services, which is manually controlled. Think of "Quidax" as the Binance or Bybit of Africa that has a robust trading system and allows users to buy, sell, and store various cryptocurrencies like Bitcoin and Ethereum, offering features like P2P trading and an OTC desk, including an API for developers, and think of "Jeroid" as your regular WhatsApp crypto vendor you know who built an application to optimize their trading process but still does it manually on their backend regardless. I want to believe you understand now because it's pertinent.

With that being said, the reason for my explanation above is that your choice of references is a bit absurd in that particular context due to the enormous distance between the two of them in terms of pricing and the overall development. It's like comparing a Rolls-Royce La Rose Noire Droptail to a Toyota Corolla.

Moving forward, I believe you should grasp where I'm coming from and, perhaps, where I'm going to. To start with, the establishment of a similar Quidax-type of crypto exchange app in Nigeria is capital intensive. You'll mainly need to do a CAC registration, SEC registration, and intellectual property (IP) registration. The last time I checked, Nigeria’s Securities and Exchange Commission increased the registration fee of platforms offering crypto exchange services, raising it from 30 million naira to 150 million naira. To digress a little, in June 2024, the Nigerian Securities and Exchange Commission introduced the Accelerated Regulatory Incubation Program (ARIP) to manage the activities of these VASPs (Virtual Asset Service Providers). By August 2024, your beloved reference, Quidax, was one of two companies that were granted a license. Aside from the regulatory aspects, developing a Quidax-like application can cost you $20,000 and above unless you want to utilize a white-label solution like PayBitoPro, which is relatively cheaper.

On the other hand, starting up a Jeroid-type of crypto exchange app in Nigeria is a lot cheaper compared to Quidax. Like I mentioned earlier, Jeroid application is basically a mobile app that offers crypto exchange as one of its services, and transactions are manually carried out by its administrators. Unlike Quidax, it doesn't require much regulation, and you can make use of third-party APIs depending on the services you want to offer, like Jeroid does. You may still need a license if you want to accept fiat on your application, and maybe a cooperative license will do, and the cost varies, and you can consult a tech lawyer within your vicinity to learn more and the amount should be less than 250,000 naira. However, you still need to register your company with CAC, which is important. To give a guesstimate on how much it will cost to develop the app in Nigeria, I would say between 800k and 3M, depending on the core features required.

I, believe these are the major points you should know and the likes of the hosting infrastructure, security layers, media marketing and all the other stuff like you rightly mentioned on your comment are all negotiable items and with the right business plan, you can achieve all of this with some few millions of naira.

I hope this helps!

So I’ve been thinking a lot since your last message, and honestly, I’m leaning more and more toward building something in the Jeroid-style lane. Something that still offers crypto trading in a simplified, user-focused way.

But there’s something I’m still trying to understand clearly. You mentioned that platforms like Jeroid handle their transactions “manually” through an admin. That part has been on my mind. I came across something recently that said Jeroid handles over 200,000 users in total, which got me thinking …. are you saying that platforms like that don’t hit 5,000 users in volume per day? And even if they do, is it really possible for admins to manually handle that kind of load daily? It just seems like a lot for any team to manage by hand unless there’s some system behind it. Maybe when you say “manual,” it’s more of a hybrid … like there’s still a backend dashboard that requires approval, but not everything is fully automated yet? I’d really appreciate if you could help break that part down better for me.

Also on marketing …. I strongly believe that marketing is really the engine of this whole thing. Like they say, “The market where you shout the loudest is where people gather.” It’s not always about who has the most features or even the best tech …. sometimes, it’s just about who’s shouting with the right voice, in the right market, at the right time. That’s why even the biggest brands keep running ads every single day.

From what I can see in this space, especially crypto and fintech, if your brand doesn’t show up consistently and visibly, it’s almost like you don’t exist. And in a market like Nigeria, where word of mouth spreads fast when something works, I think that’s one area worth investing in. I’m curious to hear your take on this .. especially since you clearly have a good eye for communication.

I really admire your writing style by the way. You break things down in a way that makes complex stuff sound simple. good good writing skills you got there …

As for budget, I’m roughly estimating that ₦5 to ₦7 million might be enough to get a good version off the ground…. something stable enough to operate and grow organically. Of course, these are just preliminary thoughts, and I’m very open to your input on whether that sounds feasible or off the mark.

There are still many questions on my mind, but I also don’t want to overwhelm you all at once. If you’re open to further conversation, I’d really appreciate the the chance to ask a few more questions here and there. Thanks so much for all the help and breakdowns so far. Hopefully when I’m back in Nigeria, we can even connect in person.

Really really appreciate you, man.

AmgAmg:
So I’ve been thinking a lot since your last message, and honestly, I’m leaning more and more toward building something in the Jeroid-style lane. Something that still offers crypto trading in a simplified, user-focused way.

But there’s something I’m still trying to understand clearly. You mentioned that platforms like Jeroid handle their transactions “manually” through an admin. That part has been on my mind. I came across something recently that said Jeroid handles over 200,000 users in total, which got me thinking …. are you saying that platforms like that don’t hit 5,000 users in volume per day? And even if they do, is it really possible for admins to manually handle that kind of load daily? It just seems like a lot for any team to manage by hand unless there’s some system behind it. Maybe when you say “manual,” it’s more of a hybrid … like there’s still a backend dashboard that requires approval, but not everything is fully automated yet? I’d really appreciate if you could help break that part down better for me.

Also on marketing …. I strongly believe that marketing is really the engine of this whole thing. Like they say, “The market where you shout the loudest is where people gather.” It’s not always about who has the most features or even the best tech …. sometimes, it’s just about who’s shouting with the right voice, in the right market, at the right time. That’s why even the biggest brands keep running ads every single day.

From what I can see in this space, especially crypto and fintech, if your brand doesn’t show up consistently and visibly, it’s almost like you don’t exist. And in a market like Nigeria, where word of mouth spreads fast when something works, I think that’s one area worth investing in. I’m curious to hear your take on this .. especially since you clearly have a good eye for communication.

I really admire your writing style by the way. You break things down in a way that makes complex stuff sound simple. good good writing skills you got there …

As for budget, I’m roughly estimating that ₦5 to ₦7 million might be enough to get a good version off the ground…. something stable enough to operate and grow organically. Of course, these are just preliminary thoughts, and I’m very open to your input on whether that sounds feasible or off the mark.

There are still many questions on my mind, but I also don’t want to overwhelm you all at once. If you’re open to further conversation, I’d really appreciate the the chance to ask a few more questions here and there. Thanks so much for all the help and breakdowns so far. Hopefully when I’m back in Nigeria, we can even connect in person.

Really really appreciate you, man.

First and foremost, I appreciate your understanding of my case scenario involving Quidax and Jeroid, and having thoughtfully read my last comment, you would like to proceed with developing a Jeroid-type application, which is a commendable step.

As regards the crypto exchange backend functionality of how the Jeroid application works that I explained initially, it's more or less a hybrid solution, like you rightly stated, and in the admin dashboard, the admins can view the transaction history and simply tap a button to command instructions, be it approval, decline, or a comment. However, I just realized that the Jeroid application has been upgraded to include a wallet and trading system, which automates their transactions and makes them more similar to a Luno-type application. I'm not based in Nigeria, and I decided to download and sign up on their most recent app using my sibling's Nigerian phone number, and that's how I uncovered their new features.

Nonetheless, you can develop this hybrid application as your MVP to test the market and get feedback from your beta users to build your main product.

In the world of DeFi and fintech, when starting up, influencer marketing and UGC have proven to be very effective and help build credibility, expand reach, and drive engagement by leveraging trusted voices within the crypto community. You can also consider using paid advertising and referral programs. Like I said earlier in my last comment, with the right business plan, you can achieve your marketing goal.

Moving forward in starting up your MVP with the supposed hybrid features as discussed earlier, yes, your budget of 5-7 million naira is a very feasible one, and you can even pull it off with less funding depending on your strategy(ies). Instead of developing a cross-platform application, you can simply develop a web app-based MVP, which is quicker to build and cost-efficient. On the advertising and marketing aspect, if you want to generate leads and real-time paying users organically, you can sign up on other big exchanges to become a vendor and write appealing content to sway them to using your own platform. On the other hand, like I previously mentioned in my earlier comment, you can also reach out to influential folks for partnership and let them help you build your own community.

I hope this helps!

Mannyemmy:
First and foremost, I appreciate your understanding of my case scenario involving Quidax and Jeroid, and having thoughtfully read my last comment, you would like to proceed with developing a Jeroid-type application, which is a commendable step.

As regards the crypto exchange backend functionality of how the Jeroid application works that I explained initially, it's more or less a hybrid solution, like you rightly stated, and in the admin dashboard, the admins can view the transaction history and simply tap a button to command instructions, be it approval, decline, or a comment. However, I just realized that the Jeroid application has been upgraded to include a wallet and trading system, which automates their transactions and makes them more similar to a Luno-type application. I'm not based in Nigeria, and I decided to download and sign up on their most recent app using my sibling's Nigerian phone number, and that's how I uncovered their new features.

Nonetheless, you can develop this hybrid application as your MVP to test the market and get feedback from your beta users to build your main product.

In the world of DeFi and fintech, when starting up, influencer marketing and UGC have proven to be very effective and help build credibility, expand reach, and drive engagement by leveraging trusted voices within the crypto community. You can also consider using paid advertising and referral programs. Like I said earlier in my last comment, with the right business plan, you can achieve your marketing goal.

Moving forward in starting up your MVP with the supposed hybrid features as discussed earlier, yes, your budget of 5-7 million naira is a very feasible one, and you can even pull it off with less funding depending on your strategy(ies). Instead of developing a cross-platform application, you can simply develop a web app-based MVP, which is quicker to build and cost-efficient. On the advertising and marketing aspect, if you want to generate leads and real-time paying users organically, you can sign up on other big exchanges to become a vendor and write appealing content to sway them to using your own platform. On the other hand, like I previously mentioned in my earlier comment, you can also reach out to influential folks for partnership and let them help you build your own community.

I hope this helps!

I really appreciate you man .
Sorry it took me a while to get back …
just been super busy lately… genuinely would’ve loved to treat you to breakfast or something once I’m back in Nigeria, but since you’re not here, I honestly don’t even know how we’d link up


Anyway, I wanted to pick your brain a bit more. When you talk about ₦5–7 million, were you referring to just getting the MVP (Mv P) off the ground? Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me ….
Can you walk me through that.. hope you don’t mind


Also, I’ve been thinking … if I do decide to launch, I know for sure I’d need an office space eventually. But here’s the thing:
I’ve never run a corporate setup before, so I’m clueless about the structure.
How many people would I realistically need on the team at the beginning?
What kinds of roles should I be thinking about hiring for
And roughly, how much should I be budgeting for salaries for these roles ?

AmgAmg:
I really appreciate you man .
Sorry it took me a while to get back …
just been super busy lately… genuinely would’ve loved to treat you to breakfast or something once I’m back in Nigeria, but since you’re not here, I honestly don’t even know how we’d link up


Anyway, I wanted to pick your brain a bit more. When you talk about ₦5–7 million, were you referring to just getting the MVP (Mv P) off the ground? Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me ….
Can you walk me through that.. hope you don’t mind


Also, I’ve been thinking … if I do decide to launch, I know for sure I’d need an office space eventually. But here’s the thing:
I’ve never run a corporate setup before, so I’m clueless about the structure.
How many people would I realistically need on the team at the beginning?
What kinds of roles should I be thinking about hiring for
And roughly, how much should I be budgeting for salaries for these roles ?

I'm learning.... Oga emmy pls come and answer oo.

AmgAmg:
Thanks for your reply.

Firstly, about the consistent profitability you mentioned since late last year …. So that puts us in the 6 to 8-month range. While that might be simply encouraging, I'm sure we’d both agree that in the forex world, that’s still a pretty short timeframe to really prove long-term sustainability.

I’ve come across a lot of bots and strategies that look great for a year or even two, then suddenly fall apart. It’s kind of a pattern in this space … people show you short-term results and claim consistent success, but it’s hard to find those who can back it up with several years of real, verified performance.

That’s a big part of why I’ve always been cautious and haven’t jumped into anything forex-related up to now.

Pls don’t get wrong … I’m not saying I’m completely against it … I’m open to the idea 💯 …but for me to seriously consider putting in anything at all, I’d need to see a longer and more proven track record history .

Anyway, I’ll leave it at that for now. I hope you understand where I’m coming from. I really do appreciate your transparency, and if your results keep building and hold up over time, I’ll definitely be open to revisiting this in the future.

Wishing you all the best in the meantime.

lemme add this for you to think about.

Let's say you decide to start with a capital of $1k to invest for me to trade for you, at the worst case scenario, a trader with 6-8 months consistent profitability would have at the very least, you would have already recovered your capital of $1k which you invested and certainly some more.
Nobody can totally tame the fotex market forever and there is no trader on earth who doesn't have a down time but I believe the most important thing is to make more than u invest and more before any eventuality so there's no regret. You can not say that I wouldn't have made over $1k for you with ur $1k capital within a whole 6 months of consistent profitability! It's a no brainer.

Think about it. $1k is not too much to start with. Honestly

AmgAmg:
I recently received an inheritance and now have over ₦150-million just sitting here, doing nothing. I need solid advice on how best to invest this money. I’m looking for a moderate to high-yield investment that won’t be affected by the depreciation of the naira.

Let’s be real ….. we’ve all seen how bad the naira has devalued over the years. The last thing I want is to put my money into something, only to wake up in a few years and realize its value has been slashed into half. You know what I mean. Even if the business is in naira, it has to be highly profitable so that currency depreciation won’t eat away it.

I don’t want meaningless or negative suggestions…. only serious, well-thought-out opinions . I’m open to meeting up as well….. to discuss solid business ideas, and trust me, a handsome reward awaits whoever brings the best proposal.

That said, let me be clear:
I have the Commissioner of Police and EFCC on speed dial. If anyone thinks this is an opportunity for a scam, just know that any fraudulent attempt will be dealt with the full extent of the law.

If you have a genuine, profitable, and well-researched idea, let’s talk.

Good morning. Just saw this post now and i decided to share my own 2 points.
Agriculture is the goal if you're thinking of a long term business with profits. However, stop expecting 40% profit margin, especially when you've not even started the business or read extensively. No business in Nigeria gives 40% margin at kick-off.
My idea is simple, invest in basic day to day foods that every Nigerian uses. Items made from agricultural produce and used daily, never go out of style in Nigeria no matter how unpopular it might seem.
I wont go further than that, but am open to more discussion on the subject matter.

AmgAmg:
I really appreciate you man .
Sorry it took me a while to get back …
just been super busy lately… genuinely would’ve loved to treat you to breakfast or something once I’m back in Nigeria, but since you’re not here, I honestly don’t even know how we’d link up


Anyway, I wanted to pick your brain a bit more. When you talk about ₦5–7 million, were you referring to just getting the MVP (Mv P) off the ground? Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me ….
Can you walk me through that.. hope you don’t mind


Also, I’ve been thinking … if I do decide to launch, I know for sure I’d need an office space eventually. But here’s the thing:
I’ve never run a corporate setup before, so I’m clueless about the structure.
How many people would I realistically need on the team at the beginning?
What kinds of roles should I be thinking about hiring for
And roughly, how much should I be budgeting for salaries for these roles ?

Sequel to our discussion concerning the hybrid-like features as your MVP, Yes, I stated earlier in my last comment that your budget range is a feasible one, and you can kickstart with a lesser budget, which all depends on your business strategy.

"Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me …."

To answer this quoted question you asked above, firstly, MVP is an acronym that stands for Minimum Viable Product, which is a core version of a product designed to be released quickly and tested with real users. Minimum Viable Product (MVP) is generally considered the initial version of a product. This implies that as you progress in the business, you upgrade, which definitely will incur more costs. Now, to answer the later part of your question, which you're inquiring about the cost, it all depends on the full product you're looking forward to building, which is in your business plan, which I assumed is the likes of Quidax and the upgraded version of Jeroid, which involves mainly an automated wallet and trading system, and I've explained all these in my previous comments, and I stated that the cost of an automated crypto trading application only costs $20k and more, and you also have to keep the necessary licenses in mind too.

Moving forward, you need a product designer to quickly design the prototype of the MVP and get a developer to do it, and I recommend a web app for it with a simple wallet system, which will have top-up and withdraw, transaction history, and a settings page. The home screens should display the live rates of the various cryptocurrencies you support in naira, along with two action buttons: "buy crypto" and "sell crypto." After the development of the MVP, you advertise and market, and I've shared with you previously on both organic and paid ad methods.

No, launching an online Minimum Viable Product (MVP) generally does not require a traditional office space. The core focus of an MVP is to test a product concept with a minimal set of features and gather user feedback. This process is largely independent of physical location. Like I mentioned previously, part of your strategy is working with influential folks in the crypto community. You shouldn't worry about how many workers you should employ and their salaries; rather, you should be more concerned about getting STARTED. When the time comes, they're recruiters for that, and you should have a business plan that encompasses all these things, and I've been emphasizing since my earliest response for you to have one.

Moving forward, I'll recommend you start taking action, and like Mark Twain said, and I quote, "The secret of getting ahead is getting started." He also emphasized that "the secret of getting started is breaking your complex, overwhelming tasks into small, manageable tasks, and then starting on the first one." This suggests that the key to making progress is to begin and not get bogged down by the initial complexity of a project.

All the best! I hope this helps.

PS: By God's grace, I should be in Nigeria by next month.

AmgAmg:
I recently received an inheritance and now have over ₦150-million just sitting here, doing nothing. I need solid advice on how best to invest this money. I’m looking for a moderate to high-yield investment that won’t be affected by the depreciation of the naira.

Let’s be real ….. we’ve all seen how bad the naira has devalued over the years. The last thing I want is to put my money into something, only to wake up in a few years and realize its value has been slashed into half. You know what I mean. Even if the business is in naira, it has to be highly profitable so that currency depreciation won’t eat away it.

I don’t want meaningless or negative suggestions…. only serious, well-thought-out opinions . I’m open to meeting up as well….. to discuss solid business ideas, and trust me, a handsome reward awaits whoever brings the best proposal.

That said, let me be clear:
I have the Commissioner of Police and EFCC on speed dial. If anyone thinks this is an opportunity for a scam, just know that any fraudulent attempt will be dealt with the full extent of the law.

If you have a genuine, profitable, and well-researched idea, let’s talk.

Try Music BIzness and thank me later.
Establish your own record label, find a talented young within 16 - 18 years boy or girl that can sing extra ordinary to sign into your label, partner with distribution and management company like. DAPPER, EMPIRE Records or DON JAZZY MAVIN, olamide YBNL or even DAVIDO and you are in billions.

Keemkarr:
Try Music BIzness and thank me later.
Establish your own record label, find a talented young within 16 - 18 years boy or girl that can sing extra ordinary to sign into your label, partner with distribution and management company like. DAPPER, EMPIRE Records or DON JAZZY MAVIN, olamide YBNL or even DAVIDO and you are in billions.

You people just like to talk about things you know nothing about.

Do you know that it is possible for you to invest N15 million in producing a music album and it still ends up a commercial flop?!

SavageResponse:
You people just like to talk about things you know nothing about.

Do you know that it is possible for you to invest N15 million in producing a music album and it still ends up a commercial flop?!

The guy is just a joker... imagination wants to kill him.
Pple.just imagine possibilities in their heads without thinking about the risks those things don't happen as expected or the probability of those possibilities..

Mannyemmy:
Sequel to our discussion concerning the hybrid-like features as your MVP, Yes, I stated earlier in my last comment that your budget range is a feasible one, and you can kickstart with a lesser budget, which all depends on your business strategy.

"Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me …."

To answer this quoted question you asked above, firstly, MVP is an acronym that stands for Minimum Viable Product, which is a core version of a product designed to be released quickly and tested with real users. Minimum Viable Product (MVP) is generally considered the initial version of a product. This implies that as you progress in the business, you upgrade, which definitely will incur more costs. Now, to answer the later part of your question, which you're inquiring about the cost, it all depends on the full product you're looking forward to building, which is in your business plan, which I assumed is the likes of Quidax and the upgraded version of Jeroid, which involves mainly an automated wallet and trading system, and I've explained all these in my previous comments, and I stated that the cost of an automated crypto trading application only costs $20k and more, and you also have to keep the necessary licenses in mind too.

Moving forward, you need a product designer to quickly design the prototype of the MVP and get a developer to do it, and I recommend a web app for it with a simple wallet system, which will have top-up and withdraw, transaction history, and a settings page. The home screens should display the live rates of the various cryptocurrencies you support in naira, along with two action buttons: "buy crypto" and "sell crypto." After the development of the MVP, you advertise and market, and I've shared with you previously on both organic and paid ad methods.

No, launching an online Minimum Viable Product (MVP) generally does not require a traditional office space. The core focus of an MVP is to test a product concept with a minimal set of features and gather user feedback. This process is largely independent of physical location. Like I mentioned previously, part of your strategy is working with influential folks in the crypto community. You shouldn't worry about how many workers you should employ and their salaries; rather, you should be more concerned about getting STARTED. When the time comes, they're recruiters for that, and you should have a business plan that encompasses all these things, and I've been emphasizing since my earliest response for you to have one.

Moving forward, I'll recommend you start taking action, and like Mark Twain said, and I quote, "The secret of getting ahead is getting started." He also emphasized that "the secret of getting started is breaking your complex, overwhelming tasks into small, manageable tasks, and then starting on the first one." This suggests that the key to making progress is to begin and not get bogged down by the initial complexity of a project.

All the best! I hope this helps.

PS: By God's grace, I should be in Nigeria by next month.

Good evening

really appreciate everything so far … the energy, the communication, and the potential I see in what we have said so far is quite commendable

I noticed you don’t seem to be based in Nigeria, so I’m just thinking about how we could work together long-term.

if i happen to be in Nigeria in the next couple of months , we can definitely meet up and, preferably, just pick up from where things currently are and see how it all naturally progresses

I actually think that could help us connect better and maybe even give us a clearer picture of what direction to take

Mannyemmy:
Sequel to our discussion concerning the hybrid-like features as your MVP, Yes, I stated earlier in my last comment that your budget range is a feasible one, and you can kickstart with a lesser budget, which all depends on your business strategy.

"Like… if everything goes smoothly and I want to scale it up, would I need to invest more money to upgrade the app later? Sure I know will have to , but how much would that cost me …."

To answer this quoted question you asked above, firstly, MVP is an acronym that stands for Minimum Viable Product, which is a core version of a product designed to be released quickly and tested with real users. Minimum Viable Product (MVP) is generally considered the initial version of a product. This implies that as you progress in the business, you upgrade, which definitely will incur more costs. Now, to answer the later part of your question, which you're inquiring about the cost, it all depends on the full product you're looking forward to building, which is in your business plan, which I assumed is the likes of Quidax and the upgraded version of Jeroid, which involves mainly an automated wallet and trading system, and I've explained all these in my previous comments, and I stated that the cost of an automated crypto trading application only costs $20k and more, and you also have to keep the necessary licenses in mind too.

Moving forward, you need a product designer to quickly design the prototype of the MVP and get a developer to do it, and I recommend a web app for it with a simple wallet system, which will have top-up and withdraw, transaction history, and a settings page. The home screens should display the live rates of the various cryptocurrencies you support in naira, along with two action buttons: "buy crypto" and "sell crypto." After the development of the MVP, you advertise and market, and I've shared with you previously on both organic and paid ad methods.

No, launching an online Minimum Viable Product (MVP) generally does not require a traditional office space. The core focus of an MVP is to test a product concept with a minimal set of features and gather user feedback. This process is largely independent of physical location. Like I mentioned previously, part of your strategy is working with influential folks in the crypto community. You shouldn't worry about how many workers you should employ and their salaries; rather, you should be more concerned about getting STARTED. When the time comes, they're recruiters for that, and you should have a business plan that encompasses all these things, and I've been emphasizing since my earliest response for you to have one.

Moving forward, I'll recommend you start taking action, and like Mark Twain said, and I quote, "The secret of getting ahead is getting started." He also emphasized that "the secret of getting started is breaking your complex, overwhelming tasks into small, manageable tasks, and then starting on the first one." This suggests that the key to making progress is to begin and not get bogged down by the initial complexity of a project.

All the best! I hope this helps.

PS: By God's grace, I should be in Nigeria by next month.

Bro, I would really love to meet up with you and have lucid conversations surrounding this business model or something similar. Do you think 4m can get me an a fully functional app?

AmgAmg:
Good evening

really appreciate everything so far … the energy, the communication, and the potential I see in what we have said so far is quite commendable

I noticed you don’t seem to be based in Nigeria, so I’m just thinking about how we could work together long-term.

if i happen to be in Nigeria in the next couple of months , we can definitely meet up and, preferably, just pick up from where things currently are and see how it all naturally progresses

I actually think that could help us connect better and maybe even give us a clearer picture of what direction to take

Nice one. I'm interested if you guys need partners too.

AmgAmg:
Good evening

really appreciate everything so far … the energy, the communication, and the potential I see in what we have said so far is quite commendable

I noticed you don’t seem to be based in Nigeria, so I’m just thinking about how we could work together long-term.

if i happen to be in Nigeria in the next couple of months , we can definitely meet up and, preferably, just pick up from where things currently are and see how it all naturally progresses

I actually think that could help us connect better and maybe even give us a clearer picture of what direction to take

How can i join you guys?

AmgAmg:
Good evening

really appreciate everything so far … the energy, the communication, and the potential I see in what we have said so far is quite commendable

I noticed you don’t seem to be based in Nigeria, so I’m just thinking about how we could work together long-term.

if i happen to be in Nigeria in the next couple of months , we can definitely meet up and, preferably, just pick up from where things currently are and see how it all naturally progresses

I actually think that could help us connect better and maybe even give us a clearer picture of what direction to take

It's all good. Happy to be of help!

tobby98:
Bro, I would really love to meet up with you and have lucid conversations surrounding this business model or something similar. Do you think 4m can get me an a fully functional app?

Yes, it should. Have you been following my earliest conversation with the original poster to know more about the business?

being:
The guy is just a joker... imagination wants to kill him.
Pple.just imagine possibilities in their heads without thinking about the risks those things don't happen as expected or the probability of those possibilities..

Am not a joker bro, every BIzness that I know always have their own risk too, stop saying what you don't know about music BIzness because someone said an album can flop. I only bring it as an idea hear based on my 15 years experience in music production and bizness. You don't need to tackle an idea someone brought based on experience.. shetigbo alayonuso

SavageResponse:
You people just like to talk about things you know nothing about.

Do you know that it is possible for you to invest N15 million in producing a music album and it still ends up a commercial flop?!

To your Question Sir, yes, you might be right, it do happens to some artists and that is if their isnt a good promotional plan with the right firm handling it.

And for you telling me I know nothing about music biz, I laff you sir. In my 15 years experience about music productions and bizness, if you know jobs that I have handled and people that I have worked with underground with proove, you won't be saying what you don't know!! Let.me just mention few name may be that may ring in your eardrum

1 - TERRY APALA (childhood friend from Mushin) that DJ tunes (wizkid Dj) is managing his APALA DISCO song that just came back from UK tour around February this year before having EFCC case of recent,

2 - Bad bhoi OML (Mushin boy) managed by DAPPER MUSIC

3 - Ayo Maff ( ilupeju / SOMOLU BOY) now managed by Empire Music ( YBNL management company )

This are boys that I have been recording and Mix and master their songs since around 2018 or so, and Terry Apala since around 2004 doing music together with the MHC crew before they came into limelight and I currently have songs I have produced in collaboration with them of recent.

I just mention few

Their is always a biz plan for every BIzness where you talked about the positive side and the negative side ( risk involved) and how you can avoid the risk.

I no be small pikin for this game

So stop saying wetin you no know Mr tooknow

Keemkarr:
To your Question Sir, yes, you might be right, it do happens to some artists and that is if their isnt a good promotional plan with the right firm handling it.

And for you telling me I know nothing about music biz, I laff you sir. In my 15 years experience about music productions and bizness, if you know jobs that I have handled and people that I have worked with underground with proove, you won't be saying what you don't know!! Let.me just mention few name may be that may ring in your eardrum

1 - TERRY APALA (childhood friend from Mushin) that DJ tunes (wizkid Dj) is managing his APALA DISCO song that just came back from UK tour around February this year before having EFCC case of recent,

2 - Bad bhoi OML (Mushin boy) managed by DAPPER MUSIC

3 - Ayo Maff ( ilupeju / SOMOLU BOY) now managed by Empire Music ( YBNL management company )

This are boys that I have been recording and Mix and master their songs since around 2018 or so, and Terry Apala since around 2004 doing music together with the MHC crew before they came into limelight and I currently have songs I have produced in collaboration with them of recent.

I just mention few

Their is always a biz plan for every BIzness where you talked about the positive side and the negative side ( risk involved) and how you can avoid the risk.

I no be small pikin for this game

So stop saying wetin you no know Mr tooknow

It takes an open minded visionary investor to grasp and appreciate the business idea you just shared. I for one I know that music is a gold mine anywhere in the world if approached with all it takes to succeed in the industry.

Keemkarr:
To your Question Sir, yes, you might be right, it do happens to some artists and that is if their isnt a good promotional plan with the right firm handling it.

And for you telling me I know nothing about music biz, I laff you sir. In my 15 years experience about music productions and bizness, if you know jobs that I have handled and people that I have worked with underground with proove, you won't be saying what you don't know!! Let.me just mention few name may be that may ring in your eardrum

1 - TERRY APALA (childhood friend from Mushin) that DJ tunes (wizkid Dj) is managing his APALA DISCO song that just came back from UK tour around February this year before having EFCC case of recent,

2 - Bad bhoi OML (Mushin boy) managed by DAPPER MUSIC

3 - Ayo Maff ( ilupeju / SOMOLU BOY) now managed by Empire Music ( YBNL management company )

This are boys that I have been recording and Mix and master their songs since around 2018 or so, and Terry Apala since around 2004 doing music together with the MHC crew before they came into limelight and I currently have songs I have produced in collaboration with them of recent.

I just mention few

Their is always a biz plan for every BIzness where you talked about the positive side and the negative side ( risk involved) and how you can avoid the risk.

I no be small pikin for this game

So stop saying wetin you no know Mr tooknow

This long epistle you wrote is still of little relevance here.

You're rambling about musicians you have worked with, were you not paid for your services? The answer is yes!

The OP is a potential investor who is looking for investment opportunities.

Since you claim that music is a good investment I challenge you to mention the name of one unknown musician you sponsored his career from obscurity to stardom!

Keemkarr:
Am not a joker bro, every BIzness that I know always have their own risk too, stop saying what you don't know about music BIzness because someone said an album can flop. I only bring it as an idea hear based on my 15 years experience in music production and bizness. You don't need to tackle an idea someone brought based on experience.. shetigbo alayonuso

See, d fact remains is there is a high risk that an investment in that line doesnt yield returns esp if the investor is not the one managing the business