How to Make Money with Altcoins in Cameroon

Table of Contents

• Understanding Altcoins and Their Profit Potential
• Ways to Make Money with Altcoins in Cameroon
  • Spot Trading
  • Holding (Long-Term Investing)
  • Staking and Earning Rewards
  • Yield Farming & Liquidity Mining
  • P2P Altcoin Trading
• Best Altcoins to Trade or Invest in Cameroon
• Tools and & Platforms for Altcoin Trading & Investing
• Risk Management & Best Practice
• To Recap
• FAQs

TL;DR: Cameroonians can make money with altcoins through spot trading, holding, staking, yield farming, and p2p altcoin trading. 

Each method comes with risks, including volatility, security threats, and regulatory changes, but proper research and platform selection can help deal with them.

This blog post aims to provide a comprehensive guide on how crypto traders and investors living in Cameroon can capitalise on altcoins as a solid source of income. 

It doesn’t matter where you are in your crypto journey. This guide offers practical insights for both beginners and experienced traders.

What’s the Deal with Altcoins and How Profitable Are They?

To put it simply, altcoins are other cryptocurrencies that are not Bitcoin. 

They include well-known coins like Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among thousands of others. 

These digital assets serve various purposes, from aiding smart contracts to enhancing transaction speeds. 

Investing in altcoins can be profitable due to their potential for significant price appreciation and the diverse functionalities they offer. 

However, it's important to approach altcoin investment with careful research and an understanding of the essential risks involved.

Why Are Altcoins Popular in Cameroon?

• Trading Opportunities: The volatility of altcoins presents opportunities for traders to capitalise on price fluctuations.
• Remittances: Cryptocurrencies, including altcoins, offer a faster and often more cost-effective method for sending and receiving money across borders.
• Investments: As digital assets gain global pull, Cameroonians are exploring altcoins as a means to diversify their investment portfolios and potentially achieve substantial returns.

Who is this Guide for?

• Crypto Traders Looking to Expand Beyond BTC & USDT: If you're already trading mainstream cryptocurrencies like Bitcoin (BTC) and Tether (USDT) and wish to explore the broader altcoin market, this guide will provide valuable insights.
• New and Mid-Level Traders Seeking Profitable Altcoin Strategies: For those new to cryptocurrency trading or with some experience, understanding effective strategies for altcoin trading can enhance your profits.
• Investors Exploring Alternative Digital Assets: If you're an investor interested in diversifying into digital assets beyond traditional options, this guide will help you navigate the altcoin landscape.

Understanding Altcoins & Their Profit Potential

What are Altcoins?

Altcoins, short for "alternative coins," are all cryptocurrencies other than Bitcoin. 

They offer diverse functionalities and features. For example, Ethereum (ETH) enables developers to build decentralised applications, Binance Coin (BNB) is used to pay for transactions on the Binance exchange, and Solana (SOL) supports high-speed transactions for decentralised finance (DeFi) projects.

Why Trade Altcoins Instead of Just Bitcoin?

While Bitcoin is the most well-known cryptocurrency, altcoins present unique opportunities such as:

• Diverse Investment Options: Altcoins cater to various use cases that allow investors to support several projects.
• Higher Profit Potential: Some altcoins, especially newer ones, can experience significant price increases and offer substantial returns.
• Affordability: Many altcoins are priced lower than Bitcoin, making them accessible to a broader range of investors.

What are the Key Factors Influencing Altcoin Prices?

Several elements can impact the value of altcoins. But the major ones are:

• Market Trends: The overall cryptocurrency market sentiment can drive altcoin prices up or down.
• Adoption Rates: Altcoins with increasing user adoption or partnerships often appreciate in price.
• Utility: The real-world applications and problem-solving capabilities of an altcoin can enhance its value.
• Regulatory Environment: The cryptocurrency sector in Cameroon operates without specific regulations, allowing traders to engage in altcoin transactions without legal constraints.
• Technological Developments: Upgrades or innovations within an altcoin's platform can attract more users and investors.

Ways to Make Money with Altcoins in Cameroon

A. Spot Trading

What it is: 

Spot trading involves purchasing altcoins at a lower price and selling them at a higher price to earn a profit. 

If you buy an altcoin for 5000 CFA francs and later sell it for 5200 CFA francs, you've made a profit of 200 CFA francs. 

This method is popular among Cameroonian traders looking to capitalise on the price movements of various cryptocurrencies.

How to do it: 

To succeed in spot trading, consider the following steps:

• Identify altcoins with strong potential by analysing their technology, use cases, and development teams. Altcoins like Solana (SOL) and Polygon (MATIC) have gained attention for their innovative features.
• Stay informed about market trends and news that could impact altcoin prices. Websites like CoinMarketCap provide up-to-date information on various cryptocurrencies.

Example: 

Let’s say you decide to trade Solana (SOL) or Polygon (MATIC):

• Purchase SOL or MATIC on Obiex when their prices are low, based on your research and market analysis.
• Sell these altcoins when their prices increase and profit from the price difference.

Risks & Solutions: 

• Volatility: Altcoin prices can fluctuate significantly within short periods, leading to potential losses.
• You can manage this risk by not putting all your funds into a single altcoin and spreading your investments across multiple assets.
• Determine a price point at which you'll sell an altcoin to prevent further losses if the market moves against you.
• Keep up with the latest news and developments in the cryptocurrency space to make well-informed trading decisions.

B. Holding (Long-Term Investing)

What it is: 

Long-term investing, often referred to as "holding" or "HODLing, is a straightforward investment approach where individuals buy altcoins and keep them in their digital wallets for an extended duration, regardless of short-term market fluctuations. 

The primary goal is to benefit from the long-term growth and adoption of these digital assets. 

For example, an investor who purchased Ethereum (ETH) in 2017 at around $300 and held onto it saw its value rise significantly over the years, reaching over $3,200 in early 2025.

How to do it: 

• Research and Selection: Begin by researching altcoins with strong fundamentals, such as solid technology, a clear use case, and a competent development team. For instance, Ethereum (ETH) is renowned for its smart contract capabilities, while Ripple (XRP) focuses on aiding real-time cross-border payments. As of 2023, both ETH and XRP became top cryptocurrencies by market capitalisation.
• Diversification: Avoid putting all your investment into a single altcoin. Diversifying across multiple altcoins can reduce risks. For example, combining investments in Ethereum (ETH), Solana (SOL), and Cardano (ADA) can spread potential risks and rewards.

Example: 

Ethereum (ETH) has established itself as a leading platform for decentralised applications (dApps) and decentralised finance (DeFi). 

Investors who recognised its potential early and held onto their ETH have seen substantial returns. 

Those who invested in Ethereum in its early days have witnessed significant appreciation as the platform's adoption grew. 

Risks & Solutions: 

• Market Volatility: Cryptocurrency markets are highly volatile, and prices are capable of significant swings in short periods. To reduce this, focus on the long-term potential of your investments and avoid reacting to short-term market movements.
• Security Risks: It is crucial to store your altcoins securely. Utilise reputable wallets and consider hardware wallets for added security.
• Regulatory Changes: Stay informed about the regulatory environment in Cameroon. While the country has been exploring cryptocurrency regulations, it's essential to remain updated to ensure compliance and protect your investments. 

C. Staking & Earning Rewards

What it is: 

Staking involves locking up a certain amount of your altcoins to support the operations of a blockchain network that uses a Proof-of-Stake (PoS) consensus mechanism. 

In return for this commitment, you earn rewards, typically in the form of additional tokens. 

Staking Cardano (ADA) can yield an estimated 2.26% annual percentage yield (APY), while staking Solana (SOL) can offer returns ranging from 5% to 7.38% APY. 

How to do it: 

To start staking, you'll need to choose a platform that supports staking for your specific altcoin. Some platforms offer staking services for various cryptocurrencies, including ADA and SOL.

Others provide staking options with a user-friendly interface that is suitable for beginners.

Expected returns vary depending on the platform and the specific altcoin. 

Example: 

• As stated above, you can earn an estimated 2.26% APY for staking Cardano (ADA) and between 5% and 7.38% APY to stake Solana (SOL).

Risks & Solutions: 

• Lock-up periods: Some staking platforms require you to lock your assets for a specific period, during which you cannot access or trade them. The solution to this is to choose platforms that offer flexible staking options without mandatory lock-up periods.
• Platform reliability: Not all staking platforms are equally secure. It's crucial to select reputable platforms with robust security measures to protect your assets. Researching user reviews and platform security protocols can help you make an informed decision.

D. Yield Farming & Liquidity Mining

What it is: 

Yield farming, also known as liquidity mining, is a way to earn rewards by using your cryptocurrency holdings in decentralised finance (DeFi) platforms.

In the DeFi ecosystem, platforms need liquidity to function effectively. By supplying your crypto assets to these platforms, you act as a liquidity provider. 

In return, you earn rewards, often in the form of interest or additional tokens. This process is similar to earning interest in traditional banking but can offer higher returns due to the innovative nature of blockchain technology. 

How to do it: 

To start yield farming, you can use various DeFi platforms that offer such opportunities. 

Some of the leading platforms include Compound, Yearn Finance, Uniswap, MakerDAO, and Curve Finance. 

These platforms allow you to deposit your assets into liquidity pools, which are smart contracts where buyers and sellers can trade tokens. 

By providing liquidity, you earn rewards based on the amount you contribute and the platform's specific rules. 

Example: 

On Uniswap, you can provide liquidity by depositing pairs of tokens into a liquidity pool. 

For example, if you deposit equal values of Ethereum (ETH) and a stablecoin like USDC into the ETH/USDC pool, you enable users to trade between these tokens. 

In return, you earn a portion of the trading fees generated by the platform, proportional to your share of the pool. 

Risks & Solutions: 

• Impermanent Loss: This occurs when the value of tokens in a liquidity pool changes compared to when you deposited them. Significant price fluctuations can lead to losses when you withdraw your assets. To reduce this, consider providing liquidity to pools with stablecoins or assets with similar price movements.
• Smart Contract Risks: DeFi platforms operate using smart contracts—self-executing contracts with the terms directly written into code. Vulnerabilities or bugs in these contracts can be exploited by malicious actors, leading to potential loss of funds. To reduce this risk, it's crucial to use well-established platforms that have undergone rigorous security audits.

E. P2P Altcoin Trading

What it is: 

P2P altcoin trading involves the direct exchange of cryptocurrencies between users without the need for centralised exchanges. 

This decentralised approach allows Cameroonians to trade altcoins based on mutually agreed terms, offering flexibility in payment methods and pricing. 

Obiex facilitates P2P trades, connecting buyers and sellers directly to trade altcoins with XAF.

How to Do It: 

• Choose a Reputable Platform: The Obiex platform is secure and trustworthy regarding all trades, including P2P altcoin trading.
• Create an Account: Register on the Obiex platform and complete all necessary identity verification processes.
• Browse Listings: Look for buy or sell offers that match your desired altcoin and payment method.
• Initiate Trade: Contact the counterparty, agree on terms, and use the platform's escrow service to ensure the security of the transaction.

Example:Let’s say you want to sell Binance Coin (BNB) for Central African CFA francs (XAF) on Obiex. Here is an example of how it is executed:

• Post an Offer: List your BNB for sale, specifying the amount and desired price in XAF.
• Find a Buyer: A buyer accepts your offer and agrees to pay the specified XAF amount.
• Use Escrow: The platform holds your BNB in escrow while the buyer transfers the XAF to your bank account or preferred payment method.
• Confirm and Release: Once you confirm receipt of the XAF, the platform releases the BNB to the buyer, completing the transaction securely.

Risks & Solutions: 

• Scams: Fraudulent buyers or sellers may attempt to deceive users. Always use platforms like Obiex with firm escrow services that hold funds until both parties confirm the transaction.
• Fake Proof of Payment: Some scammers may provide false payment confirmations. Ensure you verify the actual receipt of funds in your account before releasing any cryptocurrency.
• Phishing Attacks: Be cautious of fake platforms or links. Always access P2P platforms directly through their official websites or trusted apps.

Best Altcoins to Trade or Invest in Cameroon

1. Criteria for Selecting Profitable Altcoins:

When choosing altcoins to invest in or trade, it's important to focus on certain factors to ensure they have the potential for high returns. 

Look for coins with strong development teams, a clear use case, and high trading volume. Coins backed by solid partnerships or with real-world applications, like improving technology or solving real-life problems, tend to perform well. 

Also, consider the coin's market capitalisation, as larger coins often have more stability, while smaller-cap coins can offer high rewards but come with increased risk. 

For example, coins like Ethereum and Binance Coin have proven their worth in the market and can be considered safer investments in Cameroon. 

At the same time, newer coins, especially those focusing on sectors like decentralised finance (DeFi) or blockchain-based applications, can also be promising but require thorough research.

2. Top Altcoins Currently Trending in the Market:

Several altcoins have been trending in the global market and are gaining attention from investors in Cameroon. The best ones to buy in 2025 are:

• Ethereum (ETH): Ethereum remains one of the top altcoins for investment in 2025, thanks to its large ecosystem and widespread adoption. It's used in everything from DeFi to NFTs, making it a strong contender for growth.
• Binance Coin (BNB): Binance Coin is another strong investment choice due to its use on the Binance exchange, one of the largest cryptocurrency exchanges globally. BNB’s popularity in Cameroon is rising as the crypto scene grows.
• Cardano (ADA): Known for its focus on sustainability and scalability, Cardano has gained attention globally. It's especially popular among investors looking for long-term growth and stability.
• Solana (SOL): Solana is a high-speed blockchain with low transaction fees, which makes it appealing to both developers and investors in Cameroon.
• Polkadot (DOT): Polkadot aims to connect different blockchains and enable them to work together. Its innovative approach to blockchain interoperability makes it a top altcoin to watch in Cameroon.

These altcoins may be trending, but it’s important to understand their specific advantages and risks before jumping in.

3. How to Research and Identify Good Projects:

To succeed in altcoin trading in Cameroon, you must learn how to research and identify promising projects. 

Start by evaluating the development team behind the altcoin. A strong, transparent team with experience in the crypto space can be an indicator of a promising project. 

Look at their whitepaper, which details the project's goals and technical specifications. 

Research the coin’s market performance and community engagement; active communities on platforms like Telegram and Reddit often indicate strong investor interest and future potential. 

You can also check if the altcoin is listed on major exchanges, which adds a layer of credibility. Always watch out for red flags, such as lack of transparency, unclear goals, or suspicious backing.

Tools & Platforms for Altcoin Trading & Investing

1. Tracking Tools for Market Trends:

Tracking tools are essential for following altcoin prices, market trends, and predictions. The following tools will help you understand how altcoins are performing in real-time:

• CoinGecko: One of the most popular tools for tracking altcoin prices, market cap, and trading volume. CoinGecko offers a comprehensive overview of altcoin performance, with live data for thousands of cryptocurrencies. CoinGecko is an easy-to-use resource for staying updated on the best altcoins to buy in Cameroon.
• TradingView: A popular charting platform that offers advanced charting tools to track altcoin price movements, trends, and indicators. It’s perfect for altcoin traders looking to make short-term profits by analysing market charts and trading signals.
• CoinMarketCap: Another widely used platform for tracking altcoin prices, CoinMarketCap provides valuable data on trading volumes, market cap, and historical trends. It’s a great resource for investors interested in knowing the top altcoins for investment in 2025.
• CryptoCompare: This platform offers real-time price data for altcoins and crypto-to-crypto trading pairs. CryptoCompare is beneficial for traders in Cameroon who want to monitor price changes for altcoins like Ethereum, Cardano, and Solana.

2. Why Obiex is a Great Choice for Cameroonian Traders Trading Altcoins:

Obiex is a top choice for Cameroonian traders looking to buy and sell altcoins because of the many benefits and features the platform provides for customers. 

As a Nigerian-based crypto platform, Obiex is known for its user-friendly interface and wide range of altcoins (over 30 selected cryptocurrencies) available for trading. Here’s why Obiex stands out for traders in Cameroon:

• Local Support: Obiex offers customer support that understands the unique needs of traders in Cameroon, including payment preferences. This ensures that users can easily navigate the platform and resolve issues quickly.
• P2P Crypto Trading in Cameroon: Obiex supports Peer-to-Peer (P2P) crypto trading, which is an increasingly popular method of buying and selling altcoins in Cameroon. 

With P2P, you can trade altcoins and XAF directly with other users without going through a centralised exchange, giving you more control over your trades and often better rates.

• Secure and Reliable: Obiex follows strict security protocols to ensure that your crypto assets are safe. With its strong encryption and two-factor authentication, you can trust that your investments are protected while trading altcoins.
• Competitive Fees: Compared to many international platforms, Obiex offers lower fees for buying and selling altcoins, making it an affordable option for Cameroonian traders looking to maximise their profits.
• Crypto Regulations in Cameroon: Although Cameroon’s crypto regulations are still evolving, Obiex ensures that its platform complies with local laws, giving traders peace of mind when it comes to the safety and legality of their trades.

Risk Management & Best Practices in Altcoin Trading in Cameroon

1. How to Avoid Losses and Minimise Risks:

In altcoin trading, losses are a natural part of the process, but there are several ways to minimise them. 

One of the best ways to reduce risk is by doing thorough research before investing in any altcoin. Look at factors like the altcoin's past performance, its potential for growth, and the team behind the project. Be sure to avoid investing in altcoins with very little information or unclear roadmaps. 

Also, it's crucial to use a stop-loss feature, which allows you to automatically sell your altcoins if the price falls below a certain level, preventing you from losing too much money. 

For example, if you invest in an altcoin like XRP, and it starts to drop in value, a stop-loss would automatically protect your investment by selling it at a lower but predefined price. 

Avoid putting all your money into one altcoin—dividing your investment across multiple coins will reduce and spread out the risk.

2. When to Take Profits and Exit a Trade:

Knowing when to take profits is just as important as knowing when to invest. 

One common strategy used by experienced traders is to set a target price or percentage return at which you plan to sell your altcoins. 

For example, if you invest in a promising altcoin, like Cardano (ADA), and its value increases by 20%, you might decide to sell part of your holding and lock in your profits. 

Another key strategy is to follow the market trends. If the price of an altcoin has risen quickly, it could signal that the market is about to correct itself, meaning it might be time to take profits. 

It's important to stay up to date with any news or policy changes that might affect the value of your investments. 

Setting stop-loss orders and taking profits at regular intervals can help you avoid waiting too long and missing out on gains.

3. Diversification Strategies:

Diversifying your altcoin investments is one of the most effective ways to protect your portfolio. 

Instead of focusing on a single coin, spread your investments across several altcoins. This means that even if one altcoin suffers a price drop, your overall portfolio won't be heavily impacted. 

For example, investing in both established coins like Ethereum and newer coins like Shiba Inu could balance the risk and increase your chances of earning. 

Diversification can also include holding a mix of different types of altcoins, such as coins with high growth potential, stablecoins, and even some altcoins offering staking rewards. 

It’s also a good idea to invest in altcoins that serve different industries, such as gaming, decentralised finance (DeFi), and supply chain management, to further spread risk.

To Recap

• Altcoin money-making strategies for Cameroonians include spot trading, holding, staking, yield farming, and P2P altcoin trading.
• Spot trading involves buying altcoins at a lower price and selling them at a higher price for a profit.
• To succeed in spot trading, research altcoins with strong potential, stay informed about market trends, and diversify investments.
• Risks in spot trading include volatility, which can be managed by spreading investments and setting price points for selling.
• Holding (HODLing) is a long-term investment strategy where altcoins are bought and held in digital wallets for extended periods.
• Market volatility is a risk in long-term investing, which can be reduced by focusing on long-term potential and avoiding short-term fluctuations.
• Ensure altcoins are securely stored in reputable wallets and stay updated on regulatory changes.
• Staking involves locking altcoins to support blockchain networks, earning rewards in return.
• Staking rewards vary by altcoin.
• Risks in staking include lock-up periods and platform reliability, which can be managed by choosing flexible platforms and secure platforms.
• Yield farming and liquidity mining involve providing liquidity to DeFi platforms in exchange for rewards.
• Platforms like Compound, Yearn Finance, and Uniswap allow users to provide liquidity and earn rewards.
• Risks include impermanent loss and smart contract vulnerabilities, which can be reduced by choosing stablecoin liquidity pools and secure platforms.
• P2P altcoin trading allows direct exchanges between users without centralised exchanges, offering flexibility in payment methods and pricing.
• Obiex enables secure P2P trading with escrow services to protect both buyers and sellers.
• Start trading altcoins with these methods to generate profits.

💡Sign up on Obiex and begin profiting from altcoins today!

FAQs

Q1. How do I get started with Altcoins?

To start with altcoins in Cameroon, open a crypto exchange account, deposit funds, and choose a secure wallet for storage.

Q2. How can I make money from home in Cameroon?

You can trade altcoins online, participate in staking, or earn through crypto mining from home using a stable internet connection.

Q3. Can I make money on altcoins?

Yes, you can make money by trading altcoins, investing in promising coins, or staking them for rewards.

Q4. What is the minimum deposit for an Altcoin trader?

The minimum deposit varies by platform, but it’s often as low as 5,000 CFA or equivalent in crypto.

Q5. How do I find my winning altcoins?

Research altcoins based on market trends, team credibility, use case, and community support to identify profitable investments.

Q6. How do I take profit from altcoins?

Sell your altcoins at a higher price than you bought, or use staking rewards to earn profits over time.

Q7. How do I trade altcoins for profit in Cameroon?

Monitor market trends, use a reliable crypto exchange like Obiex, and buy low, sell high for maximum profit.

Q8. What are the best ways to make money with crypto in Cameroon?

Trade altcoins, stake coins for rewards, or engage in yield farming through DeFi platforms.

Q9. Where do I buy and sell altcoins in Cameroon?

You can buy and sell altcoins on local exchanges like Obiex, Binance, or CoinMama, which support payments in CFA.

Q10. What are the altcoin investment strategies for beginners?

Start small, diversify your investments, and focus on well-established altcoins like Ethereum or Cardano for steady returns.

Disclaimer: This article was written to provide guidance and understanding. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.