Cryptocurrency traders, investors and entrepreneurs have trained Nigerians on how to engage in profitable trading and understanding the blockchain technology, they have also been taught to use etf investing!
Speaking at a summit held at the Civic Centre in Ikoyi, Lagos, on Wednesday, Ian Balina, an acclaimed global cryptocurrency investor, alongside other traders and investors, said the crypto business is a profitable venture if enthusiasts educate themselves about its workings. If you get rich so fast, then you’ll not need to depend on the “Money and Power” Elites and their jobs and welfare system where they allow you nickels and dimes to keep you subjugated. If you get rich too fast, they will no longer be able to manipulate you into voting and keeping them in power to continue milking your life by making you labor and work yourself to death making them rich. The Axia Futures offer to aspiring traders have themselves gone through all the challenges a trader encounters and are equipped in creating an immersive and hands-on experience to rapidly accelerate the trader’s career.
There are so many reasons why most beginners in foreign currency trading fail to earn money and instead lose all their savings. When they first hear about how easy and fast it is making money from day trading currency, they search the internet and find best forex brokers. Then they open a currency trading account and put in a few thousands of dollars in the online currency trading account and immediately begin to try to earn money from online currency trading. Short selling investment or trading strategy speculates on the decline in a stock or other securities price. It is an advanced strategy that should only be undertaken by experienced traders and investors. Traders may use short selling as speculation, and investors or portfolio managers may use it as a hedge against the downside risk of a long position in the same security or a related one. Speculation carries the possibility of substantial risk and is an advanced trading method. Hedging is a more common transaction involving placing an offsetting position to reduce risk exposure. With shorting instructions , a position is opened by borrowing shares of a stock or other asset that the investor believes will decrease in value by a set future date—the expiration date. The investor then sells these borrowed shares to buyers willing to pay the market price. Before the borrowed shares must be returned, the trader is betting that the price will continue to decline and they can purchase them at a lower cost. The risk of loss on a short sale is theoretically unlimited since the price of any asset can climb to infinity.
Faith Titus, Co-founder of Blockchain Nigeria User Group, said for the Blockchain and Cryptocurrency to be profitable, one needs to be educated.
“Before one can be able to trade well, you need to be educated because if you are not educated, you won’t know how it’s being done,” she said. “You can make a wrong deal and find yourself falling into scam. That it why is it very important to be educated. Education is not just for the enthusiasts alone, but also the investors.” Numerous traders like to use scalping strategy by making significant earnings through profiting from a large number of trades. Forex Enigma is a scalping indicator software that assists scalpers in entering and exiting the forex enigma review trading market at the proper time.
Titus also explained that blockchain technology can be deplored in different sectors for ease of financial transactions and security, Blockchain Use Cases in Financial Services.
Blockchain has various applications that can be used to process transactions in whatever business engagement.
Also, to identify legit digital trading platforms, Titus said one needs to be certain that the “company has a credible used case”.
“The project must be solving a financial problem in Nigeria. For example, sometimes, when making bank transactions like sending money from point A to point B, it takes a while for the money to deliver; this is a challenge. Now, if a cryptocurrency platform tells you to invest in their project, that they have a solution for that challenge, you need to find out that those things they are talking about will actually solve the problem they have identified,” she added.
Toyosi Abolarin, the Lead Project Manager at Venture Garden Group, who also spoke at the summit, said there is now a process in place by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) to have the cryptocurrency space regulated. He noted that such initiative by the government agencies is a step in the right direction.
The CBN has regularly warned Nigerians to be wary of investing in cryptocurrency using etoro copy trading, as it is a virtual currency that cannot be tendered for any kind of trade in Nigeria.
In one of its newsletters, the apex bank warned that dealers and investors in any kind of cryptocurrency in Nigeria are not protected by law, and as such, may be unable to seek legal redress in the event of failure of the exchangers or collapse of the business.
Giant digital platforms such as Google and Facebook have also placed embargoes on cryptocurrency advertisement on their platforms.
Scott Spencer, Director of Sustainable Ads in Google, said during an interview with CNBC that the platform is unclear about the future of cryptocurrency, but it is placing a ban on its advert because it has seen many get hurt and would like to militate against similar occurrences in the future.
SOURCE :sahara reporters (news)