As forex trading has become a top investment for many, TigerWit Africa, a regulated financial technology company which prides itself as the most transparent forex broker in Africa, has shared insightful nuggets to get started into the world of forex trading.
TigerWit also spoke on why platforms backed by blockchain technology are the difference makers in the forex market.
Kennedy Adetayo, head of marketing, Tigerwit Africa, shared these insights during a virtual briefing with newsmen in Lagos.
“When finding out about trading forex, most of the information either makes it seem like a get-rich-quick scheme or too complicated to understand,” Adetayo said.
“We understand how overwhelming forex for beginners can be, with all the technical analysis for trading needed, pip calculations and forex indicators,” he said.
While acknowledging that there is often trust issue with forex platforms, Adetayo listed basic introduction to get beginners on the way to master trading. This includes knowing your currency pairs, which is about the simultaneous purchase of one currency and sale of another and could be the difference between making a profit or a loss.
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Others are learning with demo accounts with about $10,000; finding a reliable service provider; using free tools and guides; and doing some independent analysis.
“Trading platforms that use secure technology like blockchain are best to secure your funds. Which is why we can say we are one of the safest platforms to trade forex in Nigeria,” he said.
According to Adetayo, with the internet democratising information, one can learn so much with free resources, starting with TigerWit’s free trading guide.
The forex expert also noted that knowing when to enter a trade is often based on how much information one has that others do not.
“Research like the experts, read what they are reading. The TigerWit blog has brilliant analysis that would nudge you in the right direction.
“Because blockchain transactions require the ownership of assets or funds by either party, there are hardly any credit or liquidity risks,” he said.
Some of the features he said TigerWit boasts of include faster settlement times; improved transparency; and security.
“One of blockchain technology’s main strengths is cryptographic encryption. The technology offers encryptions that are almost impossible to crack with the existing technologies, making your trade safe every time,” he said.
He encouraged beginners to trust TigerWit, knowing that the platform creates a transparent, secure, decentralised forex market that is fairer and more efficient than anywhere else.
