5 important things you should know before using forex brokers in Nigeria - Tigerwit Africa

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5 important things you should know before using forex brokers in Nigeria

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5 important things you should know before using forex brokers in Nigeria

There are quite a few ads from companies claiming to be Forex brokers in Nigeria, asking for a fee to teach you how to trade Forex, because it is the best Online Money Making Idea, or from a friend who has joined a WhatsApp group of traders. However, like most things, not every broker is ideal for you, especially when you are just getting started trading forex.

When you go out in the world yourself to find out about trading Forex, most of the information either makes it seem like a get rich quick scheme, or too complicated to understand. There is also the worry about the safety of the platform you intend to use.

This article would provide you with a quick introduction to get you into the world of Forex trading and why platforms backed by blockchain technology are the difference makers in the Forex market.

If this is your first introduction to Forex trading, you are welcome, we understand how overwhelming forex for beginners can be, with all the technical analysis for trading needed, pip calculations and forex indicators. So before we get to that, here isa basic introduction to get you on your way to master trading.

There are different ways to get started, but this is what should be the ideal beginning: starting with these  steps:

 

What to know about before using Forex brokers in Nigeria:

You have to ‘shine’ your eyes
  • Know your currency pairs: Forex trading is about the simultaneous purchase of one currency and sale of another. Knowing which currency pairs to trade could be the difference between making a profit or a loss.
  • Learn with demo accounts: You will have to be patient while learning so it is best to start with a demo account while you find your feet. For a beginner, a Forex broker that lets you try your hands at trading without losing any money is best for you. Sign up for a demo account with up to $10,000 to trade here
  • Find a reliable service provider: Verify the registration of your broker with Financial regulatory bodies, this ensures that the broker is legitimate. These include regulatory organisations like the SEC and the FCA TigerWit for example, can be verified on the FCA website here. Trading platforms that use secure technology like blockchain technology are best to secure your funds. Which is why we can say we are one of the safest platforms to trade forex in Nigeria. More on this later. 
  • Use free tools and guides: With the Internet democratising information, you can learn so much with free resources. So when you have developed enough knowledge on your own you can then move on to using a Forex broker. You can start with TigerWit’s free trading guide here
  • Do some independent analysis: Knowing when to enter a trade is often based on how much information you have 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. 

Why TigerWit’s Blockchain Technology makes your Forex trading better:

 There are many Forex brokers in Nigeria, However, TigerWit sets itself apart by powering your Forex trading with blockchain technology. This is how that makes your trading better:

  • Low platform risk: Because blockchain transactions require the ownership of assets or funds by either party, there are hardly any credit or liquidity risks.
  • Faster settlement times: With the use of blockchain technology, trade and settlements are made almost instantly. 
  • Improved transparency: Traders, brokers, and exchange platforms are able to track the entire transaction, making the process transparent from end to end.
  • 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.

Summarily, if you do want to get started Forex trading, it would be foolhardy not to use a platform with blockchain technology like TigerWit, knowing that the platform creates a transparent, secure, decentralised forex market that is fairer and more efficient than anywhere else.

Wanna join us? Start here

 

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