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Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. - Business - Nairaland

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Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 4:30pm On Apr 05, 2016
My name is Rapheal and I work at MyTopExchange, a digital currency exchange company in Nigeria.

Since 2012, we have exchanged popular digital currencies and partnered with international companies such as InstaForex, Deriv/Binary, AstroPay, JustForex, AstroPay, Neteller, Skrill, Payeer, Binance, Olymp Trade and many others. Over this period, I have met a lot of binary options, crypto & forex traders in Nigeria. And from my interactions with them, it's clear that there is a lot of misconception about the business of financial trading & investment.

Have come to realize that most traders know very little about the business of forex & crypto investment, and they see the financial markets as their gateway to unlimited financial breakthrough. They mostly trade as gamblers instead of investors. To say the truth, majority of the people have met take trading as their primary source of livelihood, this is not recommended.

Many times we receive calls from new customers of InstaForex or Deriv, one of the most common question we receive is: "If I deposit $100 to my Live account, How much would I make monthly?"
Another question I mostly hear is: "Can your company trade for me, while we share the profits?".

Anyway, it's the get rick quick mentality that make people ask these sorts of question.

Firstly, How much you would make from any type of online financial trading depends on your trading skills, experience, the market itself and your broker. Nobody in the world can actually predict how much he can make from the financial markets accurately.

Secondly, no reputable financial brokerage firm would ever trade for you. The market is not controlled by the brokers nor traders. No individual or company worldwide has sole control of the Forex market.

Therefore, it is advisable you trade yourself, moreover there are many auto-trading or signal services you can use. You can google them.

Nevertheless to succeed as a new financial trader, you don't just go to babypips or download some ebooks to learn trading. You need guidance from a professional. If possible, you can attend a training school.

Not just an investment seminar. You can NEVER become a successful forex trader after just attending a trading seminar.

Look for a specialized trader to teach you the art of trading.
If your trading skill is poor, you would easily lose your deposit, no matter the area you chose to trade, be it forex, binary or crypto.
You money is hard earned, do not waste it.

Therefore, I have created this thread to educate Nigerian financial traders on the basics of trading and overall making you a better trader.

If you have any kind of questions regarding forex trading, binary options, cryptocurrency trading or any type of online financial investment, please drop your question while I answer for you.

My team members and my humble self would be providing answers to any type of question you shoot to us.

NB:
We are not selling or marketing any product/services on this thread.
Thank you

1 Like

Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by pafra(m): 4:43pm On Apr 05, 2016
How lucrative is Facebook share what are the possibility of making good profit without losing on the long run
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 6:37pm On Apr 05, 2016
pafra:
How lucrative is Facebook share what are the possibility of making good profit without losing on the long run
Facebook stock I believe is tradeable, but I would advise that trade stocks with forex brokers come with very low leverage.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by folaschool: 8:03pm On Apr 05, 2016
pls, how do i become institutional trader i.e trading for the big ones
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by pafra(m): 8:37pm On Apr 05, 2016
The link you gave is not Nigeria base. This is nairaland. Give us something that is applicable to the next context. If your desire is to create employment let the example be for beginners not things like real estate that I saw in the passive income section
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 8:53am On Apr 06, 2016
good morning all
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 10:37am On Apr 06, 2016
folaschool:
pls, how do i become institutional trader i.e trading for the big ones
firstly I believe you would need a license from the CBN to operate as a fund manager.
Institutional traders buy and sell securities for accounts they manage for a group or institution. Pension funds, mutual fund families, insurance companies are common institutional traders.

1 Like

Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 3:05pm On Apr 06, 2016
Its highly recommended that you attend a forex training course if you are new to forex trading.
Don't only rely on the knowledge you acquire reading ebooks, or babypips or forexfactory.
Forex trading is a risky business and it good to get a real life training experience from
people that are professional traders
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by forex24(m): 3:39pm On Apr 06, 2016
sir one of my dream is to work in instaforex company whether here in nigeria or out side. because i want to know more about it and grow in it. when will they call for vacancy please let me know my email is otikpere@gmail.com. also do you have any centre in benin city because i want to get lot of people who are ready to learn forex trading.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 10:43am On Apr 07, 2016
forex24:
sir one of my dream is to work in instaforex company whether here in nigeria or out side. because i want to know more about it and grow in it. when will they call for vacancy please let me know my email is otikpere@gmail.com. also do you have any centre in benin city because i want to get lot of people who are ready to learn forex trading.
okay. When there is an opening, you can apply.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 3:05pm On Jan 08
hello guys, we thank you for your questions and support over the years.
We are resuming our question and answer series in a better and interesting way this 2021.
Start preparing all your pressing questions as our experts provide answers to you.
Pls stay tuned!

1 Like

Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by blazebaba(m): 3:38pm On Jan 08
How about you,can you tutor someone or is there a proffesional you could direct one,am new to forex and my broker is instaforex..pls ill need more enlightment on this..
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by seunmsg(m): 4:42pm On Jan 08
macphilip:
hello guys, we thank you for your questions and support over the years.
We are resuming our question and answer series in a better and interesting way this 2021.
Start preparing all your pressing questions as our experts provide answers to you.
Pls stay tuned!

How can I invest safely in Bitcoin?
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 6:43pm On Jan 10
seunmsg:


How can I invest safely in Bitcoin?
Thanks for your question.
Your answer below:

There are several ways you can invest in Bitcoin but i will suggest you focus majorly on these 3 methods which are simple means of earning from your investment. They include
1) Buy and Hold or HODL
This is the most common and simplest approach which just simply involves the buying of Bitcoin and then storing or keeping it in your Bitcoin wallet. Then sell it over time as it appreciates in value.
However your main motive is not just to go ahead and buy the Bitcoin at any given available market price. Your mission is to buy it at a cheap market price and then be patient for it to appreciate in value over a duration of time before selling it. So in this context 'timing' the buying of the bitcoin plays a vital role. If you buy at a wrong price, your Bitcoin could loose value easily. But the advantage you have is that it would surely retest or revisit the price you bought it even if it takes months or years.
Its not totally different from the Real Estates Niche. You buy a land at a cheap price in a location that has a high potentiality of developing and becoming a mega community or city. Then you sell the land at a higher price you bought it when the area develops.

2) Margin Trading(FOREX)
Margin trading became accessible with the establishment and availability of Crypto Brokers who provide means of trading the crypto market over the counter. Margin trading is totally different from Buy and Hold. In this approach, you can actually earn from the day to day volatility of price movement in the market.
Simply put in a lay man's term, you can profit from the fall or depreciation of bitcoin value in the market without buying and storing it. All you need to do is open a trading account with a crypto broker e.g Binance.com, Fund it and then start trading the price flunctuations of Bitcoin. This means you can earn from both buying or selling the Bitcoin in the crypto market but you need to be good in the prediction of your technical analysis of the chart before indulging. Margin trading carries a higher degree of risk if you are not good in reading the charts, however crypto brokers offer low leverage which reduces risk

3) Mining
Mining is the least risky in all Bitcoin investment schemes. Its the process of earning bitcoin in exchange for running the verification process to validate bitcoin transactions. However it doesnt seem feasible in Nigeria due to several factors. These include the cost of the electricity to power the computer system (cost of electricity), the availability and price of the computer system, and the difficulty in providing the services. Moreover setting up a Mining rig is actually very expensive
So usually i always recommend cloud mining if Mining is what you prefer. Cloud mining simply involves subscribing under a company that runs a successful Mining rig. They will assist you in setting up your own mining equipments under their own Rig and you will be paying them a certain monthly fee while you earn. Currently i can not recommend any company for you for cloud mining because a lot of scams occurr in this area. So you have to do your own research/assigment to find a reputable and trustworthy company to use.

In conclusion have in mind that all investment approach comes with its own degree of risk, so do not risk more than what you can afford to loose.

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Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by Konquest: 11:45pm On Jan 10
macphilip:
hello guys, we thank you for your questions and support over the years.
We are resuming our question and answer series in a better and interesting way this 2021.
Start preparing all your pressing questions as our experts provide answers to you.
Pls stay tuned!
@macphilip
Hello to you and Happy New
Year.


1. Can we still continue trading live accounts on the older Binary.com platform in 2021?...
Or are we to only trade on the
newer Deriv.com platform?


2. To make withdrawals via the
Payment Agent option from
Binary.com/Deriv.com through
MyTopExchange.com, what are
the quick procedures to follow
after clicking the Payment Agent
link and inputing the $ withdrawal amount in order to get credited
in my bank next week?

Thanks a lot!
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 8:27am On Jan 11
blazebaba:
How about you,can you tutor someone or is there a proffesional you could direct one,am new to forex and my broker is instaforex..pls ill need more enlightment on this..
Though, we don't run a forex training course in our office, but I can tutor you majorly on the basic fundamentals of trading in general.
However you can find useful online trading courses from Professionals depending on the trading strategy you wish to use in your trading journey. Another useful website where you can get quality education about trading is www.babypips.com. Have it in mind that there is no such thing as Holy grail in trading. Trading requires lots of patience, consistency, perseverance and constant research. It's is not a get rich quick scheme. You need to keep updating yourself from time to time in trading as market structures or cycles or seasons keep changing. But a simple approach that has stood the hands of time is trading in line with the trend on larger timeframes starting from the daily charts. In regards to your broker, Instaforex is a standard and user-friendly broker for beginners as their lot size calculation is direct. They also provide bonuses to boost your trading capital which can be an added advantage. Another advantage is the $500 no-deposit bonus You can use this bonus funds to test run your trading strategy on a live market. We can also assist you to fund and withdraw automatically from your instaforex account as our company is a partner for them.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 12:18pm On Jan 11
Konquest:

@macphilip
Hello to you and Happy New
Year.


1. Can we still continue trading live accounts on the older Binary.com platform in 2021?...
Or are we to only trade on the
newer Deriv.com platform?


2. To make withdrawals via the
Payment Agent option from
Binary.com/Deriv.com through
MyTopExchange.com, what are
the quick procedures to follow
after clicking the Payment Agent
link and inputing the $ withdrawal amount in order to get credited
in my bank next week?

Thanks a lot!


Good morning and Happy new Year to you as well.

In response to your question

1. Yes you can still continue trading on the old Binary platform in 2021, since both websites (Binary and Deriv) are fully functional and operating without issues.
However on the long term, they would eventually stop operations with Binary and focus fully on Deriv.
By then they would inform their customers when they make their final decision on this matter.
But till then keep enjoying your trading activity on your Binary or Deriv platform.

2.To withdraw from your Binary account using Mytopexchange as your payment agent, first of all you need to have funded your account using our services else you wont be able to withdraw via us as a payment agent.

Secondly if you had funded using another payment method (Neteller, Perfect Money, ATM card, Skrill) before using our service to fund your account, you would still need to contact Binary support to activate your account such that you can withdraw via Mytopexchange as a payment agent.

Lastly Mytopexchange is not listed as a payment agent on Deriv/Binary website since we process all funding and withdrawal transactions automatically. So the process is totally different from what you typed in your question.

To withdraw using us you will need to login into your profile on mytopexchange to directly initiate the withdrawal process. After completing the withdrawal process on our website, you will receive your bank alert within 1-5 minutes.

To get a comprehensive tutorial on how to go about the withdrawal process on mytopexhange website without hassles, kindly watch a video tutorial we did below

https://www.youtube.com/watch?v=PF5Lr_C75hU

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Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by Opengates(m): 6:13pm On Jan 11
Weldone Sir grin grin grin
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 11:45am On Jan 12
Opengates:
Weldone Sir grin grin grin
Thank you and its a pleasure.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 12:01pm On Jan 12
Feel free to ask your questions.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 11:06am On Jan 13
The highest form of ignorance is when you reject something you don't know anything about.

1 Like

Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 12:56pm On Jan 14
We are still here to attend to your questions.
Re: Nigeria Crypto, Binary Options & Forex Traders Questions And Answers. by macphilip: 11:25am On Jan 15
What are you waiting for?

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