folaschool:
Good day

Pls can you share ur ideal on cryptocurrency abitrage, where to buy cheap crypto and how do i bypass cbn card lini transaction

Nixsone:
Please I want to start FOREX trading,how do I go about it... does any one have information about CFX.

macphilip:

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.

kizwid:

like how much can one used to start margin trading?

macphilip:

Recommended capital to make reasonable gains in trading is $1000 and above.
However, if you want to start small and then grow or compound, then $100-$200 is not bad.

kizwid:

Thanks for your feedback... have been trading forex demo for a while now... now the my question is. is cryptocurrency margin trading the same as forex been trade

macphilip:

In terms of Technical Analysis? Yes they are 95% identical as they both make use of candle sticks as price representation, which makes it easy using the same approach for analysing both markets respectively. Trading knowledge acquired from Forex can be applied in all other markets such as Binary options, Crypto trading, Stocks trading and the likes.

However in terms of the basics such as trade management, risk management, Leverage, fundamentals and other factors related to trading in general; They are not the same!

kizwid:

Thank you alot for this... I have 20k which I want to invest in crypto now have been looking at ripple in luno.. please what advice will you give me.. is ripple okay to invest in now and also is luno the best exchanger to use

macphilip:

In terms of Technical Analysis? Yes they are 95% identical as they both make use of candle sticks as price representation, which makes it easy using the same approach for analysing both markets respectively. Trading knowledge acquired from Forex can be applied in all other markets such as Binary options, Crypto trading, Stocks trading and the likes.

However in terms of the basics such as trade management, risk management, Leverage, fundamentals and other factors related to trading in general; They are not the same!

macphilip:

Yes investing into ripple is not a bad idea because it's still trading at low price and yet to make a bullish run like ETH and BTC...I will go with Binance over Luno but the final choice is yours sir.

macphilip:

Yes investing into ripple is not a bad idea because it's still trading at low price and yet to make a bullish run like ETH and BTC...I will go with Binance over Luno but the final choice is yours sir.

kizwid:

okay... thanks ot.. other question I want to ask is. does prize of these cryptocurrency affect each other..thus us,... one go bullish does it affect another one to go bullish or bearish?

PETUK:
Apart from Deriv, is there another that trades synthetic/binary?

macphilip:
No I have not seen any other for now!

macphilip:

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.

macphilip:

Recommended capital to make reasonable gains in trading is $1000 and above.
However, if you want to start small and then grow or compound, then $100-$200 is not bad.

macphilip:

In terms of Technical Analysis? Yes they are 95% identical as they both make use of candle sticks as price representation, which makes it easy using the same approach for analysing both markets respectively. Trading knowledge acquired from Forex can be applied in all other markets such as Binary options, Crypto trading, Stocks trading and the likes.

However in terms of the basics such as trade management, risk management, Leverage, fundamentals and other factors related to trading in general; They are not the same!