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Is It Possible to Trade Forex Safely in Nigeria?

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Is It Possible to Trade Forex Safely in Nigeria?

In Nigeria, Forex trading is booming. Even before the pandemic, the country came second in terms of daily volumes. Now, its expert community is growing. Sadly, because of unscrupulous brokers, Forex is often misconstrued. In reality, it is possible to make money safely. Follow our tips to find a legit broker in the country.

Lack of Regulation

What allows scammers to thrive is the absence of a solid legal framework. Unlike South Africa, Nigeria is yet to see any coherent legislation for the industry. It does not mean all brokers are scammy, but individuals must exercise caution. It is crucial to choose a provider, which is licenced and authorised by reliable monitoring bodies. 

Overview of Available Services

Nigerians may register accounts with local or international brokers. Big global brands offer multiple advantages: first, they are authorised by credible organisations; secondly, they have cutting-edge software and around-the-clock support on weekdays. Finally, the range of free educational resources is stunning.

Licenced brokers provide negative balance protection. It means you will never lose more than your current balance. As many Forex instruments are traded on margin (i.e., with a portion of borrowed capital), this is invaluable. Otherwise, you may end up owing hundreds or thousands of dollars to the broker, depending on your results.

How to Choose a Broker

Licenced companies are open about their status. Usually, you can find full details on the official website. For example, Forextime is authorised by several credible organisations: the FCA in the United Kingdom, the FSCA in South Africa and the CySEC in Cyprus. Licencing must be your primary criteria.

Next, consider the company’s reputation. Search for expert reviews and customer feedback online. Today, plenty of websites are dedicated to comparison of Forex brokers and trading insights. Naturally, reviews from customers may be fake, so analyse them critically.

How to Develop a Safe Strategy

Risk is inherent in any form of online trading. The largest financial market is beyond anyone’s control. You may only monitor the forces driving it and examine price patterns to make informed predictions. There is no such thing as a perfectly safe strategy. Without risk management, your losses may get out of hand.

Well-established brokers like Forextime provide an abundance of educational resources. They publish overviews of popular strategies like scalping, day trading and swing trading. You may also find links to external sources like tutorials, books, YouTube videos, etc. 

Decide how much time you can spend trading. Some strategies require you to work throughout the day; others are more relaxed. For instance, swing traders feel comfortable with several positions per week, while scalpers dip in and out of the market frequently, with momentary trades lasting minutes or seconds. 

Keep a trading journal. Note down key characteristics of every position. These include the instrument, prices at entry and exit, motivation for the trade, liquidity and volatility. Review performance weekly to understand if your strategy is effective and your decisions are objective. 

Once you pick a style, you should stick to it religiously. If you deviate from the plan, it is hard to assess its efficiency. No strategy is faultless, as there are quite a few variables in the market. 

How to Choose a Currency Pair

Brokers offer dozens of combinations — Major, Minor, and Exotic. Currencies are always valued against one another. For instance, the rate for EUR/USD shows how many US dollars one euro is currently worth. 

Some pairs are more volatile than others, which means their prices change more dramatically in the short term. For traders, this translates into higher potential profits and higher risks. Exotics are notorious for their instability, as they represent emerging economies (e.g., USD/ZAR). 

Another parameter to consider is liquidity. You may buy and sell the most liquid currencies at any moment, as there is always a counterparty for your transaction. The computerised system executes trades without delay. In case of low liquidity, the exit price may differ from your expectations.

So, which combinations should you choose? Any pair may bring profit if you know how it moves. Pick currencies you understand best and monitor the respective economies. For instance, you could stick to Majors as the most stable pairings. If you choose highly volatile markets, have tougher risk control in place. Generally, risks must be limited to 1% of overall capital, whatever the asset is.

To Sum Up

Yes, it is possible to trade Forex in Nigeria safely. However, you must be cautious when choosing a reliable provider. Work through a licenced and well-established company with a positive reputation. Remember that choosing the best broker does not protect you from costly mistakes if you trade on a hunch or use a flawed strategy.

 

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People & Lifestyle

Guinness and 3 Music Network hold Master Class for young creatives in Kumasi

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Guinness and 3 Music Network held an engaging Creative Master Class for over 50 young and budding creatives in Kumasi with the aim of spurring them to growth.

 

The 2-hour session held at the Golden Bean Hotel in Kumasi featured Incredible Zigi, a celebrated Dance Artist and choreographer, Oheneba Yaw Boamah, a multiple award-winning Fashion Designer/Creative Director of Abrantie the Gentleman, Baba Sadiq Abdulai Abu, Founder / Managing Director of 3 Music Networks (Organizers of 3 Music Awards) and George Britton, Talent Manager / CEO of GB Records, moderated by NYDJ. The facilitators shared their success stories, challenges, and tactics of excelling in their various crafts.

The Guinness Creative Master Class follows the successful outdooring of the Pan-African Guinness campaign, Black Shines Brightest. The campaign celebrates creativity, ingenuity, and the energy that resonates when individuals come together, fizzing with optimism, creativity and potential.

 

Speaking at the Creative Master Class, Head of Beers (Heineken Portfolio and Guinness Trademark) at Guinness Ghana, Roland Kwasi Larbi Ofori emphasized that Guinness, through the Bright House Experience platform and the Creative Master Class, aims to drivee thought leadership and conversations about the creative arts.

 

“In Ghana, there have been concerns within the creative arts industry on discussing specific topics and this stifles growth.We partnered with 3 Music Network today to debunk these myths and encourage creative arts enthusiasts to believe in themselves and overcome any fears they have because indeed, Black Shines Brightest.”

 

The Creative Masterclass, which consists of a series of panel discussions, will move to Tamale then Takoradi and finally in the capital city, Accra. Guinness will continue to inspire creatives to be proud and confident, to look to each other for inspiration, bring their ideas to life and take on opportunities.

 

Speaking to the young and aspiring creatives from Kumasi, Incredible Zigi said he had worked extremely hard for several years before making waves and eventually being recognized by Guinness to headline a campaign. He encouraged the young creatives to carve a niche for themselves by nurturing their creative skills and talents.

 

After the Master Class, The Bright House Experience, a fundamental part of the Guinness Black Shines Brightest campaign was unveiled in Kumasi. This is a model bar which serves as a cultural space and a hub for people to connect and energize each other with creativity, inspiration and, of course, a cold bottle of Guinness.

 

On his part, Baba Sadiq Abdulai Abu, Chief Executive Officer of 3 Music Network said, “Platforms like Black Shines Brightest by Guinness is one that the creative industry needs at this time of our industry growth. We are grateful to Guinness for this opportunity as this helps Ghanaian creatives showcase our potential, flair and imagination to the rest of the world unique way’’.

 

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Be Vigilant: WorldRemit issues statement on fraudulent money-doubling scheme in Ghana

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WorldRemit has issued a statement following a warning from the Bank of Ghana for the general public to be wary of a money-doubling scheme operating in Ghana under the pseudo name “Worldremit”, saying, the scheme is fraudulent and does not reward investors as promised.

The Central Bank made it clear that, this fraudulent scheme is distinct from the globally renowned Fintech, “WorldRemit” which is in the business of international fund transfers.  WorldRemit has since issued an official  statement on its website concerning the matter, as follows:

Dear WorldRemit partner,

We’re aware of recent fraudulent attempts to impersonate our brand online in Ghana – using our name or pseudonyms like Worldremit or World Remit.

We aim to be ever-vigilant in our approach to cybersecurity and fraud prevention measures, and do our best to shut down these sorts of attempts when we see them. The reality is that there are many fraudsters on the lookout to scam customers out of their money or personal details. This is not unique to us, but is a very common tactic used by unscrupulous people who target our industry.

Ways we minimise the impact of fraudsters:

1. Educate our customers on security measures, including our most recently published Security Guide, which you can find online here: http://wrem.it/security
2. Report and remove fraudulent accounts that are active on the various social media sites where we operate
3. Only ever use secure connections through our website and app, which use a bespoke, in-house machine learning model to protect against fraud
4. Utilise a bounty programme which pays white hat hackers to find vulnerabilities in our system to then be patched and secured immediately
5. Implement next generation antivirus to keep our system secure from any fraudulent attempts to access our systems internally
6. Adhering to PCIDSS compliance to protect all cardholder data

As always, we seek to keep our customers safe from all online scams where our service is concerned. Some simple steps we would urge our audience in Ghana to adhere to are:

  1. Check that they are visiting our official website www.worldremit.com (you will see a secure lock pad in the browser window next to our URL).
  2. Check that you are downloading our official WorldRemit app before making any transactions. We will never ask for your personal details over our social media sites in a public forum, such as full name, address or bank details. We take your safety very seriously and request that if you do see any instances of people acting fraudulently that you join us in reporting them on whichever channel they appear.

Thank you for your help in this matter,

Your WorldRemit team

 

WorldRemit is a cross-border digital payments service that provides international money transfer and remittance services in more than 130 countries and over 70 currencies. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe.

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Baileys Delight marks World Liqueur Day in Lush Style

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Baileys Delight, a light and lush cream liquor with a taste of African honey with rich dairy cream, has commemorated this year’s World Liqueur Day in a playful and indulgent way.

 

The first of its kind to be celebrated in Ghana, World Liqueur Day is set aside to celebrate and appreciate the plethora of liqueurs across the world.

 

As part of the celebrations, Baileys Delight popped up in town to share the delightful experience with its patrons by gifting them a delightful box containing items such as  Baileys Delight infused chocolate bar, a branded glass and a bottle of Baileys Delight — right from the heart of Baileys.

To reiterate the celebratory moment and leave a lasting impression, the gifting came with a customized festive balloon. The goal of the gifting is to share a delightful experience with Ghanaians and rekindle the light taste of Indulgence in their lives.

 

Some of the patrons who benefitted from this gifting spree include Tiktok stars Wesley Kesse and Say Logan.  Others include media icon Chrystral Karyee, Nana Made in China, Asantewaa Neizer, Gisela Amponsah, Akosua Win, and a host of other inspiring figures. Beneficiaries were also delighted about the message of responsible drinking and urged that others explore the drinkiq.com platform for more.

 

Baileys Delight remains the delectable offering of choice from the makers of Baileys Original Irish cream, and offers a flawless fusion of Cream Liqueur with an African twist to present a perfectly silky, smooth, and delicious treat. Baileys Delight is invitingly charming.

 

The deliciously light cream liquor ingredients are a product of meticulous craftsmanship, innovation, and delicious trendsetting that Guinness Ghana is renowned for.

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People & Lifestyle

Top YouTube Analytics Essential to Grow Your Channel

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Having a successful channel is more than growing views and subscribers. There are a lot of factors that come into play when analyzing your channel’s growth. In addition to view and subscriber count, strategizing with more metrics in mind provides the transparency you need to grow your channel.

It can feel overwhelming and like a foreign language, but Promolta has broken down the analytics you need to watch to create more successful videos and in turn, grow your channel!

1. Pay Attention to Impressions

Impressions are the number of times your video’s thumbnail appeared on a user’s screen. This is a great metric to see how visible your videos are on the platform and where users are more likely to see them.

To dig a little deeper, the impression click-through rate shows the number of people who clicked on your video from just seeing your thumbnail. This helps you determine which thumbnails and titles work for pulling in views. And not just views, comparing this metric with average view duration lets you see how long people watch your video. Having a high impression click-through rate and high average view duration means users are responding well to your thumbnail and title and are interested in your content.

2. Keep Up with Watch Times

It’s just as important to keep track of views as it is to keep track of watch times. Watch time is the number of minutes your viewers have spent watching your content. Identifying which videos gain the most watch time can help you determine what content your audience prefers. This metric is key to gain more visibility as the YouTube algorithm pushes videos with high watch times and engagement.

3. Examine your Audience Retention

Similar to average view duration, audience retention shows how long your viewers are watching and when they stop. It also shows specific times in the video that your viewers engaged with most. This metric allows you to break down your video second by second and discover key moments that pulled in your viewers. This is useful information to keep in mind when you create your videos.

4. Identify Your Traffic Sources

Identifying where you pull in your viewers from is important to help you bring in more. Traffic sources are where on YouTube your viewers click on your videos and what external sites they come from. Keeping track of your traffic sources can help you strategize marketing for those top sources and bring in more viewers.

5. Learn Where Your Videos Are Being Shared

Similar to traffic sources, you want to know where your videos are being shared. Looking at the sharing service metric lets you see what social media sites your video is being shared to and where your video is being embedded. This is essential to create more shareable content for your viewers, pull in more views from external sources to grow your channel.

6. Discover What Devices Your Viewers Uses

What device your viewers are using can influence what videos they watch. Looking at the device type metric will show you where most of your views come from. Mobile users might be more inclined to watch shorter content while computer users might apt for longer videos and playlists. With this data, you can optimize your content for the device type most viewers use and pull in more engagement.

7. Study Your Card Click-Through Rates

Card click-through rates measure the percentage of viewers who click on your cards. It can also show which type of cards your viewers prefer. Analyzing this metric can guide you to identify your most engaging cards and even the best timing and placement. You can use this data to implement engaging cards into all your videos helping bring in more views and subscribers.

Learning about your viewers is vital to learning how to keep your viewers and gain more. While there is a litany of metrics available, these core analytics are always relevant no matter how big your following grows.

We hope you enjoyed this blog.

 

If you are interested to get your YouTube channel and videos discovered by A LOT more fans, then start your campaign on www.Promolta.com now. We will distribute your video on blogs, games, apps, and websites. Over 100,000 paying customers have used www.Promolta.com since 2012 and we would love to help you get noticed.

Still not sure? We have successfully promoted videos from Sony, Disney, Universal, Ted Talk, HP, AWS, Monster Energy Drink, Eminem, Young Buck, Gucci Mane, and Katy Perry. Thus, with www.Promolta.com your videos will get seen and discovered by a lot more fans.

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H.E Nana Addo Danquah Akufo-Addo, H.E Paul Kagame To Grace YouthConnekt Africa Summit

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The Government of the Republic of Ghana, through the Ministry of Youth and Sports and the National Youth Authority, in partnership with the YouthConnekt Africa Hub and United Nations Development Programme (UNDP), will host the 2021 YouthConnekt Africa Summit.

The Summit, which will be held from Wednesday, 20th October to Friday, 22nd October 2021, is based on the theme: “Africa Beyond Aid: Positioning The Youth for The Post COVID Economy and AfCFTA Opportunities.”

This will help highlight coordinated trade and job creation policies and ignite a conversation on social investment in African Youth.

As a hybrid event, the summit will take place at the Accra International Conference Centre and Online.

The 2021 YouthConnekt Africa Summit will provide a platform for all partners involved in youth development to strategize around policies, programs and partnerships that position African youth to cater for the AfCFTA and advance regional integration.

The summit will also positively impact the creative industry through skills development, sports, tourism and the digital economy.

The President of Ghana, Nana Addo Dankwa Akufo-Addo, the president of Rwanda, Paul Kagame and other keynote speakers with experience in entrepreneurship and trade will be speaking at the Summit.

Other noted speakers include the Minister for Youth and Sports in Ghana, Hon. Mustapha Ussif, the Minister for Youth and Culture in Rwanda, Hon. RoseMary Mbawazi and Ahunna Eziakonwa, the UNDP Assitant Administrator and Director, Regional Bureau for Africa.

The 2021 YouthConnekt Africa Summit will offer, over the three days, a combination of informative, high-level plenaries, panel discussions, keynote speeches, small group workshops, research presentation and off-site activities.

 

Further details can be found via: https://youthconnektafrica2021.org

About The YouthConnekt Africa Summit:

The YouthConnekt Africa Summit is an annual convening that connects youth from across the continent and beyond with policy influencers, political leaders, public/private and development sector institutions to engage, discuss, design, and accelerate youth empowerment efforts at the continent level.

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The Tropical Fiesta 2 Artist Line Up is crazy !!!

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Wait Wait Wait , it’s been almost 2 years since we seen a line up like this .What ? Not since COVID.
Friday evening Akwaboah, Efya, Adina, Kwabena Kwabena perform at the Verve Cliquot garden party with the YWF Band .

Later that night D-Black the enjoyment minister hosts guests from the Uk, South Africa, 10 djs & mc’s at the Bleu Me Away Rave.

On Saturday morning, there’s a celerity soccer gala , snooker and spar tournament, volley ball contest for the ladies and gold lessons before the All White Exclusive Boat Party hosted by socialite, artist, entrepreneur Mona 4Real, South African reality tv stars Faith Nketsi and Lady Kim, Ace entertainer Segos Pumpkin from South African & Belgian Model Shallie on the New Dodi Princess Boat.

The Tropical Traffic pool concert with Mr. Drew, Sefa, Kofi Jamar, Mona 4 Real, Dope Nation, Mz Vee, SWADU (Seirra Leone), Segos Pumpkin (SA), Dj Neptune (Nigeria), Quamina MP + more jamming on stage happens right after to climax an epic day.

On Sunday 4Syte tv hosts the biggest pool
Party yet at the Royal Senchi at 2pm before Stonebwoy, D-Black & Medial finish us off at the Black Out Rave that same night as we rave till the am.

Patrons will be treated to 10 exclusive parties all weekend , jam with the Young , Wild & Free band all weekend and also vote which of their favourite legendary highlife acts they want to see on Monday’s brunch before they leave back to their homes.

Tropical Fiesta is a 4 day 3 night fun get away music & lifestyle festival experience brought to you by Livewire Events and supported by Club Onyx, Yfm, 4Syte Tv, Event Factory, 3 Music, Oasis Lounge, Muse Africa, Belaire, Verve Cliqout & Hennessy.

This year’s edition dubbed Tropical Fiesta 2, 4 Days and 3 nights away from it all happens at the Royal Senchi, Akosombo from the 5th – 8th of November 2021.

The 8am aerobics class by the pool , the cigar lounge and vendor market place are perks to look out for at this years Tropical Fiesta happening from 5-8 November at the Royal Senchi.
Get your packages or tickets now at www.tropicalfiesta.com or for
Info / Reservations : +233 55 453 1243 | +233 54 381 1852 | +233 20 757 6743

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