Crypto trading risks are a growing concern across the globe while the bursting popularity of crypto trading in the financial world is attracting traders and investors from across the globe.
Merely 20 years young, this promising and high yield financial industry comes with a bag of uncertainty, dangers and all kinds of risks associated with monetary capital and assets.
Rapid, unpredictable, changing for the worse are a few words when it comes to crypto trading risk concerns. The USD 365 billion crypto market has witnessed USD 1.4 Billion worth of cyber thefts in 2019 alone. This alarming number proves that it is vital to hold all possible data and information on crypto dealings before entering into this highly profitable, game-changing yet volatile digital industry.
Crypto trading risks concern in Nigeria
Nigeria is no exception when it comes to crypto trading risks. One should study and consider before making a crypto move, inspired by the experience and knowledge of monetary field professionals, such as Nigerian expert Elelu-Bashir Mohammed, community manager at crypto.com, Ekene Ojieh, Head of PR & Corporate Strategy at Buffalo Chase, and Tony Emeka, chief executive officer at the CryptoTvplus.
First and foremost, it is vital to set clear and concise risk management guidelines due to the highly volatile and abrupt nature of crypto trading and investment processes. Experts unanimously agree that the know-how of the technology behind crypto transactions is extremely critical to avoid falling into malicious thefts and losses.
The absence of concise regulations through government authorities further adds to the industry’s uncertainty. Responsible and well informed Investing and trading decisions could minimize the risks of losses. For example, invest as per the affordability of baring losses, etc.
Recognize reliable market data, study the trends to make profitable investment moves. Simultaneously, strong traders’ disproportionate advantage through large capital investments is a market manipulation risk worth looking into to ensure safe trading patterns.
Unlike conventional markets, consumers remain highly unprotected as many unregistered crypto exchanges with devious practices are part of the big game. Avoiding the major crypto trading risks is the very basis of this profession. Nigeria is on the verge of a crypto revolution, and following the very basics of the crypto, trading success could just be one step away for newbies hailing from the country.