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WHY DO NIGERIANS LOSE MONEY IN FOREX TRADING? - EQUITI NIGERIA COUNTRY MANAGER
Solitix Fx · May 18, 2022 9:34 AM
Abstract："In order to curb forex scams, Nigerians must start viewing forex trading as a talent, not a get-rich-quick scheme." People must be patient in order to see their investments increase." These are the remarks of Emmanuel Okwara Jnr., Equiti's Nigerian country manager. The worldwide FX market is the world's largest financial market, with an estimated daily trading volume of around $7 trillion.
“In order to curb forex scams, Nigerians must start viewing forex trading as a talent, not a get-rich-quick scheme.” People must be patient in order to see their investments increase. These are the remarks of Emmanuel Okwara Jnr., Equiti's Nigerian country manager. The worldwide FX market is the world's largest financial market, with an estimated daily trading volume of around $7 trillion. Nigeria is one of the nations that fully utilizes the forex trading market. Forex is a worldwide decentralized market where currencies and other financial assets are traded.
With the internet expanding and becoming an integral part of daily life, the majority of people are looking for ways to earn money online to supplement their income.
Despite the fact that forex trading has grown in popularity as more individuals enter the market, many Nigerians have lost large sums of money to scammers. Furthermore, the federal government appears to be uninterested in growing the business.
Emmanuel Okwara, country manager of Equiti Nigeria, believes Nigeria should start viewing forex as a talent rather than a get-rich-quick scheme.
Equiti is a multi-award-winning, world-class fintech startup that provides a platform for anyone to trade the global financial markets.
Okwara believes that Nigerians must be patient in order for their finances to grow, saying that this is vital to prevent falling into the clutches of fraudsters.
He claims that the main reasons individuals lose money are greed, fear, and an attempt to beat the market.
“Most traders trade aggressively, and at the end of the day, someone loses his cash and thinks forex trading is a fraud,” Okwara explained. “The company is not a scam, but that person's risk management is really poor.”
“Most people, we realize, are trading with their family issues in their heads.” Some people trade in order to get wealthy in two weeks. That is not how it works.
“We have folks that have been trading profitably for years.” They haven't lost any money, so what's the deal？ Good risk management and trading psychology are to blame.
According to Okwara, the three Ps of forex are procedure, patience, and practice.
He stated that the three Ps rule all businesses and that if traders use them in forex, 'there is no way you can argue it is a fraud.'
“People underestimate what they should know and overestimate what others have,” remarked Okwara. “Anyone can achieve it by spending just 30 minutes of their time every day.”
Okwara emphasized that the finest kind of empowerment is financial empowerment while asking the Federal government to take advantage of chances in the FX market.
Okwara believes that forex trading has the ability to reduce unemployment and poverty in the country. He stated that by utilizing the institutional mechanism to generate a lucrative foreign exchange in the country, as well as government market control, Nigeria could substantially reduce unemployment and poverty.
“So, this is a type of business that, if the government can get into it, regulate it, and teach people in collaboration with us, this is one of the things that will reduce poverty very quickly,” he added.
Okwara stated on the Equiti platform that the company provides a platform for people, institutions, and businesses to trade possibilities in the global financial market.
This market, according to him, contains assets such as currencies (such as EUR, USD, GBP, JPY, and others), spot metals (such as gold, silver, and platinum), crude oil, equities, and indexes.
He said that Equiti also provides a platform for consumers to trade all of these assets, as well as instruction on how to use the platform economically.
“We don't take money from you.” We only launched our license in the United Arab Emirates two weeks ago. We are one of the few brokers with a US business license and the first broker to obtain licenses in Kenya and Jordan. Although we are new in Nigeria, we have been in business for 13 years.
Equiti operates in Africa, Asia, the Americas, Europe, and the Middle East. It also intends to increase its presence in major Nigerian cities.
'We have a massive growth strategy.' We intend to open offices in Lagos and Port Harcourt. In addition, we intend to establish satellite offices in Kaduna, Kano, Benin, Calabar, and other locations. We welcome collaboration.
He stated that what Nigeria requires at this moment is government regulation of the Forex business against bogus brokers.
He stated that when the government continues to complain about individuals doing something and they continue to do it, there is a need to ask questions.
“Forex trading is here to stay, so why isn't the government regulating it？”
'We want to control this company to make it more orderly.' Apart from that, to clear the negative name. Regulations will assist in separating the chaff from the grain. However, because it is a permeable environment, anything might happen. Kenya's business environment is highly controlled.
“Although the Securities and Exchange Commission has done an excellent job of educating Nigerians, we need regulation.” We are willing to collaboration with the government because we want people to be aware. The media should also assist us in spreading the word.