With Trove adding cryptocurrencies to its platforms, expect an increase in the adoption of Bitcoin and other cryptocurrencies.
On Monday Nigeria’s first micro-investing platform, Trove, announced that it has added cryptocurrencies to its platform. This means Trove users will be able to buy and sell major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Tron, and Dash directly via the Trove app, in addition to its existing local and foreign stocks, ETFs, and bonds already on the Trove platform.
According to Oluwatomi Solanke, CEO & CO-Founder of Trove Finance, “what we have built is a real-time cryptocurrency trading platform designed with a user-first approach and is optimized for speed and security. We are excited about the possibilities that this opportunity opens up for our users.”
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With Trove adding cryptocurrencies to its platforms, we can expect an increase in the adoption of Bitcoin and other cryptocurrencies. According to a report from Quartz Africa in December, Nigeria became the second-largest Bitcoin market in the world. Also, last week Bitcoin hit an all-time price of $40,000.
According to Trove, their platform is built with users in mind, and will enable users to place market and limit orders for the different cryptocurrencies now available on the platform. Trove’s CEO, Oluwatomi, also commented that additional crypto-specific features will be available in the near future.
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Trove Finance is Nigeria’s first micro-investing platform that allows users to trade Nigerian, Chinese and U.S. Stocks, ETF, Bonds and Cryptocurrencies. The best part is that you can trade with as low as ₦1,000, for Nigerian stocks and cryptocurrencies, and as low as $10 for foreign stocks.
To Download the Trove App on the Playstore, Click Here
To Download the Trove App on the Appstore, Click Here
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I just rushed to download the app, but I can’t find any info on cryptocurrency. Are they going to add or have added it?
With Pay Yourself, you are able to decide when you receive your salary via USSD between the ‘official’ payday and the last day of the month.
The concept of payday either brings with it hopeful anticipation of needs being met on the one hand, and on the other hand, the apprehension that the money wouldn’t be received in time to settle overdue needs.
Have you ever thought to yourself – ‘what if I could pay my salary myself?’
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The FirstBank Virtual Payment Card is a safe, convenient, and easy way of making e-commerce payments amongst other functionalities.
First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider has launched the Virtual Payment card, a Naira denominated debit card and digital representation of the plastic debit card. The card is designed to be linked to either a customer’s operative account or wallet account.
The FirstBank Virtual Payment Card is a suitable alternative to the use of cash and cheques, with its wide-range features which include the ability of cardholders to protect his/her card using the block and unblock capabilities; PIN Reset; Change PIN as well as view statement at one’s convenience. It also enables diaspora customers to spend from his/her FirstBank account within the spend limit advised by the bank without the need for a physical card.
The Virtual Payment Card can be created via the Bank’s leading digital channels; FirstMobile or Firstmonie Wallet applications. Customers can download the card, activate the card and consummate transactions all at once from the comfort of their homes/offices. No branch visit is required. Customers are advised to update their mobile application to the latest version, then select Card Services on the FirstMobile App and My Virtual Card application to create a Virtual Card at the cost of N215 (VAT Inclusive).
Speaking on the launch, Mr. Gbenga Shobo, Deputy Managing Director, First Bank of Nigeria Limited said ‘the launch of our Virtual Payment Card is yet another secure and seamless way we promote electronic banking, whilst enabling customers to carry-out their transactions on the web”
“The Virtual Payment Card is also designed to guard against the spread of the COVID-19 as it does not require physical interaction between the customer and FirstBank Branches. We enjoin our customers to download the application and stay ahead in modern banking,” he concluded.
Similarly, FirstBank recently launched the FAST Track ATM, the next-generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM without any form of physical interaction with the machine.
For more information on the Virtual Payment Card, kindly click here for the Frequently Asked Questions (FAQs).
First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 126 years.
With over 750 business locations and over 86,300 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 30 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.
The Bank has been handy at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such a milestone in the country. FirstBank’s cashless transaction drive extends to having more than 10million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 4.5 million people on FirstMobile platform.
Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.
FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is always to put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of the first choice in building your future”. Our brand promise is always to deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.
It is believed that Nigerian forex traders trade positions worth at least $1.25 million on average every day.
The foreign exchange market is more commonly known as the forex market. It is the financial market involved with the trading of currencies. It is the largest financial market in the world where trading volumes of more than $5 trillion occur daily.
These trades are executed over the counter, more commonly referred to as OTC. This means that transactions are executed around the world through online computer networks. In addition to being the largest market, the forex market is also the most liquid and volatile.
Liquidity refers to the ease with which an asset or a security can be converted into cash without it affecting its market price. Market volatility refers to the velocity of price changes which occur in any market.
Pro Tip: View the 26 Best Forex Brokers that accepts Nigerian traders.
The liquidity and volatility of the market is as a result of the significant amount of forex trades which occur daily and higher liquidity also results in lower transaction costs, a benefit for all traders.
Nigerian traders have access to the forex market 24 hours a day, 5 days a week, with the added benefit that trading can be done despite the trader’s time zone. This due to the fact once one market closes, another will open while some are open due to the overlap in time zones.
When considering forex trading specifically in Nigeria, forex trading has become easier in the country. The past decade reflects substantial economic growth as well as an increase in disposable income.
Nigeria is one of the most prosperous countries in Africa and it is believed that Nigerian forex traders trade positions worth at least $1.25 million on average every day.
There are also more brokers that are welcoming Nigerian traders in registering an account on their platform, allowing beginners and experts to connect to global markets.
Open A free Trading Account – Click Here
Education
One of the most common mistakes that beginner traders make often is not ensuring that they have adequate forex trading knowledge. Before approaching the forex market, Nigerian beginner traders must ensure that they consult adequate educational resources to build up their knowledge.
One of the most basic areas to begin is learning common forex terms and their definitions. This will help Nigerian traders understand the forex ‘jargon’ that they will be exposed to from the get-go when they start trading.
READ: How artificial intelligence is changing the narrative in Forex and crypto trading
Some of the terms that traders are more likely to see include the following:
In addition to this, another imperative educational tool is a demo account. Numerous brokers offer them to traders. A demo account provides a risk-free platform to traders where they can practice trading in an environment which mimics live trading conditions, without risking actual capital.
All traders who intend to be successful have a trading plan. It consists of a set of rules and guidelines that shapes and defines the trading behaviour of a trader.
Nigerian beginner traders must ensure that they evaluate their needs, goals, and limitations before they start trading. This will ensure that they do not give in to emotional or chaotic trading and ensures that they have a clear goal and objective in mind.
Trading plans also help traders manage their risks more effectively.
READ: How the Coronavirus has impacted Forex trading
Once Nigerian beginner traders have a better idea of what they want to achieve through their forex trading and what they are limited to, they can start looking at the different forex trading strategies to use when trading, or they can develop their own.
The trading strategy must be chosen according to the trading style of the trader and it must be in line with the trader’s trading plan. One of the main considerations when choosing a trading strategy is the personality of the trader.
This is because it will be assessed by performance as well as quality of historical data, and the implementation of the strategy. Factors such as time management, dedication, commitment, patience, and others are imperative when choosing a strategy.
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When Nigerian traders start considering a broker to facilitate their trades, there are key factors to consider, including:
When traders start out, they must realize that there are factors that drive the prices and exchange rates in the forex market. These include, but is not limited to:
By staying up to date with news and other reports, traders can more effectively begin to anticipate what the market may do while making extensive use of both fundamental and technical analysis to assist them in trading decisions.