Written by Bella Rose Okojie
Unlike many other alternative sources of income we have seen come, go or struggling, online trading (commonly called “Forex Trading” in Nigeria) has undoubtedly stood the test of time which goes without saying, the fact that trade between people and nations is hinged on currency and how it changes hands is primarily the reason for its continued existence. With (mobile) technology opening Nigerian(s) up to many different trade and alternate financial resource options, it was only a matter of time before forex trading was broken down to quick maths; Michael Dapaah style.
6 Reasons People Are Scared of Forex
Most forex trading platforms either do not have an address where all their activities can be traced to or different individuals direct you to personal pages and social media accounts when you ask for documentation and what not. I know people who have set up individual websites because they are “forex coaches on XYZ platform”; almost as if they are getting a commission for signing on new traders. Blimey
Most forex trading platforms rely heavily on social currency and the talkability from their already existing users. In entering new markets, there seems to be a reliance on what they hope to make from their potential users without an actual marketing budget which is evidently burdensome.
There is a focus by many a forex trading platform on how much you can make in record time with little to no attention being paid to the reality of the hustle that forex trading can be especially for first time traders. I have heard testimonials of some traders who supposedly made $300 (109,000 NGN) within a month.
There is an air of mystery around some of the platforms with regards to history and how they fared before coming to Nigeria
6 Ways Binomo sets itself apart from the crowd
In the case of Binomo, there is an actual website binomo.com and that is where anyone who seeks information about the platform needs to go to get acquainted with the platform or start trading. Not only is there a website, there is also a mobile application on iOS and Android OS which affords more mobile users the opportunity to trade.
The Binomo platform has features that work for both experienced and novice traders who are empowered with free training on the platform as well as helpful tutorials to aid first-time users. In a representatives words, “we feel it is our priority to offer the highest quality brokerage services and support, including beginner and professional level tutorials, analytical services and client support.”
And with regards to how the company has fared in other markets before deciding to enter Nigeria, the Binomo brand takes great pride in being one of the leading platforms in the currency trading niche and this is highlighted by its impressive track record. This includes a long list of Awards such as Best Broker for Beginners (2015 Forex Expo Awards), Broker of the Year (2016 IAIR Awards) and ‘Category A’ rating by Financial Commission, an independent self-regulatory and external dispute resolution (EDR) body, dedicated specifically to Forex.
This article first appeared on TechCityNG.