In today’s world, that’s not news to say anymorecryptos are now the game changers in the current financial system.
There are now ATMs for online transactions. cryptosoverall,including one in Nigeria showing its importance in today’s society.
At the time of writingthis, the crypto market is worth over $ 365 billion and has a trading volume of around $ 49 billion. Thesemetricrevealhow muchCapital cityglobal investors enter a market of less than twodecadesold.
That said, it is important to note that cryptodoorcertain risks, like other financial assets. Therefore,hisrecommended forreaders to understand these risks before venturing into arguably the world’s most attractive financial asset.
What you should know
Lots of exchanges have been hacked and tallamounts money lost due to crypto-related hacking incidents. In 2020, more than $ 1.4 billion was flew so far. Recently the Kucointhe exchange was hacked and over $ 150 million in tokens were taken.
Note that when exchanges are hacked, the assets of traders and investors are safe. Although this is not a good point for the new industry.
What they say
Elected-Bashir Mohammed, Nigeria Community Manager atCrypto.com in a note to Nairametry, spoke about the main risks prevailing in the crypto market.
Investing in the high volatility cryptocurrency market is a risky business and one should educate oneself about proper risk management before venturing into it.
“New traders / investors who want to get into cryptocurrency today need to understand what cryptocurrency is and the technology behind it.
“Some of the issues facing cryptocurrencies today are: cyber-theft, high volatility, as well as the lack of clear regulation / government interference. New traders need to be less greedy and less knowledgeable about using various technical analysis tools.
“Finally, each new trader should invest only what he can afford to lose because there is no guarantee of minimum profitability or return on investments.
“Tradingincryptos has a high rate of volatility and is not perfect for traders as it generates high levels of uncertainty, coupled with the bias that it gives crypto traders less time to react.”
YesOjieh,Head of Public Relations and Corporate Strategy at Buffalo Chase, aVSrypto analytic firm, in a note to Nairametry, spoke about some key dangers associated with crypto trading. She says,Current market data is the most trusted sources for making smart business decisions and identifying market trends.
Tony Emeka,CEO,CryptoTvplus, during a telephone interview with Nairametry, spoke about a current risk associated with crypto trading,
“Another risk is market manipulation. With the small size of some cryptocurrencies, traders with large trading capital could influence the market to gain an unfair advantage, crypto exchanges are also suspected of market manipulation.
“The unregulated crypto market is also a risk factor. Traders are not protected like traditional markets. I will add that despite the risks, crypto trading is very rewarding, but traders should be careful. “
IIt is important to understand that crypto trading, despite her impressive yields over the years, comeswith underlying risks. Having said that, it is important for an inexperienced trader or investor atinvestonly the amounts he or she is prepared to lose.
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