The Regional Manager of Vantage Markets Africa, Mr. Ted Odigie, has advised Nigerians to acquire proper education and knowledge of e-trading before investing, stressing that ignorance often leads to avoidable financial losses.
Speaking at the "Trade Smarter" summit organised by Vantage Markets Africa in Ibadan, Oyo State, Odigie emphasised that understanding both the fundamentals and technical aspects of trading is crucial to long-term success in the sector.
He explained that fundamentals involve news, economic data, and financial or political developments, while technical analysis focuses on interpreting chart candlesticks and predicting price movements on trading platforms.
Odigie noted that many Nigerians fall victim to Ponzi schemes because they fail to ask basic but critical questions about platforms they invest in, such as licensing, legitimacy, regulation, country of origin, and investment strategy.
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He cautioned against joining platforms blindly without conducting thorough background checks.
"Our people don't do the necessary checks. Once they hear someone is making money on a platform, they just dive in without verifying its authenticity. Unfortunately, many of these schemes collapse when the pyramid structure can no longer hold," he said.
One of them, Seun Olukayode, a developer and Forex trader, commended the organisers, saying the knowledge gained would help people identify genuine e-trading platforms and avoid fraudulent ones.
Odigie further urged the government to introduce financial education into policies that would equip both civil servants and private sector workers with practical e-trading skills to prepare them for financial stability after retirement or job loss.
The summit also featured the introduction of Vantage's smart e-trading platforms, which allow for both self-trading and automated trading.
Odigie reaffirmed the company's long-term mission of sensitising Nigerians with proper education, strategies, and tools for trading in global financial markets through its all-in-one app.
