Online trading

Fintech fuels wealth generation; Is online trading a viable way to grow wealth passively?

Temitayo Sanusi

Let’s start with the numbers; in 2018, a survey found that about 45% of all Nigerian adults intended to immigrate to another country to settle. By 2021, this figure had risen to 73%

I shudder right now thinking about what the numbers might look like at the end of this year.

Whether due to the poor state of the economy, lack of job prospects, need for better security or all of the above, the reality today is that the average Nigerian adult is either in the process of moving abroad or actively building up their career and finances to use as leverage when they are ready to move elsewhere.

The demand for lucrative labor in booming sectors like finance, fintech, technology, engineering and healthcare means that foreign governments like the UK, US d America, Canada, Germany, among others, have opened their borders to foreigners and Nigerians, especially those who have developed a reputation for academic and professional excellence, have been the great beneficiaries.

The sad reality, however, is that not everyone who moves overseas does so with a job offer in hand. There are those who should start from scratch, a group that includes students, wives or husbands who had to move because their better half found a job in another country, visa lottery winners among so many others. Indeed, it is quite possible that those who move via a job offer realize quickly after their arrival that their income is not enough to cover their bills and are obliged to accept two, three other jobs to find the job. financial balance.

As a woman in Fintech who has lived in both Nigeria and the Diaspora, I come across this group of people often and if there is one question they almost always ask it is this: how Can Diaspora Nigerians Passively Build Sustainable Wealth?

My answer each time? Thanks to online financial trading. For those who don’t know, trading in the financial markets basically allows you to make money from anywhere in the world by correctly speculating on the direction of price movement of assets like stocks, currencies (Forex ), gold, oil, wheat and many others.

There are no special requirements to become a Forex or Contract for Difference (CFD) or anyone, regardless of gender and geographic exclusions. You can access the markets with just a smart device and an internet connection. This skill/hobby can be learned in days or weeks with many brokers around the country offering comprehensive educational resources and webinars for free.

Additionally, most brokers don’t require more than $100 for the first trade, and these premium brokers allow even lower first-time deposits to lower barriers to entry for as many people as possible. possible. Compare that to markets like real estate, which require large capital commitments, and it’s clear that financial markets are friendlier to most people, regardless of their tax bracket.

For a new resettler or resettler, this may be the flexible opportunity you’ve been looking for until you find your feet in your new country. Even after landing a good job, trading is flexible and lucrative enough to double as a means of passive income. In a busy world where time is the most valuable currency, trading offers time flexibility so you can build your trades around your schedule.

It is true that many Nigerians avoid online trading as it comes with a level of risk, but isn’t that all good stuff? Despite this risk factor that accompanies trading, there are several ways to secure the process, which is why it is important to educate yourself.

Risk can also be magnified or diminished by the type of brokerage chosen, which is why it is important that when selecting a broker, you choose one that offers excellent education, negative balance protection and a easy to understand platform.

Traditional work and the way we think about money and income are changing. Suppose you have an average of 10 trades per day and earn $50 each day, at the end of the month you would have earned $1000. If you have a regular job, that’s $12,000 more in your pocket at the end of the year. Millions more people are trading online than ever before, and Nigerians make up a significant percentage of that number thanks to the advent of cryptocurrency trading.

According to the World Bank, poverty rates are currently above 40% with bleak prospects for the coming years. With such economic difficulties, some people may travel with limited funds and must support themselves with additional income. For this group, online trading is one of the most lucrative palliatives you can find until you are fully on your feet. Even beyond that, it remains a viable source of passive income, especially for people going through a middle phase.

Temitayo Sanusi is the COO at Egmarkets, the leading financial brokerage firm by Africans for Africans with 11 years of experience in the financial sector. With over 5 years of working in the Fintech space, Sanusi’s strong operational strategies and fresh perspective in the Fintech space have been instrumental in transforming the business by delivering disruptive online trading platforms, efficient and reliable. Prior to working at Egmarkets, Temitayo was part of the pioneering team at Heritage Bank in the Security Services Operations role. She worked with Lagos State Public Works Corporation (LSPWC) and Zenith Bank where she started her career in the financial industry in operational management as a client operations manager. She plays a vital role in lobbying for the industry to be regulated in Nigeria by the Security and Exchange Commission (SEC).