Economy
Crypto Exchanges – How to Choose the Right One
With the prevalence of cryptocurrencies in the digital age, many businesses and investors regularly use the crypto market to build their portfolios and gradually amass a passive income. However, due to the volatility of the market and fluctuations in prices, trading can be risky, as prospectors may lose all their deposited funds with no reward. Crypto exchanges operate as platforms to help you navigate the cryptocurrency market.
Qualities of a Digital Currency Exchange
These facilities make accessing the crypto market more convenient for you. Before exchanges existed, you had to use a command line and type in a command to send crypto coins to your peers. Over time, developers designed user interfaces to make the process easier as cryptocurrency acquired a mass audience of people interested in the cryptoverse and performing related transactions.
Financial Security
Whether you want to buy Bitcoin in Nigeria or another digital coin, you must be cautious of scams and frauds that could mislead you into giving away your personal information. Secure exchanges will offer transparent services and be open about what they contribute and how they use your sensitive information. They will provide a privacy policy describing what details they employ and for what purpose. Secondly, legit services typically have a physical address for their headquarters. You will know the legal ramifications of your expenditures and how to confront issues if you have the address. Otherwise, you will lose money and need to understand where it went.
Reputable Services
The best cryptocurrency exchanges will have positive reviews with testimonies about the offered services. Remember, you need to be able to trust this financial institution before you confide your private data, including identifiable and monetary information, in it. What have other users said about the platform’s security? How is the exchange’s customer service? Reviews should be able to answer your questions about the facility and whether you should invest in it.
Pairs and Transaction Fees
Some platforms offer access to hundreds of pairs, while others provide trading options for only a few. The platform you choose depends on your needs and how diverse you want your portfolio to be.
Remember that most exchanges may incur transaction fees depending on the transaction size, network-related costs, and your account activity. Because crypto transactions occur on the blockchain, blockchain participants require a processing fee for their work on the chain. Some exchanges may charge fees for the transaction, so if you plan to trade daily, consider one with a fair payment.
ChangeNOW As an Effective Service
Founded in 2017, ChangeNOW is a quick and efficient exchange facility. Its headquarters are in Seychelles, and it is operated by proficient blockchain developers. It has over 70,000 trading pairs and 700 coins available with no trading limits. You may perform a high-value transaction at will, and ChangeNOW will process it as swiftly as possible. Typically, its processing speed is between 5 and 20 minutes, but larger blocks take longer to convert.
As a non-custodial exchange service, ChangeNOW has your personal safety and financial protection in mind because it does not require registering to use its services. Instead, you only need a crypto wallet and its payout address to hold your assets. In this way, you do not need to worry about financial theft while using the platform. Its servers do not store identifiable information; you remain anonymous with ChangeNOW.
When you are ready to make a crypto trade, ChangeNOW finds and offers the best exchange rate, ensuring you get the best price. Multiple trading platforms like Binance and Kucoin have integrated ChangeNOW to provide these rates. With any swap, the platform only charges network or mining fees; it does not impose service fees.
In addition to swapping cryptocurrency pairs, you can buy crypto through ChangeNOW using fiat currency. The platform uses Simplex, a third party, to handle these transactions so you can utilize Visa, Mastercard, and other card providers to purchase crypto. Keep in mind network fees apply to these transactions depending on the currency.
The Bottom Line
Do your research before officially choosing a platform, and be aware of the associated risks with crypto trading. If hackers compromise a service, your funds may disappear. However, knowing an exchange’s trustworthiness and authenticity can help you decide how secure your digital assets will be.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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