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How to Trade Ethereum in Nigeria?
Ethereum has proven to be a popular trading instrument not just in Nigeria but all across the world as well. Since its introduction in 2015, it has grown by more than 1000% and the open source network, which is much more than a digital currency, has fantastic opportunities for 2021.
The digital coin of Ethereum, known as “ether”, could be speeding up the decentralisation of the world economy, and has the potential to influence many other industries. Ethereum is backed by a variety of Fortune 500 companies, who met in 2016 to discuss and join forces on developing Ethereum’s network technology. The Ether trading coin can be volatile, which can serve as an asset for traders.
Ethereum Classic is the original version of the Ethereum blockchain from which the newer version was created. The newer version adopted the name Ethereum. The blockchains are not compatible, and updates on one will not affect the other. These changes led the way for the creation of the new crypto coin with a different name, leger, price and market cap.
The ether trading cryptocurrency is also quite volatile in nature, making it a formidable asset for Nigerian traders looking to opportunities in 2021.
AvaTrade is an industry-leading broker with some of the best crypto trading conditions available, including the lowest crypto spreads on the market.
What is ETH ?
Ethereum was created and introduced to the world in 2013 by Vitalik Buterin, and went live in July 2015. Developers were looking for a way to differentiate from the Bitcoin currency, and make it to be exclusive with properties stand out in a market of its own.
They developed a new approach with a new platform and a more common script language. Their software allows customers to run any programme, which makes the Ethereum blockchain process and applications much more efficient than before.
With Ethereum, developers can build a new type of software called “decentralised application”. This codes technology is not controlled by any individual or central system.
What are the advantages of Trading Ethereum with AvaTrade?
Trading Ethereum with AvaTrade can be beneficial in ways that regular cryptocurrency exchanges do not offer.
- Short selling, “Sell high, buy low” defines short selling which allows the trader to trade and benefit when the markets are down and then profit when they bounce back. In other words, short selling is driven by the belief that a price index will decline, allowing it to be bought back at the lower price to profit.
- High trading leverage, is an advantage provided by the broker to a trader. It allows you to open a much larger position with minimal investment. Leverage can magnify your potential profits and at the same time can magnify your losses.
- Auto trading refers to using software called Expert Advisors that creates automatic orders and submits them to a market exchange. These systems can perform repetitive tasks at high speed. It can also provide social copying or mirroring the positions of experienced traders with a proven success record, like Zulutrade does.
Trading Ethereum in Nairaland with AvaTrade Nigeria Broker doesn’t require a wallet, since the trades are performed though our SSL secured online trading platform, this is a big advantage in avoiding potential hackers and theft. From the same trading platform you can trade Forex pairs and other assets as well.
✅ Why Trade Crypto CFDs With AvaTrade?
- Uncompromised Safety – With six regulatory authorities and segregated accounts, your money is protected at all times.
- Many Cryptos to Choose From – Trade on the wide variety of cryptos available on our trading platforms.
- No Hidden Fees – We offer zero commissions and no bank fees on transactions!
- Crypto Never Goes to Sleep – AvaTrade is one of the few brokers offer around-the-clock service and support in 14 languages.
- Generous Leverage – Increase your initial capital with generous leverage and get far more exposure to trade than your account balance. Up to 2:1 (for EU residents) 25:1 (for non-EU residents).
- Limit Your Risk – You can preset profit and loss levels by using stop losses or take profit limits when you trade. Determine the maximum amount you are prepared to risk when speculating on the price, or set a price at which you want to take profits. Future orders like Buy Stops and Buy Limits are also available.
- Trade Cryptos Against Fiat Currencies – Unlike many exchanges out there, who are restricting their clients to trade only Crypto to Crypto, our clients can trade Cryptos against Fiat currencies (USD, EUR, JPY etc.), as well.
What are the advantages of Ethereum Technology?
- The app can never be turned off
- Applications are protected against fraud and hackers due to the secured cryptography
- It cannot be censored, since the apps are based on the principle of a group decision making process
- A third party cannot make changes to any of the data
- Ethereum has more applications than Bitcoin
Mist browser is the interface and digital wallet for Ethereum users. With it people can store, trade, and manage their contracts. Mist and MetaMask (another browser) help making blockchain-based applications easily accessible.
Ethereum is moving forward with its user-friendly platform, which enables people to make use of the blockchain technology.
Trade Ethereum CFD’s (Contracts for Difference) with AvaTrade and benefit from the thorough market analysis we offer on Sharp Trader, our trading educational site, where you can find daily news, updates and many other helpful tools.
Ethereum 2021 : Price and Market Factors
It has been noted that Ethereum can be far more than a digital asset. Its value is in the powerful blockchain programming language called Solidity. Its goal is to be something totally different from all other coins. With its increased application, there is a rise in demand by developers for “Ether”.
The price of Ethereum has soared recently and has been reaching all-time highs. Bitcoin has also been surging, and when that happens it does boost investors desire for other cryptocurrencies where gains can be acquired. Since Ethereum and Bitcoin are not competing, both can benefit when one rises.
Random events can happen to affect the ether price rise or fall, such as the flash crash of Ethereum’s value overall, which took place in June 2017. The Ethereum news and crash happened within a very short span of time, literally seconds after a major sell off prompted other traders to liquidate their digital currency. However, in that situation within seconds computer algorithms were buying again and the price was recovering.
As you can see the volatility of the digital currencies alters prices within second. The general public and investors all had the same questions when this happened as to how the rebound can take place and its timeline. Any strong value increase can eventually lead to a price correction. As with the cryptocurrency market or any market in general, the momentum can slow down at some point. Recently introduced altcoin named EOS was named as the biggest potential competitor for Ethereum.
Thirty big banks, tech giants, and other organizations including J.P. Morgan Chase, Microsoft, and Intel are uniting to build business ready versions of the software behind Ethereum. Its ability to record and execute transactions without the need of a middleman is making this blockchain technology more popular amongst businesses.
Nigerian Trading Platform in 2021
AvaTrade is a top-rated industry-leading broker, offering some of the best crypto trading conditions, including the lowest crypto spreads available anywhere in Nigeria and beyond. In addition, trading Ethereum with AvaTrade offers significant benefits not found in other cryptocurrency exchanges:
- Short selling – Sell high and buy low, trade and benefit even when markets are down and enjoy a profit when they bounce back.
- High trading leverage – Work with an AvaTrade broker who’s extensively regulated and open a much larger position with a relatively small investment. Leverage will boost your potential profits while allowing you to cut down losses.
- Auto trading – Use the Expert Advisors software included in your membership which automatically creates orders and submits them to a market exchange. The software will perform repetitive tasks at very high speeds and provides social copying, mirroring the positions of highly experienced traders who have a proven track record, much like ZuluTrade.
- No wallet – Trading with the AvaTrade Nigerian trading platform in 2021 requires no wallet as the trades are done through our SSL-secured online trading platform. This means you’ll never have to worry about hackers or thieves stealing your personal information. In fact, you can trade Forex pairs and other assets from the very same platform.
Ethereum Trading Conditions at AvaTrade
- Competitive Spreads
- Minimum Trade Size 1
- Leverage Up to
- Trading Hours 24/7
- MT4 Symbol ETHUSD
- Margin 50%
Don’t miss your opportunity to trade Crypto with a regulated broker!
When trading with AvaTrade you are trading on the price changes of the digital coin, and not physically purchasing it.
The maximum accumulated position size for Ethereum is $400,000 notional value, details in our Trading conditions and Charges page.