Trading expert Prince Sokwaibe argues that Forex remains a more stable investment than cryptocurrencies, despite fraud cases among the youth.
Forex as a Stable Investment
Expert Prince Sokwaibe emphasizes that Forex is a more stable investment compared to cryptocurrencies. He attributes the main problems facing youth to greed and lack of knowledge. 'The problem is greed and lack of proper knowledge. Forex offers more stability since there are no rugpulls here like there are in crypto,' he notes.
Young Investors' Problems in Forex Trading
Despite numerous fraud cases, many young Nigerians continue to engage in Forex trading. In a recent interview, comedian Mark Angel revealed that he lost $3.7 million by trusting scammers in Forex. 'I trusted the wrong hands and lost all my money,' he shares. M-Kopa Nigeria's CEO, Babajide Durosola, also criticizes the youth for their naivety, stating that they keep falling for the same tricks.
Education as the Key to Successful Trading
Prince Sokwaibe, who has himself faced scammers in his past, highlights the importance of education for traders. He believes many young investors view trading as a quick money-making scheme, while success actually requires time. Sokwaibe stresses that understanding the economic and political factors affecting Forex can greatly enhance the chances of success. 'I would advise prospective traders to understand how government actions impact currencies,' he adds.
Thus, despite the risks and fraud cases, Forex can be a stable source of income with the right knowledge and approach. Proper education can play a key role in successful trading.
