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Thread: All Information About Bitcoin

  1. #171
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    Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high

    • Over 800 cryptocurrencies are now dead and worth less than one cent.
    • New digital tokens are created through initial coin offerings but some of these projects have been scams and many have not materialized into real products.
    • Bitcoin has fallen roughly 70 percent since its record high near $20,000 last year, adding to bearish sentiment around cryptocurrencies.

    Cryptocurrency projects have been popping up left, right and center in the past 18 months, but over 800 of those are now dead, adding to comparisons between the current digital coin market and the dotcom bubble in 2000.

    New digital tokens are created via a process known as an initial coin offering (ICO) where a start-up can issue a new coin which investors can buy. The investor doesn't get an equity stake in the company, but the cryptocurrency that they buy can be used on the company's product. People usually buy into an ICO because the coins are cheap and could offer big returns in the future.

    There has been an explosion in ICOs. Companies raised $3.8 billion via ICOs in 2017, but in 2018 so far, this number has already shot up to $11.9 billion, according to CoinSchedule, a website that tracks the market.

    However, hundreds of these projects are now dead because they were scams, a joke or the product hasn't materialized. Dead Coins is a website that lists all the cryptocurrencies that fall into those categories. So far, it has identified just over 800 digital tokens that it considers dead. These coins are worthless and trade at less than 1 cent.

    Bitcoin, which is the biggest cryptocurrency by market capitalization or value, has also had a tough year. The price of bitcoin has fallen roughly 70 percent since its record high near $20,000 last year, according to CoinDesk data. The big plunge in bitcoin's price has has drawn comparisons with the Nasdaq's sharp fall in 2000 and the failure of many cryptocurrencies has been likened to some of the companies that crashed during the dotcom boom.

    Some of the recent bearish sentiment came after two South Korean cryptocurrency exchanges were hacked.

    ICOs are incredibly risky investments and there is a lot of fraud in the space. Earlier this year, CNBC reported on a scam ICO called Giza. The fake start-up ended up running off with $2 million of investor money. Still, many advocates see a future for ICOs as an alternative to initial public offerings and venture capital funding.

    Cryptocurrencies have come under a lot of pressure but there's still optimism that regulators could look more favorably towards them and that could boost participation in the market. Arthur Hayes, CEO of cryptocurrency exchange BitMEX, told CNBC's "Fast Money" on Friday that bitcoin could climb to $50,000 by the end of the year.

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    $7K Ahead? Bitcoin Charts Appear Constructive Short-Term

    Bitcoin (BTC) is flashing green, having convincingly scaled a key technical resistance Monday, and looks set to test the $7,000 mark in the next few days.

    At press time, BTC is trading at $6,575 on Bitfinex - up 3.4 percent in the last 24 hours.

    The short-term bearish-to-bullish trend change, as indicated by BTC's break above the significant obstacle of $6,450, will likely entice investors to bargain-hunt, thus creating an upward pressure on BTC prices.

    Hence, BTC could rise to $7,000 in the short-term and extend into further gains if BTC's move toward the psychological hurdle is backed by a sharp rise in the trading volume.

    Currently, the 24-hour trading volume stands at $4.61 billion, according to CoinMarketCap, and is not showing any signs of life. For instance, BTC trading volume fell 8 percent to $4.39 billion on Monday, despite a bearish-to-bullish trend change.

    BTC closed (as per UTC) at $6,618 on Monday, confirming a bullish falling channel breakout. Further, the 5-day and 10-day moving average (MA) is biased to the bulls (sloping upwards), having witnessed a bullish crossover over the weekend.

    Meanwhile, the relative strength index has moved to neutral (at 50.00) from the bearish territory (below 50.00).

    What's more, the Chaikin money flow (CMF) oscillator, which measures the buying and selling pressure, has turned positive for the first time since May 20 and currently stands at the highest level since May 10. The positive print indicates the money is flowing into bitcoin and adds credence to the bullish falling channel breakout.

    BTC witnessed a bull flag breakout on Monday, which signaled a continuation of the rally from Friday's low below $5,800 and could yield a break above $7,000.

    Clearly, the odds are stacked in favor of a rally to $7,000, however, the move may not happen overnight, as the short-duration charts are reporting overbought conditions.

    For instance, the hourly chart RSI is rolling over from the overbought territory (above 70.00) as seen in the chart above. Further, the 4-hour RSI is hovering well above 70.00 (in the overbought territory).

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    The bullish falling channel breakout confirmed a short-term bearish-to-bullish trend change.
    BTC looks set to test $7,000 in the next few days.
    As for today, we could be in for a minor pullback or a bout of consolidation (sideways trading) as the cryptocurrency is overbought as per the RSI on the hourly chart and 4-hour chart.
    Only a daily close (as per UTC) below $6,275 (previous day's low) would abort the short-term bullish view.

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    Crypto Markets Holding Gains, With Bitcoin Above $6,500

    Crypto markets are relatively stable today, July 4, as data from Coin360 shows, with Bitcoin (BTC) holding above the $6,500 price point. Most of the top coins by market cap are seeing minor gains and losses on the day to pres time.

    Bitcoin is trading around $6,752 to press time, up almost 3 percent over the 24-hour period. After a significant uptick starting June 30, the leading cryptocurrency continues to hold comfortably above the $6,300 resistance level, which Fundstrat’s Robert Sluymer earlier this week highlighted as crucial for reversing spring’s downtrend.

    Top altcoin Ethereum (ETH) is trading around $477 to press time, up around 2 percent over the past 24 hours. The coin’s weekly high saw it trading at $483, and its gains on the week are now at 8 percent to press time.

    On Coinmarketcap’s listings, the top ten coins by market cap are seeing mostly green with Cardano (ADA) the only outlier, down around 1 percent over the 24 hours and trading at $0.158 to press time.

    Total market capitalization of all cryptocurrencies is at around $277 billion at press time, stable as of yesterday, and significantly higher than an intra-weekly low of $232.6 billion June 29.

    As the markets consolidate their late June rebound, the risk of security incidents will need demonstrably robust responses to maintain public confidence.

    The world’s largest crypto exchange, Binance - which has processed over $1.5 billion in trades over the last 24 hours - has now resumed services after irregular patterns for Syscoin (SYS) trades prompted an emergency temporary suspension yesterday, July 3.

    While exact details remain undisclosed, the incident appears to have seen Syscoin trading for a staggering 96 BTC (around $640,000) on the exchange. Binance has now rolled back all the irregular trades, and also announced a series of measures to protect its users.

    Bullish news for blockchain technology meanwhile has seen a UK government minister today call on the state to “show leadership” by “using blockchain to enable social freedom, to increase efficiency, and to rebuild societal trust.”

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    South korea officially recognizes cryptocurrency exchanges

    As local news outlet The B-Chain reports, new “classification” of Blockchain-related industries means exchanges are now considered “cryptoasset exchanges and brokerages.” Previously, as local commentator Joseph Young notes, lawmakers treated them as “communications vendors.”

    Blockchain platforms such as Ethereum and EOS will be known approximately as “Blockchain-based software supply and development businesses.”

    Various “subdivisions” will exist within the main classification areas, with full details expected to appear later this month, B-Chain reports.

    “We are considering a plan to release the standard later this month. It is difficult to talk about the details,” the publication quotes a government source as saying about the prospective full introduction of the new classifications.

    The move marks a further step forward in South Korea’s increasing legitimization of cryptocurrency.

    After a raft of regulatory measures beginning around the new year, exchanges have seen the landscape transform as they comply with taxation and security demands.

    Those demands have not always met with universal approval, with Ripple calling for a relaxation of some parts of the framework to allow for easier building-out of the still-nascent cryptoeconomy.

    Some of the more stringent government policies, such as the ongoing full ban on ICOs, are meanwhile the subject of review at policymaker level, Bitcoinist reported in May.

    Meanwhile, an equally palpable desire to commandeer Blockchain technology’s potential has seen the government earmark $230 million for research purposes. A wide variety of use cases is on the table, these ranging from online voting to customs clearance to document processing.

    Fundraising for the plans is set to run until 2022, with the government also planning an ambitious training program involving 10,000 professionals and 100 businesses.

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    PoWx: The New Effort to Change Bitcoin Mining Explained

    A long-controversial bid to change bitcoin just got a big boost.

    Boasting the support of tenured developers, a non-profit foundation called PoWx launched this week with the goal of putting a more sophisticated wrapper on the idea that proof-of-work (PoW), the way the network comes to agreement on which transactions are valid, could be replaced with a newer, supposedly better, algorithm.

    In short, PoWx advocates bitcoin adopt a new technology it calls "optical" proof-of-work, which uses a more energy-efficient laser technology as the cornerstone of mining.

    The hope is to "fix" mining by making it easier for more people to participate in the process, in part, because the barriers to entry have become so prohibitive. (At the beginning in 2009, users just needed a simple laptop to run the code to mine bitcoins. Now, they need to purchase specialized computers costing thousands of dollars and which they don't do anything else.)

    Not to mention, the developers behind PoWx are the latest to point to one mining firm, Bitmain, and its influence on the network as a major issue. Though exact numbers are cloudy, estimates say the company is manufacturing between 50 and 80 percent of bitcoin's mining hardware.

    Against this backdrop, the idea of swapping bitcoin's mining algorithm has been around for some time, mostly flaring up in times of perceived crisis. It's been seen almost as a last resort to be deployed only in the case miners do something really bad, such as colluding to attack the network.

    But PoWx founder Michael Dubrovsky sees the change as an inevitability.

    He calls mining centralization bitcoin's "Seldon Crisis," a specific type of earth-shattering issue found in the famous sci-fi series "Foundation" and which denotes a point of no return.

    Dubrovsky told CoinDesk:

    "I think PoW consensus is the most important innovation in bitcoin, and bitcoin is an incredibly important innovation in personal freedom and property rights."

    To this end, he argues changing this underlying technology will help to "ensure the mining ecosystem is healthy enough and scalable enough to support crypto's growth over the next decade."

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    New Paper Reveals Massive Bitcoin Backing

    Bitcoin and cryptocurrency have been handed huge support this morning from researchers at Imperial College London, who have said digital currencies are primed for mass adoption.

    According to the paper — entitled "Cryptocurrencies: Overcoming Barriers to Trust and Adoption" — bitcoin and cryptocurrencies will hit the mainstream as a way of paying for goods and services within the next decade.

    The backing of the researchers could boost the price of bitcoin and cryptocurrencies, which many have accused of being less well suited to handling mass payments than the traditional financial system, run by the likes of Visa and MasterCard.


    "The world of cryptocurrency is evolving as rapidly as the considerable collection of confusing terminology that accompanies it," said Imperial professor William Knottenbelt.

    "There's a lot of scepticism over cryptocurrencies and how they could ever become a day-today payment system used by the man on the street. In this research we show that cryptocurrencies have already made significant headway towards fulfilling the criteria for becoming a widely accepted method of payment."

    The paper, paid for by brokerage eToro, found cryptocurrencies are already equipped to fulfil one of the three fundamental roles of traditional fiat money: acting as a store of value.

    The three criteria for mass adoption the researchers laid out are:

    Store of value: allowing individuals to make intemporal choices on when to spend their purchasing power
    Medium of exchange: facilitating the exchange of goods and services by eliminating the inefficiencies associated with a barter economy
    Unit of account: acting as a measure of value in the economic system.
    According to the paper, "meeting the last two criteria will require bitcoin and other cryptocurrencies to make progress on remaining challenges such as scalability, design and regulation."

    "The first email was sent in 1971, but it took nearly three decades for the technology to become commonplace with a user-friendly interface in the form of hotmail," said eToro's UK managing director Iqbal Gandham.

    "The first ever bitcoin transaction took place a little over eight years ago and today we are already seeing it begin to meet the requirements of everyday money. Given the speed of adoption, we believe that we could see Bitcoin and other cryptocurrencies on the high street within the decade. There are of course barriers to mainstream adoption, but they are far from insurmountable."

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    Bitcoin Poised For A Significant Bull Run Based On This Trend Indicator

    In the midst of a mini Bitcoin revival, another technical indicator is promising a significant increase on the horizon. The top-ranked cryptocurrency has endured a difficult 2018 losing more than 60 percent of its value since the start of the year.

    An End to Bitcoin Selloffs and the Start of the Bull Run
    According to the Divergence Analysis (DVAN) Buying and Selling Pressure Indicator, BTC may be in for some positive price movements. DVAN tracks the price, trend line, and ideal exit points for tradable assets. It enables traders to to know when a commodity is overbought or oversold.

    BTC has been on a steady decline since May 14 culminating in two sub $6,000 drops in June. Within that period, Bitcoin has plunged by 27 percent from $8,700 to $6,300. This period has been characterized by massive selloffs causing many experts to infer that Bitcoin may be oversold.

    On Friday (July 6, 2018), the DVAN stop and trend for BTC intersected. When these two lines intersect, the price of Bitcoin usually undergoes a reversal in trajectory. Thus, if the pattern then BTC may be poised for a significant price leap, bringing an end to the long bear run period. The intersection of the two lines often indicates a supersaturation of asset sales which causes the trend to buckle, giving way for a price reversal.

    April 13, 2018, was the last time the stop and trend lines for Bitcoin intersected. Back then the BTC price leaped from $8,000 to $9,600 by May 4, 2018. If such a pattern repeats itself then Bitcoin could break above $7,600 which was its price level before the June slump.

    June was an especially low period for the highest ranked cryptocurrency based on market capitalization. In mid-June, BTC shed $1,000 from its value in less than a day. It also set two new 2018 lows before experiencing a slight recovery that began at the end of June, all the way into the first few days of July.

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    Start-up exec says his call for $60,000 bitcoin is still possible this year

    Julian Hosp, co-founder of TenX, sees bitcoin potentially hitting $60,000 even though the cryptocurrency is trading some 67 percent below its near-$20,000 December highs.
    Developments on the regulation and infrastructure front continue to take place in the crypto realm.
    Joseph Lubin, an ethereum co-founder, said sharp price movements drove fundamental value for the ecosystem.

    Major cryptocurrencies may be off their December highs on the price front, but developments on the regulatory and infrastructure front continue to move ahead.

    That's leading some in the space to remain relatively bullish on prices.

    "Back then, December, price was at $20,000 all-time high. I predicted for 2018, we're going to see $5,000 and $60,000. So $5,000, we pretty much hit it, so let's see if we can do the $60,000. I'm still quite confident," Julian Hosp, president and co-founder of crypto wallet and card start-up TenX, told CNBC's Akiko Fujita at the RISE tech conference in Hong Kong.

    Although the largest cryptocurrency hasn't quite dipped to $5,000, it has come relatively close, touching its lowest level (around the $5,700 mark) since November at the end of last month, according to CoinDesk data.

    Since then, the cryptocurrency has recouped some of its recent losses, last trading at $6,363.93 at 11:00 a.m. HK/SIN on Wednesday, according to CoinDesk's bitcoin price index. Still, bitcoin is currently trading more than 67 percent below its all-time high of nearly $20,000, which it hit in December.

    A "massive positive event" would need to occur this year to get bitcoin to the $60,000 mark in 2018, Hosp acknowledged, adding that that could come in the form of a bitcoin exchange-traded fund or a country announcing something that is "very, very positive for bitcoin."

    In the situation that such an event fails to materialize this year, Hosp said it would "definitely take a bit longer" for the virtual currency to hit $60,000.

    With the halfway mark of 2018 having already passed, Hosp said bitcoin will have to be over $10,000 in August for it to eventually reach his target. "If we see over $10,000 by the end of August, we can see the $20,000, then the press, the media is going to come in, and we can still see the $60,000 this year," he said.

    Some of the pressure faced by cryptocurrencies this year has been due to the space coming under regulatory scrutiny. Still, there was some relief after the Securities and Exchange Commission clarified last month that bitcoin and ether were not securities.

    As for the widely followed ethereum, one of the platform's founders told CNBC on Wednesday that its community wasn't preoccupied with price: Joseph Lubin, who is also the founder of blockchain software firm ConsenSys, said developers were focusing on building infrastructure.

    "We let price take care of itself," he said. Still, he acknowledged there are benefits to increased attention on the platform's token, technically called ether.

    "If price is high or if price shoots up and down, it’s actually great for us because it draws attention to our ecosystem, it draws entrepreneurs, it draws technologists and all of that interest drive fundamental value," Lubin said.

    Ether on Wednesday traded at $435.36, according to CoinDesk.

    Ethereum, a blockchain platform, is currently in the process of building out its infrastructure. Lubin said second layer will build on the trust in the first infrastructure layer to enable "tens and hundreds of thousands of transactions per second."

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    Bitcoin Price Puts Bull Move on Hold as Downside Risks Grow

    Bitcoin (BTC) traded largely sideways over the last 24 hours, though a dip soon before press time may threaten a developing bullish chart pattern if the price moves below $6,000.

    BTC's drop below the 10-day moving average (MA) on Tuesday neutralized the immediate bullish outlook and shifted risk in favor of a sell-off to $6,000.

    However, the cryptocurrency defended $6,300 yesterday amid intraday oversold conditions, establishing the round figure as a key short-term support. But, the resilience failed to entice bulls, rather a long liquidation (unwinding of long BTC trades) gathered pace, creating downside pressure on prices.

    Consequently, BTC fell to a low of $6,145 earlier today and was last seen trading at $6,170. Clearly, the risk of a drop below $6,000 has increased substantially in the last few hours.

    It is worth noting that the probability of BTC's price charting a bullish inverse head-and-shoulders pattern would drop sharply if the cryptocurrency finds acceptance below $6,000.

    The bear flag breakdown, a bearish continuation pattern, indicates the sell-off from the recent high of $6,820 has resumed and prices could revisit the June 24 low of $5,755 (target as per the measured height method).

    The major moving averages (50,100 and 200) are trending south and are located one below the other, signaling the path of least resistance is to the downside. So, a break below $6,000 could be on the cards.

    The only factor that may help BTC stay above $6,000 is the oversold conditions shown by the relative strength index (RSI). That said, the relief could be short-lived as the RSI on the longer duration charts is biased to the bears.

    The RSI is hovering below 50.00 (bearish) but is holding well above the oversold region (below 30.00), which means there is plenty room for a drop towards $5,755 (bear flag breakdown target).

    The inverse head-and-shoulders pattern comprises three successive troughs, the middle trough (head) being the lowest and the two outside troughs (shoulders) being low and roughly equal.

    In BTC's case, the left shoulder's low is $6,108. So, BTC needs to create the right shoulder in the range of $6,000-$6,100, i.e. bulls need to defend the support at $6,000 and stage a solid rebound, else the dream of a picture-perfect inverse head-and-shoulders pattern will remain elusive.

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    Bitcoin risks falling below $6,000 in the next 24 hours and could extend the decline towards the recent low of $5,755, the hourly chart indicates.
    Acceptance below $6,000 would kill the odds of BTC price charting an inverse head-and-shoulders bullish reversal pattern.
    On the higher side, only a convincing move above $6,408 (high of the bear flag) would abort the bearish view put forward by the bear flag breakdown.

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    Bitcoin Price Shows Green Again After $6K Defense

    Bitcoin's (BTC) sharp recovery from two-week lows hit yesterday has raised the odds of a stronger rally towards $6,400, technical studies indicate.

    As of writing, the leading cryptocurrency is changing hands at $6,245 on Bitfinex.

    BTC was expected to drop below $6,000 in the last 24 hours as the bears were on the offensive following an inverted flag breakdown.

    However, the intraday oversold conditions likely put a floor under bitcoin prices at the two-week low of $6,080, helping it chart a solid rebound to $6,283 (today's high).

    While it is too early to call a bullish reversal, the change of fortune has saved the day for the BTC bulls. Moreover, the probability of BTC's price charting a picture-perfect inverse head-and-shoulders bullish reversal pattern would have dropped sharply had BTC found acceptance below $6,000.

    The above chart shows BTC created a falling wedge pattern over the last four days, as represented by lower highs and lower lows. Prices crossed the wedge resistance yesterday with strength (backed by a pick-up in volume), signaling the pullback from Monday's high of $6,820 has ended.

    The falling wedge breakout also validated the bear-to-bull trend change indicated by the bullish price-relative strength index divergence (higher low on the RSI).

    So, BTC will likely find acceptance above the immediate resistance $6,270 (50-hour moving average) and rise towards the descending 100-hour MA, currently located at $6,404.

    While the hourly chart has adopted a bullish bias, the daily chart is still biased to the bears, so the bulls are cautioned against being too ambitious.

    The 5-day and 10-day MA are trending south, implying a bearish bias, while the relative strength index (RSI) is holding below 50.00, also indicating the bears are in control.

    View
    BTC could attack the $6,400 mark, but further gains are ruled out for now as the descending (bearish) 5-day MA and 10-day MA are located at $6,366 and $6,500, respectively.

    That said, if BTC manages to close (as per UTC) today above 10-day MA, then the doors would open for a re-test of the Monday's high of $6,820.

    Bearish scenario: A failure to produce a significant move higher despite the bullish price RSI divergence and the falling wedge breakout would shift risk in favor of a drop to a recent low of $5,755. The downside move will likely gather pace if BTC fails to hold above $6,080 (previous day's high) over the weekend.

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