How to protect money in Nigeria starting today with PrimeXBT trading solutions

The annual inflation rate in Nigeria soared to a shocking 21.82% in January 2023. In the past, the rate has reached 70%, making investors in the region fearful that the oppressive price increases could return.

Protecting money is now the priority, while in the past, the goal was to put money to work. Here is how to take a more defensive position with your capital while still remaining exposed to profits using powerful PrimeXBT trading solutions.

The Failing Naira And Inflation In Nigeria
Inflation rates in Nigeria are some of the worst in history and the highest since the 1990s, when the inflation rate reached a crushing 72.84%. In recent months Nigerians have faced challenging economic times due to a cash crisis created by the Central Bank of Nigeria.
The Nigerian Governors’ Forum has warned that the economic policy could cause a recession. Meanwhile, a report from the National Bureau of Statistics blamed the continued increase in rising fuel-related costs and food prices.
The rapid devaluation of the naira has Nigerian investors seeking ways to protect their money, earn more income, and grow their capital ahead of a possible recession.

Protect Capital With PrimeXBT Trading Tools
The award-winning PrimeXBT trading platform is open to Nigerian citizens. Registering for a free cryptocurrency-based account connects users with a variety of tools and services, ranging from margin trading to copy trading to weekly trading competitions.
Most importantly, users get access to long and short positions on forex, commodities, stock indices, and cryptocurrencies to hedge against falling markets and make money when prices decline. Leverage lets users trade with more buying power but put less capital on the line, while stop-loss orders and other risk management tools limit the impact of drawdowns.

With more than 100 different trading pairs available using a single account, users can strategically set up a risk-averse portfolio with positions in gold, Bitcoin, oil, and other uncorrelated assets. Technical analysis software and an educational program can assist in improving performance and managing risk.

Make Money With PrimeXBT Copy Trading
Copy trading is yet another cornerstone of the PrimeXBT trading platform, providing unique ways to make money for different types of users: followers and strategy managers. The two different account types come together in a peer-to-peer copy trading community.

A leaderboard ranks all available strategies by total profits or other user-selected filters, highlighting the best traders in terms of overall performance. Followers can use this information and additional risk and success metrics to choose which strategies to follow. Followers also get access to risk management tools.

Top-ranked strategy managers currently have as much as 4,000% in total profits, demonstrating the potential returns possible through copy trading. Strategy managers also earn income from a profit share generated by each follower’s copied trades, ensuring the trader has plenty of incentive to perform for their followers.

Earn Income With Additional Platform Features
Combining carefully planned margin trading setups and the promise of copy trading, Nigerian PrimeXBT users have plenty of ways to protect their money. But there are still more ways to make additional money, which is equally important as protecting what you’ve got.
For example, traders can earn commissions of up to 20% by referring new users to the PrimeXBT platform via a simple-to-share referral link. Once they’ve signed up, any new users they recruit will increase commissions further.
Weekly trading competitions in PrimeXBT Contests also offer a way to earn crypto-based rewards, which can be used as free trading capital. Risk-free virtual funds are provided to allow users the freedom to compete without the fear of losses. PrimeXBT Contests also allows traders to practice in a simulated market environment without all the risk.

Conclusion
PrimeXBT features 24/7 customer service, a massive help center, a large social media footprint, and other ways for the community to connect with the company. A free mobile app is available at the Apple App Store for iOS and the Google Play Store for Android.
Using the app, users can do everything from accessing their portfolio, modifying positions, making a deposit, or buying crypto to funding an account. Register for a free PrimeXBT account today and start properly protecting your money.