Online investment is something that a large percentage of Nigerians are actively involved in, this is true due to the high use of the internet and technology in the country. With a smart phone and internet access, any Nigerian can invest and make money online but, do not think it is that simple.
First of all, it is certain that the reason why you want to invest online is to make profit. Yet, you need to realize that as much as you can make huge profits by investing online, there is still an equal possibility of you making huge losses through online investment and you would not want that to happen. Below are tips and hints that can help you to avoid losing your money in an online investment.
- Do your research before investing; You can call it market research, it is very important if you do not want to lose your money in an online investment. You should try to research to know more about a particular online investment before putting your money into it especially if you are a first timer. Let’s take e-commerce for example, you need to research to know where your customers are, what they need and what how much they will be willing to pay for such. From making research, you get to know what a particular online investment is all about and also if it is really what you would like to invest in.
- Take classes if possible; There are some online investments that research won’t be enough, you actually need to spend some time (maybe weeks or months) in learning about it. Freelancing, Forex and cryptocurrency trading are examples of such investments you can’t stop at just research. Fortunately, there are courses and classes you can enroll in, both offline and online to learn more about these online investments.
- Invest wisely: You must have heard about this so many times and yes, you are hearing it again. You should be mindful about how much you want to put in a particular online investment so that you are on a safe side. It is always advisable not to invest more than what you can afford to lose.
- Protect your investment; The internet belongs to no one so anything can happen at anytime. In Nigeria, cyber crimes and online theft are things you hear of everyday. All private information regarding your investment like passwords, account keys and the rest should be safely stored and protected. You can also seek legal protection over your online investment if you can.
- Know when to withdraw; This should be final, know when to withdraw from investing. As an online investor you should be on alert by watching your investment closely, know when it is progressing or it is receding. If you put in your money at the wrong time, you stand a chance of loosing it.
Conclusion
Following the tips listed above will help you to avoid losing your money through online investment in Nigeria. Whereas there are more precaution steps you can take, these are the basics you should be aware of.