Nigeria has been ranked as the“second-highest country in the world for searches related to crypto leverage.”
This is according to a report by ‘Leverage Trading’, an educational website that covers all the aspects of trading the financial markets with leverage.
The report, which analyzed google searches said analysis shows that Nigeria, along with South Africa and Ghana, dominate Google searches for the term “trade crypto.”
Top on the list was Singapore (100), which is the only country that outscored the West African nation when it came to searches “with an emphasis on transactional searches such as ‘how to leverage trade crypto.’”
“As technology continues to advance, it is becoming increasingly easier for individuals in emerging markets to access high-risk financial products like leverage trading. While these products can offer the promise of wealth creation, the reality is that they can also lead to devastating losses that perpetuate the cycle of poverty. The risks associated with high leverage and potential losses cannot be overstated, and it is crucial that individuals fully understand these risks before engaging in leverage trading, ” the report said.
The report further stressed that regulators and consumer protection agencies must “provide greater safeguards against predatory practices” as it relates to cryptocurrencies.
