How Tigerwit is using blockchain to create the safest form of forex trading

Today, cryptocurrency is more popular than it has ever been and with it, blockchain technology has also become a hot button topic. With most of these conversations around cryptocurrencies, the meaning of blockchain and its uses is often mixed up.

However, cryptocurrencies are merely an application of blockchain, which itself is a technology that has been around for a while, but industries are recently just catching up to its uses and potential. Forex is at the front of industries that could benefit most from blockchain technology.

If you made a cursory search for “How to master trading in Nigeria” you would most likely come across a range of articles warning you about getting scammed by purported FOREX traders. This proliferation of sham forex brokers is one of the reasons TigerWit has sought to make itself distinct and transparent by leveraging blockchain, thereby bringing fresh technological solutions that can be upgraded and reinvented for the benefit of traders today and tomorrow.

What is Blockchain?

A blockchain is a digital ledger of transactions duplicated and distributed across the entire network of computer systems on the blockchain.

This ledger is made up of compartments called blocks where information of transactions are stored. Each new transaction is recorded in a block and when that block is filled, it is then chained to the previous blocks of information on that transaction thus forming the blockchain network.

The interesting part of this is that every computer connected to this blockchain network has a copy of this ledger and is updated every time a new transaction is added. What this means is that the blockchain system is decentralised such that no single person can change any information that has been entered on the blockchain on their own. Therefore, any information on the blockchain is considered transparent and secure.

Why TigerWit uses Blockchain for forex trading?

Being the largest financial market in the world also means that forex has its plethora of challenges. But what solutions does blockchain technology provide for them?

• Transparency: Because blockchain’s digital ledger is decentralised and public, it immensely improves transparency and thus trust. You can track the transaction as the information needed is accessible to anyone in the blockchain. No one in the blockchain is ever at a disadvantage caused by lack of access to relevant information.
• Increased Security: The nature of blockchain is such that it encodes data in a manner that is unbreakable. This ensures that your trade is safe and not vulnerable to manipulation or even hackers.
• Speed: Blockchain technology provides a platform for real-time exchange. This means that transactions tend to happen faster, therefore trades and settlements take less time than it would without blockchain technology.
• Lower cost of Transaction: The fact that blockchain technology increases the speed of transaction also implies lower cost of transaction. This is because the blockchain technology automates the process thereby eliminating the cost of intermediaries.

All of this means that trading on TigerWit is much lower risk because blockchain transactions require the ownership of assets or funds by either party; there are hardly any credit or liquidity risks. Customers also get faster settlement time. Traders, brokers, and exchange platforms are able to track the entire transaction, leading to a process that is transparent from end to end. TigerWit’s blockchain cryptographic encryption ensures that customers can trade safely every time.

To put it simply, TigerWit’s blockchain technology has been tailored to provide the much-needed forward-looking solution to specific forex trading challenges with the aim to enable a trading environment that is driven by accountability, transparency and trust.