Q&A With a Kenyan beginner Crypto Trader
In partnership with BitcoinKE, we recently sat down with Tricia Mwangi a crypto trader from Nairobi to understand his journey in the space.
For how long have you been in the crypto space?
Tricia Mwangi; I have been in the crypto space for 4 years plus. I went into full trading in 2019 till date. I started my trading as student while in school at Kenyatta University. I was not into full trading as a student. I focused mainly on Bitcoin. I have not traded other crypto. I prefer Bitcoin because of easy liquidation
What is your preferred crypto Exchange?
Tricia Mwangi; My preferred crypto Exchange is Localbitcoins.com
What are the Reasons for Choosing the Exchange and for how long long have you been using the platform?
Tricia Mwangi; My main reason for choosing Localbitcoins is because they have a very strong security check. When you sense any danger when trading with a customer on the platform and you place a dispute, the Localbitcoins team always come in immediately to resolve the case. Additionally, it is very easy to convert your BTC to cash on Localbitcoins. Even if you have huge volumes, it is very easy to liquidate as long as your price rate is favourable.
What is your preferred mode of payment?
Tricia Mwangi; My preferred mode of payment is through bank transfer and mpesa transfer.
What are the major challenges in cashing out?
Tricia Mwangi; One major challenge in cashing out is that, maybe you urgently needed a cash and at that moment the price of BTC might not be favourable. Maybe if one sell at that particular time, he or she might be loosing some cash.
Is the regulation conducive to local traders in Kenya?
Tricia Mwangi; Generally speaking, regulation has been a major hindrance affecting the growth of crypto world wide but it is good to put a good check on the crypto to protect customers. Presently, the regulation is conducive to local P2P traders in Kenya, unlike in other countries that have put a direct ban on cryptos.
How do you avoid getting scammed?
Tricia Mwangi; To avoid being scammed, one has to be very careful when trading. Try the much you can to avoid third party payment. Third party payment means when you’re trading with someone and the is paying you through another person’s account. This account the person is paying you from could be a stolen account/atm. So one should always make sure that the Localbitcoins verified name account corresponds with the account name where the money is coming from.
How regular do you engage in Crypto trading?
Tricia Mwangi; I like trading. I use any little opportunity I get to enter the crypto market to trade. Even if I don’t trade when I’m online, I like watching to see the price movement.
Is this your main source of income?
Tricia Mwangi; No, I have other job. I do my trading when I’m not at work. Trading needs full attention, so I don’t trade when I’m busy I Know that I can not give it my full attention.
Do you understand the risks and how do you mitigate against the risks?
Tricia Mwangi; Yes, I understand the risks involved very well. And one of the ways to mitigate against the risks is to be very careful and if possible avoid dealing with people with bad reputation. It is always good to check the individual’s feedbacks to see how many people who trusted him/her and how that have blocked him/her from trading with them. One will also see from the feedbacks reasons for blocking those people.
Where do you see the future of crypto as a key source of income?
Tricia Mwangi; In no distant time, crypto is going to go far, and most countries will likely adopt it as a medium of exchange. Crypto will surely go far because many people have invested a huge amount of money in it.
What are the three most important things to look out for as a beginning trader?
Tricia Mwangi; As a beginner, three most important things to look out for are:
1. Scammers : when some people notice that you’re new in the business, they might like to use the opportunity of the person’s ingnorance to scam him/her. So please one should give anybody the impression that I don’t know what you’re doing.
2. Loosing your coins carelessly. I was a victim of this, I was lured into investing my Bitcoin in an illegit Ponzi schemes and at the end of the day, I lose my Bitcoin that worth huge amount of money. People will come with a good promising business investments ideas, please don’t listen to them. None of them have ever lasted.
3. Lack of knowledge of crypto. Before one should engage him/herself into any crypto trading or any investment at all, it will be good for the person to take some time and study the crypto and have more knowledge on how it works. Don’t just jumb in without having a good knowledge of what you’re going into.