The direct selling industry experienced an 18% increase in distributors across Africa since 2021. One reason for the boost is that it especially appeals to the continent’s youth since the number of available jobs doesn’t meet the needs of the growing labor force. That demographic also appreciates that direct sales companies like QNET have a low barrier to entry and provide a platform for professional development.

Despite misleading media reports, QNET isn’t a scam. It’s a global direct selling company operating in multiple regions worldwide. Its direct selling business model on an e-commerce platform has helped countless micro-entrepreneurs in numerous emerging economies worldwide. However, when businesses achieve that success, they often attract unwanted attention from scammers.

The company partnered with Transblue Limited, a customer service compliance and logistics firm, to train young Nigerians to establish and develop their own businesses. Teaching the next generation of entrepreneurs in Nigeria, the most populous country in West Africa, how to ethically build a business is an excellent way for the company to curb the spread of misleading information designed to defraud unsuspecting Nigerians and damage QNET’s good reputation.

“QNET has faced controversies in certain countries, including Nigeria, with allegations of being a pyramid scheme. We have consistently and will continue to maintain that we are a legitimate business model,” stated Biram Fall, QNET’s regional director for sub-Saharan Africa.

“This partnership enables Transblue to connect every Nigerian to the global network of QNET, which aims to provide a great business opportunity to those who seek a better tomorrow and transform their lives,” stated Abdulhakeem Abiodun, Transblue’s managing director. “We want to leverage the technology advancement needed for direct selling to achieve these goals.”

During the pilot phase in June 2022, the partnership successfully trained 600 Nigerians through the FinGreen program. The purpose is to accelerate financial literacy among the women and youth of emerging economies because the company understands that financial literacy is necessary to support economic growth and encourage communities, businesses, and governments to attain extensive development objectives, including establishing an equal opportunity for everyone.

Fall stated, “Our collaboration with Transblue has been a game changer for our business. It has allowed us to reach new customers and expand our product offerings. We believe partnerships like this are key to our success, and we are grateful for the opportunity to work with such a reputable and respected company. We look forward to growing and thriving together to deliver the best to Nigerians.”

Is QNET Real or Fake?

Since launching in 1998, the direct selling business has established a positive social impact globally. It aims to develop the entrepreneurial skills of Nigerians so that they can earn commission while adding value to society. Unfortunately, however, the legitimate direct selling business’s respected name has been tarnished by fraudulent individuals hiding behind the QNET name to present nonexistent job opportunities to Nigerians.

Due to such deceitful activities, the company established the Direct Selling Disinformation Centre to crack down on misinformation about the direct selling business that gets mistaken for a scam or financial scheme. Another purpose of the disinformation center is to ensure anyone selling QNET products is following the company’s best practices.

“Direct selling is a well established and stringently regulated industry in many advanced economies. However, in many emerging markets worldwide, the growth of the gig economy and the arrival of innovative new business models, different from traditional trade, are not only unregulated but often misunderstood,” said Trevor Kuna, the company’s chief strategy and transformation officer.

Kuna continued, “No organization is specifically dedicated to countering the disinformation that can allow rogue operators to abuse the direct selling industry for personal gain or a shortcut. We believe that this new Direct Selling Disinformation Centre is the only one of its kind dedicated to countering disinformation originating from and about the industry.”

The direct selling company operates the online Direct Selling Disinformation Centre to eliminate misconceptions, unethical actions, and public complaints about the business.

The Direct Selling Disinformation Centre website includes live incident reporting so people can flag suspicious behavior anywhere. In addition, if you suspect a QNET product, offer, or service seems questionable, the direct selling business encourages you to file a complaint with the disinformation center.

Comprehensive Training To Crack Down on Scammers and Lies

For those still asking, “Is QNET real or fake?” this should clear things up. Fall stated, “We provide comprehensive training and support to our independent representatives, including sales and marketing tools, product knowledge, and leadership development.” Scam companies are less likely to invest in a person’s development.

In addition to Nigeria, the company, headquartered in Hong Kong, has a presence in over 25 countries through branch offices, agency partnerships, franchisees, and subsidiaries. It understands that a better future starts with education and equality. That’s why it invests in projects like the Direct Selling Disinformation Centre and the FinGreen program to teach the skills and habits necessary to become a successful entrepreneur anywhere in the world.

The cryptocurrency market has grown rapidly over the past few years, with many investors eager to take advantage of its potential returns. One platform that has made it easier for beginners to trade cryptocurrencies is eToro. In this article, we will provide a beginner’s guide to trading cryptocurrencies on eToro, covering the basics of the platform, the cryptocurrency market, and how to get started. If you want to know more about this broker in general, then we recommend that you check out this eToro UK review which discusses its platform features and has other relevant information for UK traders.

What is eToro?

eToro is a social trading platform that allows users to trade a range of assets, including cryptocurrencies, stocks, commodities, and forex. It was founded in 2007 and has since become one of the most popular trading platforms worldwide. eToro is known for its user-friendly interface and innovative social trading features, which enable users to follow and copy the trades of successful traders. This broker is locally licensed and regulated by the FCA (Financial Conduct Authority) so UK traders, including those from Manchester, can sign-up with this broker.

Getting Started with eToro

To start trading cryptocurrencies on eToro, you first need to create an account. This process is straightforward and requires you to provide your name, email address, and a password. Once you have created your account, you will need to verify your identity by providing some personal information and uploading a copy of your ID.

Next, you need to fund your account. eToro accepts a range of payment methods, including credit cards, bank transfers, and e-wallets. The minimum deposit amount is $50, but this can vary depending on your location and the payment method you choose.

Understanding the Cryptocurrency Market

Before you start trading cryptocurrencies, it’s essential to understand the market and the factors that can impact prices. The cryptocurrency market is notoriously volatile, with prices fluctuating rapidly and unpredictably. There are various factors that can influence the price of cryptocurrencies, including:

Supply and demand: As with any asset, the price of cryptocurrencies is largely determined by supply and demand. When more people want to buy a particular cryptocurrency than there are sellers, the price will go up, and vice versa.

News and events: The cryptocurrency market can be highly sensitive to news and events. For example, positive news about the adoption of a particular cryptocurrency by a major company can cause prices to rise, while negative news about regulatory crackdowns can cause prices to fall.

Market sentiment: Market sentiment refers to the overall mood of traders and investors towards a particular cryptocurrency. If people are feeling optimistic about a cryptocurrency’s future prospects, prices are likely to rise, and vice versa.

Trading Cryptocurrencies on eToro

Once you have funded your eToro account and have a good understanding of the cryptocurrency market, you can start trading. Here are the steps you need to follow to trade cryptocurrencies on eToro:

Step 1: Choose a cryptocurrency to trade

eToro offers a wide range of cryptocurrencies, including Bitcoin, Ethereum, XRP, and many more. You can view the list of available cryptocurrencies by clicking on the ‘Trade Markets’ tab and selecting ‘Crypto.’

Step 2: Decide how much you want to invest

Before you open a trade, you need to decide how much you want to invest. eToro allows you to trade cryptocurrencies in fractional amounts, so you don’t need to buy a whole coin. You can specify the amount you want to invest by entering it in the ‘Amount’ field.

Step 3: Choose your trading strategy

eToro offers several trading strategies, including buying and selling cryptocurrencies manually, copying the trades of other traders, and using CopyPortfolios. You can choose the strategy that best suits your needs and risk tolerance.

Step 4: Open a trade

Once you have chosen a cryptocurrency, decided how much to invest, and selected your trading strategy, you can open a trade. Simply click on the ‘Buy’ or ‘Sell’ button, depending on whether you think the price of the cryptocurrency will go up or down. eToro will show you the real-time price of the cryptocurrency, as well as any fees and leverage you may be using.

Step 5: Manage your trade

After you have opened a trade, you can monitor it on your eToro dashboard. You can see your open positions, the profit or loss you have made, and any fees associated with the trade. You can also set stop loss and take profit orders to automatically close the trade if the price reaches a certain level.

Managing your risk is crucial when trading cryptocurrencies, as the market can be highly volatile. You should never invest more than you can afford to lose and consider using risk management tools like stop-loss orders to limit your losses.

Social Trading on eToro

One of the unique features of eToro is its social trading network. This allows users to follow and copy the trades of successful traders, known as Popular Investors. You can view their performance, risk levels, and portfolio composition before deciding to copy their trades.

To start copy trading on eToro, you first need to find a Popular Investor who matches your investment goals and risk tolerance. You can do this by browsing the Popular Investors page and filtering by criteria like performance, risk score, and number of copiers.

Once you have found a Popular Investor to copy, you can allocate funds to their portfolio and set your risk level. eToro will automatically copy their trades in proportion to your investment, allowing you to benefit from their expertise without needing to actively manage your trades.

The Bottom Line

Trading cryptocurrencies on eToro can be an exciting and potentially profitable venture, but it’s important to do your research and manage your risk carefully. By following the steps outlined in this guide, you can get started with trading cryptocurrencies on eToro and take advantage of its innovative social trading features. Remember to always invest responsibly and never risk more than you can afford to lose.