28/1/ · If you want to start trading Forex in Nigeria, you need to start trading on the demo account before practicing on the live account. It provides you with all the necessary experience How to invest in forex trading in Nigeria; You need to learn the basics; Find a good forex broker; Open a demo account and practice; Understand the risk involved; Open a real account when 10/12/ · Some Forex trading strategies include; Scalping, Day Trading, Swing Trading, and Positional Trading. To get started with Forex trading in Nigeria follow these steps: Get a Start trading forex with ns, get started with Forex in NigeriaGet an online connection. Forex brokers typically provide services from a home office so you can often get started from 21/7/ · How to Trade Forex in Nigeria exclusive for Nigerian Traders (incl. videos + screenshots). We reveal ONLY the top regulated brokers ... read more
FP Markets provides Nigerian traders access to the powerful upgrade on the MetaTrader platforms that can be used across several devices. FP Markets also offers unlimited access to a range of financial markets that can be traded with this innovative software. Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform. XM offers several educational materials to beginner traders. This material ranges from live education to videos as well as webinars and tutorials.
Because of the high leverage ratio that HF Markets offers to Nigerians, traders can register a live trading account with deposits from 2, Nigerian Naria. OctaFX guarantees that OctaFX also offers decent leverage ratios up to and a range of trading platforms that add to excellent trade execution speeds.
OANDA offers a dedicated Swap-Free Account to Muslim traders who follow Sharia law. This exempts Muslims from overnight fees, and it also provides them with their own trading conditions that are suited to their trading objectives and needs. The Trade Nation proprietary app is available on iOS and Android devices.
With the Trade Nation app Nigerians can track their open positions and remain updated on market movements at any given time. CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA. Exness offers a choice between different retail investor accounts along with offering Nigerians the option of registering a Naira-denominated account. MetaTrader 4, MetaTrader 5, FBS Trader — all in one mobile trading platform. FBS is one of few brokers that offer Cent and Micro accounts along with a choice between four other more advanced account types.
FBS offers spreads from 0. Tickmill offers Nigerian traders access to Nasdaq through three retail investor accounts with competitive trading conditions. MetaTrader 4, MetaTrader 5, cTrader and TradingView. Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. Pepperstone is an award-winning broker that is one of few brokers who offer access to the Volatility 75 Index as a tradable instrument. With Pepperstone Nigerians can expect the most competitive trading conditions along with powerful trading platforms.
BDSwiss operates as a No-Dealing Desk broker that routes all orders through reputable liquidity providers. BDSwiss is well-regulated and is one of a few brokers with an active presence across social media. Axiory executes all orders under milliseconds because of the connection that the broker has to Equinix datacentres.
Axiory offers a range of markets that can be traded alongside dynamic trading accounts that can be used. Forex trading must be done through regulated brokers indicated in this article to ensure that they get the best deal possible. You can start with a low capital of 1, Nigerian Naira.
Most modern forex brokers require low minimum deposits while offering higher leverage levels. This helps you meet margin requirements and allows you to trade despite having low capital. Trade Nation app is the best for forex trading in Nigeria based on user reviews, overall usability, and a range of features. You can use any given payment method that is supported by your broker including credit cards, debit cards, bank transfers, AstroPay, Neteller, Skrill, and other local payment options.
The Central Bank of Nigeria CBN oversees the financial market and policies in Nigeria. However, the CBN does not currently provide regulatory licences to forex brokers who operate in Nigeria. Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital.
Windsor Brokers Review. FXChoice Review. Scope Markets Review. FXPesa Review. Weltrade Review￼. How to Invest in Bitcoin in Nigeria￼. How to Invest in Crypto in Nigeria￼. Take advantage of low trading costs with no transaction fees or currency exchange rates. Best Trading Platform. Forex Trading Platforms. Broker Reviews. OPEN AN ACCOUNT. How to Trade Forex in Nigeria. This is a complete guide on how to trade forex in Nigeria.
How does Forex Trading work? Our recommended forex brokers for beginner traders? How to compare forex trading brokers against each other? How to make money from forex trading in Nigeria? Is Forex Trading Legal in Nigeria? Which brokers offer an App on Android and IOS?
How to trade forex online in ? Which brokers offer a signup bonus for first-time traders? Louis Schoeman. Updated : July 21, What is Forex Trading?
When can I trade? An introduction to Forex Brokers for Nigerians 👉 To participate in the Forex market, you will need the services of a forex broker. How brokers earn money in Forex 👉 There are two ways that forex brokers get rewarded. Basic Forex Terminology for Nigerians 👉 Understanding the trends and often used words in the Forex market is a crucial step toward smart and successful trading. How to trade Forex in Nigeria Choose your broker 👉 In the past, a broker was someone you would have contacted telephonically to purchase or sell currencies.
Opening an account with a broker 👉 The procedure of creating an account with a forex broker is like that of opening an account with a traditional financial institution. Learn the basics of how forex trading works 👉 For many investors, forex is an unexplored and very intimidating sector.
Familiarize yourself with the balances on your account 👉 When you are working with a forex broker and trading, you will see two balances on your account. Understanding the Bid-Ask Spread 👉 When you place a forex transaction with a broker, they send it to the market on your behalf. Learn what leverage means and how to use it safely 👉 Every account comes with the opportunity to apply forex leverage , which ranges from and even as high as Understanding Position Sizes 👉 In the Forex market, a normal lot is a , contract in the base currency.
How to mitigate your risk in the Forex Market 👉 To trade effectively, you must have a thorough understanding of the dangers involved. Regulations and Licenses 👉 This is the first vital component that traders must thoroughly evaluate.
Account Features 👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on. Deposits and Withdrawals 👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets 👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Customer Support 👉 Customer Support is another crucial factor and Nigerians must check the availability of support trading hours , the quality of support, and the promptness with which the customer support team responds to queries.
Education and Research 👉 Education and Research come in handy to both novice traders and experienced investors. The Best Forex Brokers in Nigeria 👉 In this article, we have listed the best Forex brokers for forex traders in Nigeria. Overall Rating. Min Deposit. ASIC, FSA. Trading Desk. MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central.
Total Pairs. Islamic Account. Trading Fees. Account Activation Time. Read Review. ASIC, CySEC. MetaTrader 4, MetaTrader 5. IFSC, CySec, ASIC. No Just spread. CySEC, FSC, FSCA. MetaTrader 4 and MetaTrader 5. FCA UK. ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA. Metatrader 4 and Metatrader 5. USD 1 NGN. IFSC, FSCA south africa , ASIC, CySEC. Markets Pre-Market. After Hours.
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Margin Calculator. Forex Trading in Nigeria Read our Advertiser Disclosure. Chris Davis. How to Trade Forex FOREX TRADING IN AFRICA - NIGERIA FOREX TRADING IN TRINIDAD AND TOBAGO FOREX TRADING IN SOMALIA FOREX TRADING IN DJIBOUTI FOREX TRADING IN SOUTH AFRICA FOREX TRADING IN KENYA FOREX TRADING IN EGYPT FOREX TRADING IN LESOTHO FOREX TRADING IN SOUTH AFRICA FOREX TRADING IN GHANA FOREX TRADING IN UGANDA FOREX TRADING IN ZIMBABWE FOREX TRADING IN TANZANIA FOREX TRADING IN CAMEROON FOREX TRADING IN RWANDA FOREX TRADING IN ZAMBIA.
Table of Contents [Show]. Get Started with Forex in Nigeria Nigeria Forex Trading Strategies Forex Trading Example in Nigeria Making Money with Forex in Nigeria Best Online Forex Brokers in Nigeria What to Look for in a Nigerian Forex Broker Forex Terminology Money Around the World Frequently Asked Questions. Account Minimum. Get Started securely through FXTM Nigeria's website. Pairs Offered. Get Started securely through OctaFX's website. More Details.
In Nigeria, Forex trading is skyrocketing because many people move to this market. It enables the Nigerian economy to develop. Therefore, many people ask whether it's easy to trade in Nigeria or not. So, let's consider all the particularities of Forex trading in Nigeria. Forex trading involves speculating on the price hikes and drops of the currency fluctuation. You can be interested in trading on the Forex market because it attracts a trader with a huge number of opportunities even for ultimate newbies.
However, to enter this market successfully, you need to investigate the most popular terms and be aware of the most popular strategies and ways to determine the future behavior of the currency price. In this guide, you will get to know whether a Forex market is profitable for small individual investors.
How much can you earn by trading different currency pairs? International currencies are exchanged to provide foreign trade and business. This can be processed at the foreign exchange market.
For instance, if you live in Nigeria and want to purchase wine in Italy, you need to pay the winery in Euro. To do this, you need to exchange the equivalent value of Nigerian Naira for Euros on a special foreign exchange point. If you are a private person and buy several bottles, you can exchange currency in a local bank.
If you run a company and want to buy thousands of bottles, you or your bank go to the Forex market for Euros. Forex trading can be risky and complex.
Forex instruments are not standardized. In some countries and regions, Forex trading isn't regulated at all. The interbank market consists of banks, financial organizations, and funds trading with each other worldwide. There are the most beneficial periods for trading in every market. The Forex market is no exception. It's the best time to trade when the level of volume and liquidity increases. The most effective time to trade in this region is between 2 pm and 10 pm.
At this time, more traders are awake, and the activity level is the highest. If you are a Nigerian, you just end your working day at this time and trade after a hard-working day.
Read more: The Best Time to Trade Stocks in South Africa and a Glimpse into the World of Global Stock Exchanges.
One of the main benefits of trading in Nigeria is that the Forex market isn't regulated in Nigeria although the current market is one the most active across the region.
If you are a Forex trader, you are not charged any commission. Any regulators don't control this market. Therefore, the supply and demand of currency traders affect the current price. One of the main reasons to start Forex trading in Nigeria is low transaction costs. In the Forex market, currencies are traded directly by market participants, including banks, without intermediates.
It means that participants are not charged fees involved while trading bonds, stocks, and ETFs. Forex doesn't charge commissions on currency trades processed through currency trading platforms.
In addition, the essential benefits of the Forex market in Nigeria are high liquidity and excellent profit potential. When it comes to the disadvantages, we need to mention a high-risk factor, social trading, and scammers. Let's consider them in detail. Read more: Social Trading VS. Copy Trading. One of the main disadvantages of Forex trading in Nigeria is high leverage that can reach in certain cases. If you use high leverage, you risk losing everything at one moment.
For instance, your leverage is equal to You can lose your entire investment if a small price movement is against your open position. A lot of brokers in the Nigerian market are not transparent.
They can use some Offshore regulations. If you want to learn how to trade Forex in Nigeria, you must avoid brokers who offer a get-rich-quick scheme. Pay attention to brokers regulated by government bodies. A wide range of different factors, including political and economic, affect the volatility of currency pairs in the market, especially for non-conventional ones.
Therefore, it's very important to monitor any news before opening and closing a trade. To reduce losses, don't forget to use stop-loss orders. Forex trading can sometimes be highly emotionally exhausting. One bad trade can cause large losses that exhaust traders emotionally. Among the most successful traders, we can emphasize Uche Paragon, Ajidahun Afioluwa, Blessing Ezeako, Sandile Shezi, Patrick Ogagbor, and others. Uche Paragon is one of the most popular traders in this region.
He started his career from Binary Forex trading. Ajidahun Afioluwa is another successful trader. When he started, he faced losses one by one. However, despite many losses, he continued learning Forex and growing through his failures. He investigated diverse strategies and designed his own one. Blessing Ezeako started her career by exploring trading strategies. She learned the Forex trading process while having a full-time job. Sandile Shezi is a South African trader who was born and grew up in a very poor family.
Later, Sandile became the most successful trader among the youngest Nigerian traders. He bought and sold stocks and currency pairs without economic education and necessary background. This bright example demonstrates that everybody can become a successful trader from scratch.
Patrick Ogagbor is a trader who gave up his previous job at the bank. While being curious, he was searching for new ways to develop his skills. Initially, he thought that trading was a get-rich-quick business, but then he understood that it was much more. If you have decided to trade on the Forex market in Nigeria, you don't need any special skills to start. To protect your capital from huge losses, the first and the most important rule is to set stop losses and take profits. Besides using stop losses, you need to develop your winning formula.
Initially, you can follow other more experienced traders. However, later, you can create your strategy to get success. If you start trading with JustMarkets, you can start trading on the Standard Cent account.
Let's consider several of them. A pip means "percentage in point. While a point is the smallest movement in the currency price, the pip is equal to 10 points. Using margin, you can make a small deposit into your account to increase the value of your trade. It enables a trader to open a larger position size. If you trade with margin, you need to invest only a percentage of the full deposit.
Margin allows increasing the value of your trade. When you win some amount, the margin increases the volume of your win. However, if you lose, the sum of your losses also increases.
If you don't know how to do Forex trading in Nigeria, we have prepared a step-by-step guideline for you:. Here are several of the most popular strategies that Forex traders in Nigeria need to know. Among them, there are positional, swing, and day trading. Positional trading is a form of long-term trend trading. In this strategy, traders are waiting for significant movements in the price. The basis of the fundamental analysis and the knowledge of the currency's structure will help you trade on Forex using this strategy.
Swing trading is a strategy focused on reaching smaller gains in short-term trends. If you are a swing trader, traders can bring small but regular profits. Swing trades are open for a few days to a couple of weeks. Day trading is a popular strategy among a huge number of Forex traders.
It focuses on opening and closing trades during one day. Day traders can't last trades open overnight. There are three of the most popular currency pairs to trade in Nigeria. A high level of liquidity makes this pair less volatile than other pairs. However, under certain conditions, this currency pair can become more volatile. The Japanese yen JPY is now widely held as a reserve currency behind the USD, Euro, and the GBP.
Start trading forex with ns, get started with Forex in NigeriaGet an online connection. Forex brokers typically provide services from a home office so you can often get started from 21/7/ · How to Trade Forex in Nigeria exclusive for Nigerian Traders (incl. videos + screenshots). We reveal ONLY the top regulated brokers How to invest in forex trading in Nigeria; You need to learn the basics; Find a good forex broker; Open a demo account and practice; Understand the risk involved; Open a real account when 10/12/ · Some Forex trading strategies include; Scalping, Day Trading, Swing Trading, and Positional Trading. To get started with Forex trading in Nigeria follow these steps: Get a 28/1/ · If you want to start trading Forex in Nigeria, you need to start trading on the demo account before practicing on the live account. It provides you with all the necessary experience ... read more
Who regulates forex in Nigeria? Akshay Patni Interview: 10 Things to learn at an early age. Most beginner traders will begin by trading the most widely available major currency pairs, such as:. It is the smallest measurable value of currency movements and the smallest increment that a price can move. Octa Forex also offers a trading account to Islamic traders looking to comply with sharia law.Download our FREE Forex Guide Ebook. Leverage Min. If you are a Forex trader, you are not charged any commission. Find a Mortgage Broker. Here are several of the most popular strategies that Forex traders in Nigeria need to know. One of the main disadvantages of Forex trading in Nigeria is high leverage that can reach in certain cases. Swing trading is a strategy focused on reaching smaller gains in short-term trends.