How to start forex trading in Nigeria, starting forex trading in this article we are going to look at how to possibly start forex trading in Nigeria, starting Forex trading in Nigeria is not difficult or different from any other countries!
Many Nigerians do ask me these common questions on my social media handler, but to be honest with you is nothing too difficult or too different.
The first thing you need to do as a Nigerian is lookout for a broker that accepts a new trader from Nigeria and also accept many deposits and withdrawals methods from Nigeria.
How to Start Forex Trading In Nigeria?
Check for a broker that gives more and instant support, and again you should lookout for a broker with low spread since you are a Nigerian dollar to Naira is high.
You will like a broker with low spread because the lower the spread the better! Do you know that spread can increase your performance and also increase your profit?
Yes is very possible, and in addition to all of these, you also need to look for a broker with no or low commission yes! With all of these in place, you are good to go.
How can I start forex trading as a beginner?
In order to genuinely call oneself a Forex trader, individuals must go through a number of procedures. The majority of these procedures are made by persons who are trading Forex for the first time or who are seeking to depart with some experience.
To sum up the whole beginner’s phase of learning to trade Forex, there are ten essential phases that a novice must do.
- Learning the fundamentals (currency pairs).
- Get to know the software (MT4, MT5).
- Demo accounts may be used to learn.
- Look for a dependable service supplier.
- Use the resources provided by the service provider, such as tools and manuals.
- Test out the provider’s customer service.
- Learn about various tactics and put them to the test.
- Make a strategy for reading the news and doing independent research.
- Keep a weekly log of your progress.
- Begin making genuine transactions.
All of this may seem daunting at first, but novices normally take it one step at a time so that the learning material remains manageable.
For novices, forex trading is incredibly difficult; it takes hours of effort every day to remain up to speed on news, new tactics, and all of the necessary materials. Overall, it’s not something that can be accomplished in a week.
It might take weeks, months, or even years. Even the most seasoned traders are always learning new things on the market.
Read more article: Foreign Exchange Market Today
How much does it cost to start forex in Nigeria?
Start with a Small Investment: You may begin trading in the forex market with as little as NGN 1000, thanks to today’s brokers’ low minimum deposits and high leverage.
However, it is strongly advised that you only begin trading with a capital of at least $50,000 and that you never risk more than 5% of your account on a single transaction.
It’s critical not to trade with too little cash since you’ll be forced to use a lot of leverage to generate money. This might result in a significant loss for you, and you could lose all of your money on a single transaction.
Large Trading Volume: The forex market is the world’s biggest, with a daily trading volume of almost 6.6 trillion dollars.
This makes it incredibly liquid, and you can simply place and settle big orders without worrying about price fluctuation due to your transaction (unless there is some major event).
In the vast majority of circumstances, you will be able to start and close your trades at the price you choose.
Buy/Sell: To profit in forex, you may establish both short and long positions. If you believe a currency is on the rise, you may purchase it and go long on it.
If you believe a currency is underperforming, on the other side, you may sell it and go short. Another significant advantage of forex trading is the opportunity to trade 24 hours a day, five days a week.
When opposed to conventional stock exchanges, which only enable you to place and cancel orders during restricted trading hours, these trading hours are far longer.
Instead of waiting for the markets to open throughout the day, you may make a deal and close it at any time during the week in forex.
You should read our information on the ideal time to trade forex in Nigeria since the chances of profit are greater during particular market hours.
Another significant advantage of forex trading is the ability to deal in a broad selection of currencies from across the globe.
This covers both conventional main currencies like the EUR and USD and unusual currencies like the TRY and MXN.
In addition, most forex brokers provide CFD trading on a variety of asset classes, including commodities, metals, and indices.
Read more article: Foreign Exchange Market Definition
Which bank is best for forex trading in Nigeria?
The banks that are good for forex trading in Nigeria will be listed below in this article, it is of course very important to know which bank you need to rely on when it come to forex trading and which bank will give you the best, check the list below.
The list below show us which bank is the best 1 been all round best and 10 been the least best and not too bad to use.
Guaranty trust bank is the best bank when it come to anything online and trading, with gtbank you have rest of mind, fast deposit, fast withdrawal and lot more incentive, their dollar domiciliary account is one of the best among their competitor.
With Gtbank you are simply the best and you should get going in no time, the guaranty trust bank have very easy ways of operation and very nice customer support and to be honest is simply the best and number 1 in my list.
2. Zenith bank PLC
The Zenith bank plc is the second on my list and of course the bank have very good customer support and always on time, Zenith bank is good when it come to international transaction and forex trading deposit and withdrawal.
Their dollar domiciliary account is superb and unique in their own way, with their account you can easily deposit and withdraw from any broker around the world and of course the best.
3. Standard chartered
Standard chartered bank is another bank with so many branch in the world, making deposit and withdrawal to your forex trading account with standard chartered with any forex broker come so handy and very easy for beginners as well.
Consider using standard chartered if only you need the best and want to start trading forex with ease of mind and good customer support.
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Read more article: Learn Forex Trading Step by Step
Can I make money trading Forex in Nigeria?
Making money trading Forex in Nigeria is 100% possible and legit, many new upcoming traders in Nigeria often ask kind of question, but the truth it is very much possible, many traders in Nigeria today earn a living simply trading Forex from the comfort of their homes, you can do it too!
I am a trader and I trade from home, making money trading Forex can be fun, many traders who never learn how to trade forex properly jump into the market and lose money often said and deceive many new traders that forex trading is a scam.
Forex trading is never a scam and forex trading is legal all over the world, today the richest forex trader is called George Soros you can be the next Soros from Nigeria only if you believe and put more effort! We do have a YouTube channel that can be of help.
Some of those things here we present them to live as a video and remember video have high chances of you learning fast than anything you can think of, make money now and live that life you always want to.
Read more article: Things to know about Forex market
What are the best brokers for Nigerian traders?
Well many brokers accept Nigerian this days but I will mention few of them in this article, and I have a reason to mention these two, it happen to be one of my favorite forex broker, may be you will find favor with them too!
The first one I will like to mention here is the Icmarket yes you access them on www.icmarket.com, the Icmarket have very low spread and also they have very low or no commission at all making it even better for Nigerian traders since dollar to Naira the rate is killing right now.
The second on my list is the Pepperstone this broker have very low or spread and also they have no or low commission making them one of the best for Nigerian traders.
You can access them from www.pepperstone.com, others you may consider is the FXTM, Instaforex, Go traders and so much more, remember to find a broker with the options mention earlier.
Is forex trading gambling?
Forex trading is legal and is never gambling, forex has been in existence for years! For your information, even the banks and big institutions trade forex, if a bank will trade forex that is to tell you that forex trading is legal all over the world.
Read more article: How to use VPS for Forex Trading
Is online forex trading legal in Nigeria?
Trading forex as a pastime has exploded in popularity in recent years, with a tremendous inflow of new traders on social media.
Brokers that provide high leverage, low minimum deposits, and a big number of forex courses have resulted in a tremendous increase of traders wishing to get into the financial markets, which is fantastic!
However, forex is not legal in many countries, so you should do your research before trading in those that are. Is it legal to trade forex in Nigeria, given this?
Forex trading is permitted in Nigeria. If you want to trade other people’s money, you’ll need a license to do it lawfully, but trading your own money is perfectly legal.
The regulatory agency is actively reviewing the legislation in this sector, however trading is now permitted. Forex trading is totally permitted in Nigeria as of 2021. This is true as long as you are simply trading your own money.
If you want to take on investor funds, you’ll need to get a license, which may be expensive and time-consuming.
Unless you want to take on extra capital from a prop firmOpens in a new tab. instead of investors, becoming licensed is something that must be done globally.
In terms of regulators and what is/isn’t permitted, it’s an exciting moment for forex traders in Nigeria since the regulations are still being defined. It’s crucial to remember that, under present laws, you’ll still be taxed on the money you earn from trading forex.
There are some tax advantages to spread betting rather than trading spot forex in the United Kingdom, but nothing similar has yet taken effect in Nigeria, so be careful to stay on top of your taxes.
In Nigeria, now is an excellent moment to trade forex. With the laws loosening, traders may use larger leverage and, frankly, take advantage of opportunities.
When governments tighten down on forex trading and restrict leverage, traders may find it more difficult to earn the same amount of money without relying on prop businesses to raise capitalOpens in a new tab..
Before the Central Bank of NigeriaOpens in a new tab, I would absolutely take advantage of the current trading circumstances. Regulations should be tightened.
Read more article: Tips on Forex Trading for Beginners
Forex trading is legal and very much profitable to trade from Nigeria, making money in forex is fun, you need to be 18 years and above to start trading Forex, remember that your capital is at risk always, always trade wisely and when to cash-out.
Remember to choose a broker with low or no spread, the same applies for commission, and remember that you can make money trading Forex in Nigeria without any limit, I just hope you find this article helpful and if you want to get more value from me about forex on a video.
Strategies and indicators subscribe to my YouTube channel Joseph Benson Click Here if you have any questions or comments you can drop it in the comment section below thank you, bye-bye hope I will see you next article, with much love from Joseph Benson.
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