How to start forex trading in nigeria

How to start forex trading in nigeria

How to Start Forex Trading in Nigeria 2022 (Make Money From Forex Trading in Nigeria),Nigeria Forex Trading Strategies

How To Open a Trading Account In Nigeria? In only a couple of steps, you can easily open a trading account on Justforex. To do so, follow the link and fill in the registration form. 28/01/ · How Much Does It Cost to Start Forex Trading in Nigeria If you start trading with Justforex, you can start trading on the Standard Cent account. The minimum amount to 10/12/ · To get started with Forex trading in Nigeria follow these steps: Get a digital device with an internet connection. if you can get multiple devices, since you’ll be taking in a lot How to start Forex Trading in Nigeria? 1) Open Account with a Forex Broker In order to trade forex, you need to find a CFD broker. There are numerous forex 2) Place your First Trade To start trading on the Forex market you need a computer with the access to the Internet (preferably fast, but any connection will work if you won’t be scalping). On the Internet you’ll ... read more

Then, you will be asked to verify the account. Deriv does not demand too many verifications like most. When you are done with opening a forex trading account, you will have your username, password, and a link to download the trading software or application sent to you. Some brokers do not directly send a download link, but instead require you to log in to the Member Area, then find a platform to download and install.

In the Member Area, you can also verify your account, manage funds deposits and withdrawals, and so on. A demo account is a trading practice account where you get to try out your trading ability with virtual funds before making use of your real money. When you have successfully logged in on the trading platform, the amount of virtual funds provided by the broker for free for trading practice on the demo account will appear on the lower left side.

The virtual funds can be used to practice trading freely based on real-time market conditions. You can request another deposit of funds from the broker for free if the funds run out. However, profits cannot be taken because the demo account is only a practice account and the money is not real money.

There are several currency pairs you can trade on the trading platform such as EURUSD, GBPUSD, USDJPY, and so on. Later, the GBPUSD chart will appear there. If the pound sterling strengthens, the GBPUSD chart will go up. Conversely, if the US Dollar USD is stronger, the GBPUSD chart will decline. You can make predictions whether the GBPUSD price chart will go up or down in the future using fundamental analysis or technical analysis by installing indicators such as Moving Average, Bollinger Bands, and others.

An order form will appear where you can enter your prices for Buy and Sell. After the order is sent and executed, details of the order transaction will appear in the Trade history, above the Balance text in the lower left column.

You only need to wait until the price moves up or down according to the prediction, before then making a Close Position closing the trading position by clicking on the related Trade history. The time for the price chart to move to reach its target could be a few minutes, several hours, or even several days, depending on how much profit from your target price change is.

After practicing trading on a demo account for some time, you may feel that you are ready to dive into real forex trading. For that, you must first deposit funds into your trading account. You can decide for yourself how much to deposit based on the minimum capital requirements of the broker. Various payment methods that can be used are bank transfers, e-payments, credit cards, and so on. As a beginner, you should not immediately deposit enormous funds of up to thousands of US Dollars.

Choose a local bank transfer method if you have one, or an e-payment method that is considered the fastest and least costly. Other methods can also be taken, as long as it is in accordance with the procedures specified by the broker.

After the broker confirms that the funds you sent have arrived in the trading account, you can immediately start real forex trading. The amount of funds can be seen in your Member Area or on the lower left side of the trading platform.

Note that you have to open a new account in the Member Area for real trading so that the platform login will use a different username and password details from the demo account login. The trading server used will be different, although the type of software and other features remains the same. You can also apply tried trading techniques on a demo account, to get profit on a real account. Having known how to start Forex trading in Nigeria, be careful not to enter into it with a get-rich-quick mindset.

Take your time to master the art of trading on the demo account, then, start trading on a real account. Many forex trading platform have their own methods of withdrawing. One of the reasons we recommend Deriv is how easy it is to withdraw your money. If you go with Deriv, you can withdraw to your Nigerian bank account instantly.

You can also choose to withdraw in bitcoin. These include EUR Euro , GBP Pound , JPY Japanese Yen etc. As you may have noticed that these are the crosses of all the major currencies excluding US Dollar. As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements.

While trading forex, you would come across these common terms. We will be explaining all the important terms here. This price is the quote by the broker. It is the last decimal in the price. For Example: In the quote 1. At this price, you can sell base currency in the pair. This price is shown on the left side in the quote ticker by the Broker. At this price, you can buy the base currency mentioned in the pair.

It is shown on the right side of the quote ticker by the Broker. Spread is the fees charged by forex brokers, so it is essential to choose a forex broker that has lower spread you should also check the overall fees.

Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. You need to signup with a Forex broker. We will tell you exactly who to choose. In order to trade forex, you need to find a CFD broker. There are numerous forex brokers available for Nigerian traders such as Hotforex , Exness , XM Forex , FXTM , Forex. com, FxPro, Oanda etc. We have compiled the list of best forex brokers for Nigerian traders. ForexTime is the best broker for Forex trading in Nigeria.

Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner becaue your real money will be at risk.

Once you have found the Forex Broker of your choice, you can then open an account with that broker to start trading or demo account to learn. This account will enable you to place your trades in the interbank market at the live currency prices. Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices. The long position implies that you are buying a currency pair and are betting on it to rise in value in the future.

For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit.

The short position can be taken when you believe the price of the currency will fall in the upcoming period. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit. Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade.

You will make a loss in this case. Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. Technical Analysis involves the study of chart patterns, currency trends, using indicators etc. While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment data etc.

Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade. Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis.

Only based on your strategy, you can make actually get the best returns in the future. We call the high the resistance. Once the price crosses the previous high to achieve a higher high, there is a huge chance that the old high will become the new low in a trending market. The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading with one of these pairs.

This is because these pairs are very liquid and have stable volatility. Since these currencies are stable, they will help you in managing your risk initially. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD.

Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss. You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital. This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. Another strategy is known as scalping.

This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker or app should you choose to trade online. Forex Trading, like any other market investment has many benefits but also carries significant risks.

On the positive side , forex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks. You don't need very high capital to start. It is really important to understand all the risks. How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading. At Forextrading. NG our ultimate aim is to help you choose the best broker for your trading needs.

Get A Free PDF Version Of This Guide: Contains all the tips, resources and case studies found here. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers.

Read More. Read full risk disclaimer.. NG: Your Guide to Forex Trading in Nigeria. All Rights Reserved, See Best Brokers! Forex Trading in Nigeria The Ultimate Guide for Beginners.

For Nigerian Investors, forex trading can be a way to earn wealth. Don't have time right now? Read the guide later! Give me my PDF See Best Forex Brokers! Chapter 1 What is Forex Trading? Chapter 2 Understanding Currency Pairs.

Forex trading or Foreign exchange trading can offer a path to financial freedom for anyone willing to learn the skills and behaviours required to be a successful forex trader. For those who are new or have a limited idea of what forex trading is, it is simply a way for investors to exchange several national currencies against one another and make money off the margins.

So sit tight and come along. So it is very legal to trade Forex in Nigeria as long as your trading does not break Nigerian money-laundering laws. Yes, forex trading in Nigeria has been profitable for a lot of people. However, these are forex traders that are very skilled, and knowledgeable about markets.

While forex trading can be very lucrative, it is not a get-rich-quick scheme. Many people have made a lot of money from forex trading in Nigeria, and a lot more have also lost money. But if you take the time to correctly learn the fundamentals of forex trading, you can become rich from trading because forex trading can be a profitable venture for anyone with the right level of skills and capital. Some of them think they can make easy money trading forex with minimal investments. Not for investing anyway.

Learn the basics. There are a ton of resources out there like Youtube, ebooks and even courses. Then you need to gain some experience by trading using a demo account account with fake money and develop your trading strategies. It is important to know that while some forex brokers might tell you you can start trading forex in Nigeria with a lesser amount. You want to have enough capital to trade that gives you just about enough leverage to reach your goals. For beginners who want to go into forex trading, it is important that you have enough knowledge about forex and what it means to trade forex.

So we will explain the important terms in forex trading so you can start building up your knowledge. It is important that you expose yourself to more Forex educational material so you can cut out beginner mistakes. Forex Market : This is an over-the-counter OTC market where forex traders place their trades on currencies, 24 hours a day, for 5 days a week from Monday through Friday. A lot of stakeholders like investors, institutions, banks, and retail traders are involved in the Forex Market.

Currency Pairs: This is a quotation of the exchange rate for two different currencies traded in the Forex market. When you place an order for a currency pair, the first listed currency or base currency is bought while the second listed currency in a currency pair or quote currency is sold.

Base currency : This currency always appears first in a currency pair, it is the currency that the trader is currently holding. Quote currency : This is the second currency in a pair, it is the currency that the trader will purchase. This difference is expressed in pips. Spreads can either be floating or variable spreads and they change with market conditions.

Fixed spreads are determined by the broker. It is the smallest measurable value of currency movements and the smallest increment that a price can move. Demo Account: A demo account is a risk-free platform that mimics live trading conditions, without risking actual capital. It is used by traders to practice forex trading before putting in real capital in a live trading environment.

A trading plan or strategy is a set of rules or guidelines that represents the trading behaviour of the trader using them. Trading strategies help you ensure that as a trader you do not give in to emotion when trading, it helps you stay true to your trading goals and objectives. They also help traders manage risk effectively.

Some Forex trading strategies include; Scalping, Day Trading, Swing Trading, and Positional Trading. This stepwise process can be easier said than done for some beginner forex traders, but definitely possible for a hardworking and willing forex trader. Getting a legitimate forex broker or App in Nigeria that you can start trading with can be sometimes difficult.

Atimes people know enough genuine forex brokers in Nigeria they can use, but atimes they dont know which one to pick. One of the most popular forex brokers in Nigeria, FXTM or Forex time is quite known for its good customer support and diverse withdrawal options which is due to the fact that it has a local telephone and office line that customers can reach them on. FXTM has over 19 deposit and withdrawal options for its Nigerian traders. It also offers a demo account for beginner traders.

Octa fx is now considered one of the best STP forex brokers. This forex broker aims to provide a cost-effective trading experience for both beginner and experienced forex traders. They claim to have over 1. Octa Forex also offers a trading account to Islamic traders looking to comply with sharia law.

Pepperstone is one of the biggest forex brokers in the world by offering tech-based trading. That allows traders to embrace the challenge and opportunities available in the global market. this forex broker provides three top forex trading platforms available on desktop and mobile platforms to their traders. HotForex is one of the top forex brokers in Nigeria as they offer high leverage of than most other brokers who offer a maximum of 1; HotForex also offers a choice of trading accounts as well as bonus offers.

With HotForex, a trader has a choice to choose between 5 trading accounts. Avatrade offers a range of currency pairs and CFDs to traders that use its platform.

This broker is multi-regulated as well. Avatrade uses MetaTrader 4, MetaTrader 5 and AvaTradeGo as its trading platforms. IQ Option is a broker that offers instruments like stocks, forex, ETFs, Commodities, and Cryptocurrencies.

IQ Option offers CFDs on all the aforementioned instruments. IQ Option offers different deposit and withdrawal options to forex traders.

This is a legit forex broker in Nigeria that offers a wide array of trading options to all types of forex traders in the market. IC Markets is a broker headquartered in Australia, and they offer some of the lowest spreads in the market as well as low brokerage fees. Their trading platforms include MT4, MT5 and cTrader. They are also great for Islamic traders too. Chipper Cash App Review : How does Chipper Cash Work in Nigeria.

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How to Start Forex Trading in Nigeria,Get Started with Forex in Nigeria

28/01/ · How Much Does It Cost to Start Forex Trading in Nigeria If you start trading with Justforex, you can start trading on the Standard Cent account. The minimum amount to Now that you know what Forex trading is all about, let’s take a look at the steps to starting the process. Once you follow these steps, it shouldn’t be difficult succeeding as a Forex trader. How to Trade Forex in Nigeria. Learn the basics of Online Forex Trading & Forex market. Open Account with a well regulated Forex Broker. Practise on demo trading account. Build 10/12/ · To get started with Forex trading in Nigeria follow these steps: Get a digital device with an internet connection. if you can get multiple devices, since you’ll be taking in a lot How to start Forex Trading in Nigeria? 1) Open Account with a Forex Broker In order to trade forex, you need to find a CFD broker. There are numerous forex 2) Place your First Trade 09/08/ · Step 1: Open a Forex Trading Account. A forex trading account is provided by a broker who acts as a liaison between you as a trader and the forex market. You can think of a ... read more

As you may have noticed that these are the crosses of all the major currencies excluding US Dollar. Spreads can either be floating or variable spreads and they change with market conditions. You can start with a demo account for practice prior to starting active trading. June 11, Real Life example of Forex Trading Have you traveled overseas? August 10, Some of them think they can make easy money trading forex with minimal investments.

Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. How to Buy Cryptocurrency? FXTM allows you to use MT4 and MT5. Swing positions look to profit from short-term moves. Many forex trading platform have their own methods of withdrawing. Don't miss a thing.