How to make money from forex trading in Nigeria

👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs. 👉 Trading a mini lot is a term used to describe trading in this size range and contracts for mini lots start at 10,000 units of the base currency. Thus, a 10,000 Naira transaction would be a single mini lot trade. 👉 Forex brokers are required by law to disclose this, which they usually do in the small print. New traders are prone to become too enthusiastic and lose their funds rapidly if they enter the market too soon.

The Best Forex Brokers in Nigeria

When they place a trade, the same trade is executed in your account. Think of it like following an expert in a classroom—you do what they do, and if they succeed, you succeed. Stick ironfx review to one strategy that you understand well, and don’t switch randomly. Some popular brokers for Nigerians include HF Markets and OctaFX. Working with a reliable broker ensures you’re not falling into scams. Forex trading is quickly becoming one of the easiest ways to make money in Nigeria, as long as you are very smart.

There are many forex trading platforms in Nigeria where traders can register and start trading safely. However, traders must ensure they choose regulated brokers to avoid scams. Nigerian traders can try their trading strategies using a demo account, with the most popular brokers offering this option.

How to start forex trading with no money

This strategy relies more on a knowledge of how charts move rather than the fundamentals pushing the long-term movement of currency pairs. You can realise profits quicker in this strategy although the risk is Dual Momentum Investing 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.

You can start as a Forex affiliate with no money by joining free programs like the HFM affiliate program. Promote your referral link on social media, forums, or blogs to earn commissions. The goal is to outperform other traders by earning the most profit during the competition period. The OctaFX affiliate program is beginner-friendly and provides generous payouts. It’s one of the most popular options for Nigerians looking to make money in Forex without trading.

Best Forex Broker for beginners in Nigeria

Forex trading signals are perfect if you don’t have time to analyze the market. They allow you to make money in Forex in Nigeria without sitting in front of a computer all day. Once you’ve chosen a trader and set your investment amount, the platform will automatically copy all their trades to your account. Navigating the Forex market in Nigeria requires both local and global awareness.

The Reality: Can You Really Make Money in Forex?

Live trading is a rollercoaster ride without seat belts if you don’t know how to trade. Today’s internet has improved that even the standard 3G and 4G connections on your phones are fast enough to execute trades instantly. Forex trading is basically an exchange of one country’s currency for another. At Forextrading.NG our ultimate aim is to help you choose the best broker for your trading needs.

• However, you will note that some people might try to make decisions for you.
• 👉 For many investors, forex is an unexplored and very intimidating sector.
• It’s essential to have a strong risk management strategy in place.
• 👉 When an order is placed 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.
• FBS offers spreads from 0.3 pips on the Cent Account and Nigerians can expect zero-pip spreads on the Zero Account.
• InstaForex is a trusted and well-regulated broker that offers a Sign-Up No-Deposit Bonus of $1,000 to new Nigerian traders who register a trading account.

This strategy can be particularly profitable in Nigeria due to the market’s tendency to experience extended periods of price movement in one direction. But for the sake of explanation, you can go long or go short to make money in a trade. If you think a currency pair’s exchange rate will appreciate, you go long. If you want to apply fundamental analysis to your forex trading, you will have to read up on timed reports from financial institutions such as the World Bank, the United Nations etc.

Which Brokers are Regulated with Offices Forex Brokers in Nigeria/Naira?

You’ll also need a working knowledge of multiple strategies so you can understand the reasoning behind short term moves. 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 24-hour window to book your profits (or loss). Practice responsible risk management by never trading more than you can afford to lose, plus set stop-loss orders on every trade. You may use leverage, which will enable controlling huge positions with small capital, but you could experience greater losses, so use it judiciously. Most brokers provide webinars, tutorials, and eBooks that will help you understand the ABC of Forex trading.

The platform also recently added support for trading some Nigerian stocks. Investing in stocks is no longer limited to finance professionals or people with large amounts of money. Today, many Nigerians are growing their wealth through stock investments using mobile apps and digital platforms. These platforms make it easy to buy and invest in stocks in Nigeria or abroad, even with small amounts. Buy shares of Nigerian companies that pay out part of their profits as dividends. Put your money in a fixed deposit or buy treasury bills from Nigerian banks or fintech apps.

Accommodating your present and the future requirements. Choose an instrument to explore market depth.

While forex trading can be profitable, it also carries risks, so always trade responsibly. A forex broker is a company that provides traders with access to the forex market. There are many forex brokers available in Nigeria, so it is important to do your research and choose a reputable one. Look for a broker that is licensed and regulated by a reputable financial authority, such as the Securities and Exchange Commission (SEC) in Nigeria. Choosing a reliable forex broker is essential for a successful trading experience.

• If you use price action in confluence with the ‘location’, then the chances of each trade working are much higher.
• My recommendation for the best forex brokers in Nigeria is; Exness, XM, FXTM (Forextime), and Hot forex Nigeria.
• This lightning fast strategy attempts to skim just a few pips (basis points) off of each trade.
• How much you will earn per day with forex trading depends on how much capital you invest, your particular strategies and risk levels.

️ Between 7 pm and 2 am (GMT) when the Tokyo and Sydney exchanges operate. ️ Between 8 am and 12 pm (GMT) when the New York and London stock fxtm review exchanges operate. ️ The quotation currency is represented by the US dollar on the right. Traveling works in the same manner, for example, euros are not an accepted currency in Egypt, which means that a French visitor cannot pay for a visit to the pyramids with euro. In this scenario, the traveler must convert their euros to the Egyptian pound to pay for their tour. To place an order, click the “Buy” or “Sell” button above the chart.

A lot size is the unit of measurement for trading orders you can place. A standard lot size refers to 100,000 units of CFD for any underlying asset. All information can be submitted online via the broker’s account opening portal. For your passport photo, you simply take a picture with your phone and upload it to the portal. On how to open a forex account in Nigeria, you are meant to fill out a Know Your Customer (KYC) form.

As a beginner, it is advisable to start with a small investment and gradually increase it as you gain experience and confidence. Forex trading involves risks, and it is crucial to manage your risk exposure effectively. Avoid investing more than you can afford to lose and always use stop-loss orders to limit potential losses. Before venturing into forex trading, it is crucial to educate yourself about the market, trading strategies, and risk management. There are various educational resources available online, including articles, e-books, video tutorials, and webinars, that can provide valuable insights into forex trading.