As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements. And your position size should be adjusted according to your account size & the volatility of the underlying pair that you are trading. We have created a ‘contents’ section so you can use it to browse to section of the information regarding forex trading. This guide is broken down in 6 different sections for beginner traders in Nigeria, and we will continue to update it with new information in the future. 👉 Overall, FBS is the best lowest spread forex broker in Nigeria. FBS is one of few brokers that offer Cent and Micro accounts along with a choice between four other more advanced account types.
For some forex brokers, the base currency is usually the USD, GBP, EUR etc. while others have NGN. If there is no NGN base currency, your broker will charge you a conversion fee for converting your deposit from Naira to your account base currency. Beginners should choose atrading app or account option that allows them to trade small lots of currency using small capital. Some brokers offer Cent and Kobo Accounts to beginners, so they don’t risk too much capital. You can get the feel of live trading with the free money from forex no deposit brokers in Nigeria give.
- In addition, the leverage levels that are available in the off-exchange retail forex market relate to financial products such as equities.
- For the safety of your funds, you must never trade forex via a brokerage that is not Tier-1 regulated until there is a local regulation in place.
- Volatility indicators such as Bollinger bands, ATR, & VIX also tell you how stable exchange rate prices are.
- A standard lot of Tesla Stock CFDs means 100,000 units of Tesla stock, etc.
- At Forextrading.NG our ultimate aim is to help you choose the best broker for your trading needs.
👉 If a trader believes that the value of a certain base currency will rise in the future, then they will establish a position known as a buy or long position. The movement shows improved foreign exchange inflows, which allow the apex bank more buffer to sustain its FX interventions to strengthen the naira. Stock investment in Nigeria has become more accessible than ever. With your smartphone and a small amount of money, you can now buy and invest in stocks locally and internationally. Whether you’re interested in Nigerian stocks through Afrinvest, dollar investments through Bamboo and Risevest, or a mix of both with Trove and Chaka, there’s a platform for you.
FBS offers spreads from 0.3 pips on the Cent Account and Nigerians can expect zero-pip spreads on the Zero Account. 👉 Overall, Trade Nation is the best forex trading app in Nigeria. 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. 👉 Overall, OANDA is the best Islamic / Swap-Free Forex broker in Nigeria. OANDA offers a dedicated Swap-Free Account to Muslim traders who follow Sharia law.
How do I start an affiliate with no money?
The practice account works in the same way as a live account but uses virtual money until traders are ready to trade real money. To put things in perspective, one normal account lot is equivalent to one hundred thousand dollars. With a micro forex account, Nigerian traders can learn the basics of forex trading and find out what kind of trading strategy works best for the trader. Forex trading is the buying & selling of currencies with an aim to make a profit.
Unfortunately, this is not something that many Nigerian traders can do in either the stock or bond markets in Nigeria. Because of this, part-time traders prefer Forex trading because it allows them a flexible trading schedule that does not conflict with their full-time occupations. Forex markets are the world’s biggest in terms of daily trading volume, which means they have the greatest liquidity available.
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Our Forex trading signals are designed to guide you on when and what to trade. Delivered in real-time through Telegram, these signals provide clear entry and exit points, helping you stay ahead of market movements. If you’re a day trader or a long-term investor, our forex signals are one of the easiest ways to make money in Forex. During these periods, prices tend to move within a defined range, making range trading an effective strategy. The Nigerian Forex market is influenced by several macroeconomic factors, including oil prices, government policies, and the value of the Naira.
👉 Overall, InstaForex is the best Sign-up white label payment gateway reseller Bonus forex broker in Nigeria. 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. 👉 When you trade forex, you are swapping one currency’s value for another. In other words, you will always purchase one currency while selling another. Therefore currencies are referred to as forex pairs or currency pairs.
With Pepperstone Nigerians can expect the most competitive trading conditions along with powerful trading platforms. 👉 In this article, we have listed the best Forex brokers for forex traders in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders. 👉 Diversification is universally acknowledged as the optimal investment portfolio strategy. To be diversified, Nigerian traders must master the usage of several trading methods and numerous currency pairings to provide an equal return across the board.
Advantages of Using Forex Trading Signals
- Various payment methods that can be used are bank transfers, e-payments, credit cards, and so on.
- You will note that there are moments that you will make huge profits.
- This is because Forex trading can be done 24 hours, 5 days a week, and wherever you are in Nigeria.
- There are two types of advertising services on the website — direct advertising or partner (broker) participation programs.
- However, making money from forex trading requires knowledge, discipline, and a well-planned strategy.
This will help Tradersunion.com to continue to provide our services to you for free. A demo account is an account that is not real and contains fake cash. A demo account tries to mimic real-life trading so you can practice with fake cash till you are experienced enough to open a real trading account with the broker. For example, brokers like HF Markets provide a Cent Account for beginners who have used the demo account and want to try their hands-on real-world trading but with little capital.
Take photos once, upload them to stock sites, and earn royalties when someone downloads your images. This business model is great for photographers, hobbyists, or anyone with a decent camera and an eye for what sells. POD lets you upload your designs to be printed on shirts, mugs, or tote bags whenever someone orders. This is perfect for creatives, students, or side hustlers who want to earn while they sleep. If you’re tired of working for every naira, here’s how to make your money do the heavy lifting.
Is it worth buying forex signals?
The two positions that you can take in the Forex market are either the “long position” or the “short position”. We explain this more in the risks section at the end of this guide. The rate that you get from your exchanger is decided on the basis of the real time exchange rates plus the profit margin of the money changer.
Mini lots are one-tenth of a typical lot, allowing traders to trade one-tenth of a standard lot. 👉 When you are working with a forex broker and trading, you will see two balances on your account. 👉 In the past, a broker was someone you would have contacted telephonically to purchase or sell currencies. However, now you can engage with a broker through a trading platform or trading software, thanks to the advancement of the Internet and software. ➡️ Risk-Reward Ratio – For every dollar invested, the risk/reward ratio illustrates how much money an investor stands to gain or lose. When evaluating an investment’s expected returns and risk, many investors use risk/reward ratios to do so.
Patience and discipline are part of the keys to long-term success in Forex trading. Stick with your trading plan and never make decisions according to your emotions. Anyone can start trading Forex by selecting a reliable broker in Nigeria. The broker usually acts as an intermediary, lending a chance to any traders to access the Forex market. Every trader has to find a well-regulated broker with the best competitive spreads offering low fees and great customer support. You might, for example, sell some Nigerian Naira against US Dollars, if you happen to feel that dollar appreciation against the Naira will take place.
The loan from your forex broker is what gives you the leverage to open bigger trading orders than you would have been able to. You can trade your money or have someone else trade your money by investing with copy trading platform. What’s important to know are the basics of trading (easy), learn the platform (very easy), learn chart patterns (reasonably easy), and learn to manage risks (complex). Forex trading fools many to believe it is so easy, but facts show that over 90% of retail traders lose their fxtm review investments. So, you are not alone, and if you can learn how to trade right, forex trading can meet your wildest dreams. I’ll show you how you can make money from forex trading and then share with you a clear path to forex trading for beginners in Nigeria.
👉 Certain trading systems claim an 80% success rate in particular market situations. Understanding the inner workings of your Forex trading strategy(s) and placing suitable entry and exit orders can help you reduce your risk while increasing your profit potential. 👉 Forex is classified as extremely dangerous because of the daily price volatility. In addition, the leverage levels that are available in the off-exchange retail forex market relate to financial products such as equities.
👉 Leverage is both beneficial Derivatives Essentials and dangerous since it allows you to achieve exponential gains while also exposing you to growing losses.