Forex Traders Vereinigung von Nigeria
Forex Trading in Nigeria
In most cases the fee structures are divided into three i. Most brokers will offer a downloadable platform, and many will offer a web-based version. If both are offered, examine them and test them out if can before deciding which to use. Due diligence is crucial before investing funds with a broker.
If you check funds safety, account types, fees and platforms, you can avoid common pitfalls and make your trading experience more. This definitely has a way of increasing your winning odds in the forex trading business.
Online forex trading carries a high degree of risk to your capital and it is possible to lose your entire investment. Only speculate with money you can afford to lose. Forex trading may not be suitable for all investors, therefore ensure you fully understand the risks involved and seek independent advice if necessary.
Based on historical volatility for various currency pairs, forex brokers have determined what are the leverage ratios that are safe to provide for their clients. Most forex brokers offer at least 1: This is because they want even their smaller clients to trader high volumes.
By using leverage, a trader can decide how much he wants to risk and how much the potential profit will be.
You can double your money in a single day, but you can also lose your entire balance in the same amount of time if you use excessive leverage. Nigerian traders are using leverage to their advantage, because they can aim for higher profits without having to deposit large amounts of money.
Because of high leverage, forex trading is accessible to everyone, as you can deposit amounts as low as 10 dollars and experiment with the broker's platform and learn how to become a better trader. Many Nigerians have started with low amounts and once they mastered forex trading they increased the stakes to increase their profits. High leverage brokers offer an unprecedented opportunity for Nigerians to trade on the forex market even if they lack the money to finance large forex trades.
A mobile phone with an internet connection and as low as 10 dollars are enough to test the forex market nowadays. In order to trade on the forex market, Nigerians need to choose a broker. Currently there are no forex brokers based in Nigeria, but this didn't reduce the appetite of Nigerians for trading forex, as all the major international forex brokers accept traders from Nigeria.
This gives Nigerians a wide range of options when it comes to the broker they want to use. Going with one of the highest rated forex brokers in the world will be a natural choice for most people.
Here are some of the most sought after features of forex brokers by Nigerian traders:. Some of the major forex brokers are actively targeting the Nigerian market and have a large number of clients from Nigeria.
Current data shows that the following brokers have the largest number of Nigerian traders, meaning they are the most popular forex brokers in Nigeria:. All of them are very high rated brokers, which shows again that Nigerians have done their due diligence when it comes to selecting a broker and are trading with some of the best companies in the world.
Forex trading is getting very popular in Nigeria with thousands of new traders joining the ranks every month. A combination of mobile trading platforms, high leverage and low minimum deposit requirements have made the forex market accessible to everyone.
A mobile phone connected to the internet and as low as 10 dollars are enough to get someone started into forex trading, so it is no surprise that as more people find out about forex trading, the number of traders grows as well. Choosing a forex broker can be a very daunting task because the number of available options is overwhelming. With so many brokers advertising themselves as being the best, people go to specialized websites to read reviews and see broker rankings hoping they will find which broker is their best choice A lot of traders think that a big broker is better than a smaller one because a larger company has many advantages such as economies of scale, a better liquidity position and is the subject of higher scrutiny from the public and the regulators.
While this basic assumption has some merit Since there is a lot of confusion among retail traders about the overall quality of forex brokers, we have decided to create an advanced rating system and evaluate all the major forex brokers in the world according to the same set of criteria. Currently, however, there are no specific rules governing online foreign exchange trading in the country Yet, it is not illegal, and Nigerian residents are targeted by many brokerages, as their demand for financial services is growing and the local market is promising as any emerging one.
FxOpen however runs also an unregulated forex brokerage, registered in a small island in the Caribbean Sea. As there is no substantial legal framework for online forex and binary options brokers operating in Nigeria, no authority is overseeing their business activities. The CBN regulates mainly the interbank currency market. The other two are already operatin in the towns of Emalehleni and Polokwane. Alpari, a global forex broker, announced that it has re-opened its doors for business on the Nigerian market.
The news come just 2 months after the UK division of the company shut down its office in India and leave the developing country. IronFX, the once-small Forex broker operating from the island of Cyprus, is simply growing its global network to incredible proportions with the latest pit stop for the company being one of Nigeria's biggest cities: Quotes from Standard Chartered: Nigeria's consumer price inflation slowed to the lowest level in eighth months in August, and the economy expanded at a faster rate in the second quarter, data from the National Bureau of Statistics showed Monday.
Inflation slowed to
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