Trade Forex Online Nigeria is your guide to trading forex on the global currency market from Nigeria. Because forex trading involves putting your capital at risk, just as with stock market trading, it is very important to be smart about which brokers to use, and read up on different elements of trading and strategy. Forex trading includes all aspects of buying, selling and exchanging currencies at current or determined prices, in order to make a profit.

How to Start Trading Forex, Forex Nigeria

The forex market is established to enable currencies to be purchased and sold against one another. To facilitate this, currencies are paired when priced during trading. Such ambitions drive private investors in Nigeria to invest in the global foreign exchange market. Others are less attracted by the lure for wealth and fame, but turn to forex trading as a response the lack of opportunities in formal employment.

This changed at the turn of the millennium, following the arrival of mobile telecommunications in Nigeria and improved internet connections.

Ordinary Nigerians with increasing access to the internet connectivity embraced the concept of forex trading. Many Nigerian forex traders see their trading as a part-time income earner.

HOW TO START, FOREX TRADE IN NIGERIA | NairaCareer

However, as the cost of internet connectivity falls, power cuts are less frequent, and global payments systems are more widely adopted, more Nigerians will see online forex trading as a viable alternative income earner. In most respects, forex trading in Nigeria operates as in other parts of the world. A Nigerian forex trader connects the forex market via a broker, on an internet enabled device mobile or PCM. On this website you can find out how to choose the right forex broker for you.

On the other hand, some jump into the market too soon, without learning the ropes. The most efficient way to a profitable forex career requires reading and practice.

Read as much as you can about fundamental and technical analysis; design a trading system that suits you and ensure it gets traded for at least a month on a demo account; and then start small i. You can get more information about learning tools for free online here.

Forex trading platforms with auto-trading capabilities such as MetaTrader 4, cTrader, etc. Few forex robots out there can yield consistent profits, and on top of that, they can cost thousands of dollars to procure — amounts most Nigerian retail traders are unable to afford.

The risk involved in trading forex in Nigeria does not differ much when trading outside Nigeria. However, the latency of internet connectivity the time it takes to access data is something that is taken seriously in Nigeria when trading forex.

Forex market participants often subscribe to more than one internet service provider, and switch connections if they experience slow connection speed. No trader anywhere in the world wants to see their ISP link go dead when in an open position — this is a major concern for traders everywhere.

Internet connectivity in Nigeria has improved over the year, having relied heavily on slow DSL internet service usually below 50kbps from its defunct national telecom operator NITEL. Things are shaping up with new telecom companies like MTN, Globacom, Airtel, Etisalat, etc.

Power cuts are still an issue, and the Nigerian forex trader needs a backup power source such as a generator or an inverter. Fortunately, these sessions fall between Until recently, depositing and withdrawing funds from a forex trading account was a big deal for Nigerian forex traders, but with the current adoption of MasterCard and Visa by most Nigerian banks, retail forex traders can easily deploy these credit cards options, to satisfy their banking requirements on various forex brokerage firms anywhere in the world.

Starting a Forex Trading Business Online and Make Money | cozosen.web.fc2.com

Finally, Nigerian forex traders must make sure they always stay on the right side of the law — read our article about the legality of trading forex online in Nigeria. Forex Trading in NIgeria.

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Is Forex Trading Legal in NIgeria? Forex trading in Nigeria is legal as long as you are using a properly licenced broker - need more details or assurance, read our article here.

How To Start Forex Trading in Nigeria And Make Money With It

Exclusive New Account Promotions. Financing your Nigerian forex trading activity What now for the Naira?

Forex Trading Basics Forex Technical Indicators Chart Patterns Charts Part 2. 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.