If you are reading this, you are one of the few privileged to knowing the secrets successful forex traders in Nigeria use to make money. Kindly pay strict attention, you really don’t to miss these tips. A lot of people in Nigeria are cashing out from forex on a daily basis. All they did was to apply these few strategies step by step which will make you money. Additionally, if applied consistently make you a millionaire in Nigeria (Most Especially).
How Do I Start Forex Trading?
Before you start trading with your real cash on forex, practice with a demo account. This demo account will be like the real forex platform but the difference is that you won’t be trading with real money. The demo account will give you a very good experience of the forex market. These demo accounts are loaded with virtual money in real time mode. ;” Practice makes perfect”. You must make sure you are very knowledgeable in all these areas before you can start trading with real money. Try to Study, Observe, Learn and practice before you invest.
Moreover, the essentials of good quality training cannot be overly emphasized. Surf the internet for quality content, study books, you can also seek an instructor to guide you. Endeavor to acquire every necessary skill before you invest in forex trading in Nigeria. After you must have done all that, practice some more!
Can you make Money in forex trading?
The answer is yes! You can.
But what you should have in mind is that forex is not a quick money making scheme. In contrary to what you hear, forex trading is not going to take your $300 dollars and turn it into $3 Million. The return on forex determines more by the capital you are risking rather than how good your trading strategy is. “It takes good money to make more money”. So try investing like a very good sum in the long run when you must have mastered the forex trading strategies. Don’t be scared millions of people are making millions on forex in a matter of minutes
What Are the Basic Requirements for Forex Trading In Nigeria
Sign Up For A Forex Trading Account:
As a beginner, you have to start by opening a forex trading account with a forex broker. The duty of a broker is to connect buyers or sellers directly to the forex market for currency exchange. They are like an intermediary per say.
Top 10 Best Forex Brokers In Nigeria
AvaTrade was founded in 2006, they have been in business for over 12 years now. They are licensed as a regulated broker in the EU, Japan, Australia, South Africa, and the British Virgin Islands. They offer the various benefits below:
- 250+ instruments to trade including forex, cryptocurrencies, stocks, commodities, and indices
- Desktop, tablet, mobile and web-based trading with MetaTrader 4and AvaTradeGO
- A range of automated trading platforms EA & MQL5 compatibility
- Competitive Spreads Offering
- Client funds are held in segregated accounts for high security
- Regulated in Europe, Australia, Japan, British Virgin Islands, and South Africa
They also offer 400:1 leverage and you can start your trade with a minimum deposit of $100.
Start trading with Avatrade now www.avatrade.ng
The Plus500 trading platform is offered by Plus500UK Ltd, a UK based company with its main offices located in the city of London. The company is authorized and regulated by the Financial Conduct Authority (FCA) to offer Contracts for Difference (CFD). The company is a rapidly growing CFD provider in Europe and Asia and currently offers its portfolio of over 1000 instruments to over a million clients.
They are regulated by ASIC and financial conduct authority. You can open a trading with up to 1:20 share. Only their registered traders can trade on their Plus300 trading platform. The minimum deposit for trading in Plus500 is 100 Euro. They permit their registered traders to open both a real trading account and a demo trading account.
Start trading with Plus500 now www.plus500.com
Youtrade capital markets limited is a company incorporated under various laws across countries. They are regulated by ASIC, FSC, and FSA UK. They offer 500:1 leverage and you can start trading with a minimum deposit of $100. Clients are free to open both real trading account and demo trading accounts.
Start trading with Youtrade now www.youtradefx.com
They are regulated by MiFID and CySEC. Their trading platforms include EC Mobile Trader, EC Trader Lite, and Meta Trader 4. They offer 200:1 leverage and their minimum trading deposit are $100.Clients are allowed to open both a demo trading account and a real trading account.
Start trading with ECM MARKET now www.emcmarkets
You can start by opening a trading account with this broker with a leverage of 100:1. They are regulated by CYSEC, BaFin, and FSA. Traders can both trade on their MetaTrader 5 and MetaTrader 4 trading platforms. The minimum deposit you can start within the live trading account is $100. They allow their registered traders to open both a real trading account and a demo trading account.
Start trading with Sunbird now www.sunbirdfx.com
They only provide Meta Trader5 platform for their clients. They offer leverage of 1 pip and minimum trading deposit on their trading platform is $10
Start trading with Caesar Trade now www.caesarpatners.com
They are regulated by CFIC, CYSEC, and ASIC. Their trading platforms are Trade Desk and Web Trading. You can open a trading account with a leverage of 400:1. The minimum account balance is $25.
Start trading with Easy Forex now www.easymarkets.com
They own various trading platforms available like Admiral Markets, Web and Meta Trader 4. They are regulated by FSA and MiFID. Their leverage is 500:1 and the minimum trading deposit is $10.
Start trading with Admiral Markets now www.tr.admiralmarkets.com
They offer both Market Trader and Meta Trader platforms for clients and are regulated by FSA, MiFID, and CySEC. This broker offer leverage of 200:1 and their minimum trading deposit is $100. They permit their traders to have both a demo account and real accounts.
Start trading with Markets now www.markets.com
Kindly select your preferred forex brokers which one suits your needs.
Open A Domiciliary Account/Liberty Account:
A domiciliary account is a foreign currency account where you can store foreign currency and also withdraw. You can open a domiciliary account in Nigeria with one of the trusted banks in Nigeria which is Guaranty Trust Bank Plc. These accounts can be used to fund and withdraw money from your forex trading platform in Nigeria. Download GT Bank domiciliary account opening form.
However, a liberty account is an account where you can store the value in U.S Dollars, Euro or Gold Grams and transfer money paid to people and also receive payments from them. There are various liberty banks like perfect money and Payoneer e.t.c
The need for a start-up capital in this business is inevitable. Just like other business, to start forex trading in Nigeria requires little funds. The good thing about it is, you can begin trading on forex with a minimum of $100 but I would advise you to start with a higher figure, like $300.
Note The higher your capital, the higher the return.
Other basic requirements you need to start forex trading in Nigeria are:
A good computer
Fast internet connection
Constant electricity supply
Once again, forex trading is very profitable if you sacrifice time to study, observe, learn and practice before investing your money. If you don’t, be sure to run in for some loss in a matter of minutes or even seconds. And I will repeat again study, observe, learn and practice before you invest your cash.
Can you get rich by trading forex?
Yes! There are various trading opportunities on forex that can make you a millionaire in minutes. But the only way for you to get rich from trading on forex is understanding the trading strategies. Once you master the art of trading on forex, becoming rich is just one click away.
In conclusion, the chances of you becoming rich on forex are quite on the average as a beginner. Don’t look at making the millions as a starter. The same way you make profits on forex, you might also encounter some few losses. Make sure you follow the steps as listed above and good luck.
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