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Forex Trading in Nigeria Forex is a short form for the FOReign currencies EXchange market. It is one of the most liquid markets in the world, while being the largest financial market (daily average volume is about $ trillion according to BIS report). The Global Leader in Online Trading is now in Nigeria. Alpari – a global brand and one of the largest Forex brokers in the world, with company offices in over 20 countries around the world, is now in Nigeria.
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.
Forex Brokers in Nigeria. Follow the best traders and profit from their strategies 50 USD Read Review Visit Easy Forex Easy forex allows very small trading amounts and low leverages, and mini accounts for newcomers with one-on-one consultation to get you going.
I advise people to trade with XM because they make everything easy for the newcomer and the expert. Currently, improvements are taking place with the enactment of economic reforms and foreign investments.
Join the Leading Industry Event! Among smaller sized accounts the forex market can thank its popularity to an overtaxed and overcharged equities market which has led investors to seek other assets to trade. This gap was easily filled by forex trading which offers low barriers of entry, free trading platforms, commissionless tradesmand a wide variety of tradable products.
As can be imagined, this led to many scams and fraud taking place as well as early entrants to the country offering wide spreads. Currently though, the local industry has been trying to improve its reputation. The number of Nigerian Forex traders is estimated to be at , to , Having a low financial educated public has led to the establishment of trading schools sprouting up within the country. Retail forex traders can easily use credit cards options to make deposits in accounts, to satisfy their banking requirements on various forex brokerage firms anywhere in the world.
Most brokers also allow for Neteller, PayPal, and other e-wallets to be used as well as bank wire. On the odd occasion, you may find a broker that will allow you to make a deposit at a local bank branch. Nigerian forex traders must make sure they always stay on the right side of the law. As long as you are using a regulated broker, and you are trading for yourself and not on behalf of others, then it is perfectly legal. It is important that you declare you earnings in your taxes just as you would with any other form of self employment.
For more on this, read our article about the legality of trading forex online in Nigeria. 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.
Ordinary Nigerians with increasing access to the Internet connectivity have embraced the concept of forex trading.
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