Forex in nigeria

Best Forex Brokers in Nigeria (TOP 10 List) June Update

 

forex in nigeria

Forex trading can be defined as the online/internet currency exchange trade or act of simultaneously buying and selling currencies of different countries online using internet trading platforms. Forex stands for Foreign Exchange so, Forex Trading simply means Foreign exchange trading or trading on foreign currency by its exchange rate. Forex trading in Nigeria with FXTM We have established an Official Representative Office in Nigeria in order to establish a closer, more personal and local touch to the region. At FXTM Nigeria, our goal is to provide Nigerian traders with world-class trading software, education and customer service. 12 rows · Apr 16,  · Forex has been booming in popularity among Nigerian traders during the 4/5(1).


How To Start Forex Trading In Nigeria (Forex For Beginners)


Chapter 1 What is Forex Trading? Traders can place their trades in the forex market, which is an over-the-counter market that allows investors to trade currencies, forex in nigeria.

This is a platform for investors, institutions, banks, and traders. This is larger than all the stock markets in the world combined together. Real Life example of Forex Trading Have you traveled overseas?

If you have then the chances are that you have already traded currencies before. This is because you need to acquire the currency of the country you are visiting by exchange the currency of your home country. In this example you are physically buying USD by exchanging your Nairas. When you change your Naira into a different currency to spend money on your trip, forex in nigeria, you are actually making a forex transaction.

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. In theory, this is what online forex trading on the internet is all about, but still a bit more than exchanging currencies through a Money Changer. Chapter 2 Understanding Currency Pairs All transactions in the forex market are based on the purchase of one currency for the sale of another currency. It is really important to understand what currency pairs, and how they work before you can start trading Forex.

In this chapter, you will learn everything you need to know about Currency pairs. Let's start! Types of Currency Pairs Currency pairs are mainly classified into 3 types: 1 Major Currency pairs: These are the currency pairs that include US Dollar as one of currency in the pair. The opportunities to make profits are higher. As you may have noticed that these are the crosses of all the major currencies excluding US Dollar.

As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements. Currency Pairs Lingo While trading forex, you would come across these common terms. We will be explaining all the important terms here.

This price is forex in nigeria quote by the broker. It is the last decimal in the price. For Example: In the quote 1. At this price, forex in nigeria, you can sell base currency forex in nigeria the pair. This price is shown on the left side in the quote ticker by the Broker.

At this price, you can buy the base currency mentioned in the pair. It is shown on the right side of the quote ticker by the Broker. Chapter 3 How to start Forex Trading?

Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. You need to signup with a Forex broker. We will tell you exactly who to choose. We have compiled the list of best forex brokers for Nigerian traders. Hotforex is the best broker for Forex trading in Nigeria. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner as your real money will be at risk. Once you have found the forex broker of your choice, you can then open an account with that broker to start trading or demo account to learn.

This account will enable you to place your trades in the interbank market at the live currency prices. Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices. The long position implies that you are buying a currency pair and are betting on it to rise in value in the future. For ex, forex in nigeria. Buy order in forex is similar to buying an equity stock.

You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit. The short position can be taken when you believe the price of the currency will fall in the upcoming period.

Below is an illustration of how you can make profit with a Sell Order in Forex. You can place a sell order when the currency is at a higher price and then when the value forex in nigeria significantly, you can buy it back at lower price, thus realizing your profit.

Close the trade To realize your proft or loss forex in nigeria, you need to close the trade that you opened. Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade, forex in nigeria. You will make a loss in this case. But most of them fall into forex in nigeria categories which are forex in nigeria Analysis' and 'Fundamental Analysis'.

Technical Forex in nigeria involves the study of charts patterns, currency trends etc. While the fundamental analysis is mainly related to trading based on the news events like GDP, Job data etc. In this chapter we will only analyse popular technical analysis strategies. Technical Analysis Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade.

Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get the best returns in the future. Now let's look into some of the most popular forex trading strategies. We call the high the resistance. Once the price crosses the previous high to achieve a higher forex in nigeria, there is a huge chance that the old high will become forex in nigeria new low in a trending market.

The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading with one of these pairs. This is because these pairs are very liquid and have stable volatility.

Since these currencies are stable, they will help you in managing your risk initially. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD, forex in nigeria.

In this strategy, you place your trades, and close them within the same day or within a hour window and book your profits or loss. You can realise profits quicker in this strategy, although the amounts forex in nigeria be smaller. This is a very common strategy followed by a wide variety of small investors, forex in nigeria.

Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit, forex in nigeria. These strategies can be a great way to book profits quickly. Chapter 5 Forex Trading Platforms If you are ready to start Forex trading then you may have doubts on which broker should you choose to trade online.

 

Forex Nigeria | Forex Trading in Nigeria | Nigerian Forex

 

forex in nigeria

 

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). Forex trading can be defined as the online/internet currency exchange trade or act of simultaneously buying and selling currencies of different countries online using internet trading platforms. Forex stands for Foreign Exchange so, Forex Trading simply means Foreign exchange trading or trading on foreign currency by its exchange rate. For Nigerian Investors, forex trading can be a way to earn wealth. It involves speculating on the rise and fall of the currency fluctuations. It has become really popular in Nigeria with an estimated daily trading volume of ₦ million.