How To Become A Successful Forex Trader In Nigeria

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Many years ago, when the use of the internet was not prominent people had no access to any online business. As the result of this, forex trading was only restricted to the rich men, standard banks and the institutions that are willing to invest. In fact, those that started with it are now among successful forex traders in Nigeria. However, with the help of the internet invention, anyone can start forex trading in Nigeria even in your comfort zone. Though, it is not everyone that start forex trading becomes a successful trader in the long run, as there are lots of ups and downs that come along with Forex trading. As it may, this content will show you how you can become among successful forex traders in Nigeria.

The first thing before I started is to explain the term forex trading for you to know exactly what you are doing.

 

WHAT IS FOREX TRADING?

 

Forex trading is all about buying and selling of currencies just like just like trading bitcoin. Each country with their currency and the exchange rate differs. However, the trading is based on buying another country currencies especially dollar or euro, whenever the exchange rate is high you can now re-sell where you will have your massive profit. That is cool, right? it is mandatory to understand the rudiments if you intend to be successful as a forex trader.

 how to start forex trading in Nigeria

Foreign Exchange Trading In Nigeria

 

With no doubt or argument, Forex trading in Nigeria is becoming more lucrative on a daily basis as people want to really go deep into this business. In fact, on the search engine, forex trading is among the most search keywords for the past years. Not only that, on forums and social media, people never stop discussing it. However, they keep on asking more questions on how they can become among successful forex traders in Nigeria. Many platforms have made it available to start your trading right from your bed room even without going to the bank. Different adverts on Forex trading has populated the internet just because they understood the fact that forex trading is a lucrative business to start. There are some platforms in which you can access for you to get started like InstaForex and Liteforex. Though we are still going to discuss more that.

 

Truth be told, there are millions of promising platform which will claim to provide you with better forex trading tools. However, you need to be careful most of them are a scam. It is correct that you may be defrauded of your finance if you choose a wrong platform. For you to be successful with forex trading it is better to learn and know the do’s and don’t of the business. The truth behind forex trading is that loss or profit is fifty-fifty chances. To be successful as a forex trader, kindly pick your pen and book with a cold water as you continue with the reading.

A loss is inevitable in forex trading if you don’t know the rudiments behind it. Starting the business “forex trading” requires a capital and you can start with a low capital of about $100 or above before you start with your finance, the best is to study the world economy, discover the factors that influence the economy. One thing that I love most with the forex trading is that the business is not fixed. The currencies exchange fluctuate every moment, it is possible for you to make huge profits within 5mins of your investment likewise someone can lose in few minutes of investment. The important thing here is to play safe with your money and that is the main reason you need to learn the scope and rudiments. There are lots of successful forex traders in Nigeria, so don’t be scared.

HOW TO START FOREX TRADING

successful forex traders in Nigeria

  1. Open An Account With Forex Brokers

Forex brokers are platforms or mediums through which you are able to buy and sell or trade. To make it simple for you to comprehend, they act as the middle man between the sellers and buyers. Choosing the best forex broker is the first thing that will make you successful with forex trading. It is very important to know that, there are some forex brokers that are selective– some didn’t allow Nigerians.

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Hence, you need to select the best broker that accept Nigeria and also the naira currency. In fact, your success in forex trading start immediately you find the right forex broker. There are many platforms but few only see you as their partner. Hence, they are after your success, they will give you the full support. Example include Alpari which is one of the best forex trading platforms in Nigeria.

 

  1. Your Technical Know How

Secondly, to become among successful forex traders in Nigeria, you will need to learn with forex trading demo. There are different platforms that will allow you to practicalized the business using a demo account loaded with virtual money. At least, you must do this for 2months so that you can have enough experience on how it works before you start using your real money.

However, it is important to start with the demo for you to minimize the risk of loss as a beginner. It will really give you enough time to learn from your mistakes using virtual money. However, you can also try different currency pair when playing around with the demo. You can now specialize in one after testing different pairs using the virtual money. There are six major pairs which are: EUR/USD, USD/JPY – U.S. (Dollar/Japanese Yen), USD/CHF  (U.S. Dollar/Swiss Franc), GBP/USD (Great British Pound/U.S. Dollar), USD/CAD (U.S. Dollar/Canadian Dollar).

 

  1. Fund Your Forex Account

 

The next thing to do is to fund your forex account. This should be when you have already learnt from the demo account. Though I will not suggest you should start with a huge amount of money because you are still growing in the system. $100 -$150 is not bad as a beginner.

 

  1. Open Your Domiciliary Account

The domiciliary account is the account used to fund your forex account and also needed to withdraw your cash. Here in Nigeria, mostly all banks can create for you. I will recommend Gtbank and Zenith– all you need is saving the account, passport and your National ID card.

 

Top Successful Forex Traders in Nigeria

 

  1. ForexTime.com [FXTM]

The founder of this award winning forex broker is Andrey Dashin, the person behind Alpari Forex Broker. FXXTM has received numerous awards as one of the leading forex brokers in the world. When it comes to FXTM, the minimum deposit is $5 with a trading bonus of over 200%. That’s quite huge if you ask me. They have a headquarter in Cyprus and housed in a luxurious five-story building. They are among the leading successful forex traders in Nigeria.

  1. InstaForex

This forex broker knows just how to run promotion because I can’t stop seeing them each time I go online, especially if my keywords contains forex. This broker is based in Russia but operates in Asia. They have so many complexes in London and have also received a lot of award as one of the top leading forex brokers in the world. InstForex minimum deposit is $1 with a bonus rate of 250%. No one has an excuse why they can’t trade.

 

  1. AVATRADE

This company was founded in 2006 with its headquarter in the British Virgin Islands. AVATRADE is one of the top players when it comes to forex trading and they deserve a spot on this list. The minimum deposit is $100 with a trading bonus of 40%.

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  1. XM Broker

This company is ranked 7th when it comes to successful forex traders in Nigeria. This broker has over 500 thousand clients and counting. They have done well to establish themselves as one of the best in business I can’t help but give them the seventh spot. XM broker has no minimum deposit and their trading bonus is 60%. They are based in Cyprus and managed By Trading Point Holding Ltd.

 

  1. XTrade

Founded in 2003 and owned by the XTB Limits. Many have regarded XTrade as a world class forex broker I couldn’t agree more because their reputation in the forex world precedes me. They have a minimum deposit of $100 with a trading bonus of 60%.

 

  1. FXPrimus

This is one of the safest forex platforms to trade forex, commodities, CFDs and indices. They have won many awards and the 5th spot is deserving of them. This forex broker has no minimum deposit, but they have a trading bonus of 100%. It is a known fact that FXPrimus is a major sponsor of Manchester City Football Club in England.

  1. EToro

Most of the top forex brokers have a registered office in Cyprus and I keep wondering, what’s up with this place? Well, EToro is one of the biggest in the forex industry. One unique attribute that set them aside from other brokers is that they give users the ability to take a peep at other user’s financial activity, helping them make the right decision. EToro has a minimum cash deposit of $200 with a trading bonus of $1,000. That’s a lot of money my dear.

 

  1. Alpari

Alpari is among the biggest fishes as long as the world of forex is concerned. Their minimum deposit is $200. But they do not accept USA traders.

 

  1. Markets.com

This forex broker is owned and operated by Safecap Investment Ltd. Just like other top forex broker companies, they a headquarter in Cyprus and they are fully licensed and regulated by CySEC & FSB. Their minimum deposit is $100 with a bonus rate of $25.

 

  1. FXPro

Ladies and gents, here is the top forex broker in the world and they have remained on top of the ladder since 2006. FXPro is a professional forex broker and reputable in all dealings, FXPro UK limited is authorized and regulated by the UK Financial Conduct Authority with a registration no. 509956. They are and will remain the best among other successful forex traders in Nigeria if their pace is increased.

To trade FOREX in Nigeria is quite risky, and you stand a chance to lose all your money in a split second. So if you can’t trade FOREX on your own, you should hand it over to one of the successful forex traders in Nigeria to handle your account for. Doing it this way, you are able to minimize risk and maximize profit.

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Obinwanne Umunna
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Obinwanne Umunna

Founder at Topwritersden.com
A professional freelance writer, a sales speaker, and a youth & development consultant. I write to inspire, show readers the possibility that abounds for them. Please if you want me to speak at any event, seminar, or be of help, please reach by sending a mail to mike.bush@topwritersden.com
Obinwanne Umunna
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