Want to trade Forex in Nigeria? Then you have come to the right place!
Trade Forex NG take the time to research Forex brokers, as well as finding out what they offer, such as their leverage, promotions and how well they perform in terms of liquidity, latency, and segregated funds.
Trading Forex can be really fun and challenging, and we are here to help you on your journey by working together with some of the best Forex Brokers for Nigerian trading clients.
Our website is the perfect start for those who want to trade Forex in Nigeria. We will help you become successful in the financial world, because we are constantly engaged in the Forex trading industry.
Trade Forex NG will guide you how to trade from scratch, as we are constantly improving and adding articles and reviews to our website. Check back regularly and see what’s on offer!
The Best Brokers to Trade Forex in Nigeria
| Broker | Min Deposit | Review | |||||
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$50 | Hot Forex Review | Get Started | ||||
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$200 | Pepperstone Review | Get Started | ||||
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$5 | FXTM Review | Get Started | ||||
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$200 | IC Markets Review | Get Started | ||||
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$5 | XM Review | Get Started | ||||
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$100 | easyMarkets Review | Get Started |
Why Do So Many People Choose the Financial Forex Market?
Many people choose Forex because it can be hugely profitable! The Forex market is the biggest and most liquid market in the world with trading amounting to several trillion dollars a day worldwide. Keep in mind that there are risks involved in Forex and traders can lose all the capital that they invest. However with good Forex education and applying the right strategies, they can minimize the risks and increase their capital to make a good monthly income.
Many people prefer trading Forex over other currency markets. Experienced traders like the more favourable working conditions that exist in Forex, like trading with the brokers which do not charge any commission. With those brokers, traders only need to pay the Spread charge instead, which is cost-effective in relation to other markets with a Spread. (The fee paid which is the difference in the bid and ask price.) Spreads are measured in ‘pips’ with the peaks equating to one tenth of a percent, i.e. 0.01%. The smaller the size of the spread, the more profitable it is to trade in the foreign exchange market since traders pay less in order to trade. On average the size of the spread is about three pips. Find out more about Spreads in our Forex FAQ section.
Advantages of Trading Forex
Flexible Hours
Forex is open 24 hours a day, 5 days a week, which is extremely flexible for anyone wanting to trade part time since you can choose when you want to dedicate your time too it; day or night. You can even instruct your trading platforms to trade while you sleep!
High Liquidity
The Forex market is extremely liquid because it is so big and the near constant supply and demand for money means that you are highly unlikely to be stuck in any trades.
Low Volatility
Volatility is the measurement of how drastically the price of a particular asset changes in a short period of time. Given that the Forex market is so liquid, it almost always provides low volatility which means a more stable environment for traders in comparison to other markets.
Don’t Know Where to Start?
It can be a struggle to learn any new skill, and the same applies for trading Forex. Remember that knowledge is key before beginning your journey, and here at TradeForex.ng there is plenty information to get you started. Take a look at the following articles below:
- Find out how to choose the best broker according to your individual requirements in terms of Security, Spreads, Leverage and Support in Criteria for Choosing the Best Broker
- Work out how much you can make in Forex trading in Potential Forex Profit
- Learn more about currency pairs and what they mean exactly in How to Read a Forex Pair
- Find out about Technical Analysis, Fundamental Analysis and Sentiment Analysis in Types of Forex Analysis
- Read about what’s actually traded in Forex (currency!) in Major Currencies in Forex
- Go back to the basics and read our 6 Awesome Tips for Success in Forex Trading.
Did you know that you don’t need to do the trading yourself? You can follow what’s known as Trading Signals provided by more advanced traders who can help you earn more!
Looking For Alternatives to Forex?
If Forex isn’t quite your thing, take a look at the following instead:
Cryptocurrencies
Like Forex, you can trade in currencies with the difference being that they are virtual. They’re called Cryptos for short and have become very popular these days, with Bitcoin in particular featured often in financial news worldwide. Learn more about Cryptocurrencies here and see whether or not you’d like to give trading them a try.
Binary Options
One of the great things about binary options trading is that you always know the exact maximum gain or loss in advance and this certainty makes trading Binary a simpler process than Forex. Find out more about Binary Options here and whether or not it’s right for you.
So what are you waiting for? Trade Forex in Nigeria today and make profit today!