Forex trading is both a profitable and risky venture. There is the potential to be successful and make profits. However, this is not always the case considering the huge percentage of people who make losses compared to the small number of people making profits.
Nigeria is a country located in West Africa where interest in Forex trading has increased over the years. Earning an extra income, an increase in Forex brokers in Nigeria, and Forex being a source of employment are some of the reasons for the rising interest of the trade.
Is Forex trading profitable in Nigeria? This article seeks to answer this question through the points mentioned below.
Successful Forex Traders
There are successful Forex traders in Nigeria. A quick search on the internet will show different articles naming Forex traders who are profitable. The successful traders share their trading stories and offer tips on Forex trading through the seminars that they hold.
This is one of the indicators of the likelihood of trading being profitable in the country. Successful traders in the country are a source of motivation for the people interested in Forex trading. This is because it shows that if they (successful traders) can make profits, then it is possible for others to be successful in the Forex market.
Availability of Forex Brokers
Nigeria has become attractive to different Forex brokerage firms. Both local and international. Forex brokers provide trading platforms through which traders buy and sell financial assets. Some of the Forex brokers providing their services in Nigeria are Forextime(FXTM), Avatrade, Alpari, and IC Markets.
The Forex brokers contribute to the success of Forex trading in the country in the following ways; Connecting interested people to the Forex market, providing education materials, providing deposit and withdrawal options for their clients among other reasons.
With the right service, the chances of trading profitably in Nigeria is possible.
Education is one important aspect if there is any chance of succeeding in Forex trading. It is important for traders to grow in knowledge and understanding of how the Forex market works.
In Nigeria, the Forex brokers offer educational resources to traders regardless of their trading experience. This is done through e-books, webinars, and seminars. In addition, there are groups in Nigeria that provide training to people interested in trading the market and not to forget the already accomplished traders who offer trading advice.
Investing in oneself in terms of gaining knowledge about Forex trading is beneficial. This may be a contributing factor to Forex profitability in the country.
The Central Bank of Nigeria is taking part in regulating the Forex brokers in the country. Regulating Forex brokers is important as it keeps them in check. This ensures that the brokers offer the best services to their clients.
Regulation ensures that traders receive services from legitimate Forex brokers. Moreover, the safety of clients’ funds is guaranteed. Deposits and withdrawals made without issues.
When there is guaranteed safety through regulation, traders can then focus on being better traders.
So can Forex Trading be profitable in Nigeria? Yes it can be profitable, but just like anywhere else you need to make sure to learn all important aspects of the market and continue to educate yourself in all things trading. Trading Forex is not without risk but making well informed choices minimises that risk. To learn more about trading, take a look at our Educational page where we offer many articles to teach you what’s important in the world of Forex.