How profitable is forex trading in nigeria

Forex trading is getting in the center of attention of many young people nowadays and Nigeria is not an exception. The African country has the biggest economy on the whole African continent and represents one of the richest and most lucrative lands for entrepreneurs and foreign business. However, the working environment and opportunities available for young people in the country are still not satisfactory for them. Hence, not surprisingly, the list of successful traders in Nigeria in the Forex market, all of them part of the top 10 richest forex traders in Nigeria, consists of young people who found the opportunity in Forex trading and made the best out of it.

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WATCH RELATED VIDEO: Forex Trading In Nigeria How Profitable?

Forex Trading In Nigeria - Top Brokers for Nigerian trader

It means you can trade forex whenever you want, which offers you time flexibility. You do not have to wait for an opening bell or struggle to run your order before a market daily close. Some experts interviewed by Nairametrics broke down the reasons why forex trading is becoming popular in Nigeria. He said:. Although Forex has a reputation of being for short-term high-risk speculators, there are trading styles suitable for both short-term and long-term traders.

Small trading accounts offer higher leverage because of small deposit requirements,. Note that this varies across various brokers. With proper risk management, the Forex market is very lucrative. S dollar ignores red flags, surge against major currencies. Nairametrics research dug deep to find out why those who embark on forex trading do so and we came up with the following;. The most liquid financial market has always been the forex market.

With trillions of dollars exchanged daily, you do not have to worry if your trade will be processed when trading any of the major currencies which include the American dollar, Euro or British pound sterling. It is also an avenue to earn extra income. Trading also exposes one to the financial markets and current events. A lot of opportunities abound as the market is very liquid with a lot of volumes.

In forex trading, you trade currencies in pairs; when you are bearish short on one currency, you are bullish long on the other. If you are bullish long , you can go long by selling the naira and buying American dollars.

This is different from equities markets where you are only allowed to short-sell during an uptick. This is a great advantage for forex, trading as you can profit from both bullish upward and bearish downward trends anytime. Funmilola Olajide, a professional forex trader and tutor, spoke to Nairametrics in a phone chat interview and explained the flexibility that forex trading brings.

According to her;. Some traders even thrive on high volatility periods. Whether you are following longer market trends or trading day to day movements, there is plenty of trading opportunity to be found. As such, there are no exchanged fees or clearing charges that you experience when trading stocks, ETFs, or bonds. With forex trading, such charges do not exist.

Typically, forex market makers will not charge commissions on currency trades you process through their currency trading platforms. Forex trading in Nigeria is still not regulated, even though the current market is one of the most active across Nigeria.

Trading the forex market, unlike stock trading, does not attract any charge. Nobody has regulatory oversight on it, and the current pricing is carried out based on the supply and demand of currency traders. Olumide Adesina is a France-born Nigerian.

He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading.

Message Olumide on Twitter tokunboadesina. Good morning Mr olumide. My name is mr Adedayo Adesina, I live in Ikorodu part of Lagos state, please I will appreciate it so much if you will accept to be my pilot on forex trading. Thank you for your time sir. Yours sincerely A. Hello Mr Olumide,I am Olisa Johnson so passionate about forex trading investments but it is quite unfortunate I lost money when I was doing it all alone without guardian,I will need your assistance to be a good trader.

Thanks so much for kindness and understanding. My name is okere ikedichukwu I invested My money on a company called mba forex i hope they are relliable pls reply me. Good evening sir. I am Busari Soliu by name, a native of Kwara state. I will be very glad if you could serve as my guidance on this forex trade sir.

Thanks for you concern sir. However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.

This is a scamming platform. I trusted them with my funds and regretted it in the long run. It took a long time before I could be able to hold them liable for what they had done. In my own case, support at onestandardfinance dot org.

I advise you to do same. My Dad introduced me to his recovery agent called hack tutanota. Now i have half of my funds back , will be getting the rest this week.. I am so happy and grateful.. Sharing this with the world.. Hi guys, my name is bakare kehinde, am a forex trader, you can message me on whatsapp if you wanna learn forex trading. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Home Financial Literacy.

Why Forex trading is becoming popular in Nigeria by Olumide Adesina. May 14, Share on Facebook Share on Twitter. Related posts. Comments Adedayo Adesina says:. May 21, at am. Johnson Bamidele says:. February 22, at pm. January 31, at pm. Olisa Johnson says:. August 1, at pm. August 24, at am. Olupadebosede Yahoo. Com says:. August 28, at pm. Busari soliu says:. October 26, at pm. Anderson says:. October 3, at am.

Ezekoye Theophinio Emeka says:. October 28, at pm. Hills Clark says:. November 15, at am. Ibrahim Nasua says:. December 14, at pm. Leave a Reply Cancel reply Your email address will not be published. Tired of loan sharks? Why Forex trading is becoming popular in Nigeria. Owotuga appointed to FBN Holdings board. Marketsquare replaces Shoprite at Purplemaryland. CBN plans to unveil new FX bidding regime. Fidelity Bank finances ultra-modern rice milling factory.

Meet Julius B. Pensioners that have not completed the online enrollment would not be paid — PenCom. Sign Up For Our Newsletter Subscribe to our mailing list to receive daily updates direct to your inbox! Recent News. Follow us on social media:.

Forex trading in Nigeria, How it works

By Team Consultants Review. Who would not love to earn money with little effort? The digitized economy offers a few ways that actually work. In the world of foreign currency exchange, beginners and veterans alike use copy trading to save time and gain profits with little participation. Here are the basics of this strategy, which is becoming increasingly popular in Nigeria. In this marketplace, national currencies are bought and sold by institutions and individuals.

Is forex trading profitable in Nigeria? Yes, of course! Traders in Nigeria have everything they need to be successful in forex.

Consultants Review Magazine

Forex trading is a lucrative business opportunity for those who are dedicated towards turning trading into a professional career, as the traders on this list will be able to testify. For the following traders, forex trading has become a business and they share their stories with millions of other traders who have dreams of becoming successful forex traders. Uche Paragon began his career in forex trading in when he decided to investigate the diverse ways through which money can be made online. A description which caught his attention related to how a percentage-based profit could be made off forex trading. Paragon was intrigued by this unusual description and he decided to follow up and conduct research of his own. He started in binary forex trading and it was his first step into the world associated with finance and successful trading. You might also be interested in: Best Forex Brokers in Nigeria.

5 Golden Rules for Success in Forex Trading

how profitable is forex trading in nigeria

I am glad you found this page, because I am going to be answering some of the most frequently asked questions about forex trading in Nigeria. Successful forex traders like Uche Paragon and Blessing Ezeako have proven beyond any reasonable doubt that forex trading can be a very profitable venture. However, in order to make sure that you are profitable, it is best to choose a forex broker that has your best interests at heart. Some forex brokers are very scheming and will do everything to hinder your chances of success in the industry.

Forex trading in Nigeria has become more accessible in the past few years.

Forex Trading in Nigeria: Complete Guide

Forex trading is similar to trading stocks and commodities. The difference is that in forex trading, you are speculative trading in currencies. The first thing you need to do when you decide to be a forex trader is to find a legitimate and reputable broker that will work for your specific situation to place your trades on the international market. This kind of trading can be risky to your capital, and for those wishing to use legal Nigerian forex trading platforms , it is imperative to pick the right broker. It is also important that you have a solid trading strategy and a reputable broker can help with that. Forex trading has to do with the buying and selling, as well as exchanging of currencies.

The most successful Forex traders in Nigeria you can learn from

Accordingly, it was suggested that the FG should create proprietary firms through the Central Bank of Nigeria CBN to support profitable forex traders to deepen the sector for job creation. The book authored by Ogundare aimed at inspiring Nigerian youth with his personal story; how he started at nothing, and grew all the way to becoming a forex trader and CEO of an academy. According to Ogundare, the book contains relevant guidelines to help the youth better their situation. Read also: TigerWit shares nuggets on forex trading. He states that the book, Breaking The Economic Mist As A Nigeria Youth, is all about how Nigerian youth can get empowered to impact the youth population towards eradicating vices among the age bracket classified as youth.

Is forex trading profitable in Nigeria? Yes, of course! Traders in Nigeria have everything they need to be successful in forex.

Forex Trading in Nigeria

Before you start joining groups, here are what you should know about these folks peddling forex like it's a commodity. See Also: Currency Trading Platforms. Ah ah, but Yinka, they are doing me a favor by teaching me how to trade, no harm in that.

How To Make Money Online By Trading Forex In Nigeria (2021)

RELATED VIDEO: How to start trading Forex in Nigeria -- Strategy

The Forex market in Nigeria is currently regulated by the Security and Exchange Commission, which is the responsible authority for administering financial laws protecting investors. The SEC ensures that the trading market in Nigeria offers fair conditions and all the participants have a safe and positive experience while trading. Due to the fact that the foreign exchange market is highly volatile in the country, the Nigerian government has set up some measures to regulate the industry through the Central Bank. With the foreign exchange regulations, the Central bank of Nigeria has the ability to control transactions carried out in foreign currencies. Forex brokers in Nigeria offer plenty of reliable and secure payment methods such as Visa, Mastercard, Skrill , Neteller, and even PayPal, however, M-Pesa remains the favorite option for the majority of traders based in Nigeria.

You are aware of the recent buzz around forex trading in Nigeria. Those YouTube videos of successful traders doing figures a month are making you want to trade.

Forex trading or Foreign exchange trading can offer a path to financial freedom for anyone willing to learn the skills and behaviours required to be a successful forex trader. For those who are new or have a limited idea of what forex trading is, it is simply a way for investors to exchange several national currencies against one another and make money off the margins. So sit tight and come along. So it is very legal to trade Forex in Nigeria as long as your trading does not break Nigerian money-laundering laws. Yes, forex trading in Nigeria has been profitable for a lot of people. However, these are forex traders that are very skilled, knowledgeable about markets.

Forex Trading in Nigeria Hassan Maishera. Nigeria Financial Situation. Is Forex Trading Legal in Nigeria? Forex Brokers in Nigeria.

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