How Do I Open A Forex Account In Nigeria? Online trading with forex brokers is easily accessible but you do need a home office account in order to do that. Pick a reputable broker. How To Open a Trading Account In Nigeria? In only a couple of steps, you can easily open a trading account on JustMarkets. To do so, follow the link and fill in the registration form. A step-by-step guide for Forex Trading in Nigeria. Experienced forex traders may wish to look elsewhere, but a beginner will benefit from the following five steps as early guidance. Patience 16/6/ · Opening a forex trading account in Nigeria is no different from opening one anywhere else. You should take some steps before jumping into trading, as you want to get Read more articles: Setting Up Your Own Forex Brokerage. Open a real account when you are ready. The first thing you need to do is open a real account. The second thing is find out ... read more
Press "Activate Account". As soon as your email address is confirmed, you will be able to open your first trading account. You need to complete your Profile and press "Save and Continue" Register HotForex Account Open demo account. Source: HotForex Blog - hotfxblog. Tags open account hotforex open a hotforex account how to start trading in hotforex how to open hotforex demo account how to open hotforex live account open an account with hotforex how to open account in hotforex how to open demo account in hotforex how to start a demo forex account open a demo account on mt4 how to create a demo account hotforex create real account open account with hotforex hotforex real account opening hotforex open an account open account with hotforex open hotforex trading account hotforex broker create account hotforex create demo account create an hotforex account hotforex account sign up hotforex forex trading account hotforex account review hotforex account real hotforex account opening hotforex mt4 account hotforex mt5 account hotforex new account hotforex live account hotforex account registration hotforex broker account hotforex account create hotforex demo account registration hotforex deposit account hotforex forex account micro account in hotforex.
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email Please enter a correct email address! comment Please enter your comment! Post Comment. Leave A Comment. While forex trading can be as straightforward or as complicated as you want, you still need to be aware of a few key aspects. You need to understand currency pairings, leverage, and trading strategies.
Leverage will be discussed later, but it is something that is unique to forex that can allow those with a small budget to find big success. A demo account is a fantastic way to get into trading, learning how your trading platform works and how and when to buy and sell. There is also almost always more to a platform than just the buying and selling aspect.
There are two main types of trading that both beginner and expert traders use. Both of these strategies are useful as they work with any size budget and can be adapted depending on your goals and how much trading you want to do every day. Scalping is a type of high-speed trading. Scalpers will trade every few seconds, skimming a tiny profit from each trade. Instead of making a dollar or two, scalpers take a few cents in profit and go into the next transaction.
This strategy is not for someone who can dedicate a few hours of trading every day. Day trading is relatively self-explanatory. It is more of a long-term strategy that sees you putting in your trades in the morning and watching how they do over a few hours. Considering many currencies strengthen over a period that can range from 24 to 72 hours or even longer, day traders are far more patient and usually better understand patterns and know when to buy and sell.
Much like buying cryptos or stocks, forex still requires you to have a set budget that you stick to. It is very easy to overspend or let trades run away from you. The best traders understand the balance between spending and profit. Spending small and making small but consistent profits is the name of the game. Forex is different from other trading types as it allows for using leverage.
Considering you are trading currency, your trading positions can be as small as a few cents, which is almost pointless if you are looking to make a profit.
Leverage allows you to borrow money from your broker and increase your positions exponentially. There are risks associated with leverage; however, it is a very common practice in forex trading, and in some cases, it is almost necessary. Finally, it is essential that you pay attention to the markets and your trading pairs. Forex prices change very quickly and constantly, meaning you need to stay on top of them on a regular basis. Breaking News: Ronaldo to leave Manchester United with 'immediate effect' Buhari unveils redesigned naira notes on Wednesday Alaafin of Oyo passes away at 83, after over 50 years on the throne.
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It involves speculating on the rise and fall of a currency's fluctuations. But is trading in the forex market really profitable for small or retail individual investors? How much income can you earn from trading forex part time or full time?
What are the risks? There are so many other questions that may come to your mind if you are a beginner forex trader. We will try to answer all these questions and more with this guide. Last updated: September 24, Busy right now? Don't worry. We have created a 'contents' section so you can use it to browse to section of the information regarding forex trading. This guide is broken down in 6 different sections for beginner traders in Nigeria, and we will continue to update it with new information in the future.
Chapter 1. What is Forex Trading? Chapter 2. Understanding Currency Pairs. Chapter 3. How to start Forex Trading? Chapter 4. Forex Trading Strategies. Chapter 5. Forex Trading Platforms. Chapter 6. Traders can place their trades in the forex market, which is an over-the-counter market that allows investors to trade currencies.
This is a platform for investors, institutions, banks, and retail traders. This is larger than all the stock markets in the world combined together.
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, 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. 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.
The opportunities to make profits are higher. These include EUR Euro , GBP Pound , JPY Japanese Yen etc. 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.
While trading forex, you would come across these common terms. We will be explaining all the important terms here. This price is the quote by the broker.
It is the last decimal in the price. For Example: In the quote 1. At this price, you can sell base currency in 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. Spread is the fees charged by forex brokers, so it is essential to choose a forex broker that has lower spread you should also check the overall fees. 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. In order to trade forex, you need to find a CFD broker. There are numerous forex brokers available for local traders such as Hotforex , Exness , XM Forex , FXTM , Forex. com, FxPro, Oanda etc.
We have compiled the list of best forex brokers for Nigerian traders based on 9 factors. Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner becaue 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. 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.
You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit.
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. You will make a loss in this case. To understand it more, let's use an example again. If you place a 'Short' trade for EURUSD at 1. But if in this same example, the price of EURUSD goes to 1.
Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment data, balance of trade, capital outflows etc.
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. We call the high the resistance. There can be resistance levels on lower time frames as well, but we will use a higher time frame to find important levels for positional trends.
Once the price crosses the previous high to achieve a higher high price crosses 1. The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading on one of these pairs. This is because these pairs are very liquid, have low spreads and have stable volatility. Since these currencies are stable in their movements, they will help you in managing your risk initially by reducing volatility against your direction.
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. Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss.
You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital. This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. 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. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker or app should you choose to trade online. Forex Trading, like any other market investment has many benefits but also carries significant risks. On the positive side , forex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks.
16/6/ · Opening a forex trading account in Nigeria is no different from opening one anywhere else. You should take some steps before jumping into trading, as you want to get Read more articles: Setting Up Your Own Forex Brokerage. Open a real account when you are ready. The first thing you need to do is open a real account. The second thing is find out How Do I Open A Forex Account In Nigeria? Online trading with forex brokers is easily accessible but you do need a home office account in order to do that. Pick a reputable broker. Commission Account. For traders who are seeking ultra-tight spreads with fixed commissions. Open an Account. Learn more about the Commission Account. Not available on MetaTrader 5/4/ · RECOMMENDED BROKER;blogger.com?refid=In this video I'll walk you through all the steps required to open a new forex trading account 1. Understand the Industry. The financial services industry is indeed a broad industry and any entrepreneur who has solid understanding of how foreign exchange works is to either start a ... read more
What are the trading styles? In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit. Once you have approval from your broker you can go ahead and place your first trade. At this price, you can sell base currency in the pair.
If you are completely new to trading, you can as well open a demo account. Other News. This can be emotionally stressful for you especially if you are considering forex trading for a living. If you have ever exchanged money, you can consider yourself a forex market participant. You simply choose the account type that best suits you, complete the online registration, submit your documents and you are set to go. Much like buying cryptos or stocks, forex still requires you to have a set budget that you stick to. If you are thinking about how to open a forex trading account in nigeria yourself in currency trading, this article is for you.