Forex Trading in Nigeria.
Are you looking to start Forex Trading, but don’t know what to do, which broker to choose, and have other questions.
Don’t worry, we have tried to answer all these questions in our guides for beginner traders in Nigeria.
Best Forex Brokers.
Learn Forex Trading.
Forex Trading Apps.
Featured Brokers.
Our best rated forex brokers in Nigeria - based on factors including fees, support, platforms, ease of deposit & withdrawals, and more..
EUR/USD Spread from 1.2 pips with Premium Account Regulated with FCA, CySEC 49 currency pairs & 100+ CFDs Min. Deposit: $5.
Fixed EUR/USD Spread of 0.9 pips Regulated with FSCA, ASIC 55 currency pairs & 1000+ CFDs Min. Deposit: $100.
EUR/USD Spread as low as 0.6 pips with MT4 Account CySEC Regulated Trade 28 currency pairs & 10+ CFDs Min. Deposit: $100.
How to Trade Forex in Nigeria.
Learn the basics of Online Forex Trading & Forex market Open Account with a well regulated Forex Broker Practise on demo trading account Build your Forex Trading Strategy & learn about the risks Deposit capital for Live account once you are consistantly profitable on demo Continue Learning.
Read our guides on the basics of forex trading for traders in Nigeria for complete beginners. Learn about the concepts of CFDs, Forex trading, Bitcoin trading & more .
What is Forex Trading? How to trade Bitcoin in Nigeria? What is the best time to trade forex in Nigeria?
Forex Trading Resources.
Best Forex Brokers.
Best Forex brokers in Nigeria 2022 Best ECN Brokers Best Forex Trading platforms.
Popular FX Broker Reviews.
Hotforex Nigeria OctaFX Nigeria FXTM Nigeria Exness Review Tickmill Review.
Forex Trading Guides.
Forex Trading for Nigeria: Q&As.
What is Forex Trading?
Forex trading involves buying & selling of currencies to make a profit from the change in price.
Let’s say, that you believe that Euro is going to be stronger against US Dollar in the next 1 month. You can in this case place a buy order on EURUSD, and the difference in price movement will be your profit or loss.
Ex: Let's say that you buy EUR by selling USD at current price of EUR/USD at 1.1000. After a month, as you expected, it rises to 1.2000, then your Euro is now worth more against US Dollar. And you would have made a profit in this case.
But, if the EUR goes down to 1.000 against USD, then your Euro is now worth less, so you would make a loss in this case.
All the trading can now be done via online trading platforms without actually holding these currencies physically.
How can you start trading forex in Nigeria?
You would need to choose a forex broker & then signup on their platform to trade.
There are 100s of Forex trading platforms that accept traders from Nigeria. But as per our research, Hotforex, Avatrade & XM have the lowest fees, and really competitive offerings of CFDs.
How much do I need to start trading Forex?
You can start with as low as $5 capital, as most brokers nowdays offer accounts with really low minimum deposit requirements & let you trade larger positions via high leverage.
See our comparison of forex brokers in Nigeria & their deposit requirements. But, we strongly advise against using too much leverage. And you should trade on demo account first to learn about the basics of trading. Only once you are comfortable with your strategy & it is profitable on demo, then you should consider funding a live account with low capital. If you are profitable with low capital then you can consider to increase capital for higher position size.
What are the risks of Forex trading?
Forex trading is very risky & you must not trade forex without understanding these risks:
High Leverage: Using too high leverage can put your entire capital at risk. Leverage allows you to place a trade larger than your capital through margin borrowed from your broker. Using such a tactic can be harmful if the position goes against you, as you will be losing a lot more. Never use more than 1:5 leverage.