Featured Forex Brokers

Here are our best-rated forex brokers for Nigerian traders. We have listed these brokers after checking out all the popular brokers in Nigeria & then comparing their – spread (and non-trading fees), regulations, local funding & withdrawal methods, platforms, support & 8 more factors.


HotForex Logo

Hotforex
Benchmark Spread on EUR/USD is 1.2 pips on average with Premium Account
Hotforex is regulated with FCA, FSCA & CySEC
Trading available on 53 forex pairs, 1000s of CFDs on Metals, Commodities.
Start with $5 deposit (Mini Account)

XM Logo

XM Trading
XM’s lowest Spread on EUR/USD is 0.8 pips with Ultra Low Account
Regulated by CySEC
Trading is available in 57 forex pairs & 1000+ CFDs
Min. Deposit is $5

Tickmill Logo

Exness
Spread from 1 pips with Standard account.
Regulated with FCA (UK), CySEC
Trading available on 107 currency pairs & 1000s CFDs
Min. Deposit is $10

FXTM Nigeria

ForexTime (FXTM)
EUR/USD average Spread of 2 pips with their Micro account.
Regulated with FCA, CySEC & FSCA
63 currency pairs with Micro MT4 account
Min. Deposit: $10 with Micro Account

Benjamin —

TradeForexNigeria Editor

In this guide, we will explain everything that you need to need about trading forex in Nigeria.

We will start from what forex trading is, to its risk & how you can start. Reading this full guide would take about 30 minutes and you will get to learn everything that you need to know about forex and CFD trading in Nigeria.

Steps to start Online Forex Trading in Nigeria:

  1. Understand what is Forex Trading
  2. Learn how the Currency Trading market works
  3. Know the forex trading terminologies & basics
  4. Open a Forex Trading Account with a broker in Nigeria
  5. Test the forex trading strategies on Demo
  6. Continue to trade on demo & only fund your live account when once you are profitable

Are you interested in the economics of a country? Possess knowledge on factors affecting the GDP of a nation on a micro as well as macro-economic level? In that case, trading in the forex markets can be an option for you as a trader.

Forex markets involve the highest volume of trading with the use of margin. Forex trading involves buying and selling a currency in return for another, hence each currency pair has two currencies.

For example, let’s assume that 1 USD = 500 NGN, in this case, the value of one currency (USD) is calculated in terms of another currency (NGN). Here NGN is the “base currency”, USD is the “quote currency” and the currency pair is NGN/USD.

Generally, the stronger or less volatile currency takes the position of quote currency and vice-versa. In this case, the FX Rate quotation will be NGN/USD = 500. Forex trading has its uses starting from retail investors, pension funds, global banks, governments, and major corporations.

If a trader takes a long position on an NGN/USD pair, it means that the bet is on the strength of USD against NGN, if the value of USD increases in terms of NGN, the currency pair’s price moves higher. On the other hand, when the USD value is expected to decrease in terms of NGN, the trader takes a short position.

Forex Markets are used heavily to hedge and are a key component in different derivative products. For example: If a retailer has payments to be received in a foreign currency and is expecting that the FX pair value will go south in a couple of months, they usually buy FX contracts to lock in the FX rates and get guaranteed amounts at the mentioned payment dates.

We will learn more about the usage and market mechanism of Forex Markets in later parts of this guide.

In the International Forex Market, the average daily trading volume is nearly 6.6 Trillion USD. In layman’s terms, any transaction that is span across borders or countries involves the International currency market. The currencies need to be exchanged for every transaction across the border of a country.

For example, if you want to visit Europe, being a Nigerian, you will need Eurodollars to purchase, travel, or even to stay in Europe. This is facilitated usually by a Bank that can convert the NGN held by the traveler to EUR dollar at the prevailing FX rate of NGN/EUR on the given date.

This is applicable vice-versa too. There are many non-residents across every country, who send funds to their loved ones back at home. This is possible only due to international currency markets.

Large capital investors require FX markets too, for investing in the country’s financial markets or businesses. These are just a few examples of FX markets usage, there are plenty more.

History of Forex and its importance:

The forex market can be termed as one of the oldest existing markets, at least its existence is supposed to date back 2500 years ago. Greeks and Egyptians started to trade silver and gold coins based on their actual weight and size.

500 years post the first event, the Roman empire started minting coins on a centralized basis and started currency trading accordingly. 500 years ago, the first forex market was built in Amsterdam. This was one of the key moments for Forex market history, as currencies were freely traded to stabilize currencies across the world. This then spread across the entire world.

Forex Trading firms had grown exponentially and continued to grow in all parts of the world. Today the most traded currencies are USD, EUR, JPY, and GBP (arranged with highest to lowest volume). Important historical events for FX Markets would include the Bretton Woods conference held in 1944. It was a group of 44 countries coming together to decide that the USD would be the back of the present-day FX markets and gold can be valued in USD terms.

At that point in time, 1 ounce of gold was agreed at USD 35, today it trades at around USD 1900! Policies including the Smithsonian agreement and Plaza Accord led to depreciation of the USD against all currencies in the free float market. This went on till the 1990s until Internet Trading started wherein anyone with the help of a few clicks started to trade currencies and not only the top 5 but every other legal currency too. With more and more trusted participants joining forex trading, this became a very robust asset class and is now pegging at USD 6T transactions each day. We will now understand how these currencies are traded in the current forex markets.

The modern FX market is driven by financial derivative instruments that are used by traders and investors. ranging from FX futures, forwards, options and even CFDs. There are majorly 4 types of transactions that take place in forex markets and we will discuss them all briefly:

Spot Transactions

Spot basically means immediately. Forex traders are involved in spot transactions when currency pairs are bought or sold in the market at “spot prices” and the delivery is usually within 2 days. The asset being traded using the spot rate is usually a future, forward, or option contract.

Given the rate is uncovered at the current market situation, liquidity is high, and placing orders with less spread between the bid and ask price is expected.

Forward Transactions

As the word indicates, Forward transactions involve the trading of currency pairs using forward rates that are deliverable at a future date. The future price fluctuation is locked in such transactions benefitting buyers in case of high volatility.

Forward transactions have issues of liquidity when compared to spot markets. However, given that rates are locked it helps in case a trader wants to lock the price for an extended period with the help of a “roll” feature available for such contracts.

Swap Transactions

If Party A requires AUD currency while residing in Europe and Party B requires EUR currency residing in Australia, they would want to indulge in a currency swap transaction. This basically leads to Party A paying AUD to Party B in exchange for EUR, so that both the parties can fulfill their needs.

Usually, these transactions are over the counter, which basically means the trades are directly done between the parties without any intermediary. They can be marked-to-market, in which values the amounts exchanged are equalized using the AUD/EUR FX for an agreed date.

Option Transactions

Similar to futures contracts, option contracts are traded on exchanges with the underlying of an FX currency pair. Whenever the price of the currency pair moves high or lower, the contract value moves accordingly. Options are heavily traded in the markets given the low initial payment required in the form of a premium. Most corporates and banks use FX option contracts to hedge their bets in other asset classes using exotic option products which limit losses for investors while providing the benefit of market price action.

As previously mentioned, exchange rate is the rate at which 1 currency can be bought in terms of other currency. However, it is very critical to understand why the rate is pegged at a current rate and why does it move in the first place?! Let us understand briefly the 5 main factors listed below briefly:

Inflation –
Inflation is the rate at which the prices of goods and services increase. If the Inflation of a country levels the highest rates, this is a growing concern for its economy as this signals the lack of GDP produced by a country as well as weakening demand for its country’s products. The country is dependent on imports from other countries or has a failed economic policy in place.

Interest Rates – Inter-linked to the above point, interest rates are the rate at which the central bank allows its banks and financial institutions to lend the country’s population. If it goes high, it implies excessive money circulation in the market. Usually, interest rates have an inverse relationship with the country’s inflation rate and hence are critical for a country’s economy.

Monetary Policy and implementation –
When the central bank of a country announces its monthly or quarterly reports, markets become volatile. The reason behind the same is the faith that the market has in the central bank of each country and its concrete decision-making ability for the sustainable growth of the country’s economy. When Godwin Emilie (Nigerian Central Bank Governor) announces the inflation rates or country import/export results, markets usually react to the news.

Geopolitical stability –
When Venezuela started going through a crisis after the oil price crash, it became very evident that the country’s economy is in deep trouble. The country started having street fights and riots in protest and is still one of the poorest Latin American countries. This had a massive impact on inflation and hence the Venezuelan bolivar crashed to record low levels of economic depletion. Now, 1 USD = 355 billion VEF. Therefore, it is very important to know the stability of a country’s economy and how it affects the exchange rate of the country’s currency.

Import/Export –
When the country’s export increases in comparison to imports, it helps in strengthening its economy and thus the forex exchange rate. More the produce of export means more is the amount of profit/capital available to spend in the country for growth purposes and hence the increase in FX Rates. This is very crucial and import/export reports often get the market excited about future outcomes.

Apart from the above-mentioned major factors, the prices of currency pairs can move due to several other reasons. The forex market is active 24 hours a day and it is nearly impossible to identify or predict each and every price movement.

Important terminology of Forex:

Now that we have understood the main factors affecting forex markets and the types of transactions taking place, we will move on to understanding the basic terminologies of the market in a minimalistic way.

Currency Pair – Currency Pair defined is the combination of two currencies clubbed as a pair which numerically defines what is the worth of one currency when valued against the other. USD/NGN, as well as NGN/USD, are both valid currency pairs. However, the values will be inversed whenever we inverse the currency pair numerator and denominator.

Base & quote currency – Base currency is the currency that sits in the numerator and quote currency sits in the denominator while FX calculation. For example, USD/NGN, where USD is the base and NGN is the quote currency. So, we will the NGN in terms of the USD. Here 1 USD = 411 NGN. On the other hand, in the case of NGN/USD, the components are completely inverse. Here 1 NGN = 0.0024 USD

Major/Minor/Exotic currency – The market is split across many different types of currency pairs. Any pair which contains USD and a developed market currency is considered a major currency. Example – EUR/USD, USD/CHF, GBP/USD, JPY/USD, etc.

Any other developed currency which has high market liquidity but doesn’t contain USD in the currency pair, for example – EUR/GBP, EUR/JPY, JPY/AUD, NZD/GBP, etc are considered minor currencies. Exotic currencies on the other hand are emerging market currencies, which are less liquid and more volatile, therefore these are non-deliverable currencies. Non-Deliverable currencies are those currencies that cannot be transferred or delivered in a financial transaction while trading futures, forwards or options. This is mainly due to the instability and higher downfall probabilities in those currencies. Examples are ZAR, MXN, TRY, INR, MYR, etc. One thing to note is more developed a country, the smaller becomes the range for fluctuation of that country’s currency in forex markets.

Pips – Pips or Percentage in points reflects the smallest amount of change in forex rates. Usually, 1 pip represents a 0.0001 change in the price of a currency pair. So, 1 pip is equivalent to 1/100th of 1% move in a currency. It is kept this low for easy conversion and allows traders to take advantage of the smallest price movement.

Leverage – Leverage is a facility provided by brokers and liquidity providers while trading forex using financial instruments. Here an investor can purchase or sell instruments in multiples of money initially invested. For example – one can buy 1 standard lot of EUR/USD CFD contracts by investing USD 1000 whose market price is USD 5000. In this case, leverage is 5 times or 5x = 5000/1000 = 5. However, leverage varies from broker to broker, so it is better to know the leverage ratio beforehand.

Bid/Ask Price – Bid and ask price to represent the buy and sell price of an asset in the market accordingly. The bid price is usually less than the ask price which is usually higher. The psychology of the market is to buy as low as possible and sell as high as possible. Therefore, forces of bidders and askers in the market to drive market trends.

Spread – The difference between the bid and ask price of a financial instrument is known as the spread. If the bid price is 1.1753 for EUR/USD and the ask is 1.1755, then the spread is 1.1755-1.1753 = 0.0002 or 2 pips. Higher the spread, lesser is the liquidity of an instrument. If a market has 0 spread as there is always a difference between the bid and ask prices.

Lot Sizes – Lot size is usually the number of underlying assets comprising the Nominal and the FX rate. Take for example: 1000 units of the EUR/USD FX pair cost 1.1753*1000 = USD 1753. The minimum units are defined in the contract. Usually, it is 1000 units but can also start with 10,000 units in case of forward contracts.

Trading Forex in Nigeria is like trading in other major financial markets but with few exceptions.

We will discuss the same and the alternative options available accordingly. All we need is close to USD 100 or close to N500,000 for a mini trading account. Explained below is a step-by-step guide:

  • Knowledge of basic FX concepts – Before starting anything in the forex markets, it’s crucial to know how derivatives like futures and options work. If CFDs are traded, what are the risks to be taken, and what are the impacts of leverage on trade positions. Basic market concepts like Stop loss, take profit, and trade size positioning should be understood. The economics related to the currency pair must be well understood too in addition to market psychology.
  • Comparing Brokers – Each broker has its own sets of criteria and commission charts, but the standard market prices are similar across brokers. Say for example: HotForex allows customers to start trading with USD 5, whereas FXTM have USD 50 minimum deposit. IC Markets provide spread of 1 pip on EUR/USD, however, FXTM provides a spread as low as 0.3 pips (plus commission). So, to open your first forex account, a comparative analysis of accounts at each broker is the key. The below Comparison Table shows the accounts at HotForex. After you have selected the broker, you must also take time to select the account type that you want to open because there will be differences in their fees.

    Forex Trading Account in Nigeria

  • Open a Forex Account – Procedures like KYC, Bank account verification, and customer data filing is important and leads to the broker opening the account in usually 24-48 hours for trading.
  • Account Type – There are many account types for trading forex such as micro, Mini, Standard, VIP, etc. Each account type comes with an initial investment amount to be deposited and as per the names start small at micro and go higher until the VIP accounts. New Investors can start anywhere between micro and mini accounts and can move ahead with the experience.
  • Demo Trade – Before starting to trade, many brokers provide demo accounts which provide the entire feature of trading platform. One can also start with paper trading. trading without real money to gauge their trading skills.
  • Trade – Once all the above is completed, trades can be made with low levels of risk for beginners and recommendable instruments to start would be a normal currency pair and later moving on to derivative instruments.

In this section, we will discuss the various aspects of forex trading platforms in detail, which will provide you a deep insight into features affecting the daily trading in the forex market. Forex markets as we spoke earlier have high frequency and liquidity across major and minor currencies, therefore traders often end up paying high fees or maintenance charges eating up their profits.

It is very important to understand the advantages and disadvantages of selecting a particular broker before trading. Let us look into 6 of such factors which is crucial:

  • Minimum Deposit and Fees – First and foremost, it is very important the commission or fees rate a broker has as discount brokers provide very cheap when compared to institutional brokers. Other fees like maintenance and minimum fund limit should also be checked before selecting a particular broker.
  • Forex Broker’s Regulation/compliance history – There are no CBN or SEC-regulated forex brokers in Nigeria. All the forex brokers that offer their service in Nigeria are foreign brokers regulated with Offshore regulations. For example, popular brokers in Nigeria like FXTM, HotForex, OctaFX, etc. register traders based in Nigeria under Offshore regulations. But these brokers are also regulated in Europe, which makes them less risky as compared to forex brokers that are only licensed under Offshore regulations, and not with any Top-tier regulation like FCA, ASIC, CySEC, etc. Brokers have in the past provided heavy leverage across clients and regulators have had to intervene and decrease leverage ratios to curb high-risk transactions. A proper check if the broker has been historically fined or was subject to scrutiny by Financial authorities must be verified by the clients.
  • Spread/Liquidity – Liquidity as mentioned earlier is a major factor while trading forex markets. There are brokers who provide high liquidity and best bid/ask prices while others comparatively perform weakly. It usually is the case with the increase in liquidity, spreads start shrinking and trading becomes more slippage free for traders. Therefore, before selecting a broker, their liquidity history must be statistically checked.
  • Range of Products – To the core of any brokerage business is the range of instruments including futures, options, CFDs, swaps, etc. Usually, for retail investors, it becomes very important to be provided with all kinds of products as that helps them diversify or hedge their risks. For example, a huge leveraged CFD bet can be hedged with an exotic FX option.
  • Currency pairs- Forex brokers Exness, PepperStone and IC Markets provide highest number of currency pairs for forex trading. Exness has over 100 forex pairs available on their platform & this is one of the highest in comparison. Not having a wide range of currency pairs could mean that even if you have a great idea about an exotic currency pair making massive moves in a short period, you would not be able to trade it until it is available at the broker. In this case, Markets.com with 120 such currency pairs has the highest probability of providing the service.
  • Ease of Deposits & Withdrawals – Only a few forex brokers offer local bank transfer option for deposits & withdrawals in Nigeria. These include HotForex, Exness, OctaFX & ForexTime. While the other major CFD brokers don’t have the option to fund accounts or withdrawal in Naira.
  • Customer case –Last but not least, like another other business, customer service is crucial to a satisfactory user experience. Glitches are common across brokers, if it is very slow or near to no customer support experience, there might be financial implications to it. To mitigate such operational risk, the customer support services of the broker become important.

    Check that the broker has local phone number & chat support in Nigeria. HotForex & FXTM have local office & phone support in Nigeria. AvaTrade also has a Nigerian phone number listed on their website.

There are multiple forex trading strategies with different risks and rewards associated with them. Each strategy requires a different set of analysis, experience, and knowledge. All the trading strategies followed by traders worldwide can be broadly grouped into two categories. The trading strategy can be based on fundamental analysis, technical analysis, or a mix of both.

Fundamental Analysis Strategies

The fundamental analysis involves analysis of the price movements through financial statements, economic data, and price movements of other markets. Following are the common forex trading strategies based on fundamental analysis:

Economic Data – When the central bank or the finance ministry announces data like CPI, Producer price, retail sales, purchasing manager’s index, import/export data, GDP, and Housing Data, the markets are usually volatile. If one can predict the correct range of an FX currency post the results are announced using the publically available information, they sure can take in handsome profits.
Many beginners as well as experienced traders trade on the basis of economic data through fundamental analysis.

Oil Prices – When OPEC announces current barrel rates, the markets usually plump or dump in that situation. Middle eastern countries are heavily impacted by the same. When Saudi Aramco (the world’s largest oil processing factory) was attacked by drones, the markets took a hit on an expected delay in oil production. Oil prices affect each good in a country. Therefore, rising oil prices depending on the oil dependence of a country impacts the forex reserves as well as the FX exchange rates.

Geopolitical Activity – When Brexit was first announced, the strength of GBP started decreasing against every other currency. It went all for a year until Britain’s economic numbers portrayed Britain’s independence in terms of global trade. Therefore, geopolitical or government stability create havoc opportunities for traders in the forex market.

Technical Analysis:

Technical analysis is based on charts and patterns of price movements. A trader who prioritizes technical analysis for forex trading may or may not focus on fundamental analysis. Following are the forex trading strategies based on Technical anlayis.

Swing Trading – The most popular type of technical analysis trading strategy used in forex markets using the swing trading approach. Here, the trader relies on support & resistance, moving average, RSI, and range breakout levels.
If either one of the technical indicators is met, they usually buy or sell for a very short period usually 1-2 hours to 1-2 days depending on the trading horizon. This strategy is based on the perception that current and future price trends follow the trends of the past.

Scalping – Technical traders are also very fond of scalping or small ups/down in prices. Usually, trades are held for a very tiny amount of time like 1 minute or 30 seconds when a large uptick/downtick is expected.
Given the time frame, this takes place multiple times in a day increasing the transaction cost. Here data looked at is tick by tick data, which can be even second by second data, candle charts are adjusted to the lowest possible time frames, to anticipate the move and execute a scalping strategy. Scalpers generally trade with high volume with high leverage to take the advantage of small price movement.

Carry Trade Strategy – Carry trade involves borrowing one currency at a lower rate, however, the other currency is invested at a higher return rate. This usually depends on when the interest rates are volatile and only when currencies can be carried forward for weeks or even months.

Technical as well as fundamental analysis can greatly affect the trading strategies of a trader. Understanding and improvising these strategies can However, forex market is uncertain and involves high risk. Many traders can still go wrong despite every correct analysis.

Many traders use a blend of technical and fundamental analysis to predict the price trends of the market while some only rely on one. No particular trading strategy can be considered best as each trader can have different trading strategies. It is better to test the strategies on a demo account before using it on real account.

As discussed previously, FX markets are one of the most volatile as well as liquid markets. It is not driven by market participants but by countries globally. Risks in this market is very different than other asset classes. Let us discuss few risks in detail:

  1. Volatility – It is nothing but the truth! Volatility and uncertainty mount during crucial new events or country-specific economic data speculation. Either way, markets are risky, a precaution while trading or position sizing will help during high VIX levels.
  2. High Leverage – Brokers end up providing up to 100x leverage on forex trading. This is not ideal in cases if a trader is not aware of the risks being taken in anticipation of higher profits. High leverage comes with high loss-making situations and that can cause havoc losses if the position takes a turn against the market movements.
  3. Liquidity Risk – Imagine a situation where you have bought 100 lots of AED/MYR FX Futures contracts and suddenly there is extremely good news in your favor across both the currencies. Now what happens is bidders in the market mount up like anything and sellers are rare. The imbalance in demand and supply increases the spread and hence dries up the liquidity. Until sellers are available, you would not e able to exit the position and this is a liquidity risk.
  4. Interest rate risk – Interest rates are one of the key drivers in any economy. When interest rates are increased by the central bank, usually the currency moves downward as it shows the incapability of producing efficient output by the country. Therefore, to curb those risks, traders must be aware of various economic factors leading to interest rate risk.
  5. Phishing/Scam – Forex by volume has the largest number of scams and so-called “gurus” predicting markets trends. Scams include fake market news, fake trendsetting strategies, and online channels provoking forex market bull or bear runs. Given it runs globally, it is hard to guess where the scam is being run from. Therefore, traders must be aware of such scams and be away as much as possible.

Risk Management strategies in forex:

Now that we know the kind of risks that can occur in forex markets, below are some techniques on mitigation of such risks:

  1. Systematic Trading – When a trader knows when to enter and when to exit, that is the perfect trade position he/she can take. So, one can set targets when to book profits and when to exit positions to discontinue an unsystematic trading style which is extremely risky. The market standard is 1% take profit and 2% stop-loss. Therefore, systematic trading is the first step towards risk mitigation.
  2. Order Type – There are market orders, fill or kill, fill, or cancel, limit orders, etc. while trading forex markets. Each order type has its own attribute but each one has a different risk attached to it. A market order is the riskiest as it will fill orders in the current market price and does not take into consideration if the price executed is way above or below the trader’s estimated price. Therefore, it is crucial to decide on limit/fill or kill orders to mitigate price action risk.
  3. Stop Loss and Trailing Stop Loss Trigger – Traders are usually not satisfied by limited upside profits; therefore, they can execute a trade with trailing stop loss. In this case, the stop loss will come with a feature of a fixed stop-loss limit. For example: If the FX pair is trading at 1.2 and trailing stop loss is at 0.05%, whenever the price surges and takes a turn and starts falling, the exit order will be executed when it falls 0.05% from the last high. So, in this case, a trader can enjoy sky-high profits with downside protection.
  4. Negative Balance Protection – In order to protect traders from hitting their deep margin levels and running a negative balance on the brokerage balance, brokers usually cap the floor margin rate. What this means is if a trader goes through a heavy downfall in position, it will auto exit when the margins are hit with 0 amount left to spare. This feature must be selected and activated while trading forex.
  5. Statistical Analysis – Ratios like beta, Sortino and Sharpe can critically mention the risks taken in the trade to earn each dollar of profit. A beta of 2 means that when the market is up 100%, a particular forex strategy is up 200% and vice versa when it falls. This is not a good size for a strategy. Drawdowns can conclude the amount of fluctuation in a strategy. Therefore, statistical analysis of trading days should be understood to mitigate risk.

Forex Trading in Nigera: FAQs

What is Forex Trading?

Forex or Foreign Exchange trading involves speculating on the price fluctuations of currency pairs and exchanging them with an intention to make a profit with each trade.
Unlike stocks, currency trades are executed in pairs. NGN/USD is one example. If you buy the pair, you are buying the NGN and simultaneously selling the USD and vice versa.

How much capital is required to trade forex in Nigeria?

Different forex brokers have different minimum deposit requirements. The minimum deposit is as low as $1 at Exness, and it is $5 at HotForex. But you should start with a capital that is not too high for you & only trade with higher capital once you have a profitable trading strategy.

Is it legal to trade forex in Nigeria?

Forex trading in nigeria is not regulated by the Central Bank of Nigeria (CBN) or any other financial regulatory authority in Nigeria. However, Forex trading is not illegal in Nigeria. Many CFD brokers regulated in offshore jurisdiction accept Nigerian clients for leveraged CFD trading in forex and other capital markets.

How much do forex traders make per day in Nigeria?

Forex trading involves risk. The money made by any forex trader depends on the quality of analysis, experience, and discipline. Those who can take more risk can earn better profits but can also lose higher amount. More than 70% of the beginners lose money in forex market.

Is forex trading a gambling?

No, forex trading involves buying and selling of currencies in return of another. Knowledge, experience, analysis, and research can greatly increase the chances of earning profits in forex trading. A large number of forex traders professionally trade forex. Gambling on the other hand is entirely based on luck and fortune. The probability of winning and losing are almost equal in Gambling.

How can you start Forex Trading in Nigeria?

You can trade Forex online by opening an account with a forex broker that accepts Nigerian traders. Online FX Trading in Nigeria is still unregulated with no local regulation in place currently; hence we recommend you sign up with the brokers regulated by foreign top tier market regulators such as FCA, FSCA or ASIC.