Forex trading in Nigeria is a regular way to make money online, Many Nigerian investors trade Foreign Exchange currencies online in Lagos , Kano, Ibadan and other cities, ForexSQ experts explain how dose forex trading work in Nigeria and how to open free online trading account with top Forex companies in Nigeria. Forex is an investment opportunity whereby you can make money online by trading one or more foreign currencies for another at an agreed exchange price in the online over-the-counter OTC Forex trading market Fx trading.
The Fx trading market is like any other market where goods are traded except that Fx involves only trading foreign currencies. The FX trading market involves free-floating currencies or those not supported by any specific material like silver or gold , which are treated like goods in the Fx trading market. Profits and losses in the online Forex market are based on fluctuations in the values of different currencies, with the two most widely traded currencies being the U.
In Fx, traders use leveraging to profit from differences in exchange rates between two countries. This translates to significantly higher profits or losses from initial capital spent than in traditional trading. The leverage that is attainable in the Fx market is one of the highest for investors.
In order to participate in the Fx market, a trader must first open a currency trading account with a broker. The amount of leverage provided is usually 1: You may think Forex trading in Nigeria starts with high leverages that contain high risk. The trading of foreign currencies online is a leveraged product, which means that you are only required to deposit a small percentage of the full value of your account funds to place an Fx trade.
When an investor decides to invest in the Fx market, he or she must first open a currency trading account with a broker. Leverage is basically a loan that is provided to a trader by the Fx broker who is handling an Fx account. The leverage that is achievable in the Forex market is one of the highest obtainable by investors. Usually, the amount of leverage provided is either 1: If currencies fluctuated as much as equities, online brokers would not be able to provide as much leverage.
Once again is you want to start Forex trading in Nigeria as a beginner trader then use low leverage. All Forex trading is quoted in terms of one currency versus another. When trading in Fx, you would buy a currency pair if you think that it will strengthen against the counter currency.
For currency pairs displayed with four decimal places, one pip is equal to 0. The exceptions to this are the JPY pairs, which are quoted with just two decimal places. Now you know how Forex trading in Nigeria works so its time to open a currency trading account from Nigerian forex brokers.
IG Group are the most recognized spread betting brokers. However IG group in not a Nigerain base forex broker but if you want to start Forex trading in Nigeria you can open free account with this broker.
They also have a very nice welcome bonus for new customers. It is one of the unique and biggest spread betting brokers. Invented in as a spread betting business under the name IG Index broker. Customers mostly trade through their own well recognized platform. The broker also provides financial spread betting for Nigeria traders.
However the broker is UK company but its good choice to start Forex trading in Nigeria. The MT4 platform is offered with added tools and features. CityIndex is one of the unique and biggest spread betting brokers. Now you know how Forex trading in Nigeria works and how to open account with the best Forex trading companies in Nigeria, So help ForexSQ experts please by share this article on social networks. Forex Brokers in Nigeria Next.More...