7 Most Successful Forex Traders in Nigeria
The 7 Most Successful Traders in Nigeria revealed. We researched and found the most successful Nigerian traders.
This is an in-depth look at the most successful traders and their trading secrets.
In this in-depth article you’ll learn:
- What is a successful trader?
- Who are the most successful Nigerian Traders?
- Who are the best forex brokers in Nigeria?
- Tips to become a successful trader?
- Which brokers do these successful traders use?
And Lots More
So if you’re ready to go “all in” with the best-tested tips on becoming a successful trader…
Let’s dive right in…
Most Successful Forex Traders in Nigeria
|👤 Name and Surname||💰 Net Worth||✔️ Nigerian Trader?||🗓 Trader Since?|
|1. Uche Paragon||$16 to $20 million||Yes||2007|
|2. Bade Ajidahun Afioluwa||$220,000||Yes||2005|
|3. Blessing Ezeako||$200,000||Yes||2010|
|4. Chinedu Onuoha||$280,000||Yes||2011|
|5. Patrick Ogagbor||$600,000||Yes||2003|
|6. Benjamin Ilesani Ajimoko||$400,000||Yes||2001|
|7. Sandile Shezi||$1.3 million||No||2015/2016|
1. Uche Paragon
🥇 Net Worth: $16 to $20 million
🗓 Trading Career Start: 2007
👉 Uche Paragon is Nigeria’s wealthiest currency trader, with an estimated net worth of over $16 million. Along with being an active forex trader, Uche is the owner of two forex trading colleges, one in Lagos and one in Port Harcourt.
👉 Additionally, he has a trading business, CCI Traders. Uche Paragon is a household name in the Nigerian online forex sector and requires no introduction to members of the country’s forex trading forums and seminars. He is also well-known for his penchant for costly automobiles.
👉 Uche has been trading since 2007 and has amassed considerable wealth since then. A unique part of Uche’s story is that he stumbled into the lucrative world of FX trading by chance. While researching the best methods to earn money online, Uche came across an advertisement by XM Forex brokers giving new traders in Nigeria a $30 no-deposit bonus.
👉 His curiosity was immediately peaked by this offer. However, earning money in this business would not be simple for the young guy. Uche quickly understood that without the necessary abilities, he would continue to lose money.
👉 He invested time and effort into learning how to trade the forex market successfully by building a winning trading strategy, and his patience paid off.
👉 Uche Paragon is reported to have a net worth between $16 and $20 million, making him one of Nigeria’s wealthiest FX traders. He chooses to trade oil since it is one of the most volatile commodities on the market and there is never a lack of news to cause the price of oil to fluctuate daily.
2. Bade Ajidahun Afioluwa
🥇 Net Worth: Estimated $220,000
👉 Bade is also an exceptional wealth-oriented man who has suffered several losses during FX trading. Despite his entrepreneurial background, he chose to pursue a new potential goldmine and quickly recognized that trading the FX market may significantly boost his chances of being rich in a short period.
👉 Bade deposited a substantial sum of money and had it withdrawn owing to his carelessness in the forex market, and he swiftly lost a large sum of money due to his gambling attitude to the market.
👉 It was a disaster for someone whose pals had accumulated fortune via Forex trading. He accepted full responsibility for his errors and set out to perfect a counter-intuitive and lucrative approach to market dominance. Eventually, it all worked out for Bade, and he was regarded as one of Nigeria’s top currency market players.
👉 Because of Bade’s unique skill, he became one of the most successful forex traders in Nigeria, to the point that his friends and colleagues entrusted him with their cash at one time.
👉 He was armed with a high-quality forex approach that was successful most of the time. He did not ease up on his studying, which is a severe blunder that many forex traders commonly make, but he continued to improve his techniques and approaches and earned a spot among the top ten wealthiest forex traders in Nigeria.
👉 He added that Forex trading was entrepreneurship and business for him and that whereas others might quit after a loss, he regarded it as an incentive to succeed.
3. Blessing Ezeako
🥇 Net Worth: Estimated $200,000
👉 Blessing Ezeako has established herself as one of the few female forex billionaires in Nigeria. She began trading as a side hustle but was able to transform online forex trading into a full-time business over time.
👉 According to local sources, Blessing chooses to trade with HotForex, one of the few forex brokers in Nigeria that provides an ECN account. She began trading the forex market as a side business and it has grown into full-time employment, quickly discovering that Forex is neither a get-rich-quick scam nor a Ponzi scheme.
👉 Education plays a significant role in all aspects of her trading experience. A significant objective she has attained is the attainment of personal profit objectives.
👉 She first lacked success, as is customary in the forex market, until she created her trading method. Despite her hardships and financial losses. She wanted to make Forex trading profitable and this led her to attend multiple seminars where she gained knowledge on trend trading, trading psychology, and money management, all of which helped her get to where she is now.
👉 Her tenacious determination to become a great forex trader paid off, and Blessing established herself as a notable female trader in Nigeria. Eventually, she became one of Nigeria’s wealthiest Forex traders.
4. Chinedu Onuoha
👉 Head of the Training Division Chinedu Onuoha is most renowned for the training and methods he provides to new traders. This Nigerian forex trader began his career trading forex before branching out to commodities, futures, and stocks. He traded forex actively for 12 years before beginning to provide courses and tactics to other newbie traders in Nigeria.
👉 His success in forex trading stems from his exploration of sustainable forex techniques and adherence to risk management measures. After some time trading forex, he broadened his trading horizons and began trading commodities, futures, and stocks.
👉 When asked what is most essential to a trader, the response was loss minimization. Of course, avoiding them is tough, but with the right technique, you can limit them and set yourself on the path to being Nigeria’s wealthiest Forex trader.
👉 Chinedu Onuoha is presently employed in the capacity of a teacher, instructing others on how to become successful Forex traders. He is a one-of-a-kind figure in Nigeria due to his teaching techniques and expertise he has, which should inspire even the most seasoned traders.
5. Patrick Ogagbor
🗓 Trading Career Start: 2003
👉 Patrick Ogagbor was a previous employee of Zenith Bank before quitting to pursue a career as a full-time professional FX trader. He started trading the forex market in 2003 and has since amassed a fortune for himself.
👉 Patrick started with a capital of $200 and by 2007, he managed to turn it into $5,000 while trading part-time. Once he made profits on his trading, he withdrew his profits and used them for purposes other than trading.
👉 This allowed him to secure additional income until 2016 when he decided to quit his employment to focus on full-time forex trading. Patrick is proof that successful traders can be born from small beginnings.
👉 He is without a doubt one of the greatest forex traders in Nigeria due to his customized risk management and constant execution of his plan. He believes that to optimize earnings, the market environment must be understood. Unsurprisingly, he has established himself as a force to be reckoned with among Nigeria’s top forex traders.
👉 One of his best strategies is that he waits for the ideal moment and joins a transaction only when all his criteria are satisfied. This enables him to maintain emotional control throughout transactions, conserving his cash and boosting his gains.
👉 After recording success in forex trading, many of Patrick’s family and friends started trusting him with their capital in forex trading, allowing him to help them secure additional income. Patrick’s secret lies in having a sound strategy, creating a competitive edge, and effectively managing risks.
6. Benjamin Ilesani Ajimoko
👉 Benjamin Ajimoko is a successful FX trader who achieved success via the use of the proper attitude and trading psychology. Instead of trading the markets full-time, he decided to become a forex trading instructor and he is currently a Senior Sales Executive.
👉 Benjamin Ajimoko’s success was undoubtedly aided by his sales experience. He now teaches novice traders and shares critical insights with his colleagues. According to Benjamin, the most important key to being a good forex trader is triumphing over emotions.
👉 His formula for success is to immerse himself in the enormous realm of trading information that exists alongside developing expertise in FX trading.
7. Sandile Shezi
🥇 Net Worth: Estimated $1.3 million
🗓 Trading Career Start: 2015/2016
👉 Sandile Shezi is a South African businessperson of Nigerian heritage who grew up in abject poverty. Shezi rose to prominence as one of Nigeria’s most successful traders by borrowing tuition funds meant for university to join the currency market.
👉 He traded stocks and currencies and earned a profit despite having no previous trading experience or economic background. Shezi spent a substantial amount of time studying forex terminology, various trading strategies, and risk management systems, and now he devotes his time to assisting others who aspire to begin trading in forex.
👉 One of the most popular questions on the minds of most Nigerians who consider trading forex surrounds how it is possible to make money from forex trading. Most of these individuals work hard for their money and therefore want more proof than just hear-say.
Top 10 Brokers in Nigeria
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👉 Several Nigerian traders have made a successful career in forex trading, and we will be discussing them in detail in the sections below. However, before we get started, we need to discover what it means to be a successful forex trader.
What does it mean to be successful in forex trading?
👉 There is an alarmingly high rate of forex traders who lose more money than they make when they participate in financial markets. Considering this, how is it possible that there are successful brokers?
👉 The answer is simple, where forex trading is concerned, it is very difficult to define success. However, the idea lies in making consistent profits while simultaneously minimizing your risks. This is a common way for success to be measured in forex trading.
👉 Forex trading and a career as a forex trader are often compared to owning and running a business, and that is exactly what our list of most successful forex traders in Nigeria has done. While there are a few successful traders, it is extremely challenging to determine who among them is the wealthiest.
👉 The reason for this is that these individuals tend to keep their overall business activities to themselves, and they are careful not to reveal their exact earnings or profits.
Best Forex Brokers in Nigeria
➡️ Exness – Lowest minimum deposit and tight spreads
➡️ FXTM – Best forex broker in Nigeria
➡️ HotForex – Best Regulated Broker
➡️ XM – Best Execution Speeds
➡️ AvaTrade – The best broker for beginners
➡️ Alpari – Best Nigerian-based Broker
👉 We evaluated each broker on a variety of factors, including compliance with many Top-tier regulations, broker evaluations, the number of fees paid (spreads, commissions, and even hidden costs), leverage available, minimum deposit, funding & withdrawal methods, and time required, among others.
Exness – Lowest minimum deposit and tight spreads
➡️ Trust Score: 97%
➡️ Overall Rating: 8/10
➡️ Minimum Deposit: ₦41,000
➡️ Leverage: Unlimited
➡️ Trading Costs: From 0.0 pips EUR/USD, commissions from $0.1
➡️ Bonuses: None currently
👉 Exness is ranked #1 on our recommended broker list for Nigerians. Exness was created in 2008 and is one of the leading brokers in terms of trading volume monthly and overall popularity. Exness’ five account types all provide competitive spreads.
👉 The minimum spread for FX trading begins at 0.0 pips EUR/USD and commissions start from $0.1. While Exness does not offer a no-deposit bonus, the broker offers a demo account, Islamic account, and 24/7 customer support.
Pros and Cons
|✔️ Pros||❌ Cons|
|Exness is well-regulated by several market regulators||There is a limited selection of deposit and withdrawal options|
|Nigerian traders can expect tight spreads and low commissions||There are only a few asset classes that can be traded|
|There is a selection of retail accounts, educational materials, and trading tools|
|Instant deposits and withdrawals are offered|
FXTM – Best forex broker in Nigeria
➡️ Trust Score: 93%
➡️ Overall Rating: 9/10
➡️ Minimum Deposit: ₦10,000
➡️ Leverage: 1:2000
➡️ Trading Costs: From 0.0 pips EUR/USD, commissions from $0.4
➡️ Bonuses: Trading Bonus, Referral Bonus, Trading Contests
👉 ForexTime Limited, commonly known just as FXTM, is our #2 forex broker for Nigerian traders. The broker is an STP and ECN broker that guarantees client fund security and offers Nigerian traders some of the best trading conditions on the market.
👉 The minimum deposit is low, and this means that Nigerians can get started in trading forex with a small amount of capital. Additional features of FXTM include high leverage, multi-platform support, a choice between retail accounts, and innovative trading solutions.
|✔️ Pros||❌ Cons|
|Multi-regulated broker with offices in Nigeria||Inactivity fees are charged|
|Offers a Naira account and accepts NGN deposits||US clients are not accepted|
|Low minimum deposit and competitive trading conditions|
|Welcomes traders of all types despite their trading experience|
HotForex – Best Regulated Broker
➡️ Trust Score: 83%
➡️ Overall Rating: 9/10
➡️ Minimum Deposit: ₦2,000
➡️ Leverage: 1:1000
➡️ Trading Costs: spreads from 0.0 pips and commissions between $3 and $4
➡️ Bonuses: Free Funding, Contests, Loyalty Program, 50% Welcome Deposit, 100% Supercharged Bonus, 30% Rescue Bonus, 100% Credit Bonus
👉 HotForex has been in operation for 12 years and is an award-winning, well-regulated entity that provides Nigerian traders with some of the best trading conditions, a range of bonuses, and free funding and withdrawals.
👉 HotForex has a large market share of over 2.5% in Nigeria and it is clear why this broker is one of the top choices for Nigerian traders. HotForex offers its trading solutions and services over powerful MetaTrader platforms and there is a selection of retail investor accounts that suit different traders.
|✔️ Pros||❌ Cons|
|HotForex has a global presence and has offices in Nigeria||There are limited funding options|
|There are several account types to choose from, each with unbeatable trading conditions|
|The minimum deposit is very low and there is adequate leverage offered|
|HotForex welcomes all trading strategies and provides investor protection|
XM – Best Execution Speeds
➡️ Trust Score: 84%
➡️ Overall Rating: 9/10
➡️ Minimum Deposit: ₦2,000
➡️ Leverage: 1:888
➡️ Trading Costs: spreads from 0.0 pips EUR/USD, commissions from $1 to $9
➡️ Bonuses: $30 No-Deposit Bonus, 50% Deposit Bonus, Contests, Referral Program, XM Loyalty Program, Free VPS, 0% commissions charged on deposits and withdrawals
👉 XM is a popular broker in Africa overall and accommodates Nigerian traders regardless of their trading experience. XM is well-regulated and guarantees that 99.35% of all client orders are filled in under a second.
👉 XM offers comprehensive solutions and provides Nigerian traders with competitive trading conditions, powerful trading platforms, and a plethora of educational materials and trading tools, helping them add a competitive edge to their trading.
|✔️ Pros||❌ Cons|
|XM is well-regulated and offers superior trade execution||There is an inactivity fee charged|
|Negative balance protection is included on all XM trading accounts||There is no Naira-denominated trading account|
|There are no fees charged on deposits or withdrawals|
|There are several bonuses and promotions to help Nigerians start trading|
AvaTrade – The best broker for beginners
➡️ Trust Score: 96%
➡️ Overall Rating: 9/10
➡️ Minimum Deposit: ₦41,500
➡️ Leverage: 1:400
➡️ Trading Costs: spreads from 0.9 pips EUR/USD, commission-free trading
➡️ Bonuses: None at present
👉 AvaTrade is widely known as one of the best forex and CFD brokers for Nigerian beginner traders, offering them a plethora of materials, videos, guides, and several resources. AvaTrade offers its clients the support they need to start a trading career and as they become more advanced, Nigerian traders can make use of a range of advanced trading tools and resources.
|✔️ Pros||❌ Cons|
|There are over 1,250 financial instruments that can be traded through AvaTrade||Inactivity fees are charged on dormant accounts|
|Offers a range of trading platforms that can be used across different devices||Currency conversion fees may apply|
|Offers a large selection of educational materials|
|There are social trading opportunities offered|
Alpari – Best Nigerian-based Broker
➡️ Trust Score: 95%
➡️ Overall Rating: 9/10
➡️ Minimum Deposit: ₦1,000
➡️ Leverage: 1:1000
➡️ Trading Costs: spreads from 0.4 pips and commissions from $1.5
➡️ Bonuses: Referral bonus, Loyalty Cashback Bonus
👉 Alpari is one of the best brokers based in Nigeria, providing Nigerian traders with local support as well as a Naira-denominated account and local payment providers for deposits and withdrawals. Alpari offers Nigerian clients a range of trading solutions, ensuring that they get the best trading experience possible.
|✔️ Pros||❌ Cons|
|Alpari offers personalized solutions to Nigerian traders||There are no fixed spread accounts|
|Trading signals are offered through AutoChartist, making it easier for beginners to start trading||There is a limited selection of tradable instruments|
|All news is streamed through the reputable FxWirePro|
|Alpari offers dedicated and localized customer support to Nigerians|
Tips to Become a Successful Trader
👉 While no two traders have the same trading strategy or trading plan, and developing a good risk management approach requires time, knowledge, and patience, there are a few basic tips to reduce your risk and subsequently increase your profit potential.
Use a well-regulated broker
👉 The number of new traders that lose money due to Forex trading scams or dealing with unlicensed organizations may seem obvious, but this is far from the case. People who claim to be “Forex gurus” on social media should be avoided.
👉 To verify the legitimacy of a broker, you just need to click a few times on the bottom of their website to see their licensing information. You may be certain that your losses will not exceed the amount in your trading account with a fully authorized broker.
Test your trading strategy before you apply it
👉 Most brokers tend to provide a demo, paper trading, simulation, or practise account, which functions identically to a real trading account except that the funds are fictitious.
👉 Without any risk to your trading capital, you can practice your skills in a safe environment by using a demo account. In addition, a sample account allows you to test out the broker’s offerings and determine whether their claims about trading conditions are accurate.
Keep your leverage low
👉 Once you begin trading with a live account, it is critical to understand the leverage you are using. While some brokers provide leverage of 1:1000 or even 1:2000, doubling your trading capital by 1000 or 2000 could appear advantageous, but the compounding impact of leverage also applies to any losses you incur.
👉 Nigerian traders are urged to begin with a maximum leverage of 1:100 (or lower) until they are familiar with the impact leverage has on your trading.
Trade the major pairs
👉 The “major” Forex pairings are the most actively traded currencies worldwide, and they all include the US Dollar, including:
➡️ USD/CHF, and a few others.
👉 Other currency pairs, such as EUR/TRY (Euro/Turkish Lira) and AUD/MXN (Australian Dollar/Mexican Peso), may be found via most brokers as well. Exotic pairs are riskier and cost more to trade than majors because of their higher volatility.
Use a legitimate and verified Copy-trading service
👉 Many novices lack the time necessary to monitor the markets all day. Fortunately, several brokers provide copy trading. Copy-trading brokers enable novice traders to replicate the transactions of more experienced traders, with the broker deducting a modest fee from the profits.
👉 As a newcomer, you will be able to choose a copy-trading company that details the success record, risk profile, and maximum single loss (also known as “drawdown”) of each experienced broker.
Make use of a stop-loss
👉 The last piece of advice for avoiding significant losses in Forex trading is to always initiate trades with a stop-loss. When the price reaches a pre-defined threshold, a stop-loss will immediately end your transaction.
👉 Human nature is to hang on to a losing transaction in the hope that it will eventually become lucrative. Regrettably, this is not always the case. A stop-loss order can be used to avoid being wiped out by a bad trade or to lock in a little profit and is one of the most potent weapons in a trader’s armoury.
Best Retail Forex and CFD Brokers For Nigerian Traders in 2022
The Best Mobile Trading App for Nigerian traders
👉 From our list of the best forex brokers for Nigeria, we have selected AvaTrade’s AvaTradeGO as the Best Mobile App. With this app, Nigerian traders can view their trades, create a personalized watch list, and view live prices as well as comprehensive charts.
The Best Social Trading Network in Nigeria
👉 Alpari is our #1 choice where the Best Social Trading Network is concerned. Alpari offers its proprietary Alpari CopyTrade, which offers beginners the perfect entry into financial markets, especially where they lack the necessary trading knowledge and confidence.
👉 Alpari CopyTrade allows Nigerian traders to copy the trading positions of professional traders, or Strategy Managers, automatically, requiring no further action from the trader, allowing them to make a profit if Strategy Managers are successful in their trades.
The Best Trading Conditions for Active Traders in Nigeria
👉 Of all the brokers that not only cater for Nigerians but who offer tailormade solutions, our choice for the Best Trading Conditions is Exness. Exness offers access to several financial markets with a minimum deposit of 41,000 Naira, which opens the world to Nigerians.
👉 Exness’ trading accounts and platforms suit different traders according to their unique needs and objectives. Nigerians can expect unlimited leverage, spreads from 0.0 pips and commissions from $0.1 per side, per lot, and a margin call of 60%.
The Best CFD Broker for Stock Traders
👉 FXTM is our choice as the best CFD Broker, providing Nigerian traders with a vast range of Stock CFDs that can be traded using powerful, innovative trading platforms along with competitive trading conditions.
👉 By trading Stock CFDs, Nigerian traders can diversify their investment and trading portfolio, which will help their overall risk management. Nigerian traders are given unlimited access to some of the most prominent companies in the world including Apple, Inc., Tesla, Microsoft, Amazon, and a plethora of others.
The Best Cryptocurrency Broker in Nigeria
👉 Of the brokers that we have selected as the best for Nigerian traders, HotForex stands out as the best Cryptocurrency Broker. Nigerians have the option of trading derivatives on some of the most popular cryptocurrencies such as Bitcoin, XRP, Litecoin, Ethereum, and several others.
👉 With HotForex, Nigerian traders can trade on margin with low commission charges, and they have the added advantage that risk management is offered alongside negative balance protection, protecting Nigerian traders from sudden, drastic price movements in the crypto market.
The Best Islamic Account in Nigeria
👉 AvaTrade currently offers an unbeatable offer to Muslim Nigerian traders.
👉 In addition to zero commissions on trades and no interest in overnight positions, Nigerian Muslims have access to Halal gold and silver, Halal oil trading, and Halal indices trading, which includes some of the most liquid stock indices on the AvaTrade Islamic Account.
Who is the richest forex trader in Nigeria?
Uche Paragon is the richest forex trader in Nigeria.
What can we learn from Nigerian forex traders?
Never go after immediate success and make sure that you control your emotions and choose the right strategy. In addition, make sure you try to minimize your risk as much as possible by using the risk management tools at your disposal.
Is Forex Trading Legal in Nigeria?
Yes, Forex trading is legal in Nigeria.
Is Forex Trading Profitable in Nigeria?
Yes, Forex Trading is very profitable in Nigeria.
How much do I need to start trading in Nigeria?
You can start trading forex with 41,000 NGN, and often even less if the broker offers a no-deposit or deposit bonus.
Which Forex Brokers are based in Nigeria?
There are a few forex brokers who have offices in Nigeria and from our list, this includes FXTM and Alpari, amongst others.
👉 Now it is your turn to participate:
➡️ Which broker from this list do you intend to test out?
➡️ What was the determining factor in your decision to engage with a certain broker?
➡️ Was it because of the minimum deposit or because of leverage?
👉 Regardless, please share your thoughts in the comments below.
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.