How to Succeed as a Forex Trader in Nigeria
How to Succeed as a Forex Trader in Nigeria revealed. We tested and verified how to succeed as a Forex Trader for Nigerian traders.
This is a complete guide on how to succeed as a Forex Trader in Nigeria.
In this in-depth guide you’ll learn:
- How to Succeed as a Forex Trader?
- How to be a profitable forex trader in Nigeria?
- Our recommended forex brokers?
- How to compare forex trading brokers against each other?
- Find out how long forex will last?
- How much does the average forex trader make?
- Find out if you can make a living from forex trading?
- How does forex trading work?
- Which forex brokers offer a low minimum deposit of $5 (2 092 NGN)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with succeeding as a forex trader for Nigerians…
Let’s dive right in…
How to Succeed as a Forex Trader in Nigeria (Updated 2022)
- ✅ What does it mean to be a successful forex trader?
- ✅ What traits must you have to become a successful trader in Nigeria?
- ✅ What you need to become a successful forex trader in Nigeria
- 5 Best Books to guide you to succeed as a forex trader in Nigeria
- 5 Best Trading Strategies to help you become more successful in Forex Trading
- 4 Best Technical Indicators that Nigerians must know
- How to choose the right Forex Broker in Nigeria
- The Best Forex Brokers in Nigeria
What does it mean to be a successful forex trader?
👉 To be a successful trader must have a clear understanding of how the forex market operates. You must trust your analysis and follow the rules of your trading plan without fail.
👉 When you trade forex, you must ensure that you maintain a clear head and that you make trading decisions according to your analysis and technical indicators and not emotions or a “gut” feeling.
What traits must you have to become a successful trader in Nigeria?
👉 The practice of trading assets through the internet has been around for quite some time. Many individuals are obsessed with learning and perfecting their trading abilities, while others are interested in the characteristics that make a great trader.
👉 All traders must strive towards perfecting a trading skill, much as they would work towards mastering any other skill.
👉 If you lack the characteristics and abilities of a good trader, you will undoubtedly fail. Regardless of what kind of trading you do or what platform you use, you should know that every expert trader has gone through the same process of acquiring the necessary attributes and traits to become a great trader.
👉 These attributes are not innate. Instead, they are learned and honed over time by successful traders. To succeed as a trader, you need some of the following unique traits:
➡️ Risk Strategy
➡️ The ability to mitigate and manage anxiety and stress
➡️ You must be humble
➡️ You must have the will and motivation to win
👉 Everything we accomplish relies heavily on our ability to maintain a calm and collected demeanour under pressure. A trader must have both patience and discipline when it comes to trading.
👉 Patience permits you to use an approach that will eventually provide enough returns without putting yourself in danger by leaping in and out of deals.
👉 For example, you make 30 transactions a day, and some of those deals are losses. Develop an effective trading method that yields five successful transactions every day without any losses.
👉 Subsequently, patience is necessary after making the first five transactions to earn money. To prevent losing money, you will need to take a break and wait for another day by practising patience.
👉 One thing to bear in mind is that no two days will ever be the same. When trading, you either win or lose, which means that traders might expect either a profit or a loss from their investments. Even if you win many consecutive trades, it does not imply you will not lose again if you keep trading.
👉 If you are a trader, you must accept the idea that every trade you execute might lose money. Your approach may be effectively implemented regardless of market fluctuations thanks to this.
👉 As a successful trader, you must accept the fact that trading is a risky and unpredictable endeavour. Effective risk management is critical for traders who want to achieve long-term success.
👉 If you can, use the service of go markets reviews to choose a well-known broker that can help you grow your trading skills.
The ability to mitigate and manage anxiety and stress
👉 Anxiety and tension are what we regularly confront as human beings. However, these two issues impact the everyday actions of each trader.
👉 Anxiety and stress impact the choices we make when trading. To succeed as a forex trader, you must adopt effective strategies to manage your stress and avoid being overwhelmed by emotions.
You must be humble
👉 Humility is a particularly important trait needed to be successful in day trading. Learning how to control your ego and pride can help you avoid problems like losing all your money in the market. You do not have to spend more than you have, for example.
👉 In addition, being modest allows you to see your limits. Even if you feel that a certain market choice will result in a gain, you should not allow your ego to cloud your judgment by forgetting the reality that trading is a 50/50 proposition.
You must have the will and motivation to win
👉 Some traders have a great desire to succeed because they like trading but their enthusiasm for trading cannot guarantee that they will be successful with every deal.
👉 However, since they are passionate about what they do, they have a good possibility of being great traders. Not every trader considers trading to be a money-making machine because they like the whole experience.
What you need to become a successful forex trader in Nigeria
👉 This picture of fast vehicles, luxury vacations, and exotic trading destinations throughout the globe is what attracts many individuals to forex trading. However, success in this sector requires a lot of effort and devotion.
👉 Some successful traders may show off their prizes, but they do not necessarily tell you about the years of challenging work they put in before they achieved their financial goals. As in any other job or endeavour, being a successful forex trader takes time.
👉 To help Nigerian traders on their road toward becoming successful traders, we have provided some basic recommendations, including:
➡️ Create a solid trading plan
➡️ Start with demo trading
➡️ Employ a money management strategy
➡️ Always use stop-loss orders
➡️ Always close profitable trades at the right time
➡️ Do not leave your positions open for longer than necessary
➡️ Do not increase your risk percentage when you experience success
➡️ Do not trade excessively
➡️ Keep to your trading plan
➡️ Always practice patience
➡️ Control your emotions
➡️ Remain humble and disciplined
➡️ Never stop learning
➡️ Keep a trading journal
➡️ Make sure that you take frequent breaks
➡️ Become and remain adaptable
➡️ Understand the principles of trading psychology
➡️ Stay updated on what is going on in the financial markets
Create a solid trading plan
👉 Most traders who fail lack a plan and this indicates that they do not know what to do if they are proven incorrect or right. Because they do not know when to exit their trade, a large profit on paper becomes a large loss in practice.
👉 Before entering a trade, it is essential to prepare a trading plan. This plan must consider the following:
➡️ Market entry and exit
➡️ How much money you can risk losing on a single trade
➡️ How to exit a trade and when if the market moves against you
➡️ How to exit a trade and when if you reach your profit level
➡️ Calculate your potential profit and loss
➡️ Where you will place your stop-loss orders
➡️ Where you must place your take profit orders
➡️ Stay updated on what is going on in the financial markets
Start with demo trading
👉 Although most individuals want to dive headfirst into trading so they may experience success right away, it is best to get your feet wet by investing a small amount and taking things slowly at first.
👉 This is especially true if you are new to foreign exchange trading, in which case opening a sample trading account is one of the greatest things you can do to get started. Demo trading has a plethora of benefits, including some of the following:
➡️ An opportunity to get acquainted with the trading platform as well as the many trading items
➡️ Start experimenting with various trading methods without having to invest any real money right now.
➡️ Gain confidence in your ability to make transactions.
Employ a money management strategy
👉 The practice of bringing profit and loss into balance via the use of protective stops or hedging is referred to as money management.
👉 Many new traders learn the hard way that proper money management is one of the key factors that may contribute to their success in the trading industry. Even if you have an excellent strategy, it will not help you manage your finances well if you do not have solid principles in place.
👉 To effectively manage risk and achieve your desired level of profitability, you must first determine your target level of profit, determine the likelihood of your prediction being true or wrong, and place protective stop-loss orders.
👉 The objective is to maximize profits while minimizing losses. Before you undertake a transaction, you should know how much you are prepared to lose and how much profit you may make.
👉 While it is hard to exclude emotions from trading, money management tactics may assist you in doing so.
Always use stop-loss orders
👉 Put precautionary Stop orders in place after you have entered a transaction – and they must be genuine, not imaginary.
👉 Too frequently, traders utilize imaginable orders just because they worked in the past, resulting in market changes in their favour. If you placed a Stop order at the improper position, you are carrying out a flawed technical analysis.
Always close profitable trades at the right time
👉 A common error among Forex traders is taking little gains and allowing losses to develop. It is a typical mistake when Nigerian traders have neglected to create and implement a trading plan.
👉 After one or two losing trades, they will settle for a little profit on the next order, even if it may provide a substantial profit that would compensate for any previous losses.
👉 Even among specialists, you will find traders who let their losses increase. You could enter a transaction without knowing when to exit and once you begin to lose, you allow your losses to expand in the unlikely event that the market reverses course.
👉 To avoid this costly mistake, Nigerian traders are urged to utilize defensive Stop Loss orders that can be established before trading.
Do not leave your positions open for longer than necessary
👉 Maintaining losing positions in the hope that the market will turn in your favour and allowing you to exit the trade at breakeven or even a profit may be an appealing option. However, resist the temptation to do so.
👉 However, optimism is a risky feeling in trading. Instead of allowing your losing positions to spiral out of hand, you should have a solid risk management plan in place and know how much you are prepared to lose on each transaction before you click the buy or sell button.
👉 If a trader is unable to take profit at their predetermined level, they often make the error of keeping a position open for too long. The market permits Nigerian traders to earn a profit before recouping some of that profit.
👉 However, if you already have a profit on your balance, you attempt to squeeze out every kobo. If the market hits your objective and you remain in it, you simply overhold your position.
Do not increase your risk percentage when you experience success
👉 After closing a series of trades in rapid succession, you can start to risk a significant sum on each trade simply because this trade now has a larger balance.
👉 When you are successful, you gain confidence, and when you have greater confidence, you are likely to take more risks. It should not come as a surprise that this mistake brings down more traders than deals that result in a loss.
Do not trade excessively
👉 When you trade with too many lots or trading pairs in a single deal, you are engaging in excessive trading. Excessive trading may also occur when you risk a substantial part of your remaining balance in a single transaction.
👉 To avoid making this mistake, you should never put more than a certain proportion of your remaining balance on the line, regardless matter how alluring the outcome may seem.
👉 When you overtrade, you run the risk of losing money on your account much more quickly and with much more certainty.
Keep to your trading plan
👉 Because the markets are always changing, your trading strategy will need to be adjusted from time to time. With a few exceptions, you should not alter your plan during primary trading hours if no major events are looming.
👉 To avoid making this error, have a plan before demonstrations and be consistent about not changing it.
👉 It would be impossible for you to progress as a trader if you keep jumping from strategy to strategy and failing to follow the guidelines that you have established. Subsequently, you must adhere to your trading plan and refrain from making rash selections.
Always practice patience
👉 One trader’s activity in the forex market might take anything from 5 minutes to 9 months on average. Not all of them engage in trading for the sole purpose of accumulating financial gain, and many traders are merely interested in active markets.
👉 Traders need to evaluate their trading horizon and objectives to determine whether they should trade daily, or whether they could be patient to wait for a profitable trading opportunity.
Control your emotions
👉 Fear and greed are the two biggest emotions that are believed to drive the markets. Typically, the fear of losing out on a trade prompts forex traders to enter a position without first validating it. Nigerian traders must remember that rushing into a deal might result in losses if the market goes against them.
👉 Additionally, greed is something to monitor and manage. It may encourage you to pursue many deals (overtrading) or dedicate an excessive amount of funds to a single investment. If greed prevails, your trading capital is at risk in any case.
👉 If you want to be a good trader, you must keep your emotions as under control as possible. So, before you finalize a transaction, take a minute to consider if the deal is the best option.
Remain humble and disciplined
👉 Fear of missing out, or FOMO, might result in expensive errors. A considerable number of traders only discuss their successes with the internet community and keep their misfortunes to themselves.
👉 The lack of discipline required to stick to a trading strategy, have patience, suffer loss, take profit, and extensively employ a money management method is the one that contributes to losses more often than any other factor.
👉 After completing training and funding an account, one of the finest methods for novices to develop self-discipline is to observe the market for a full day without making any transactions. Even if you have a good trading opportunity, maintain your composure.
Never stop learning
👉 One thing that all the best and most successful forex traders have in common is a never-ending thirst for knowledge and a commitment to expanding their horizons via education.
👉 Therefore, if you want to be a successful foreign exchange trader, you need never stop educating yourself on the market and trading in general.
👉 Because the forex market is one of the world’s most dynamic and bustling, staying on top of what is going on and how it is influencing it is essential. Markets are continuously changing, therefore there may be occasions when you will have to alter your trading technique.
Keep a trading journal
👉 A trading journal could be a trader’s closest buddy if kept correctly. It is not simply a review of your trading plan, but also a tool where you can jot down your observations and notes which will assist you to build on your strengths and work on your weaknesses.
Make sure that you take frequent breaks
👉 Just with any other job or activity, it is vital to maintain a good work-life balance. It might be a sign to take a break from trading altogether if you are up at 4 am worrying about the direction the Yen will go or about a position you have opened.
👉 You can always clear your head, refuel, and come back stronger than before when you take some time to lead a balanced life.
Become and remain adaptable
👉 Market circumstances change constantly and may do so swiftly. A protracted period of consolidation in the foreign exchange market, for example., can be a good fit for your range trading approach.
👉 A rapid and severe increase in price fluctuation means that if you are trying to make a profit, you will need to respond swiftly and either change your approach or look at other marketplaces.
Understand the principles of trading psychology
👉 Trading psychology refers to a trader’s approach to making profits and dealing with losses. This will be the most difficult portion but knowing how to avoid typical psychological traps and learning about trade psychology will give you an advantage.
👉 A trader must see trading as a business and becoming emotionally engaged might hurt the company’s chances of success.
👉 The emotional side of investing will try to influence every decision you make, and your ability to manage your emotions is an important part of your trading psychology. Therefore each trader must first comprehend and then acquire the appropriate trading mindset.
👉 Although it is difficult to trade without emotions, this should not be the objective in the first place. Instead, traders should learn how biases and emotions impact their trading and how to utilize that knowledge to their advantage. Every trader is unique, and there is no one-size-fits-all guideline to follow.
Stay updated on what is going on in the financial markets
👉 There is a diverse range of elements that influence markets. Even if you are just utilizing technical analysis, it is still beneficial to stay on top of the main market events that are happening since this will allow you to get a better sense of the overall market sentiment.
5 Best Books to guide you to succeed as a forex trader in Nigeria
➡️ Market Wizards – Jack D Schwager
➡️ Trading in the Zone – Market Douglas
➡️ Currency Trading for Dummies – Brian Dolan
➡️ How to make a living trading Foreign Exchange – Courtney Smith
➡️ Forex Trading: The basics explained in simple terms – Jim Brown
Market Wizards – Jack D Schwager
👉 An anthology of interviews with the world’s best traders, Market Wizards was authored by Jack D. Schwager and published under his direction.
👉 In the interviews, the world’s most successful traders discuss what sets them apart from the general population and the tales that lie behind their most notable trading achievements.
👉 It demonstrates that one’s ability to construct a sound trading strategy and the appropriate mental attitude is much more key factors in determining success than any element of chance.
Trading in the Zone – Market Douglas
👉 This book examines the important psychological characteristics that are necessary to become a good trader, and it shows how you may acquire those characteristics yourself.
👉 It is widely recognized as the most influential book on the subject since it presents a variety of useful strategies that may be used to exert control over one’s emotional reactions.
👉 Although you should not use these methods instead of your strategy or analysis, they could make it possible for you to implement plans more effectively and cut down on losses.
Currency Trading for Dummies – Brian Dolan
👉 One of the most helpful books available for novice traders is called Currency Trading for Dummies. It offers instructions on currency trading that are lucid and simple to understand, as well as explanations of the foreign exchange market.
👉 The book is not a terrible read for more experienced traders who want a quick review of the fundamentals associated with forex trading.
How to make a living trading Foreign Exchange – Courtney Smith
👉 How to Make a Living Trading Foreign Exchange starts with an overview of the foreign exchange market and an explanation of how it operates, which is provided by author Courtney Smith.
👉 However, most of this book from 2010 is focused on producing money and presents six tactics that may be used to generate a consistent income via trading. In addition to that, he offers useful strategies for risk management as well as information on the psychological aspects of trading.
👉 It contains an explanation of Smith’s one-of-a-kind “rejection rule,” which is a tactic meant to quadruple the profit gained by fundamental channel breakout systems.
Forex Trading: The basics explained in simple terms – Jim Brown
👉 This book, as its name suggests, is geared toward teaching fundamentals to those who are just starting. Brown’s writing is notable for its clarity and brevity, and he never assumes that the reader has the same level of expertise as he does, yet he does it without being condescending.
👉 The following fundamentals, amongst others, are covered in this book:
➡️ The meanings of foreign exchange and currency markets
➡️ Plans for getting in and getting out of the area
➡️ The fundamentals behind trading psychology
➡️ The ins and outs of currency pairings in forex trading
➡️ Advice on how to go about selecting a broker
5 Best Trading Strategies to help you become more successful in Forex Trading
👉 The foreign exchange market is a worldwide marketplace that affords a chance to participate in a trade that gives you access to substantial possibilities. Forex even has a reputation for generating rapid gains because of the growing number of day traders that participate in the market.
👉 The forex market is every bit as convoluted and cutthroat as any other marketplace in the world. You must understand the market and develop your trading technique to not only be successful but also to be successful consistently.
👉 Trading foreign exchange could be done using several different trading strategies, so it is essential to choose a strategy that is appropriate for your degree of expertise, the accomplishments you want to achieve, and the situation at hand.
👉 The term “day trader” refers to someone who makes a living entirely by exploiting price fluctuations that occur inside a single trading day. These variations in the market are based on current supply and demand levels, rather than on fundamental market factors.
👉 A unique characteristic of day trading is that day traders use short-term trading tactics. According to the global economy, some traders concentrate their attention on certain economic calendars or indices.
👉 Scalpers, on the other hand, trade the same asset every day and use technical analysis, such as rapid and slow-moving averages, to track intraday price swings.
👉 In addition, they may liquidate all their holdings before the market closes if they recognize the overall direction of the market on a particular day.
👉 You will get more false signals when you evaluate price fluctuations over a brief period because of the tiny sample size and restricted context.
👉 There are times when it is difficult to tell whether your analysis is correct, particularly when time is short. As a result, day trading usually requires a higher level of skill and knowledge of the market.
👉 Day traders who want to be successful need to know how to handle their money well and react quickly when the market swings against them.
👉 To take advantage of an emerging trend as it begins to take form, grid trading is a type of breakout trading strategy. Grid trading, unlike other breakout trading systems, does not need to know the direction of the trend.
👉 When using the grid approach, traders set up a series of stop orders above and below the price at which they now trade. This “grid” of orders effectively guarantees that a matching order will be activated regardless of the way the price goes.
👉 Short-term increases in price momentum are exploited by swing trading, a trend-following approach. It is important to keep an eye out for these minor surges and falls since they may go against the dominant trend direction and hence demand a narrower market view, such as looking at 15-minute, hourly and daily and weekly price charts.
👉 Because of swing trading’s need for rapid reaction and careful market monitoring, day traders tend to prefer it over long-term investors.
👉 A short-term trading method requires traders to maintain their positions overnight, with some keeping them open for a few weeks at a time, despite its classification. This approach is according to a combination of technical and fundamental research.
👉 Market analysts utilize momentum and moving averages on the technical side to track price movement over a period. Swing traders typically utilize macroeconomic and microeconomic data to assist them to evaluate the value of an asset.
👉 The foreign exchange market is an international marketplace; thus it is subject to the effects of economic events that occur throughout the world.
👉 Traders are better able to foresee short-term (intraday or multiday) market moves, often known as breakouts, when they understand economic news events and their influence on currency pairings. The following are examples of major (planned) news events:
➡️ Interest rate choices
➡️ Reports on the economy include statistics on unemployment, inflation, GDP, and several others.
➡️ Surveys of the confidence of consumers and businesses
👉 News traders in Nigeria will depend on economic calendars and indices such as the consumer confidence index (CCI) to estimate when a shift will occur and in what direction the price will move. CCI measures consumers’ perceptions of the economy’s current and future state.
👉 Keeping this in mind, they will watch for the price action to consolidate, which is a pattern that always indicates that a breakthrough is about to occur.
👉 There are times when pricing reverses direction for a brief while before returning to its original course. When the price moves in one direction but does not correct, traders use technical analysis to detect prospective retracements and separate them from reversals, generating a whole new trend.
👉 For example, if a trader believes that a short-term drop or price increase is just a retracement, they may elect to keep their present position. They may opt to abandon their present position and join a new one if they believe that the market volatility is an early indicator of a trend reversal.
👉 Many traders utilize Fibonacci retracements, which is a type of technical analysis, to discern between retracements and reversals (based on the Fibonacci ratio).
👉 This principle dictates that a retracement will end once the price reaches a maximum Fibonacci ratio of 61.8%. For this reason, many traders use this ratio of 61.8% to place profit-taking or stop-loss orders.
👉 Retracement traders will employ the Fibonacci ratios of 38.2% and 50.0% as entry and/or profit-taking signals if they want to benefit from a trend break.
4 Best Technical Indicators that Nigerians must know
👉 When new traders enter the forex market, they tend to overcomplicate things. Nigerian traders must concentrate on making things as simple as possible instead of assuming that a trading strategy with a lot of moving components is preferable.
👉 This is since a straightforward approach promotes agility and reduces tension. One method to make your trading easier is to create a trading strategy that contains chart indicators and a few guidelines for how to utilize those indicators.
👉 Basic and simple is ideal, therefore learn to use these four simple indicators one or two at a time to discover trading entry and exit points:
➡️ Moving Averages (MA)
➡️ Relative Strength Index (RSI)
➡️ Moving Average Convergence and Divergence (MACD)
➡️ Bollinger Bands
Moving Averages (MA)
👉 A moving average is one of the strongest forex indicators for any strategy. Using moving averages, traders may more easily identify trades that go against the general trend.
👉 Moving averages and multiple moving averages may be used to spot an upward trend in the market and choose whether to purchase or sell.
👉 As the name suggests, the moving average is a graphed line that simply reflects the average price of the currency pair over a certain period, such as the previous 200 days or a year of price activity.
👉 Using moving averages to spot trade opportunities enables you to capitalize on the momentum by initiating trades when the currency pair moves in the moving average’s direction and leaving trades when the currency pair starts to move in the other way.
Relative Strength Index (RSI)
👉 Another form of the forex indicator is the relative strength index, which has a range of 0 to 100. This signal tells you where the price is most likely to turn around and go back up.
👉 At 70 levels, a bearish market reversal is signalled by an upward price movement. Additionally, if the price drops below 30 levels in a downtrend, it implies a positive market turn. A price divergence is created by RSI, which opens trading chances.
👉 Both trending and range-bound markets might benefit from using the RSI to find the best entry and exit points. Buying or selling indications like the ones shown here are appropriate when the market is range-bound and unable to provide a clear direction.
👉 You only want to engage in the direction of the trend when the indicator is rebounding from extremes.
Moving Average Convergence and Divergence (MACD)
👉 A histogram and an exponential moving average combine to form the trading indicator known as MACD. The primary use of this indicator is to measure price divergence.
👉 There is a distinct difference between the ordinary divergence between MACD and price and the concealed divergence between the two.
👉 The two things to look for to get indications from this indictor after determining if the market is ranging or trading are described above. To discover an upward or downward bias in a currency pair, look for lines that cross zero.
👉 For a buy or sell transaction, you need to recognize a crossover or cross-under of the MACD line to the Signal line.
👉 The Bollinger Bands are a technical indicator that was developed by John Bollinger. Bollinger bands rely heavily on moving averages. Two standard deviations separate the high and low points, with a moving average in the middle.
👉 Overall, this trading indicator is easy to use and provides a safe entry point into the market. The upper and lower lines of the Bollinger bands function as dynamic support and resistance levels.
👉 At these levels, a rejection indicates the likelihood of being accepted. Furthermore, a breakthrough from these levels might lead to profitable trades. On the other hand, if a candle closes below or above the centre line, it opens the door to the next level.
How to choose the right Forex Broker in Nigeria
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first vital component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Nigeria
👉 In this article, we have listed the best Forex brokers for traders in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Forex Broker in Nigeria
USD 10 / 4145 NGN
CySEC, FSA, FCA, FSCA, FSC.
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Account Activation Time
👉 Overall, Exness is the best MT4 forex broker in Nigeria. Exness is a trustworthy broker that offers transparent and affordable trading fees. Exness offers MetaTrader 4 and has fast trade execution speeds of 0.1 seconds per order.
Best MetaTrader 5 / MT5 Forex Broker in Nigeria
USD 1 (415 NGN)
IFSC, FSCA (south africa), ASIC, CySEC
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade
$140 (58 116 NGNFind out More)
Account Activation Time
👉 Overall, FBS is the best MetaTrader 5 forex broker in Nigeria. FBS has low trading fees and there is a fast and simple account registration process. Nigerian traders can use MetaTrader 5 alongside an FBS account to cash in on a range of trading opportunities.
Best Forex Broker for beginners in Nigeria
USD 50 / 20725 NGN
Account Activation Time
👉 Overall, eToro is the best forex broker for beginners in Nigeria. eToro offers a user-friendly trading platform that is easy for beginners to learn. eToro also does an amazing job of balancing the range of features and useful tools offered on its web and mobile trading platforms.
Best Minimum Deposit Forex Broker in Nigeria
👉 Overall, Fidelity Investments is the best Minimum Deposit Forex Broker in Nigeria. Fidelity Investments is known to provide its investors with high value along with comprehensive research.
👉 Fidelity Investments has a compelling reputation and offers accounts with low minimum deposits of 400 Naira.
Best ECN Forex Broker in Nigeria
USD 100 / 41450 NGN
Meta Trader 4
Account Activation Time
👉 Overall, Tickmill is the best ECN forex broker in Nigeria. Tickmill offers low and competitive spreads that are sourced from reputable liquidity providers. Tickmill is a suitable broker for both beginner and professional Nigerian traders. Tickmill accommodates all types of trading strategies.
Best Islamic / Swap-Free Forex Broker in Nigeria
👉 Overall, SuperForex is the best Islamic / Swap-Free forex broker in Nigeria. SuperForex is an excellent broker for Nigerian Muslim traders. SuperForex offers a choice of retail accounts and provides separate Islamic accounts for Muslim traders.
👉 The Islamic Accounts offered by SuperForex have competitive trading conditions and a plethora of features.
Best Forex Trading App in Nigeria
👉 Overall, OctaFX is the best forex trading app in Nigeria. OctaFX has user-friendly features and an innovative mobile app that provides Nigerians with versatility. OctaFX offers innovative copy trading technology to social Nigerian traders.
Best Naira Trading Account Forex Broker in Nigeria
USD 10 / 4145 NGN
MetaTrader 4 and MetaTrader 5
Account Activation Time
👉 Overall, FXTM is the best Naira trading account forex broker in Nigeria. FXTM offers a Naira-denominated account that can be used alongside the MetaTrader platforms offered. FXTM has easy account registration and extremely low minimum deposit requirements.
Best Lowest Spread Forex Broker in Nigeria
USD 5 / 2 075 NGN
IFSC, CySec, ASIC
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
No (Just spread)
Account Activation Time
👉 Overall, XM is the best lowest spread forex broker in Nigeria. XM supports both beginner and professional traders who rely on the lowest spreads. The spreads offered by XM are low enough that scalpers and day traders can seamlessly execute trades in competitive financial markets.
Best Nasdaq 100 Forex Broker in Nigeria
USD 100 / 41450 NGN
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best Nasdaq 100 forex broker in Nigeria. AvaTrade offers more than 1,250 financial instruments that can be traded. With AvaTrade Nigerian traders can expect low spreads from 0.9 pips and commission-free trading.
Best Volatility 75 / VIX 75 Forex Broker in Nigeria
USD 5 / 2073 NGN
CySEC, FSC, FSCA
MetaTrader 4 and MetaTrader 5
Account Activation Time
👉 Overall, HF Markets is the best Volatility 75 / VIX 75 forex broker in Nigeria. HF Markets is a globally-recognized broker that provides Nigerians access to VIX 75 and several other markets. HF Markets is a MetaTrader broker that now offers a proprietary app to mobile traders.
Best NDD Forex Broker in Nigeria
USD 0 / 0 NGN
Account Activation Time
👉 Overall, IG is the best NDD forex broker in Nigeria. IG is one of the oldest brokers in the world that satisfies the needs and trading objectives of most retail and institutional traders. IG offers a no-dealing desk environment where it has STP, ECN, and DMA execution.
👉 Nigerian traders can expect tight and competitive spreads along with the best educational materials and most advanced trading tools.
Best STP Forex Broker in Nigeria
👉 Overall, JustForex is the best STP forex broker in Nigeria. JustForex offers high maximum leverage of 1:3000 and an extremely low minimum deposit requirement. Nigerian traders who use JustForex can expect a choice between several bonuses and promotions to get them started in forex trading.
Best Sign-up Bonus Broker in Nigeria
USD 1 / 415 NGN
Account Activation Time
👉 Overall, InstaForex is the best sign-up bonus broker in Nigeria. InstaForex is a versatile broker with a user-friendly platform and a transparent trading environment. InstaForex offers cent accounts and has a sign-up bonus for Nigerians who register an account for the first time.
👉 Forex trading can be a very profitable venture for traders who put the effort and time into learning about the markets. There is no guaranteed way to become a successful forex trader and traders will have to work hard to develop their trading skills.
👉 Nigerian traders must ensure that they have the traits necessary before they deposit funds into a trading account.
How can I trade forex in Nigeria successfully?
You must learn about the forex market and seek a broker that is aligned with your trading objectives. Once you have found a broker, make use of their educational materials to learn everything about forex and start trading using a demo account.
Make sure that you create a solid trading plan and that you choose a trading strategy that is suited to your trading style. Keep a trading journal and do not forget to follow other experienced traders on social media to get tips on how to trade successfully and consistently.
Is forex trading profitable in Nigeria?
Yes, forex trading has been extremely profitable to many Nigerians. However, it takes a lot of skill and knowledge to trade profitably, and even then, traders can still experience losses in the market.
What is the best time to trade forex in Nigeria?
The best time for Nigerians to trade forex is between 2 pm and 6 pm Nigeria local time.
How can I trade forex in Nigeria?
You need to register an account with a broker that can connect you to the forex market.
How much can I use to start forex in Nigeria?
You can start trading forex with an initial deposit of 1,000 NGN.