What is Swing Trading in Nigeria
What is Swing Trading in Nigeria revealed. We tested and verified the swing strategies for Nigerian Traders.
This is a complete guide to swing trading in Nigeria.
In this in-depth guide you’ll learn:
- What is swing trading?
- What is the difference between swing trading and day trading?
- Our recommended brokers for Beginner Nigerian Swing Traders.
- How to compare forex trading brokers against each other?
- What is a profitable swing trading strategy?
- Which apps can you use to swing trade with?
- How to select stocks to swing trade with?
- Can you use swing trading with crypto?
- Which broker offer a low minimum deposit of $5 (2 075 NGN)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the swing trading for Nigerians…
Let’s dive right in…
- Louis Schoeman
What is Swing Trading in Nigeria (2023)
What is Swing Trading?
👉 Swing trading is a short-term approach for a trader who purchases or sells currencies based on technical signs indicating an anticipated price shift. This pattern might last anywhere from a few days to many weeks, and even months.
Understanding Swing Trading
👉 Numerous trading methods are extensively used in the foreign exchange market. There are advantages and disadvantages to each approach, but certain methods have shown themselves more consistently effective than others.
👉 Swing trading has gained a lot of traction among forex traders since it helps them identify the best opportunities. Because positions are often maintained for several days, not just one, some refer to it as “the foundation” of foreign exchange trading.
👉 This is since most “fundamental traders” (also known as “fundamentalists”) are “swing traders,” who base their trades on fundamentals that typically need several days, if not longer, to create significant price swings to make a profit.
👉 Swing traders rely heavily on technical analysis to monitor a currency’s fluctuations and predict when to make a deal. In general, a trader who engages in swing trading is not concerned with a currency’s long-term worth but seeks to benefit from fluctuations in price.
Pros and Cons of Swing Trading in Nigeria
👉 Although swing trading seems to have a solid theoretical foundation, its high degree of volatility makes it difficult to recommend.
👉 Swing trading, like any other trading style, has a few crucial features that may give it an edge over other popular trading strategies, thus with risk comes gain.
| ✔️ PROS | ❌ CONS |
| Time flexibility – Many trading strategies require you to settle in for the long term. Swing trading is an alternative strategy that gives investors a great deal of leeway. If you are not interested in holding anything for the long term and can profit from short-term price fluctuations, you open a lot of trading possibilities. | Accumulating Fees – Swaps are fees that are imposed on CFD positions that are held overnight. the accumulation of swap fees Although scalpers and day traders do not need to worry about these costs, longer-term traders should be aware that they may mount up quickly. |
| Clear boundaries while trading – Some trading tactics may blur the lines between what is considered acceptable and what is not when it comes to trading. Swing trading relies on technical analysis, which allows for more precision. | Fundamental Risks – this relates to economic and political events that take place outside of trading hours that might have an influence on the financial markets and cause a trend to be disrupted, which would harm your swing trading approach. |
| Smaller stop-loss orders – Stop-losses in swing trading are quite low, particularly when compared to those in longer-term investments. | |
| You can dip in and out of the market quickly – With swing trading, you may easily enter and exit the market on short notice, allowing you to keep your focus on finding profitable trades rather than worrying about your position. Most financial charts will show signs of a developing pattern, but support and resistance levels are what swing traders focus on. | |
| Easier movements following the natural flow of the market – Swing trading allows investors to earn money during both bull and downturn markets. Swing trading does not commit you to a single market, allowing you to adapt to the ever-changing conditions of the foreign exchange market. | |
| It is more cost-efficient – The spread is a significant expense of trading. Although spreads are little, they are deducted from your earnings every time you make a transaction. Swing traders, who make fewer transactions over a longer time frame, are less affected by the spread. |
Swing Trading Rules for Nigerians
👉 Playing the market in a manner known as swing trading may be a thrilling experience. You could have expertise in trading longer-term trends, but swing trading involves significantly more rapid-fire activity. Do not get into swing trading without first gaining some expertise in the field.
👉 Register a practice account with fictitious funds, and refrain from trading with real cash until you have achieved a satisfactory level of success with virtual money.
👉 Traders from Nigeria who have an interest in swing trading can refer to the following regulations and guidelines by consulting the following list.
➡️ Make sure to cap your trading account
➡️ Practice Consistency
➡️ Seek Volatile Markets and Trends
➡️ Familiarize yourself with the different Market Phases
➡️ Know when to enter and exit a position
➡️ Familiarize yourself with the Support and Resistance Levels
➡️ Always employ Stop-loss orders
➡️ Make sure that you cut your losses
➡️ Place Take-Profit Orders
➡️ Follow your Trading Plan and do not take any risks that you cannot afford
Make sure to cap your trading account
👉 Swing trading has the potential for both rapid profit and loss. A dedicated account just for this purpose might be the best idea. This will help you avoid the common pitfall of trading with more capital than you can afford to lose.
Keep a record of your trades
👉 The trading journal serves as a mentor. You can test the accuracy of your assumptions and determine if your trading strategy needs tweaking by keeping a log of your trade entry rationales.
👉 You can adjust your strategy as needed once you recognize these patterns in your trading journal. Keeping a detailed journal requires dedicated time and effort (especially if you trade frequently).
👉 To save time, you can save your work with a screen capture program. An image of a window on your computer can be captured with a screen capture program and then pasted into a program like Microsoft Word or Excel.
👉 Snapshots of the security’s chart and industry group can be taken, along with brief descriptions of the stock’s discovery process and trading events. In some cases, such as a trading journal, that may be all that is needed.
Seek Volatile Markets and Trends
👉 Financial instruments with large daily ranges are ideal for swing trading because of the high probability of profiting from these trades. Trading range constraints will limit your ability to profit from your investments.
Familiarize yourself with the different Market Phases
👉 Even though you are not trading with the trend, it is still helpful to keep an eye on the market’s overall direction and volatility to get a sense of how long your swings might last. Upswings could be less robust in a bearish market.
Know when to enter and exit a position
👉 You need to be familiar with the conditions under which you will place buy and sell orders to implement the strategy you developed while using the demo account.
👉 Ideally, you would be able to tell when a stock has started a bounce and when it has reached its peak before making a purchase or a sale.
Familiarize yourself with the Support and Resistance Levels
👉 The trading range is determined by the level of support and resistance in the market. Following the stock’s movement within this range should make it easy to track its volatility. A breakout to the upside or a breakdown to the downside can both be recognized.
Always employ Stop-loss orders
👉 Always protect your investment with stop-loss orders. Set these sell orders near the price at which you purchased the instrument and adjust them up as the instrument’s price rises.
👉 In other words, your risk level is the price at which you would be forced to admit defeat and abandon your original thesis for trading the security.
👉 Setting your risk based on a predetermined percentage of your entry order can be convenient in some situations, but it may not be suitable because it imposes reality on the market where it may not exist.
Make sure that you cut your losses
👉 The markets have no regard for individuals. When you suffer a financial setback, it is not because you were successful in a previous endeavour and made money. Your level of success as a trader and the markets in which you participate directly impact both your losses and your profits.
👉 If the trading position does not perform as expected, you should quickly cut your losses. This makes it possible for you to invest it in another potentially profitable trade.
👉 When the trading day is over, you should get out of any positions that are losing money. In addition, if you have any doubts regarding your position in the markets, close it out.
👉 The true sign of a successful trader is being in control of one’s own feelings and impulses. Both making a profit and suffering a loss do not automatically result in an overwhelming sense of elation or despondency.
👉 Keeping track of your trades is an additional factor in emotion management. Do not boast about your profits to others. Do not disclose any trades you are currently involved in. If you do so, you will become wed to your positions.
👉 Emotional control is not something that can be achieved in a single day and then never be a concern again. Rather, this is an ongoing conflict. The two most powerful emotions you will experience are greed and fear.
👉 When the markets are moving in your favour, it can be tempting to keep your money in the market for longer than necessary to maximize your profits. Then, when the markets turn against you and your profits vanish, you may be tempted to increase your risk-taking to recover some of your losses.
Place Take-Profit Orders
👉 An old support or resistance level can serve as a useful reference point for setting your profit target. Some swing traders have strict profit targets, such as liquidating 50% of a position at a 5% gain from entry and the other 50% at a 10% gain.
👉 If you are trading based on a chart pattern, such as inverse head-and-shoulders, the projection price implied by the pattern may serve as your profit target.
Follow your Trading Plan and do not take any risks that you cannot afford
👉 Your trade strategy is like a road map for your business. It provides answers to the questions below:
➡️ What are your objectives when it comes to trading?
➡️ What is the time horizon you are looking at?
➡️ Which market do you want to trade in?
➡️ In your trading, are you going to focus on technical analysis, fundamental analysis, or a mix of the two?
➡️ How much of your available funds do you plan to invest in these positions?
➡️ What are the signs that you should enter?
➡️ When is the right time to sell a position that has generated a profit?
➡️ When should you cut your losses and get out of a position?
👉 If you stay true to your plan, you will end up in a better financial position than your competitors. Try to avoid gambling. Avoid taking any risks.
👉 You can expect to have some deals go against you, but the profits from your successful trades should more than makeup for the losses. If you stray from your strategy, your chances of winning will be diminished.
Best Swing Trading Strategies for Nigerians
👉 As opposed to being a specific trading method, swing trading is more of a trading mentality. Countless swing trading strategies are at one’s disposal in this approach, which is defined by the time horizon.
👉 This makes it tough to zero in on the optimal swing trading strategy for the foreign exchange market. The following strategies are not unique to swing trading or the Forex market and are based on the concepts of support and resistance, as are most technical trading strategies.
Trend Trading
👉 Swing traders are more likely to cut their losses when they reach a predetermined profit target, while trend traders ride out of the market until the trend reverses.
👉 Contradictory as it may seem, swing traders can use trend trading to determine the direction of a trend and capitalize on it for short-term trades.
👉 It is possible to use this strategy to ride out the trend for as long as possible. Traders in this strategy variant do not use any stop-loss mechanism. This is because market participants are uncertain as to how long the current trend might last and how high the market can go.
👉 Subsequently, Nigerians will not bother trying to predict the market by setting a price target.
👉 The trick is to be patient and monitor your chart, and let the market go through some negative swings before you can act. That means you will have to give up some of your unrealized profits before you can cash out when the trend finally turns.
👉 However, this difference may be more than compensated for by continuing with a trend for a longer timeframe.
Moving Average Swing Trading
👉 When it comes to technical indicators, moving averages are among the most ubiquitously applied across many different markets. For this reason, they have become a standard component of many trading plans.
👉 Despite their long history, moving averages provide a solid basis for innovative trading strategies that can integrate both technical and fundamental research and analysis because of their quantifiability, testability, and practicality.
👉 SMA and EMA, both averaging a set of data over a given timeframe, are the two most common kinds of moving averages.
👉 When compared to simple moving averages, which do not give more weight to data closer to the present, exponential moving averages give more weight to data from the recent past.
👉 Swing traders use a different strategy, typically trading on higher time frames (4H, Daily+), and holding positions for longer periods.
👉 Swing traders should start with a simple moving average (SMA) and then incorporate higher period moving averages to filter out the noise and prevent false signals. The following are four MAs that swing traders should pay close attention to:
➡️ 20/21 periods – For swing trading over short timeframes (20-21 days), the 21-day moving average is often chosen. Price tends to adhere to it reliably during trends and it can be used to anticipate shifts in the trend.
➡️ The 50-period moving average is widely used in swing trading as a benchmark. It is the sweet spot between short- and long-term trading, so most traders use it to ride trends.
➡️ 100-period – It is no secret that traders love the psychological comfort of round numbers, and the 100-period moving average is no exception. For support and resistance, it is particularly useful in the daily and/or weekly time frames.
➡️ 200/250 period – As with the 100-period, the same is true for the 200-day moving average, which has a shorter timeframe of 250 days. Because it characterizes a year’s worth of price movement, the 250-period moving average is frequently used on daily charts (one year has 250 trading days)
Counter-Trend Trading
👉 The goal of trading with a countertrend strategy is to generate modest profits by going against the larger market trend. Traders may also use the term “countertrend trading” to describe this strategy.
👉 It is a type of swing trading that anticipates and capitalizes on trend reversals even as the trend persists. When trading counter-trend, it is common to hold positions for several days to a few weeks.
👉 To profit from a security trend, a trader can employ a countertrend strategy and wait for a price reversal. Countertrend trading is a common tactic used by contrarians.
👉 The goal of the strategy is to profit from a reversal in price by buying or selling security after an impulsive bearish or bullish move in the hopes of repurchasing it at a higher or lower price during the subsequent corrective move.
👉 In either case, the trader’s account benefits from the buy low, sell high paradigm.
Breakout Swing Strategy
👉 When prices break out of their ranges, it is considered a breakout (break above resistance levels.) If you are interested in trading with this strategy, you should watch for price breakouts and, ideally, open long positions at the start of an uptrend.
👉 A swing trader employs this tactic when they believe an uptrend is developing and want to get in before the rest of the market. When the level of volatility reaches a certain threshold, traders should enter the trade.
👉 Those who have extensive trading experience and knowledge of the industry will benefit the most from this strategy.
Fading Strategy
👉 Contrary to the trend, this method involves making trades (counter-trend). To rephrase, a trader will buy when the market is showing weakness and sell when it shows strength.
👉 To make a profit from potential price corrections, the fade strategy bets on a reversal. Since cryptocurrency prices tend to fluctuate wildly, traders who go against the trend often end up with the bulk of the initial turn-in market.
👉 Important statistics, public interest rates, trade disputes, and the psychology of humans are all used by these traders to their advantage.
👉 When the cryptocurrency market is extremely volatile, a fading strategy can be helpful because of the frequent, potentially profitable corrections. Short-term profits are possible, but the strategy carries a high degree of danger if the trend turns against you or if you fail to capitalize on the trend’s inevitable reversal.
👉 Because there is an inherent need for a trained eye and the high stakes involved, this strategy is more suited to institutional investors than to those just starting.
Best Indicators in Swing Trading for Nigerians
👉 Your level of success in swing trading will, to a considerable extent, be determined by the indicators that you employ to determine swing potential. The following is a list of some of the most widely used indicators by swing traders:
➡️ Volume
➡️ Moving Averages
➡️ Support and Resistance Lines
➡️ Relative Strength Index
➡️ Ease of Movement
➡️ Stochastic Oscillators
Volume
👉 Since volume can be used to gauge the potential of a new trend, it is an invaluable resource for swing traders.
👉 The simple rule here is that a high-volume trend will have more staying power than a low-volume one. Enhanced price stability can be expected when there are more buyers and sellers involved.
👉 When attempting a breakout, volume is a crucial component. Typically, low volume and a period of consolidation precede breakouts. The volume of trades increases as the breakout gains traction.
Moving Averages
👉 Moving averages, also known as MAs, are used to compute the average price change that a market has experienced over a specific amount of time. They do this to smooth out any erratic spikes that may occur over the short term.
👉 Lagging indicators are what MAs are called because they look at price action that has already occurred in the past. The more time that is covered by a moving average, the more it will trail behind the actual value.
👉 Since MAs are lagging indicators, their primary purpose is typically to confirm trends rather than to predict them. Depending on the number of time intervals that are analysed, MAs can be classified as either short, medium, or long-term.
👉 MAs with a duration of between 5 and 50 periods are short-term, while MAs with a duration of between 50 and 100 periods are medium-term. They can be divided into two primary categories:
➡️ The Simple Moving Average (SMA) is a type of moving average that averages out all the closing prices for the given timeframe.
➡️ The price action that occurred more recently according to the current date is given a greater amount of consideration by exponential moving averages (EMAs).
👉 Watching for the moment that a market’s shorter-term moving average (MA) crosses over a longer-term MA is a common strategy utilized by swing traders who use moving averages.
👉 Crossovers are the names given to these points, and technical traders believe that they point to the beginning of a shift in momentum when they occur.
👉 An imminent bull move may be on the horizon if a faster-moving average falls below and then crosses a slower-moving average in the opposite direction. When a faster MA crosses a slower MA from above, this may indicate that momentum is shifting toward a bearish direction.
Support and Resistance Lines
👉 If you are a Fibonacci trader or subscribe to another trading theory that predicts a retracement or extension, drawing support and resistance lines can help you spot potential swing trading opportunities.
👉 For instance, if you are keeping an eye on the USD/JPY pair and you notice that the price is getting close to a line of resistance, you might be tempted to open a position in the hopes that the price will turn around and head back toward the resistance line.
👉 With this straightforward strategy, even novice traders have a chance to profit from swing trading by placing a stop-loss order above the line of support in case they are wrong.
Relative Strength Index
👉 Swing traders looking for opportunities in a brief time frame will find the relative strength index (RSI) to be an invaluable tool for identifying bearish and bullish setups for swing trades.
👉 Overbought conditions, as indicated by an RSI reading above 70, could lead to a price drop. A currency pair is likely to appreciate if the RSI is below 30, indicating underbought conditions.
Ease of Movement
👉 To better understand the relationship between volume and price, the ease of movement (EOM) indicator can be used. If you use EOM, you can see whether many small trades are driving the market’s movement.
👉 The end-of-movement (EOM) indicator is displayed on a zero-based chart. The higher the increase in EOM from zero, the more easily the market’s price is rising. If the EOM indicator falls below zero, it indicates that the market is falling more easily.
Stochastic Oscillators
👉 Similar in function to the relative strength index (RSI), the stochastic oscillator is a type of momentum indicator. It does this by contrasting the day’s closing price with the range of prices seen throughout the day.
👉 Like the relative strength index (RSI), the stochastic oscillator is plotted on a chart with a range from zero to one hundred. However, in this case, a reading above 80 is viewed as overbought, while a reading below 20 is typically seen as oversold.
👉 When compared to the RSI, however, its two lines stand out as a distinct difference. On one is displayed the current value of the oscillator, while on the other is a three-day moving average.
👉 Because strong trends can remain in either overbought or oversold territory for extended periods, an overbought or oversold reading does not always indicate an impending reversal.
👉 Many investors and traders believe that a reversal is imminent whenever the two lines of a stochastic oscillator cross.
How to Choose the Right Swing Trading 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
👉 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
👉 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.
Trading Platform
👉 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:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ 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 Swing Trading Brokers in Nigeria
👉 In this article, we have listed the best Forex brokers that support and accommodate swing trading strategies in Nigeria. We have further identified the Swing Trading Forex Brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Alpari is the best MT4 Swing Trading Forex Broker in Nigeria. Alpari has established itself as a leading Forex broker since its inception in 1998.
👉 Alpari has more than a million customers in over 150 countries and is a global leader in providing innovative services for online currency trading. Alpari is the best MetaTrader 4 broker for Nigerians with local support and NGN-denominated accounts.
Best MetaTrader 5 / MT5 Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Tickmill is the best MetaTrader 5 Swing Trading Forex Broker in Nigeria. Tickmill is a MetaTrader-only forex and CFD broker for Nigerians. There are zero-spread instruments along with a range of educational materials and research options offered to all levels of traders.
Best Swing Trading Forex Broker for beginners in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IG is the best Swing Trading Forex Broker for beginners in Nigeria. IG is the leader in the provision of comprehensive educational materials. IG has a strong social community of more than 64,000 members that offer crowd-sourced articles, adding to its large educational library.
Best Low Minimum Deposit Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA
Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Fidelity Investments is the best Low Minimum Deposit Swing Trading Forex Broker in Nigeria. Fidelity provides its customers with no-transaction-fee mutual funds, a robust trading platform, and research tools at no additional cost.
👉 With a low minimum deposit of 400 NGN Fidelity Investments is a good option for stock swing traders in Nigeria.
Best ECN Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best ECN Swing Trading Forex Broker in Nigeria. To meet the needs of scalpers and high-frequency algorithmic traders, who rely on low-latency and fast execution, IC Markets has aligned itself as a market-leading ECN agency broker.
Best Islamic / Swap-Free Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is the best Islamic / Swap-Free Swing Trading Forex Broker in Nigeria. AvaTrade offers more than 1,200 CFD instruments alongside over 44 forex options. AvaTrade offers halal trading conditions specifically designed to suit the needs of Muslim traders from around the world.
Best Forex Trading App in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 5
Regulators
FSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
100% Deposit Bonus
Account Activation Time
Instant
👉 Overall, FBS is the best forex trading app in Nigeria. FBS offers a range of indicators and custom parameters through its innovative FBS Trader app. The FBS app allows Nigerians to participate in any given trading activity regardless of where they travel.
Best Naira Trading Account Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Naira trading account Swing Trading Forex Broker in Nigeria. Exness has a decent market share in Nigeria and offers an NGN-denominated account. Exness provides a secure trading environment for those whose trading strategies cannot tolerate interruptions or downtime.
Best Lowest Spread Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Overall, XM is the best lowest spread Swing Trading Forex Broker in Nigeria. XM Group is a MetaTrader-only broker that provides an exceptional selection of premium educational content and market research.
👉 XM offers competitive and low spreads to swing traders in Nigeria along with a range of markets consisting of over 1,230 CFDs.
Best Nasdaq 100 Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HF Markets is the best Nasdaq 100 Swing Trading Forex Broker in Nigeria. HF Markets offers more than 1,000 CFDs that can be traded through MetaTrader platforms and a proprietary app. Nasdaq is a financial instrument offered by HF Markets that can be traded as an Index CFD.
Best Volatility 75 / VIX 75 Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, eToro is the best Volatility 75 / VIX 75 Swing Trading Forex Broker in Nigeria. eToro is the leading social trading platform that provides access to over 3,000 instruments including the Volatility 75 Index (VIX).
👉 Nigerians can earn VIP-style rewards when they join the eToro club and work their way through the tiers.
Best NDD Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41459 NGN
Regulators
CySec, ASIC, FCA, BVI FSC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, Markets.com propietary platform
Crypto
Yes
Total Pairs
67
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Markets.com is the best NDD Swing Trading Forex Broker in Nigeria. Markets.com does not operate a dealing desk and provides some of the best trade execution speeds in the industry. Markets.com offers Nigerian swing traders MetaTrader along with a proprietary MarketsX platform.
Best STP Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
No
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best STP Swing Trading Forex Broker in Nigeria. RoboForex is rapidly expanding its existing client base of more than 5 million worldwide traders, attributable to its dynamic trading accounts, platforms, and superior STP trade execution speeds.
Best Sign-up Swing Trading Forex Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best sign-up Swing Trading Forex Broker in Nigeria. SuperForex is a versatile STP and ECN broker that offers a choice between attractive sign-up bonuses, including a no-deposit bonus.
👉 SuperForex is competitive and offers direct market execution with commission-free trades and leverage up to 1:2000.
Conclusion
👉 Swing trading allows Nigerians to take and hold positions from a few days up to several months. This allows them to profit from longer-range price moves in the financial markets.
👉 While Swing trading has its pros and cons, it remains one of the most popular trading styles in the market today, making it a worthy consideration for Nigerian traders regardless of whether they are beginners or professionals.
FAQ
Is Swing Trading Profitable?
Yes, you can make money swing trading, and yes, you can consistently outperform the market. However, this is only possible with a sound trading plan and the self-control to see it through regardless of market fluctuations.
Can Nigerians be successful in Swing Trading?
Yes, they can. However, only a minority of swing traders end up profitable, but this is not an issue with swing trading in such. Lack of knowledge, not having the right trading attitude, and the need-to-make-money syndrome are all factors in the low success rate.
How much money do I need to do swing trading?
Swing trading stocks successfully often requires a minimum of 2,000,000 – 4,000,000 Naira ($5,000 – $10,000). If you just deposit the minimal minimum, a few bad transactions might wipe out your account balance and make trading unfeasible.
How much can a swing trader in Nigeria make?
Day traders may make as much as NGN 400,000 (about US $1,000) every day, while swing traders can make anywhere from US $5,000 to $60,000 per month (2,000,000 to 24,000,000 NGN). Every trader has their own comfort zone.
That does not mean you should not maintain compounding your returns, but as your wealth rises, you may find less of a need to.
Why do most swing traders in Nigeria fail?
Traders who do not have enough money to invest often lose. There will be moments when trading is simpler, and you may see immediate profits.
However, there is often an initial learning curve that results in a loss of cash. After you have mastered the ropes, you will still need enough money to make sure each deal does not clear your account.
Top 4 Brokers
