Testimonies of forex traders in nigeria

Because this appears to be an ongoing trend, we’ve decided to post a few basic tips that new forex traders can use to set themselves up for success.

Forex trading markets as we know them today have been around for about 50 years, but are still attracting new investors. In fact, we’ve seen a rise in forex activity in nigeria just recently. Nairametrics’ analysis of forex’s growing popularity noted that some $1.25 million is traded in this market from nigeria on a daily basis. And this is attributed essentially to the fact that traders are continuing to see the FX trade as a suitable option for diversifying their investment portfolios.

How new forex traders can set themselves up for success

Because this appears to be an ongoing trend, we’ve decided to post a few basic tips that new forex traders can use to set themselves up for success.

Get familiar with major currency pairs

For forex traders in nigeria, it’s tempting to look at the currency markets from the standpoint of the naira. This is fine, and it’s certainly an option to trade naira-centric currency pairs. However, we’ve recently seen that limiting a strategy to native currency can be problematic as well. The naira sunk to a four-year low toward the end of 2020, and though the guardian’s 2021 projections suggest that it will recover, many nigerian traders lost money on the currency’s recent devaluation. This is an example of why it can be best to assess forex more broadly, looking at currency pairs around the world and finding opportunities, rather than prioritising local currency. Newcomers in forex should take the time to get familiar with the most heavily traded pairs and consider the trading potential in all of them.

Try demo trading

Another essential step for new traders is to try demo trading — which is basically just what it sounds like. Today, there are reputable forex trading platforms online that include demo programs. These are designed to mimic the movements of the actual markets and allow users to make trades with what is essentially fake money. When you’re new to the market this is a very helpful way to get used to issuing transaction orders and trying different strategies without real risk.

Learn to read heat maps

New forex traders should also get used to using a variety of analytical tools to gauge the market — rather than simply looking at isolated currency pairs and viewing price movement. Chief among these tools are heat maps, which exist to help forex traders visualize currency markets in a more comprehensive and meaningful manner. The heat map tools by FXCM clearly demonstrate the effectiveness of this kind of visualisation, showing that more currency prices can be compared at once, and fluctuations in value can be made much clearer. Learning to read and understand tools like these is actually a fairly straightforward process, but it can meaningfully improve a new trader’s understanding of the market.

Choose the right broker

It is also essential to do adequate research and find a reliable, trustworthy broker before actually beginning to trade. Our take on ‘forex brokers in nigeria’ dug into this idea in a little bit more detail, noting that the number of brokers has soared of late, making it all the more essential to take the time to find one that will work well. With the right broker, a new trader can enjoy a smooth and secure experience, and focus on the actual trading rather than other concerns.

Success in forex will also require a lot of effort, learning, and practice. But these basic steps will go a long way toward preparing new traders for this particular trading market.

A full list of successful forex traders in nigeria

Nowadays everyone wants to become a successful forex trader in the shortest period of time, but literally, no one wants to work hard to get to a high level of expertise. Surprisingly, nigeria, located in the western part of africa is among the countries, which are famous for having some of the youngest FX traders. The majority of you may not believe that they’re making thousands of dollars in profits, without even leaving the homeland.

We have compiled a list of the top forex traders in nigeria, as w e are sure many of you are interested in learning more about their past, helping you find the right direction. Don’t get us wrong, imitating the exact methodologies of the richest forex traders in nigeria will not benefit you by any means. Sometimes capturing the right opportunities may be the key to success. If you wish to start off your career in forex, it is important to find a licensed and well-regarded broker for that, especially since some of them offer bonuses for beginners. You can register at one such brokerage by clicking the button below.

No one knows who will appear next on the list of successful FX traders in nigeria. It’s high time to mention some of the FX experts, that are indeed making a real fortune by just executing hundreds of trades a day. Grab a piece of paper to take some notes, find a comfortable place to enjoy the article, which will hopefully give you enough motivation to get things started.

Mr. Uche paragon

Let me introduce you to the young entrepreneur who has successfully managed to trade currency pairs and commodities in the early beginnings of his career, leading to becoming one of the best nigerian forex traders. Surprisingly, one of the leading trading platforms, that we’ve mentioned earlier was having a summer campaign, offering percentage-based bonuses onto any amount of deposit.

Paragon was surfing through hundreds of articles on the web to learn about the ways of making money and the above-described offer caught his attention in a matter of seconds. He registered the trading account and everything changed since that day. However, it took him several months to gain the necessary knowledge related to forex.

After familiarizing himself with some advanced methodologies, mr. Uche started trading currency pairs straight away with great success. Additionally, some of the best forex traders in nigeria decided to get in touch with the young trader to capitalize on upcoming talent. However, he refused to partner with local individuals and continued placing orders remotely.

According to one of the interviews, published by leading africa-based publication, uche made a real fortune after starting to trade crude oil, surely that move was a game-changer for the young entrepreneur. Having the capability of putting orders on the major energy source provider to the hundreds of countries worldwide, this ability accelerated the growth of his career. Today, uche paragon net worth accounts for about $16 million, all due to his diligence and hard work.

As a matter of fact, mr. Uche paragon spends the majority of his time trading on the forex market. However, he did mention that songwriting, as well as singing, were among his hobbies. Basically, it’s the perfect example of how even one opportunity can change an entire career of yours. The only thing that you have to do is to continue pursuing your dream of becoming the best by doing the actual hard work.

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Sandile shezi

Sandile shezi, is a south african trader of nigerian origin. Growing in poverty with his grandmother, having no education and competing against the rough life didn’t stop sandile shezi from becoming one of the best traders in africa, earning millions of dollars at the age of 23. Joining the trading platform was the first right decision, leading to him founding multiple rapidly growing companies, based in africa.

Nevertheless, beginning the journey of becoming the youngest nigerian FX trader was not the easiest thing to do. He had to borrow a one-year tuition fee, intended for studying at the university, to enter the market. Buying and later on selling the stocks, alongside with currencies, made sandile some decent profits, but not taking the business decision seriously negatively affected the career growth of the young trader.

We should mention the fact that he had no background in economics, and investing in learning all kinds of forex terminologies, trading methods and risk management systems were not accessible for him. That was the reason why shezi decided to gather all the resources available for free on the internet to accumulate all the necessary knowledge. After spending multiple months in studying the ins and outs of the FX market, he placed the first order, making a significant amount of profits.

Having a chance of working with the most successful nigerian forex traders didn’t fascinate him by any means. Probably, he could make millions of dollars while choosing the right broker, but sandile shezi decided to establish a consulting company called global forex institute to help thousands of entrepreneurs by giving them the knowledge along with some guidance to succeed in the FX market.

As a matter of fact, this nigerian forex trader’s success gave hope to the higher percentage of the population to create some sort of a stable income. Unfortunately, no one imagined being involved in international markets, especially the people from africa. However, the so-called beginner’s classes, crafted by the young multi-millionaire gave everyone the opportunity to find happiness in terms of making enough money to support a family and daily needs.

The words of wisdom, that need to be shared among the inexperienced traders: “there’s no need of pursuing the money. Everyone especially the forex traders should enjoy the process itself. That’s the only way of having a successful career” – sandile shezi.

Ajidahun afioluwa

The story of ajidahun afioluwa surely is the most unique one. Everything started when he was invited to the local conference, uniting the business-oriented individuals of the country. At first, he didn’t want to go to the event. However, the wish of investing a huge amount of capital made him join hundreds of entrepreneurs.

After a networking event, he started partnering with various top nigerian forex traders. However, placing the first order onto the marketplace was not successful at all. On the contrary, he lost thousands of dollars with no returns.

The so-called young entrepreneur, specializing in the trading niche, did not give up and continued the journey of finding the right trading strategy. Spending hours to experiment with various methodologies, which helped him find the one suited him, that earned afioluwa six figures in profits per month for the period of a year.

One of the reasons why we’re fascinated with afioluwa’s story is that despite facing the challenges every time while being on the journey, it didn’t stop him. On the contrary, it encouraged the trader to find the right ways of solving the problem. As far as we know, afioluwa is not actively trading on the forex market anymore, as he is investing capital into various long-term oriented stocks, helping him retire at the age of 28.

Mrs. Ezeako

Have you ever heard of lite forex? Actually, it is one of the nigerian FX brokers on the existing market, offering minimal spreads to millions of customers. It was the first company mrs. Ezeako started to work with, in the early years of trading.

We should mention the fact that she had a full-time job while learning the FX market. It took her quite a long time to get to the advanced level but after gaining the necessary knowledge along with experience, ezeako targeted the major currency pairs for capitalizing on prospective profits.

Fortunately, she had enough luck to get the investments back, plus the profits to fund the on-going journey of becoming the first successful woman in the financial niche. From time to time, ezeako attended various forex-related conferences and events, leading to her understanding the major trends in the FX market.

The success story continued, she registered on tens of trading platforms to claim the bonuses, minimizing the chances of facing financial loss. Surprisingly, it did work out in terms of using the investment the right way. Without a doubt, there’s a lack of women entrepreneurs worldwide, especially in the forex, but mrs. Ezeako’s dedication ensured her to become one of the best forex traders in nigeria.

Learning the history of one of them should empower others to do follow their dreams of becoming financially independent and creating the desired type of lifestyle to live in.

Key takeaways

The probability of finding success in the forex niche is quite high, considering the opportunities in the 21st century. After reading the success stories of three nigerian forex traders, most of you should understand the fact that everything is about having a goal of becoming the best in the desired field of expertise. Even the traders, located in the rural parts of africa have managed to learn the basics of forex, familiarize themselves with some of the advanced trading methods and find the right brokers.

It should empower millions of beginner traders like you to take action as fast as possible, without thinking about the possible failure. It’s an on-going journey of becoming profitable while dealing with hundreds of failures. Remember one and only thing, quitting the market, even during the times of being financially dependent, will not help you solve the issue. On the contrary, find the right solution and continue hustling until it finally pays off.

The most successful forex traders in nigeria

Nigeria is relatively well-known for having a lucrative forex trading market – one with many traders reaping great benefits. Subsequently, it is no surprise that multiple nigerians have been able to strike it rich within the field. Here’s a list of most successful nigerian forex traders and how they achieved success.

Top 3 successful nigerian forex traders

Uche paragon

Uche paragon began his forex trading career with a mere internet search in 2007. He was going about his day when he decided to look into different ways to make money online – a pastime that may be familiar to many of us. Though most of us do this task meaninglessly, often not gaining much from it, this one search opened up a whole new world for paragon. As he sifted through page after page, article after article, there was one piece that caught his eye. A description of a way to make a percentage-based profit off forex trading piqued his interest.

Intrigued by this unusual description, paragon decided to follow up and do further research. What he had stumbled across was the world of binary forex trading – what would later become his first step into the world of finance and success. With this approach, rather than taking part in the traditional forms of trading, paragon used what has come to be known as binary options. Whereas traditional forex trading is nuanced and multifaceted, the binary approach is much simpler. As implied by the name, this system of betting is only based on a binary bet. Inherently, the user bets whether the currency will increase in value or decrease (in relation to another currency).

Subsequently, if they are correct, the individual receives a set percentage of gain. Whereas with traditional trading, the magnitude of change in currency exchange rates is paramount to the profits that traders make, in this approach, it is inherently irrelevant. Paragon is a uniquely well-known nigerian forex trader because of this method that he uses. Paragon spent years perfecting his craft, continuing to gain with this binary trading.

In addition to the use of binary trading, paragon has found success in numerous other ways. Following his success in forex trading, paragon chose to pursue trading commodities. In doing so, he struck it rich with his investment in crude oil. The use of an energy source helped him gain even more capital and pushed him forward financially. It was the main propeller that helped him gain massive success. Essentially, forex was more of a stepping stone on his way to

Overall, he has interacted with various different pursuits in the financials fields that have resulted in lucrative financial payout, making him one of the most successful forex traders in nigeria.

But beyond his financial successes, paragon is also pursuing and perfecting his craft as a musician and songwriter.

Furthermore, paragon has worked tirelessly to give back to his country and community. As a result of his desire to give back, paragon founded a trading school in lagos and port harcourt. This school gives back to his community and provides opportunities and assistance to those who are willing to learn. Inherently, he is sharing the wisdom he has acquired through his forex trading in hopes of helping others gain the financial success that he has been able to achieve. Today, uche paragon net worth is estimated to be around $16 million, marking him as one of the richest forex traders in nigeria.

Ajidahun afioluwa

Similar to most other successful and determined forex traders, ajidahun afioluwa did not get rich quickly or easily. In fact, he faced loss after loss – far beyond the point where most others would have quit. One would think that since his first encounters with forex trading were so negative and discouraging, that afioluwa would have never chosen to keep going. But there was something in him that kept him motivated and moving forward. He was dedicated to learn and grow. And he wanted to succeed.

So afioluwa studied various strategies and came up with one that has proven quite successful for him. His approach was intended to minimize losses. He always bets when the odds were in his favor. And miraculously, it worked. Through his strategizing and investing, he was able to thrive.

Not only was afioluwa able to make a profit for himself, but his family and friends also entrusted him with their money. Subsequently, he was able to make it profitable for them as well. Ultimately, he was able to make hundreds of thousands of dollars. His massive success made it possible for him to be able to retire at the young age of 28, and join the list of top forex traders in nigeria and subsequently in the world.

Like many others who have been in his place, afioluwa wanted to give back. He continues to share his findings and acquired skills with his community by leading seminars and training others.

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Blessing ezeako

Though at times, it may seem as though the forex trading market is exclusive to men, that is clearly not the case. Though the market does seem to be governed predominately by men, there are plenty of women who are also working their way up the ladder. Blessing ezeako clearly demonstrates this fact. While gaining significant success in the field, she has paved the path for women in the field of forex trading.

Ezeako started by studying different trends and strategies that are associated with forex trading. She put inconsistent hours, treating the whole process like one big learning experience. All the while, she was working full-time. Investing her time, energy, and money into this new pursuit while also working full-time to provide for herself as well as her family was not by any means a simple task. It took true dedication. But, as she discovered, spending so much time only learning and not doing was not sufficient. So eventually, she just decided to dive right in and give it a try. She began her quest to learn and grow within the field of forex trading in nigeria.

Like most, she was not successful immediately. She faced serious losses. But, again, she treated the whole process as a learning experience. While she lost some money, she gained much more: she got a better grasp of the trade. In addition to her own practical development, she continued to find other forms of information in relation to forex. She frequented various informational sessions concerning forex trading – including seminars and training sessions. And eventually, all her hard work paid off. As a result of her persistent and significant efforts, she gained quite a bit of success.

Advice

Overall, each trader has their own beliefs and perspectives on the subject matter, but there are certain overarching ideas that span across nigerian forex trading success stories, as well as around the world. The general trends show that a majority of forex traders are proponents of using technical analysis for the best results. Though there are also supporters of fundamental as well as sentiment analysis. And furthermore, there are cases of other approaches — as can be demonstrated with uche paragon and his use of the binary approach to gathering multitudes of success.

That merely sums up the beliefs on strategies. To truly understand the strategies that go into forex trading, it requires a further inquiry into each individual belief.

That being said, there are some pieces of advice that are almost unanimously agreed upon by the successful forex traders or all magnitudes. Nearly every individual who partakes in forex trading do so with the understanding that even with the right knowledge, there is a chance that you can lose it all. The forex trading market, though it can be lucrative at times, also has a significant aspect of risk. One cannot be completely invested in it, especially when starting out – without the proper knowledge and understanding to know what works and what does not.

The most common piece of advice from nigerian forex millionaires is to minimize losses is to proceed with heed and using low leverage. With low leverage, there is a lower risk of detrimental losses and ultimately bankruptcy. Overall, success within this field is a very nuanced thing. It is not merely monetary, it is also perseverance. It is a long-term process, not a one-off financial boost. Additionally, forex trading in nigeria and anywhere else in the world can be incredibly volatile, so it is important to enter the field with a clear head, an understanding of the risks, and a bit of research done ahead of time.

Also, as can be demonstrated by a majority of successful forex traders that become well-known, giving back can be key to personal fulfillment. Those who are the most praised for their successes are also those who put effort into giving back to their communities and their countries, trying to help share the knowledge and success they have gained. As we all know, life is not a zero-sum game. Instead, it is a process that is made valuable by the people we share it with. So if you do ever get the opportunity to call yourself a success case, do not forget your roots and your fellow humans who could gain from your valuable knowledge and extensive experience.

Young nigerian entrepreneur who made his fortune trading online forex and crude oil

There is no doubt that online forex, stock and commodities trading which has a daily trading volume of over 5 trillion dollars and the highest most liquid tradable market in the world has become the major source of stable income for many globally. Nigeria is not left out as over two million nigerians are trading in international forex market in the comfort of their homes and offices, making good profits. This young nigerian, mr uche paragon, is one of the successful traders, who has made fortune trading forex and crude oil online. In this interview with the vanguard, he explained to us how he made his journey towards learning this craft of trading and how successful he has become trading forex and commodities online.

Uche paragon

I started trading forex in 2007, later extended my trading skill to other online stocks, but currently I specialize in trading crude oil and currencies ( forex).

I chose to trade crude oil because it is the most active market with many investors all over the world, there is usually no shortage of news to cause the price of oil to move from day to day. This presents many good trading opportunities, whether you focus on day trading futures or you are a longer-term trader or investor.

The price of crude oil affects the price of many other assets including stocks , bonds, currencies and even other commodities. This is because crude oil remains a major source of energy for the world.

In addition to this, I own a forex trading school in lagos and port harcourt and a trading firm called CCI traders, also director of instaforexnaira. In our trading school, we teach people all they need to know about trading online and how to manage their risk in trading in order to maximize profit.

How does online trading works?

Unlike the stock and futures market that are housed in central physical exchanges, the foreign exchange market is a decentralized market, completely housed electronically. Banks from hong kong to zurich and from london to new york. Though most investors are familiar with the stock market, they are unaware how small in volume it is in relation to the international forex market.

Again, access to online trading is done through an online broker, the broker will provide you a trading platform, a trading account and other materials you may need to trade, but you must have a device with internet connection. And apart from this, the most important factor is learning the skills of trading which many don’t have. That is why I opened a forex trading school, we also run the classes online for some public individuals, such as celebrities, we use our advance technology ( webinar) to train them.

How about your trading firm, CCI traders ?

How does profit come in trading?

If I may ask, who and who should go into online trading?

Apart from forex and crude oil trading, what else do you do?

Testimonies of forex traders in nigeria

Before I go into the detail of the forex investment in nigeria, I usually ask 2 questions. To many people my questions are embarrassing. The questions are, do you really know what it means to invest? Or are you truly an investor?

There is every need for me to ask these questions because most nigerians don’t really understand what it means to invest.

That is why the majority of nigerians fall victim to money doublers or ponzi schemes like MMM and others. And of a truth, those that stake their monies on those unsustainable money schemes see it as an investment.

Therefore, before I introduce you to the best forex investment in nigeria, I will briefly tell you what you need to know about investment.

3 things you must know about investment

An investment should take a minimum of 1 year to yield reasonable returns. A reasonable yearly return could be from the range 3% to 7%

Never you invest in a business or anything that you don’t have at least 50% knowledge about it.

Always consider investing in things you can easily liquidate to get your money back.

With this, if you have no single idea on forex, then I recommend you click here to learn the basics before investing.

But if you are interested in investing in yourself, then you can reach me on 07033680227 for comprehensive one on one forex education.

Having said these things, it is time to consider the best forex investment in nigeria you must put your hard-earned money into.

Best forex investment in nigeria

No matter what anybody tells you, the safest forex investment in nigeria is to invest in a PAMM account or investment account as some brokers call it. In fact, I have to repeat myself here; the safest and purest form of forex investment in nigeria is investing in a PAMM or investment account.

I am a professional forex trader but I no longer trade. I just invest in some PAMM accounts, which give me some good returns monthly. So, the question is what is the PAMM account and how can you get registered to invest in it.

Also read: [ best forex trading strategy that made me a millionaire today ]

What is a PAMM account?

PAMM stands for percentage allocation management module or percentage allocation money management. This forex investment in nigeria is very reliable and safe because the interest of the investor and the trader is simultaneously protected by a broker.

In a simple term, let me explain how this works. The broker provides a platform where reputable traders in the world converge to trade.

Also, the broker makes provision where investors can choose among the best traders who will manage or trade their money.

One of the reasons this is the most reliable forex investment is that before a broker will list a trader on the platform, such trader must have a track record of good trading performance. Therefore, in the first place, you are dealing with good forex traders.

Also, the trading performance of all the traders over the years is displayed for the consumption of the investors.

Working principle of PAMM account

Each trader or account manager tells the investor the minimum amount of money to invest, or he accepts, and the profit-sharing formula. Another good part of this investment is that neither the trader nor the investor has access to the profit.

This means that the broker has an automated system that splits the profit according to the agreed sharing formula at the end of every month.

Another good thing about this forex investment in nigeria is that you can withdraw your capital at any given time.

The greatest part of this investment is that you can never lose all your money in this investment. Once you invest your money, the broker automatically locks 50% of your investment, and allow the trader to manage 50% of your money.

This means the highest you can lose if at all you will lose is 50% of your capital, which is very rear.

The best PAMM account in nigeria

From the explanation above, there are 3 parties to every PAMM account, which are:

A broker

Account manager or trader

Investor

The broker is the brain behind the forex investment opportunity. Therefore, your success in investing in this opportunity lies in the hand of the broker.

The broker gathers the team of best forex traders that can help you make money from your investment.

To this effect, there are two brokers that I have used their PAMM fund managers that never failed me. These brokers specialize in bringing excellent forex traders to help investors make money trading forex.

Hot forex nigeria

FXTM forex nigeria

Hot forex investment in nigeria

I so much love this platform because they have wonderful traders that can make up to 20 to 50% return on investment monthly.

These traders have been trading for more than 1 year, which means they are consistent with their results.

The broker platform allows you to set the limit you can bear a loss per trade. This means you can set the system to stop trading once you have lost up to 30% of your capital. In other words, you have total control of how your money will work for you.

As a rule of thumb, go for traders with very little or small drawdown. Drawdown is a term used to tell the percentage of loss a trader does before making a profit. In fact, avoid a trader with a drawdown of up to 50%.

I have 3 traders I have been using over time. They have really made cool money for me over time. They have a very small drawdown and have been around for a long time.

You can equally invest with these traders once you open or register a trading account with hot forex.

Click here to open a live trading account that will enable you to invest with these traders.

FXTM forex investment in nigeria

In this platform, you will meet prolific traders that have made over 14000% over time. As I earlier said, these two brokers have the best forex investment platform for nigerians.

The great quality of this broker is that immediately you invest with a strategy manger, the system automatically locks 50% of your investment.

Unlike the hot forex, you can’t say you forget to protect your fund here.

To choose a trader that will trade for you, you must sign up with the broker. So click here to enjoy making money from forex through the expert traders

Click here to sign up with FXTM investment account managers

Wrap up

Obviously, investing in PAMM or with a regulated account manager is the safest and transparent forex investment you can do.

By so doing, you are investing with traders that have a reputable track record. And from inception, some percentage of your investment is protected by the broker.

So, if you are really an investor who believes that money is made over a long time then this is your best option.

If you enjoyed this post on the best forex investment in nigeria, then share it with friends and family. Also, leave a comment below.

Forex trading in nigeria, how it works

What is forex trading in nigeria, and how does trading forex in nigeria work? Forex is a transaction type that involves the buying and selling of currencies. Here, will give you insight about trading forex in nigeria.

Nowadays, forex trading has formed a common way of earning wealth for nigerian investors.

Forex trading involves speculating rise and fall of currency fluctuations. Some see it as betting where you place wagers and anticipate a win, but it goes beyond just betting.

You have to study the market trends; otherwise, you stand a higher risk of losing your money. Forex trading has become increasingly popular in nigeria with an estimated daily trading volume of N300-450 million.

Perhaps, the increasing popularity in trading forex in nigeria stems from the fact that it offers the potential to make a substantial profit within hours or even minutes of investment.

However, with forex trading comes so many questions that would likely flood your mind, especially if you are a beginner in forex trading in nigeria. You would want to ask questions like:

How much income can one earn from trading forex in nigeria, whether as part-time or full time?

Is trading forex in the nigeria market really profitable for small investors, especially?

Are there risks involve with trading forex in nigeria? What are the likely risks?

This article is more like an introduction to forex trading in nigeria. Subsequently, we would be unveiling more relevant information to give you better insight into forex in nigeria.

How forex trading works

Forex trading in nigeria has gained more popularity as increasing number of investors buy and currencies with view of making profits

Forex trading in nigeria enables nigerian investors to buy and sell currencies to make a profit. Here, the traders will have to place the currency they are selling in the forex market.

The forex market is a platform which serves as an over-the-counter market for institutions, investors, banks and traders.

Forex, which is a foreign exchange market, is the largest trading market in the world with an average daily turnover of US$5 trillion. Forex trading is open 24 hours a day for 1/2 days a week. This means you can choose when to trade, depending on your schedule.

Let's paint a scenario of a real-life example of forex trading; let's say you are travelling out of the country and you have N380,000 with you. You know you will have to convert the naira to the currency of the country you are travelling to.

So, let's say the currency is a dollar and you have to exchange your naira to the dollar. That is actually one example of forex trading.

You are buying the dollar currency by exchanging your naira currency, and the rate of the exchange would be dependent on how much naira to dollar sells at that point, i.E. The real-time exchange rate (well, plus the profit margin of the exchanger).

So, although the online forex trading is a bit more complicated than this illustration, the illustration gives an overview of what online forex trading is about.

Forex trading in nigeria gaining more popularity

"why do investors in nigeria love trading forex?", you would ask. A recent report released by dailyfx as found on nairametrics stated that nigeria's forex traders trade currency positions worth as much as an average of $1.25 million daily.

Mr abdul-rasheed oshoma momoh, head, capital market in TRW stockbrokers ltd spoke with nairametrics regarding active investors' need to diversify.

He said forex trading in nigeria is a reliable option, adding that "forex trading allows you to earn a steady income from various kinds of currency trades or from investing in bonds, dividend stocks, and other income vehicles".

Forex trading offers high liquidity

The forex market has always been the most liquid.

Since a significant amount of money is being traded on this platform every day, you need not worry about your trade being processed especially if you are trading any major world currencies such as the euro, american dollar or british pound sterling.

Ayodeji edordu, a global market analyst at alphagold capital, said this about forex trading in nigeria:

"as a forex trader, you are in control of your finances. It is also an avenue to earn extra income. With a 'small' amount invested, a trader can earn some good income while trading.

"trading also exposes one to the financial markets and current events. It also teaches a trader to be disciplined. A lot of opportunities abound as the market is very liquid with a lot of volumes.

"with a click, you can buy and sell as you please since there will usually be someone on the other end willing to trade back".

The forex trading platform enables you to buy and sell anytime

The forex market is highly flexible and allows you to buy and sell anytime

Since the forex trading market window is open 24 hours for 51/2 days in a week, it offers much flexibility. This means that you can still afford the time to trade forex even if you work on a tight schedule.

Also, in forex trading, you trade currencies in pairs such that when you are short (bearish) on one currency, you are long (bullish) on the other.

Forex trading is of more advantage than equities markets as you can profit from both downward and upward trends anytime. If timed right, you can take advantage of any market condition.

Forex trading in nigeria has low transaction costs

Like stated earlier, forex trading is carried out over-the-counter with currency traders dealing directly with market makers and market participants such as banks.

This means there is no exchange fees or clearing costs involved such as that applied when you are trading bonds, stocks or etfs.

Forex market makers don't charge commissions on currency trades that you process through their currency trading platforms.

Forex trading in nigeria is not regulated

Even though the current forex market is one of the most active in nigeria today, forex trading in nigeria still has no regulators.

No one has a regulatory insight into the forex market, and unlike stock trading, it doesn't come with any charge. Also, pricing in the forex market is simply dependent on the supply and demand of currency traders.

Best forex brokers in nigeria for 2021

We compared & then selected the 8 best forex brokers in nigeria that are regulated with FCA (UK), cysec & FSCA.

Forex trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task.

In a rapidly developing country such as nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. So it is really important to only choose trusted & regulated nigerian forex brokers and avoid the bad ones.

In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept nigerian investors.

List of 8 best regulated forex brokers in nigeria for 2021

There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple top-tier regulations, broker reviews, the amount of fee charged (even the hidden charges), leverage offered, minimum deposit, funding & withdrawal methods and time taken etc.

Our below vetted list is created especially for nigerian traders; it will quickly allow you to compare the key features that you need to look for in any reputed forex broker.

Best forex brokers in nigeria

Here’s our updated list of the 8 best performing forex brokers in nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):

1. FXTM – best forex broker in nigeria (instant order execution, low deposit & easy withdrawals)

Overall rating 9/10

Fees: 1.9 pips average spread for EUR/USD with standard account. And 0.3 pips (plus $0.4 per mini lot) with ECN MT5 account.

Account minimum: ₦2000 or $10 (cent account)

Leverage: 1:1000

Promotion: no deposit bonus available currently

Ranks #1 forex broker in nigeria

Forextime or FXTM is the best forex broker in nigeria, and they are one of the few forex brokers that has local office & phone number in nigeria. They are safe for nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, cysec in cyprus, FSCA and FSC of mauritius. FXTM is our recommended forex broker for nigerian traders.

FXTM’s was founded in 2011 & they are a FCA regulated forex broker, which is a top tier regulation, so we consider them to be a safe broker. They offer various account types, all of them can be funded in USD or naira & have very low minimum deposit requirements starting from just ₦2000 with the cent account. This makes FXTM a very good choice for nigerian traders.

Apart from forex trading, FXTM also offer other instruments such as cfds on commodity futures and cfds on spot metals making them a very attractive choice for traders looking to diversify their portfolio. They have also recently upgraded its range of currencies & now offer 57 major & minor currency pairs.

Another important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area.

FXTM broker offers local customer support in english & has 19 deposit & withdrawal options which includes many methods for nigerian traders including bank deposit & card payment. Even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.

FXTM is a highly regulated forex broker, so trading with them is safe. They are regulated globally with 3 top tier regulators i.E. FCA(UK), FSCA & cysec.

You can start trading with ₦2000 deposit, making them a good option for new traders.

Low spreads for most major & minor currency pairs including EUR/USD with ECN MT5 account.

Fast withdrawals in nigeria.

Live chat support is available 24/5 & for few hours during weekends. Their support overall is quite good.

FXTM has bit higher spread with their standard accounts compared to other brokers. For ex. Their typical EUR/USD spread with standard account is around 1.9 pips on average, but its still competitive.

2. Hotforex – best regulated forex broker with low spread & 100% deposit bonus

Overall rating 9.0/10

Typical fees: 1.2 pips spread for EUR/USD with micro account & 0.3 pips with zero account. This would be variable depending in the market conditions.

Account minimum: $5 (₦2000)

Leverage: 1:1000

Promotion: get 100% bonus on new deposits with at-least ₦30,000 deposit required.

Ranks #2 forex broker in nigeria

Hotforex is our recommended low cost broker for nigeria. They have a local office & phone support in nigeria & are a highly regulated broker (FCA, FSCA & cysec). They are a 100% STP broker which ensures very fair dealing. Plus they offer very good order execution on all trades, have really low spreads for EUR/USD & other majors, and very good customer support as well. We highly recommend hotforex for beginner traders looking for a well regulated low cost broker in nigeria.

Hotforex was established in the year 2010. They are regulated with FCA (UK), cysec & even financial sector conduct authority (south africa), so we find them to be a trusted broker for nigerians.

They have very low minimum deposit, as low as $5. Also, they offer extremely competitive spread of 0.3 pips for EUR/USD with zero account (1.2 pips with premium, micro accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations).

Further, hotforex offers trading on various platforms that can be accessed from android, iphone and desktop. You can trade on the metatrader 4 or metatrader 5 platforms, both of which are the most widely used trading platforms in the world.

Hotforex also offers local bank withdraw and deposit methods for nigerian traders, and there are many wallet options as well. Plus, hotforex have ongoing deposit bonus promotion available for traders in nigeria.

Hotforex is a highly regulated broker, as they are regulated by 3 top-tier regulatory authorities FCA, FSCA & CYSEC. This ensures very fair dealing.

Low minimum deposit requirements of $5.

Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0.3 pips typical spread for EUR/USD with their zero account.

Very attractive 100% sign up bonus for new customers & good loyalty program for existing customers.

Hotforex offers local deposit options like bank transfers for nigerian customers. You would need to talk to their live chat for the local bank funding options.

Very good support available via live chat, phone & emails.

100% depoit bonus available for every deposit of $250 or higher.

Their commission per lot of $6 (roundturn) with zero account is higher than other brokers like IC markets, FXTM that offer similar low spread ECN type accounts.

3. Octafx – low spread broker, commission free local deposits, withdrawals & 50% deposit bonus

Overall rating 8.9/10

Fees: 1.1 pips typical spread for EUR/USD with MT4 micro accounts. And 0.7 pips (plus $0.3 per mini lot) with ECN ctrader account.

Account minimum: $50 (₦18,000)

Leverage: 1:500

Promotion: 50% deposit bonus on all deposits

Ranked #3 forex broker in nigeria

Octafx is a cysec regulated forex broker that also accepts nigerian clients. They offer good trading conditions including competitive spread, fixed as well as variable spread MT4 accounts, local nigerian bank deposit & withdrawal methods, and multiple trading platforms i.E. MT4, MT5 & ctrader for mobile, web, and desktop.

Octafx is a forex & CFD broker that was established in 2011. They have 3 account types i.E: MT4 micro account for new traders with spread starting from 0.4 pips, the MT5 account for expert traders with 0.2 pips spread & ctrader ECN account for professional traders with the lowest raw spread & direct market execution. All their accounts have good trading conditions with support for scalping & hedging.

Their trading instruments on offer are limited though, as octafx offers forex trading on 28 currency pairs, and CFD trading on metals, energies, indices & cryptocurrencies. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, and 3 main cryptos (bitcoin, ethereum and litecoin).

Their support is also very responsive in handing issues. Their live chat support is available for 5 week days, and email support is available 24/7. They also have whatsapp text support available. But they don’t have a nigerian phone number currently.

The funding & withdrawal options at octafx are very wide for nigerian traders. They offer instant funding via skrill, neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their gtbank account. Also they offer BTC funding & withdrawal.

Octafx is a cysec regulated forex broker, so it is considered safe for nigerian traders to trade with them.

Their spreads for major currency pairs is quite competitive. For ex. Their spread for EUR/USD starts from 0.4 pips even with their beginner MT4 micro account.

Local deposit & withdrawals options available in nigeria, and they don’t charge any fees with this method. Also instant wallet funding and withdrawals options are available.

Their support overall is good, as their live chat support is available 24/5, and their email support is available 24/7.

They have a 50% deposit bonus available for all deposits.

Octafx has lesser trading assets available as compared to other forex brokers. They have 28 currency pairs, cfds on 4 metals, 10 indices & 3 cryptos (bitcoin, litecoin, ethereum).

Forex brokers in nigeria

As the world continues to advance, new investment avenues are being formulated. One particular area that is becoming increasingly popular is forex trading. The number of trading platforms has tremendously soared in the last decade. Unfortunately, this has led to confusion due to the sheer number of forex brokers. Nevertheless, this also shows the popularity of this particular sector.

Nigeria is a country that has seen substantial growth in forex brokerage firms. Companies such as globex360 have made it easier for africans to invest in the foreign exchange market. Before commencing on forex trading, it’s always important to understand how it works, besides analyzing the best brokerage firm. Here is a guide that will aid you in choosing a trading platform.

Important consideration when choosing A forex brokerage platform

Scope of leverage

Most often than not, people who trade forex prefer to use some sort of leverage. You should always be aware of the scope of your leverage for you to appropriately control your trading account and position.

Custom tools

A good trading platform should always be favorable for traders. It should be compatible with various add-ons that can facilitate automated and tailored trading strategies that are easily specified by the trader.

Education

Forex trading is considered a risky investment vehicle; people who are new to forex trading have a high percentage of being wiped out, especially if they don’t have the proper knowledge and understanding. Likewise, adept investors also have to constantly learn and revise various aspects of forex trading. Thus, choosing a platform that offers training sessions is very crucial. A good number of platforms have virtual accounts where people can trade in real markets using pseudo currencies. Hence, in the unfortunate event a trader loses most of his or her money, the person wouldn’t go at a loss. This also allows investors to come up with investment strategies that they have tried and proven to be working.

Customer service

Joining a platform that has poor customer service can be very frustrating and costly. Ensure that the forex broker you’ve chosen has quick and reliable services. This would help you solve pressing problems more quickly, thereby guaranteeing efficiency.

Regulation and fund security

Always ensure that every firm you’re dealing with is a licensed and legitimate operator. This will eliminate any unnecessary friction with the authority that might flag you for illegal activities. Additionally, you should also pick forex brokers that have a diversified payment system.

The best forex brokers in nigeria

Forextime (FXTM)

This is one of the most popular trading platforms in nigeria; it has a local office and prompt customer service who are ready to help their clients should they encounter any problem. FXTM also operates in other countries including cyprus, UK, and belize; therefore, it’s a platform that is safe and trusted. Forextime has a low minimum deposit of about 2000 naira besides having a fast payout.

Hotforex

Hotforex is a forex trading platform that is currently regulated by several organizations including the FSCA, FCA, and CYSEX. The minimum deposit required is US$5; clients also get a 100% bonus when they sign up. Additionally, existing clients can also get tailored loyalty bonuses. Hotforex has exceptional customer services such as live chat features, phone, and email support.

Alpari

With over 2 million active customers, alpari is among the earliest and most secure forex trading platforms in nigeria. It has multiple withdraw and deposit options, with the minimum deposit being zero. The platform is regulated by the cyprus security exchange commission and has a local functional office in abuja.

Exness

Exness is a reputable brokerage platform that is currently regulated by cysec and FCA. Clients can use multiple payment options including online banking services, as well as bitcoin, ewallets, and credit or debit card transactions.

Final thoughts

Technological advancements have made it easy for people to make money, regardless of their location. Given the sheer number of people joining foreign exchange platforms, forex trading is certainly expected to grow in the coming years. There’s a lot of things that a person should consider before beginning forex trading. Ergo, ensure you’ve properly trained and equipped yourself. Applying the aforementioned points will certainly help you become a successful trader.

Nigerian entrepreneur

Forex trading in nigeria: who is making the money?

Online forex trading in nigeria

The rush to join the online millionaire club is as high as ever in nigeria. No thanks to the present economic hardship being faced by the populace. Nigerians are tired of waiting endlessly for the promised dividends of democracy. Too many are complaining that the only evidence of democracy they have so far is their empty pockets. Therefore, any magic formula to solve the problem overnight is highly welcomed. So, online forex trading in nigeria to the rescue!

David ajao did an unbiased post about online forex trading about a year ago. The post forex trading in nigeria: your link to fabulous wealth? Addressed some issues which any wise nigerian investor will need to thoroughly consider before committing fund into forex trading. Unfortunately, not so many have learned anything from that post. A look at the recent comments on the post reveals that too many are still IGNORANT of the issues surrounding FOREX trading.

If I did not learn anything from my little romance with online forex trading, at least I learned the following:

Success in forex trading is possible when you take time to learn the business (it does not come overnight, it is HARDWORK!). Forget about the magic automated forex trading softwares, they will only make a fool of you. Hey, buddy, put on your thinking cap, if those software are real, why will anyone tell you about them?

Just as it is possible to make fabulous wealth from forex trading after getting the required skill (which does not come cheap) so you can also loose so much and become bankrupt in a matter of seconds (so, many half-baked forex traders have paid dearly for their ignorance). Have you bothered to ask, why all the hype about the fantastic amount you can make daily, and nobody is talking about the loss you can incur in seconds? You want real testimonies from people who have lost good money, I have some. Ok, enough of the ramblings, lets answer the question.

Who is making the money trading forex in nigeria?

First, the educated forex traders who have acquired the necessary knowledge on how the online forex market works. Note, they are not many, and they do not boast about their success. One of such trader testified that he spent 3years learning the rudiments and playing with demo accounts before using real cash. Do you have such patience? Are you prepared to pay the sacrifice of learning the trade? You must learn the trade before the tricks , else you will only get tricked by scammers.

The second set of earners are the scammers who are making a lot of money by tricking ignorant nigerians. There are thousands of self-certified online forex trading professors in nigeria. They offer short courses on how to become a millionaire by trading forex. Their charges ranges between $40 to a whooping $1,200. As far as they can see, the only prerequisite to making money via forex trading is the ability to move a computer mouse! What a promise! Yet the newspapers and how-to-make-money magazines are filled with their advertisements.

I promised you a real testimony, here it is. About a year ago, two close friends of mine paid one hundred and fifty thousand naira each (about $1,282) each for a one week training on online forex trading. My friends and I were sincere and genuine in our quest for knoweldge, and the promised education looked real enough. I was meant to participate in the training, but I failed to raise the course fee before the deadline. After the training, my friends recounted how it was a huge success and they wished I was there. Well, poor me, I tried to “parasite” from the knoweldge they acquired by reading the materials given to them and practicing online with the demo softwares provided.

Unfortunately, it turned out that the so called teachers were economical with the truth. We were not informed that it is not possible to start trading and earning good return after a one week crash course in forex trading! It did not take a long time for us to discover first hand that the training was actually a scam because it was just an introduction to a business that requires detailed and consistent learning, non-stop! If they had told us the truth, we will not be willing to buy the course even at a discount of 90%! All the material and software they gave are actually available for free online. We were just scammed (never mind that I didn’t take the course, if the cash was available, I would have paid, so I was gullible just like my friends, no need pretending that I was smarter).

It pains my heart that one year after that close call I had, I still see a lot of nigerians falling prey for this cheap scam. To start with, the infastructural facilities on ground makes it very difficult for an average nigerian to participate in live online fx trading. Too many are using dial-up internet connections that are epileptic. The few that are using VSAT still suffer poor connection whenever the weather becomes cloudy especially in rainy seasons.

That factor alone is enough to make an average nigerian think twice before committing so much money in forex trading. I decided to discountinue the venture because of the high risk due to the epileptic internet connection. I can easily recount how on several occassions I had loose some minutes work online due to electricity failure or epileptic internet connection.

This post is not meant to discourage you from going into forex trading. Neither am I classifying online forex trading as a no go area for nigerians. Rather it is just a personal testimony of my sincere observations. Belief it or not, only two sets of people are making money from forex trading in nigeria. The few educated and skilled forex traders make money from forex trading while the fake forex trainers make money from greedy and ignorant wannabe forex millionaires! Unfortunately, the scammers are more in number.

If you have a different opinion, place your facts and figures in the comment section for everyone to verfiy. I welcome constructive criticisms. Please, note that unverifiable claims that is meant to further lead people astray will be pointed out as such or better still deleted, SCAMMERS BEWARE! For free future updates to this post forex trading in nigeria: who is making the money, subscribe to my RSS.

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So, let's see, what we have: how new forex traders can set themselves up for success forex trading markets as we know them today have been around for about 50 years, but are still attracting new investors. In fact, we’ve at testimonies of forex traders in nigeria