I need to see real growth in metrics like customer acquisition and trading volume before making a deeper commitment. From what I can tell, the news about EDXM will only be positive for Coinbase if it helps to expand the pie for the crypto industry as a whole. That's right -- they think these 10 stocks are even better buys. Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. EDXM needed to prove its utility to stay relevant within the crypto space though. For now, I'm taking a wait-and-see backed crypto exchange with Coinbase. Meanwhile, the EDX exchange would work to accommodate both private and institutional investors.
Forex trading in Nigeria: Your link to fabulous wealth? By - 18th Sep Many Nigerians today dream of hitting a fabulous fortune from working on the Internet. While there is absolutely no harm in dreaming big, for some, it is sheer greed. Greed that makes them ready to believe just about anything they read or hear about making money online. A case in point is forex trading in Nigeria. On my recent trip to Ibadan, I saw several advertising drives, aimed at recruiting forex traders.
Huge posters and banners have defaced just about any available public space in some parts of the ancient city. Wikipedia describes the term Foreign exchange market forex trading thus: The foreign exchange currency or forex or FX market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions.
Retail traders individuals are a small fraction of this market and may only participate indirectly through brokers or banks. Thus, many Nigerians are attracted because they are informed that they could earn very high returns on their investment capital. You can try out a demo account for as long as you wish before trading with real money just to know how the system works Forex prices tend to change depending on how the market views it but ultimately depends on the forces of buyers and sellers You need to be be disciplined in order to be successful at it.
If you are the kind of person that likes breaking rules, then forex trading may not work well with you You should risk only a small percentage of your capital per trade e. You should always set an exit price when making an entry. You can open a position by buying or selling and this means to go Long or short respectively You can fund your account with Liberty reserve or bank wire from a domicilliary account You need an internet connection You need to have an economic calendar to monitor forex news.
You can only make withdrawals of your capital and any profit through the same method you made deposit You can make money in forex trading by teaching people, live trading or making referrals Knowing a thing or two about forex indicators can be helpful Pips mean percentage in points and it the change in price of a currency over a period of time.
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You should invest in Forex trading only the money you are ready to lose. Following strategies of other traders blindly — this involves listening to advice you find on the Internet without analyzing it, using robots and expert advisors without knowing how they work, and using strategies that you find online, in a book, etc. You need to understand what you are doing, otherwise, it is extremely likely that you will lose your money.
Poor risk management — you need to understand what the risk of every trade you make is and whether the potential profit warrants that risk. You need to risk only a certain preferably small percentage of your overall capital on every trade and learn what is a stop-loss and how to use it to limit the risk. Overtrading — learn not only when to trade but also when not to trade.
One important lesson every Forex trader needs to learn is that you should not trade just to trade. Trade only when you are fairly certain that market conditions are working in your favor. If you are in doubt, leave the market and wait for another opportunity. Also, set a profit objective and do not be too greedy. Not understanding the terms and rules of your broker — every broker has its own terms and rules that you need to learn before doing business with that broker. Learn what the fees and spreads are, what the minimum deposit is, whether the broker allows keeping overnight and over the weekend, if you can trade around important news, how and when you can withdraw your funds, what are the payment methods, etc.
How to start trading Forex in Nigeria To start trading Forex, you need to follow the steps listed below: Ensure that you have a stable and fast Internet connection — to trade Forex you need an online connection. While in theory you can trade Forex regardless of the quality of your Internet connection, in practice you may encounter situations when you need to act fast.
You do not want to pass a golden opportunity or to suffer losses because your Internet connection is slow or you lost connection. Learn about Forex — you need to learn basics at the very least before start trading. But to be a successful trader, you need to learn much more than basics. We have a lot of guides and other educational material for you to read. Find a good broker — you need to find a broker that has a good reputation and offers terms that are acceptable to you.
Read terms and conditions on the broker's site. If some important details seem unclear or absent, that can be a reason to be suspicious of the broker. Read reviews online. Check whether the broker is registered with regulatory authorities in the countries where the Forex market is regulated. Or just see the list of good brokers at the end of this article and choose the one that looks the most appealing to you. Open an account with the broker of your choosing — go to the broker's site and open an account, providing all the information required.
Download a trading platform — you need a software to trade on Forex. The most popular programs for trading are MetaTrader 4 and MetaTrader 5 but you need to check with your broker what platforms it offers. Choose your strategy — there is basically no chance of earning a profit if you do not have a solid trading strategy.
You can find a plenty of strategies online including our Strategies section or you can devise it yourself. Remember: you need to understand the strategy before employing it! Test your skill on a demo account — do not risk real money immediately. Try trading on a demo account first. A demo account is an account which allows you to trade the same way as you would trade on a live account but it uses virtual money. That means you can learn trading and test strategies without risking your real money.
Fund your live account — when you feel that you are ready for real trading, fund your live account with money. Usually, you do not need to have a large sum of money to start trading on Forex. But you need to check with your broker to know what its minimum deposit is. Remember to put only as much money as you are ready to lose! In fact, as an inexperienced trader, you have a high chance to not win at all. Do not despair! Try to analyze your mistakes and understand what went wrong.
Modify your strategy accordingly or choose a new one. Do not forget that it can be very useful to talk to other traders, asking them advice and share ideas. There are plenty of places on the internet where Forex traders can communicate, such as our forum. List of Forex brokers Here is the list of Forex brokers available in Nigeria with a short description for each: Exness — a broker with a history of more than 10 years and decent reviews by traders.
The broker is regulated in several countries, including the United Kingdom and South Africa. Exness offers a wide range of currencies to trade and provides plenty of payment methods. The broker uses the MetaTrader 4 and MetaTrader 5 trading platforms. FXOpen — has a long history, being founded back in and going online in The broker is rated excellent by many traders. The broker is regulated in several countries, including the United Kingdom and Australia.
FXOpen offers a decent number of currency pairs and payment options. But only MetaTrader 4 is available for all types of accounts. InstaForex — is present on the market for more than 10 years. Unfortunately, it is not rated well by most traders. The choice of currency pairs is very good, and the range of payment methods is exceptionally big.
Because of this, foreign brokerages make up the majority of the list of authorized forex brokers in Nigeria. This is opening up a lot of opportunities both for local traders and internationally acclaimed Forex brokers. The majority of these brokers are working towards becoming leaders in the still very much growing trading market of Nigeria. As the market continues to grow in the country, the demand for well-established, safe, and secure Forex brokers is only increasing. This broker is very well-known around the world due to the high safety standards that it has for Forex trading.
IC Markets is one of the most trustworthy Forex brokers around the world, but many others offer a high level of safety and security to Nigerian traders. Is forex trading legal in Nigeria? Forex trading is legal in Nigeria it is very popular. Although popular, the market is not well-regulated in the country, which is why the Nigerian Forex broker list is full of international FX brokers.
While the country has some rules on the foreign exchange market, there are little to no rules regarding online Forex trading. Not only legal, but it is also actually very popular among the residents of the country. The number of Forex trading brokers in Kenya is also increasing very fast. How do I trade forex in Nigeria? There are several steps that you will be required to take to start Forex trading in Nigeria.
Best Naira Trading Account Forex Broker in Nigeria. Overall, Exness offers competitive spreads and no commission on their Niara trading account. Exness has a local office in Lagos, Nigeria, . четверг, 24 мая г. Forex blogs in nigeria things. Here is the list of Forex brokers available in Nigeria with a short description for each: Exness — a broker with a history of more than 10 years and decent reviews by traders. It offers good terms .