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Getting licensed is something that needs to be done worldwide, unless you opt to take on additional funds from a prop firm , instead of investors. In the U. K, there are certain tax efficiencies with spread betting, rather than actually trading spot forex, but in Nigeria nothing like this has taken effect yet so be sure to be on top of your taxes.
With the rules more relaxed, it allows for higher leverages and frankly traders can make the most of opportunities. When countries governing bodies crack down on forex trading and reduce the leverages, it can be harder for traders to make the same amount of profits — without having to rely on prop firms to increase capital. I would definitely make the most of the trading conditions at present, before the Central Bank of Nigeria tighten up the regulations.
Although there are more and more forex brokers coming up in Nigeria, until the Central Bank comes up with tight regulations I would still advise using an overseas broker. There is a handy list from Compare Brokers here that breaks down all of the best forex brokers currently accepting forex traders from Nigeria. My personal choice would be IC Markets — I have used them consistently over the last 5 years and never had any issues withdrawing, or any trading issues at all.
For traders looking to increase their capital and get into the 6 figure trading bracket, prop firms are the fastest and best way to go. Luckily, a lot of the top prop firms are offering funding to forex traders based in Nigeria — giving them the same opportunities to trade large capital, despite the lack of regulation in Nigeria.
There is actually a prop firm based in Nigeria — which may be the best option for Nigerian forex traders. BluFx has an office in Nigeria and offers traders in Africa instant funded accounts with a monthly fee, no performance challenge and no hidden costs! I have a full, in-depth review of BluFx here breaking down my experience with the company, so it may be worth having a read.
Although BluFx is the only forex prop firm with a local presence in Nigeria, there are plenty more firms offering funding to traders based here. I would certainly recommend trying some of these prop firms to scale up your trading career, or check out our best prop firms list to compare offerings. In conclusion, you can legally trade forex in Nigeria as of You do not have to wait for an opening bell or struggle to run your order before a market daily close.
Some experts interviewed by Nairametrics broke down the reasons why forex trading is becoming popular in Nigeria. He said:. Although Forex has a reputation of being for short-term high-risk speculators, there are trading styles suitable for both short-term and long-term traders. Small trading accounts offer higher leverage because of small deposit requirements,. Note that this varies across various brokers. With proper risk management, the Forex market is very lucrative.
S dollar ignores red flags, surge against major currencies. Nairametrics research dug deep to find out why those who embark on forex trading do so and we came up with the following;. The most liquid financial market has always been the forex market. With trillions of dollars exchanged daily, you do not have to worry if your trade will be processed when trading any of the major currencies which include the American dollar, Euro or British pound sterling.
It is also an avenue to earn extra income. Trading also exposes one to the financial markets and current events. A lot of opportunities abound as the market is very liquid with a lot of volumes. In forex trading, you trade currencies in pairs; when you are bearish short on one currency, you are bullish long on the other.
If you are bullish long , you can go long by selling the naira and buying American dollars. This is different from equities markets where you are only allowed to short-sell during an uptick. This is a great advantage for forex, trading as you can profit from both bullish upward and bearish downward trends anytime.
Funmilola Olajide, a professional forex trader and tutor, spoke to Nairametrics in a phone chat interview and explained the flexibility that forex trading brings. According to her;. Some traders even thrive on high volatility periods. Whether you are following longer market trends or trading day to day movements, there is plenty of trading opportunity to be found. As such, there are no exchanged fees or clearing charges that you experience when trading stocks, ETFs, or bonds.
With forex trading, such charges do not exist. Typically, forex market makers will not charge commissions on currency trades you process through their currency trading platforms. Forex trading in Nigeria is still not regulated, even though the current market is one of the most active across Nigeria.
Trading the forex market, unlike stock trading, does not attract any charge. Nobody has regulatory oversight on it, and the current pricing is carried out based on the supply and demand of currency traders. Good morning Mr olumide. My name is mr Adedayo Adesina, I live in Ikorodu part of Lagos state, please I will appreciate it so much if you will accept to be my pilot on forex trading. Thank you for your time sir. Yours sincerely A. Hello Mr Olumide,I am Olisa Johnson so passionate about forex trading investments but it is quite unfortunate I lost money when I was doing it all alone without guardian,I will need your assistance to be a good trader.
Thanks so much for kindness and understanding. My name is okere ikedichukwu I invested My money on a company called mba forex i hope they are relliable pls reply me. Good evening sir. I am Busari Soliu by name, a native of Kwara state. I will be very glad if you could serve as my guidance on this forex trade sir.
Thanks for you concern sir. However , I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that there is hope for everyone that has lost money to scam.
While there are guidelines that govern the steadily growing stock and Forex markets in Nigeria, they are said to be less regulated than. A recent report released by Dailyfx in , stated that Nigeria's forex traders trade currency positions worth as much as $ million. An Actionable no-nonsense beginners GUIDE into the world of Forex Trading in Nigeria () + HOW to get started with our step by step forex tutorial.