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forex trading brokers in nigerian

Forex trading is legal in Nigeria, but earnings are taxable under the law. The Central Bank of Nigeria provides regulatory oversight. Since forex trading is. ▻Open an Account with Trusted & Regulated Forex Brokers in Nigeria: sbetting.365sportsbetting.online Tickmill. Overview. SPREAD BETTING LEGAL USA

Foreign exchange trading in Nigeria is overseen by the Central Bank of Nigerian CBN , which has a regulatory framework in place to protect Nigerian traders. In addition, CBN also imposes certain criteria and requirements that must be met to ensure investor protection. Several prominent online brokers have established their presence in the region, with some holding registered offices in Lagos while others offer a dedicated customer support team to Nigerian traders. With some of the biggest forex brokers, Nigerian traders have the option of registering a Nigerian Naira-denominated account, allowing traders to trade in their local currency.

We reveal the best brokers with real and registered offices in Nigeria. These are trusted and genuine brokers with a high trusts score. In addition, several online brokers accept NGN deposits, which save Nigerian traders costs on currency conversion fees when they deposit or withdraw funds. As for regulations, the Nigerian Forex market is very poorly regulated. While brokers have to get a license, there is no regulatory authority in Nigeria that is concerned with Forex trading, unlike some other countries , including the United States.

The Central Bank of Nigeria is the official institution that regulates financial markets, but it is mostly concerned with banks and other large institutions and pays little attention to online retail trading. The Securities and Exchange Commission is another regulatory body that is established to develop and regulate the capital market. But it warned back in that Nigeria does not have regulations for online retail Forex trading: The public is hereby advised that online retail forex trading is currently unregulated and consequently may be subject to abuse.

But there has been no word from it since then, and it is even unclear whether the group still exists. The lack of regulations can have some advantages for Nigerian Forex traders. For example, brokers are not limited to what they can offer to traders. Regulators in other countries can limit the leverage brokers are able to offer or ban trading of CFDs contracts for differences.

In Nigeria, brokers can freely offer CFD trading and provide leverage as high as Additionally, the lack of regulations can attract a large number of brokers to Nigeria, which can potentially result in a higher competition and better terms for traders. But there are inherent dangers associated with the lack of regulation as was said in the warning message from the SEC mentioned earlier. Unregulated markets attract scammers and fraudsters, making such markets dangerous and unappealing to traders.

That is why professional Forex traders advise choosing brokers that are regulated in some other countries that have official institutions concerned with regulating Forex markets. Many experts talk about the importance of having a regulated Forex market in Nigeria. There is a chance that things will change in the coming years, and Nigeria will establish a regulatory authority that will make the Forex market safer for traders.

But for now, the Forex market remains unregulated in Nigeria, and traders should be cautious when they are choosing a Forex broker to which they trust their money. Problems Forex traders may face While trading on the Forex market can be a very lucrative endeavor, it has its own dangers that prospective traders should be aware of.

Here are some of the potential issues a new trader can face: Scammers and dishonest brokers — one of the biggest problems a Forex trader, especially an inexperienced one, can face. Try to find an established and reputable broker, preferably one that has a registration in a country with a regulated Forex market. You can find a list of recommended brokers at the end of this guide. Lack of knowledge and experience — another significant problem many new Forex traders experience.

Learn as much as you can about Forex trading before you start participating in it yourself. Try trading on a demo account before risking real money on a live account. You will find more information on what a demo account is when we will discuss how to start trading on Forex.

Losing all available money — Forex trading is a very risky business that has a high chance of failure. 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!

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