/01/28 · So, let's consider all the particularities of Forex trading in Nigeria. Forex trading involves speculating on the price hikes and drops of the currency fluctuation. The trading volume in this region reaches from ₦ to ₦ million a day. You can be interested in trading on the Forex market because it attracts a trader with a huge number /02/07 · This is another break in market structure on a London session zone. BEST CURRENCY PAIRS TO TRADE AT NIGHT IN NIGERIA. The best currency pair to trade at night in Nigeria will be based on the trading session and your kind of trading strategy. (Candlestick pattern or chart pattern) that being said, let us look at the currency pairs that trade at night in /10/23 · The African country, Nigeria, has a very pulsating economy, and the main contributors to this success are gigantic oil reserves and a wealth of natural blogger.com the past years, this country has improved access to global capital markets, and there is a serious demand for forex. The presence of forex has led several international brokers to create a
Best Time To Trade Forex In Nigeria - Ultimate Resource
Forex Trading is not regulated in Nigeria. We explain everything in this guide. Forex trading is not regulated by any regulatory authority within the jurisdiction of Nigeria. Nigerian clients are registered under offshore regulations. However, you can trade forex via forex brokers that are licensed with multiple top-tier regulators. Forex trading, how to trade forex in nigeria, also known as currency trading, refers to the trading of global currencies. While forex trading, traders buy one currency and sell another.
Forex trading is done for a variety of reasons such as hedging against currency risk, maintaining forex reserves, and speculating on the price movements for profit. Forex trading how to trade forex in nigeria been gaining in popularity in Nigeria over the last decade. Retail investors are turning towards forex trading in greater numbers due to high liquidity and high leverage in the forex trading market.
Currently, how to trade forex in nigeria, forex trading is not regulated in Nigeria. This does not mean that it is illegal. Nigerian traders can trade forex through international forex brokers. The forex market is the largest financial market in the world. This also makes the forex trading market the most liquid market in the world. The size of the global forex market has only been increasing every year.
Similar to other financial markets, the exchange rate between different currencies depends on demand and supply, amongst other factors. The price of a currency moves upwards if there are more people buying the currency than those selling the currency.
However, retail traders are responsible for a very small proportion of daily trading volume. The forex market is an example of a decentralized market. This means that there is no central control over the market. The decentralized nature of the market makes it possible for traders and investors to deal directly with each other rather than rely on a central exchange.
The global forex trading market is open at all hours during weekdays. It is closed during the weekends. A forex trader can choose his or her own hours of trading. The spreads generally get wider during the inactive hours but trading can still be done at any time of the day. People from different time zones interact and make the market active for 24 hours a day. However, the forex market can be divided into four main time zones.
These different time zones correspond with the Australian market, the United States market, the European market, and the Japanese market. There are several participants that contribute to the forex market in different ways. Some of the most major players in the market include the banks both central and commercialworldwide governments, large multinational companies, retail investors and traders, investment management firms, brokers and dealers, money-transfer and money-exchange companies, and so on.
For exampleas a retail trader, you can use a bank to convert your currency from NGN to USD. There can be different purposes for making the exchange including travel and business needs. Forex is traded in pairs.
This currency pair allows you to buy or sell NGN in exchange for USD. There are numerous currency pairs operating in the global forex market. However, forex traders should know that the USD is the most traded currency in the world.
Most of the popular currency pairs in the world involve the USD. Currency pairs can be traded through a variety of financial instruments, how to trade forex in nigeria. A financial instrument denotes the type of contract through which you are making the trade. Different financial instruments include spot forex contracts, forward contracts, contracts for difference, and so on.
Spot forex contract — A spot forex contract is the most widely used instrument for forex trading, how to trade forex in nigeria. This is the traditional way in which forex trading is and was done. A spot forex contract allows currencies to be exchanged immediately and the delivery and settlement of the contract are done instantly.
Futures forex contract — This is a more complicated forex contract. A futures forex contract allows you to deliver and settle your trade at a later date. The prices are agreed upon beforehand. A futures forex contract allows you to take advantage of future price movements in the present.
How to trade forex in nigeria swap s — A currency swap allows traders to exchange their loan denominated in one currency for a loan denominated in another currency. A swap allows you to repay the principal amount and interest amount in a different currency. Currency Forward — A forward contract allows you to exchange one currency for another at a future date, however, the exchange rate is determined at the present.
This allows for future exchanges while negating the effect of price movements in the forex market. This type of contract is most often used for international trades. Options forex contracts — An option contract provides the buyer with the right, but not the obligation, to exchange currency at a later date at a predetermined exchange right. The buyer does not have to exchange the currency on the future date, but they can.
For this right, the seller is paid a premium at the time of making the contract. Non-deliverable forward NDF — A non-deliverable forward allows a buyer and a seller to settle a currency exchange without actually exchanging any currency, how to trade forex in nigeria.
A Non-deliverable forward is the same as a forward contract, with the exception that the actual currency is never exchanged. How to trade forex in nigeria — A CFD, also known as a contract-for-difference, allows forex traders to trade currency.
Under this type of contract, only the price difference between the opening of the contract and the closing of the contract needs to be paid.
Online forex trading allows retail traders also known as individual traders to trade currencies and profit from price movements in the currency market. Online forex trading is gaining in popularity around the world since it provides traders with access to a highly liquid and volatile market. Forex traders can trade online by taking advantage of the high leverage provided by global online forex brokers. Online forex trading can be done through a variety of financial instruments as detailed above but the most commonly used instrument is CFD.
CFDs allow traders to only pay the difference in price and the actual currency does not need to be exchanged. The barrier to entry in online forex trading is very low.
You only need to make a small minimum deposit into an online brokerage account in order to get started. You can trade using margins, which means that your deposited amount only needs to cover the difference between the trades. Further, online brokers offer high leverage which means that profits and loss can be very high. Online trading is done through trading platforms like MetaTrader 4. These trading platforms offer an easy way to keep track of price movements of different currencies and to execute trades.
Online forex brokers offer a trading platform for free to how to trade forex in nigeria users. There are several online forex brokers in the world these days. Over the last decade, the popularity of online forex trading has grown exponentially due to the services provided by these brokers. For examplea Nigerian trader just needs to open an account with a reputable forex broker such as HotForex or FXTM.
To open an account, they need to complete certain KYC formalities and provide a deposit amount. Once the account is registered, the trader can download the trading platform and start trading.
Currency pair: A currency pair denotes the two currencies you will be trading. One currency will be bought or sold and the other currency will be exchanged in return. All forex trading is done via a currency pair. In this currency pair, the NGN is known as the how to trade forex in nigeria currency and the USD is known as the quote currency. There are three types of currency pairs — major, minor, and exotic.
Major pairs are the most traded pairs in the world. Exotic pairs are the least traded pairs. You should always try to trade major currency pairs since these are more predictable, have tighter spreads, and have the highest trading volume. Pips: A pip is the smallest movement that the price of a currency can make. Pip is generally the fourth decimal movement of price in currency pairs. The spread that you will be charged for trading a currency pair is denoted in pips.
Leverage: Leverage is the ratio between the amount of money that you need to invest and the amount of exposure that you can gain in a trade. For example, the leverage offered by a forex broker can be The higher the leverage, the larger the trade that you can make with a given amount of money.
Leverage increases the potential profit you can make through your trades since you only need a fraction of the money to be able to enter a sizeable trade. However, this also increases the amount of risk that you face with your trades. Bid Price: The bid price is the highest price that a purchaser is willing to pay for a security, how to trade forex in nigeria. In forex, the bid price refers to how to trade forex in nigeria amount of base currency needed to purchase the quote currency, how to trade forex in nigeria.
Ask Price: The ask price is the lowest amount that a seller is willing to pay to sell a security. In forex, the ask price refers to the amount of quote currency that you will need to sell in order to get one unit of base currency.
Spread: The spread is essentially a fee levied by a forex broker. It is denoted as the difference between the bid price and the ask price.
Meet Nigeria's Youngest Forex Millionaire Only at 23 (He's So Humble!)
, time: 18:25Beginners Guide On Forex Trading - GadgetStripe
/07/11 · The foreign exchange market is the epicenter of global commerce where traders can purchase and sell foreign currencies from all over. Forex trading – purchasing, selling, or exchanging one country’s currency on an open anytime basis anywhere in a hour accessible. The value of a currency pair is influenced by trade flows,- and economic /10/23 · The African country, Nigeria, has a very pulsating economy, and the main contributors to this success are gigantic oil reserves and a wealth of natural blogger.com the past years, this country has improved access to global capital markets, and there is a serious demand for forex. The presence of forex has led several international brokers to create a To do so, follow the link and fill in the registration form. Once you open/download the actual trading platform, you can sign in using the password from your email. Well done! Now you can make a deposit and place your first trade. If you are completely new to trading, you can as well open a demo account
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