News from Forex traders in Nigeria
With a population of 202 million people, Nigeria is an important regional player in Africa. Its youth population is one of the largest in the world. Over the past decade, forex trading in Nigeria has become more popular as the middle class has seen the benefits of investing in currencies and stocks. Nigeria is a hub of forex trading activity, with reputable brokers bolstering a growing group of foreign exchange traders. Here are a few facts to know about forex trading in Nigeria.
Online forex trading in Nigeria is legal. Only licensed forex brokers are permitted to conduct business in the country. Trading with other people’s funds is illegal. Several fraudulent companies masquerading as forex investment firms lure unsuspecting clients with unrealistic returns. Eventually, these companies disappear as the circle reaches its peak. However, both regular traders and local brokers believe that they are safe as long as they know what they are doing and do not go beyond their means.
Samuel Tochi, a Nigerian entrepreneur with a net worth of $200000, is among the most successful Forex traders in Nigeria. He is the founder of the ST FX Trading Academy, an online Forex trading education center with a physical location in Lagos. As a brand ambassador, Tochi works with a number of Forex brokers. He made his first million at the age of twenty and has helped create a series of young millionaires.
The foreign online forex brokers do not warn Nigerians of the risks involved in trading CFDs. CFDs, or Contract for Difference, are contracts between two parties that predict whether an underlying asset will increase or fall in price. The CFD broker takes the opposite side of the trade and pays the difference between the underlying asset’s opening and closing prices. In many cases, this type of risk can be disastrous for the inexperienced retail trader.
Pepperstone is another reputable forex broker in Nigeria. This company has a global online presence and is known for its low minimum deposit of $200 USD. It also provides social trading and CFDs with margin. Pepperstone is based in Australia, but is available worldwide and offers both CFDs and margin trading. To register for a trading account, all you need is an email address. This way, you can access the market from anywhere in the world.
Despite its high-risk nature, forex trading is still one of the safest and most lucrative financial markets in the world. There is no central exchange to protect investors against potential frauds, and it is crucial to understand the dynamics that cause currency prices to rise and fall. This means you’ll need to take a lot of risks to make a good profit. The Forex market has an extremely high learning curve. Inexperienced traders are most likely to lose their money.
