Starting forex trading in Nigeria can appear hard and confusing to newcomers. In actuality, anyone can begin forex trading in Nigeria as long as they are familiar with the rules.
It doesn't matter if you're a student, a stay-at-home mom, a full-time employee, or still looking for work. This is because Forex trading is available 24 hours a day, five days a week, and from anywhere in Nigeria. All you need is a computer, laptop, or smartphone with an adequate internet connection.
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How to start Forex trading in Nigeria
To begin trading forex in Nigeria, follow these steps:
Step 1: Open a Forex Trading Account
A broker provides you with a forex trading account and works as a link between you and the currency market. A forex trading account is similar to a bank savings account. You can put money in your bank account and withdraw it whenever you want - sometimes with interest. In the same way, you can deposit funds into a forex trading account in order to trade Forex. You can withdraw the money you deposited, including the gains, after a successful trade.
Make sure you sign up for a forex trading account with a reputable company. A trustworthy forex broker would have a clear office address, a government-issued operating license, and a strong reputation. Deriv is a program that we recommend.
Go to the broker's website after you've found a reputable broker. Look for the "Register a Trading Account" or "Open a Demo Account" menus. Fill out the form that comes after clicking on the menu.
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The trading account registration form will often ask for your full name, residential address, active email address, and/or phone number. Other characteristics such as account type and deposit currency type (usually USD) are available, however they are not always the same for each broker.
Opening a trading account is normally accomplished in a couple of minutes because it is done online. After that, you'll be asked to confirm your account.
The verification process usually needs you to upload a photo or scan of your KTP/Passport/SIM as proof of identity, as well as a scan of your passbook/electricity bill/water bill/other bills as proof of residence. It's a good idea to get these documents ready before you start the verification procedure so you can get them done quickly. Unlike others, Deriv does not require a large number of verifications.
Step 2: Download the Online Forex Trading Platform
After you've completed the steps to open a forex trading account, you'll receive an email with your login, password, and a link to download the trading program or application. Some brokers don't provide you a download link right away, instead requiring you to check in to the Member Area and search for a platform to download and install. You can also use the Member Area to authenticate your account, manage your deposits and withdrawals, and so on.
Furthermore, the broker's website can provide a link to download the trading software (often known as Metatrader). In any case, the main element is that you can download the trading platform, install it on your PC/Laptop/Smartphone, and then log in with the broker's Metatrader account details.
Step 3: Simulation on a Demo Trading Account
It is critical that you begin trading with a demo account after completing the account registration and verification process. A demo account is a practice account that allows you to test your trading skills with virtual funds before investing real money.
The amount of virtual funds offered by the broker for free for trading practice on the demo account will appear on the bottom left side after you have successfully logged in on the trading interface.
The virtual funds can be used to practice trading on real-time market circumstances without any restrictions. If your funds run out, you can request a free further deposit from the broker. Profits, on the other hand, cannot be taken because the demo account is only for exercise and the money is not real.
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How to start trading practice
On the trading platform, you can trade currency pairings such as EURUSD, GBPUSD, USDJPY, and others. So, if you wish to trade GBPUSD (Pound-Dollar), you'll click on GBPUSD, then drag and drop it over the chart's black background region. The GBPUSD chart will be added later.
The GBPUSD chart will rise as the pound sterling strengthens. In the event that the US Dollar (USD) strengthens, the GBPUSD chart will fall. Installing indicators such as Moving Average, Bollinger Bands, and others can help you determine if the GBPUSD price chart will go up or down in the future using fundamental analysis or technical analysis.
Click the "Buy" or "Sell" button above the chart to place an order. Click "Buy" if you believe the GBPUSD chart will rise. Click "Sell" if you believe the chart will fall. On the toolbar, select the "New Order" option. You'll be taken to an order form where you can enter your Buy and Sell prices. To open the order form, right-click on the chart and choose "New Order" or "Trading" from the menu.
To make an order, click the "Buy" or "Sell" button above the chart. If you feel the GBPUSD chart will rise, click "Buy." If you believe the chart will fall, click "Sell." Select the "New Order" option from the toolbar. You'll be directed to a form where you can enter your Buy and Sell prices. Right-click on the chart and select "New Order" or "Trading" from the menu to open the order form.
Depending on how much profit you expect from your goal price shift, the time it takes for the price chart to move to achieve its target could be a few minutes, several hours, or even several days. As a result, not just Buy/Sell origins, but all orders must be properly planned. Learn about different trading tactics, how to use indicators, and how to use Money Management to change the risk/profit target proportion, among other things.
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Step 4: Deposit Funds into a Forex Trading Account
After some practice trading on a demo account, you may feel ready to move on to real-money forex trading. To do so, you must first fill your trading account with funds.
Based on the broker's minimum capital requirements, you can determine how much to deposit. On the broker's website or in the Member Area, look up the deposit and withdrawal conditions. Bank transfers, e-payments, credit cards, and other methods of payment are available.
You should not deposit large sums of money, up to thousands of dollars, as a beginning. If you have a local bank account, use it, or use an e-payment method that is rated the fastest and least expensive. Other ways are acceptable as long as they follow the broker's procedures. If you have any issues, don't hesitate to contact your broker.
Step 5: Start Forex trading on a real account
You can begin genuine forex trading as soon as the broker confirms that the funds you sent have arrived in the trading account. The quantity of money in your account can be seen in your Member Area or on the trading platform's lower left side.
Note that for real trading, you must create a new account in the Member Area, as the platform login will use a different username and password than the demo account login. Although the type of software and other characteristics stay the same, the trading server will be changed. On a demo account, you can also use tried trading tactics to make money on a real account. After learning how to begin Forex trading in Nigeria, be cautious not to approach it with a get-rich-quick mentality. Take your time learning how to trade on a demo account before moving on to a real account.
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How to withdraw your money from forex
Many forex trading platforms have their unique withdrawal procedures. The ease with which you can withdraw your funds is one of the reasons we endorse Deriv.
You can rapidly withdraw to your Nigerian bank account if you use Deriv. You can also choose for a bitcoin withdrawal. There are other other alternatives as well.
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