Can I Trade Forex in Nigeria

 

Forex trading has become quite a popular trading activity worldwide. This could be justified by its extensive financial market, which seems to be larger than the stock market. It amounts to about $5 trillion per day!

 

Forex trading has dominated different regions of the world, including African countries like Nigeria. In fact, Africa has about 1.3 million forex traders, with more individuals joining each day. So, if you are wondering whether you can trade forex in African countries like Nigeria or not, the answer is yes. 

 

Forex trading is legal in Nigeria, and you can totally go for it. However, there are things that you must know:

 

 

Forex trading in Nigeria is not as regulated as in other countries. However, the activity is entirely managed by the Central Bank of Nigeria. The lack of strict regulations for forex trading in Nigeria can be due to the fact that it's still new, and people are trying to discover the activity more and more. 

 

Meanwhile, it's important for brokers to follow certain rules if they want to trade for their customers. Speaking of brokers, you must know that many leading forex trading brokers are also regulated by leading regulatory bodies like Financial Conduct Authority (FCA) and Financial Sector Conduct Authority (FSCA). They are governed by strict laws and rules to ensure secure forex trading in the country. 

 

If you are trading with your own money as a forex trader, you wouldn't be breaking laws or regulations. But, if you are trading through the funds of an investor, you will require a license for the same.  

 

Note that whatever you earn from the forex trading activities is taxable in Nigeria. So, you shouldn't miss out on paying the same for your gains. 

 

 

Once you are familiar with all the trading rules and regulations in Nigeria (as mentioned here), you can start trading forex in the country. Here's how you can do so:

 

Internet Connection and Online Device - To start from scratch, you must have a strong and secure internet connection for forex trading. You can choose any online device to connect with your trading platform. Nowadays, there are mobile applications available for these platforms, so you can access the platform anytime, anywhere. 

 

Choose a Forex Trading Platform - Do your research and find one of the most reliable and safe forex trading platforms in Nigeria. Look for other essentials for a genuine forex trading platform like:

Besides this, make sure the platform complies with your needs for hassle-free forex trading. Once you find your broker, it's time to open your account. 

 

Opening Your Account - Follow all the directions/guidelines as stated on the platform to open a forex trading account. You may have to enter your basic details and identity and connect your bank account. 

 

Add Money to Your Forex Account - This step is quite important to start your forex trading in Nigeria, as you can't make money without putting in your money. So, add some funds to your forex account through any reliable payment mode. You can do so through debit/credit cards, checks, etc. 

 

Start your Trading Journey - Once you open your account, start with your trading journey. Make sure to implement the smartest strategies to get good returns. 

 

 

If you want to earn good profits in forex trading, these tips might help: