FX Blue is a leading provider of apps and services for forex traders. FX Blue offers analysis of trading results, apps such as trade copiers and trade. g. board resolution authorizing the representative to open an account; and If the broker or other introducer is a regulated person or. (b) the Comptroller of the Currency; (ii) unless compensated by a lender, broker, other loan originator, or an agent of a lender. ETHEREUM BROWSER SOLIDITY

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IS THERE A DIFFERENCE BETWEEN GAMBLING AND BETTING ACT

Sign Up For Nigerian Investors, forex trading can be a way to earn wealth. But is trading in the forex market really profitable for small or retail individual investors? How much income can you earn from trading forex part-time or full-time?

What are the risks? There are so many other questions that may come to your mind if you are a beginner forex trader. We will try to answer all these questions and more with this guide. 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. Here is an extra note of caution.

Clone brokers are scammers and can dupe unsuspecting traders. How do you clone firms? Here is a screenshot of how the clone firms are displayed 2. Some brokers also charge for dormancy in accounts between months. We break down the fees charged by forex brokers in Nigeria into 2 components: a. Trading Fees: These are the fees that you will have to pay for actual trading. Depending on your Account type, you may be charged commissions.

For example, if you are trading via Premium Account at HotForex, there are no extra commissions per lot. The only fee you will be charged is the variable spread. This depends on the instrument that you are trading. For example, on average, HotForex charges 1. As you will notice, the spread with Zero Account is lower at 0.

Non-Trading Charges: These include other charges like withdrawal fees and inactivity fees. Some brokers can charge a lot of money with this type of charge. Some brokers do not accept payment from or withdrawals to Nigerian banks. While some do, it usually comes with charges either from the bank, from the broker, or both in some cases.

These can slow down the execution of trades. Online trading is a fast-paced business where every second is important. Entering or leaving a trade one second late can be very costly. It is also important the platform is compatible with different devices such as Android, Mac, etc.

The account opening process on these broker platforms should be fast. Here, a lot of brokers have improved. Trading Conditions Perhaps the most important factor a Nigerian trader should consider when choosing a broker should be the trading conditions. Such trading conditions include the availability of naira accounts, policy on negative balance protection to check against huge losses due to volatility, whether brokers have quick order executions, the number of instruments traded, leverage, etc.

What is the Percentage of Losing Traders? Remember that forex trading is not regulated in Nigeria. However, if you choose a broker that is regulated in the UK, you can check the percentage of traders that lose with the broker. If a forex broker has a percentage higher than this, then something could be wrong. So, how do you check it? You will find the percentage at the header of the website.

That is where most brokers display it. Brokers like AvaTrade display it at the footer 6. Is the Support Readily Available? Brokers should always have a reliable support system as traders will always have complaints and problems. This system should be fast as in some cases, money is on the line.

For Nigerian traders, always check if brokers have a Nigerian number as that will ease communication when support is needed. Live chat is also important. Some brokers might also have personal account managers that you can reach out to. From our research, we know HotForex is one such broker. Other trading conditions a. Order types: Varying order types help give you options in the market. Limit and stop orders can come in handy in entering the market at the right time and price.

Your chosen broker must have these orders available on their platform. Guaranteed stop-loss orders close your trades at specified prices. This order is executed regardless of market conditions. It is important your broker has this service in place because it is key for risk management. In addition, GSLOs are not free. So check with your broker to know if they have it, and much they charge for it. Negative balance protection: Without negative balance protection, you can lose more than the funds in your trading account.

There is no local regulatory body that mandates forex brokers to offer negative balance protection in Nigeria. Education: Education is key. A forex broker should be friendly to beginners. Structured online courses, webinars, articles, and free research tools a forex broker should offer. These should be offered free of charge without extra costs.

How to open Account with a Forex Broker? To start trading, you need to open a live trading account with a forex broker. Follow the steps below to open an account with a forex broker in Nigeria, where we will use HotForex as an example. Generally, the steps involved as the same with each broker, so you can follow these generic steps as references. Step 1 Go to the Hotforex website at www.

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