In this article, we will learn and understand the steps involved in how to become a forex trader in Nigeria.
Who Is a Forex Trader?
Forex trading has become a major source of income for people all over the world. It is important to understand who a forex trader is and what their work involves.
To understand a forex trader, it is vital to know the following:
- A forex trader is an individual who trades different currencies on a foreign exchange.
- A forex trader can be a professional who trades for carious companies and firms or an individual with little or less knowledge trading for their gain.
- A forex trader always monitors the market, noting when different currencies change in value and exchange rates as this will determine his major moves and profitability.
- Forex traders profit from a correct prediction of when currencies will rise and fall against each other and sell or buy accordingly.
- Though this is a very risky venture with huge losses, it is also a very profitable venture once the investor or trader has done diligent research before investing.
- Forex traders can trade from any country as this is a form of investment that can be done from any part of the world with the right tools.
What Is Forex Trading In Nigeria?
Forex trading has become a very popular source of income in Nigeria as many workers and investors have taken on this form of investment to make maximum profits.
Forex trading in Nigeria involves:
- Predicting the rise and fall of different values of different currencies and cashing in on these fluctuations.
- Forex trading has become so popular in the country that it is estimated to have 400 Million Naira being traded daily in the country.
- Though the forex markets and trading profits do not cancel out the huge risk involved in trading in the foreign exchange markets, there has been a high volume of traders from all parts of the country in recent years.
- This form of investment offers opportunities for traders to make a good profit in less time. This has made forex trading very popular in the country.
How to Become a Forex Trader in Nigeria?
There are different steps to take to become a very successful trader in the forex market, as it is very easy to lose funds in this volatile forex market.
With some basic steps, both amateurs and professionals can succeed in forex trading in Nigeria and make even more profit in less time.
Some basic steps to help traders become more successful in forex trading:
- The first step to becoming a successful forex trader is understanding currency pairs, and how they trade against each other, this means how they rise and fall against each other.
- The next step is finding a reliable forex broker to open an account with. Be careful because there are many scam brokers in the country and only take investors’ money and exit.
- It is important to know that any Forex Broker chosen is under a regulatory body and certified to trade currencies.
- FXTM ForexTime is one of the best currency trading platforms for forex traders and investors in Nigeria.
- Another critical step is to start with a demo account, as this account will help you learn to trade very easily with virtual money and help traders not lose their real money while learning to trade.
People Also Read:
List of the Richest Forex Traders in Nigeria
There are many successful forex traders in Nigeria, as many workers and professionals have taken on this form of investment thereby learning the steps on how to become a forex trader.
Some of the top forex traders in Nigeria include:
- Uche Paragon
- Blessing Ezeako
- Bade Ajidahun Afioluwa
- Chinedu Onuoha
- Benjamin Ilesanmi Ajimoko
Do Forex Traders Pay Tax in Nigeria?
It is essential to understand that profits from forex trading are taxable as these profits are treated as capital gains tax and can be charged at a rate of 10%.
What are your thoughts on forex trading in Nigeria and how to become a forex trader in Nigeria including trading currency pairs? Share your views using the comment section.
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