You asked: When can I trade forex in Nigeria?

What is the best Time to Trade Forex in Nigeria. Nigerian traders should trade during the opening hours of the London session – 8:00 AM to early New York session hours till 5:00 PM Nigerian time. This is the time when the liquidity is highest for major currency pairs like EUR/USD, GBP/USD etc.

Forex trading is legal in Nigeria if you have a broker that is licensed to do so and if the person simply trades for themselves. In most countries around the world, the foreign exchange market is regulated. … However, foreign exchange trading is regulated by the Central Bank of Nigeria.

Where can I learn forex trading in Nigeria?

Best Rated Forex Brokers

  • #1 FXTM Nigeria.
  • #2 Alpari Nigeria.
  • #3 OctaFX Nigeria.
  • #4 Hotforex Nigeria.
  • #7 Avatrade Nigeria.

How do I become a forex trader in Nigeria?

Get Started with Forex in Nigeria

  1. Get an online connection. You can get connected to a forex broker through any online device, but it’s usually good to trade primarily from a home office. …
  2. Pick a reputable broker. …
  3. Open your account. …
  4. Fund yourself. …
  5. Install your trading platform. …
  6. Profit.
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What is the best time frame for forex trading?

How to decide the best time frame to trade forexCHARTDAY TRADINGPOSITION TRADINGTREND CHART30 minutes – 4 hoursWeeklyTRIGGER CHART5 – 60 minutesDaily

Do Forex traders pay tax in Nigeria?

In Nigeria, it is illegal to trade with other people’s funds as only licensed brokers are authorized to do that. Forex traders should also note that forex like other business transactions is subject to tax deductions.

Who is the richest forex trader in Nigeria?

7 Richest Forex Traders in Nigeria – what are their secrets?

  1. Uche ParaGon. He is a young entrepreneur who managed to successfully trade currency pairs along with commodities and it eventually led him to being one of the most successful Forex Traders in Nigeria. …
  2. Sandile Shezi. …
  3. Ajidahun Afioluwa. …
  4. Blessing Ezeako. …
  5. Benjamin Ilesani Ajimoko. …
  6. Chinedu Onuoha. …
  7. Patrick Ogagbor.

Is forex a gamble?

Is Forex trading like gambling? No, in the sense that in gambling the odds are slightly against you or even, while good Forex traders know how to trade when the odds are on their side.

How do I start trading forex?

Forex Trading Step by Step:

  1. Step 1: Get a Device Connected to the Internet.
  2. Step 2: Find an Online Forex Broker.
  3. Step 3: Open an Account and Fun Account.
  4. Step 4: Download a Forex Trading Platform.
  5. Step 5: Enter Your First Trade.

Is forex lucrative in Nigeria?

A recent report released by Dailyfx (a forex research firm) in 2020, stated that Nigeria’s forex traders trade currency positions worth as much as $1.25 million on average, daily. Forex trading happens around the globe and is open 24 hours a day for 5 1/2 days a week.14 мая 2020 г.

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Who is the richest forex trader in the world?

George Soros

Dealing in or trading in cryptocurrency such as bitcoin for example is not illegal under relevant laws. No law in Nigeria, Ghana, or Kenya has made dealing in cryptocurrency illegal or criminalized it, including cryptocurrency trading.

Which chart is best for trading?

Candlestick charts show the open, close, high, and low prices during the trading time. Candlestick charts can be used to make decisions based on the trends, these charts are best used for short-term analysis. Renko chart is an example of a candlestick chart.

How long can you hold forex?

In the forex market, a trader can hold a position for as long as a few minutes to a few years.

How do you know when to trade forex?

The first step to finding an entry signal involves scanning your charts. You need to decide the best Forex pairs to trade and then scan the daily charts first; you should do this around the same time each day. The best time to analyze your daily charts is between the New York close and the European open.

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