Question: How can I start forex trading in Nigeria for beginners?

How much does it cost to start forex in Nigeria?

Start with Low Capital: You can start trading in the forex market with as low as NGN 1000, as brokers these days have very low minimum deposit & very high leverage. But it is highly recommended that you only start trading with a capital of atleast ₦50,000 & never risk more than 5% of your capital on a single trade.

Do I need a license to trade forex in Nigeria?

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.

How can I start forex trading as a beginner?

Trading Forex for beginners summarized

  1. Learning the basics (currency pairs)
  2. Learn the software (MT4, MT5)
  3. Learn with demo accounts.
  4. Find a reliable service provider.
  5. Use the service provider’s resources such as tools and guides.
  6. Try out the support services of the provider.
  7. Learn about strategies and try them all out.

Can I teach myself to trade forex?

To trade effectively, it’s critical to get a forex education. … As you may learn over time, nothing beats experience, and if you want to learn forex trading, experience is the best teacher. When you first start out, you can open a forex demo account and try out some dry-run trading.

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What is the best trading app in Nigeria?

Best Forex Trading platforms in Nigeria

  1. FXTM Metatrader: Instant order execution & MT5 platform. …
  2. Hotforex – Best Metatrader Trading Platform. …
  3. OctaFX MT4: Quick order execution & low fees. …
  4. XM – Best Forex Trading App for fast order execution. …
  5. Tickmill MT4: NDD platform with very competitive spread. …
  6. Alpari ECN MT5: Low spread.

Do forex traders pay tax in Nigeria?

Finally, earnings from forex trading are taxable, but not subject to any specific withholding tax deductions. However, every Nigerian is expected to file an annual Personal Income Tax Return. Online forex trading profits are treated as Capital Gains Tax chargeable at the rate of 10%.

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