FXTM Nigeria | ForexTime (FXTM)
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To better appreciate how trading in foreign exchange works, let us use a simple example. Assuming you held on to your dollars for 3 months and decided to sell them off in June at Nairas per US dollar. The sale would have fetched youNairas. With an initial investment ofNairas, you would have earned 6, Nairas after 3 months since your purchase price was cheaper than the price you sold your dollars for.
Top Forex Broker for Nigeria. You earn a profit by trading foreign currencies this way. In the example used above, you can easily compute that in order to make a profit of 2, Nairas a month for three months, you need to invest forex trading brokers in nigeria african, USD. You may think that it requires a lot of money and it takes too much time. There are easy ways to address these problems, however, so do not worry. A forex broker is used to trade forex.
To define simply, forex trading brokers in nigeria african broker is a company that specializing in creating the ideal trading environment for their clients.
These way, investors can take advantage of the fluctuations in currency prices immediately. When you open an account with a forex brokerage firm, you will be able to start trading on international foreign exchange markets in large sums of money and earn profits much more quickly.
Forex trading brokers in nigeria african may ask how that can be possible. Simple — by using leverage. Your broker may offer leverage to allow you to trade large amounts of money without having to shell out as much money on your own. For example, if your broker provides a leverage of 1: If you have a deposit USD on your account, with the leverage, you can trade as much as 15, US dollars. Now, why will your broker allow this? It will take a lot of money to make significant gains within short time intervals.
Let us use another example why brokers are predisposed to giving leverage. This means a EURO costs 1. If you are buying 1, Euros, you would have to pay 11, USD. If you purchase Euros at the above-given rate from a particular broker, and you decide to sell the Euros at 1. This means forex trading brokers in nigeria african was a slight movement of 0.
You would net 60 USD from the trade. The pip is the 4 th decimal in the currency rate. This is the reason your broker would allow you to buy as much as 10, Euros for a dollar deposit. In short, brokers allow leverage to help individual traders amass larger profits with high risks but limited to short periods of times.
This simply means being able to trade more. The more money you trade, the more beneficial it will be for the broker due to the spread, or the difference between the buying and selling price of every currency pair. The most interesting part is that the spreads are quite low because they are driven by the fierce competition among forex trading brokers that were forced to bring down the spreads to make them more lucrative to prospective clients.
This means the broker will charge only 3 dollars for each trade that is worth 10, Euros. The sad news is that, currently, no reliable brokers are based in Nigeria.
The most viable option for Nigerian traders forex trading brokers in nigeria african enjoy potential profits from the forex trading brokers in nigeria african exchange markets is to utilize the services of an offshore broker, or a foreign country-based forex broker. Good thing there are numerous international brokers that can cater to the demands of Nigerian traders.
These brokers will let you conveniently deposit and withdraw funds. In as quickly as 5 minutes, you can open an online account and deposit funds using your debit card or other payment options including Neteller, Skrill, Cash U, Webmoney, and Paysafecard, among others. On the other hand, if you intend to make bigger withdrawals or deposits, you can arrange for bank forex trading brokers in nigeria african.
I have browsed through the biggest forex brokers in the whole world, and I have shortlisted the ones that are most accommodating to Nigerians. These brokers also offer the most favorable trading conditions and the most convenient withdrawal and deposit options. This is the best Forex broker for Nigerians: Each one of these brokers offers mobile trading, high leverage, minimal deposits, and highly advanced trading platforms.
The brokers also offer loads of educational materials to help you learn more about forex trading and making money online. Please enter an answer in digits: Top Forex Broker for Nigeria You earn a profit by trading foreign currencies this way. Forex Trading Brokers in Nigeria The sad news is that, currently, forex trading brokers in nigeria african reliable brokers are based in Nigeria.
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