Forex trading is the speculation process on foreign currency prices for potentially making a profit. Currencies are swapped in pairs, like a dollar into euro. The traders are monitoring whether the currency rises or falls.
The market is open 24 hours and 7 days. You can sell or buy anything at any time. When you are buying or selling anything on forex, basically you are buying currencies of that country. There is no bodily deal of money from hand to hand.
Other markets and foreign exchange markets are different from each other. Investors aren’t held to rigid criteria and restrictions like those of stocks, futures, or other markets. There is one more good thing about forex businesses s that there are no expenses or charges. The exchange market is a decentralized or over-the-counter world market for trade in currencies.
Banks are also involved in forex markets. Banks buy and sell currency to increase their native currencies. Forex markets deliver investors with 24/7 liquidity and trading. Yet they are highly volatile.
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Does Nigeria allow forex trading?
| Country | Legal Status |
|---|---|
| Nigeria | It's Legal: No laws in place that regulate forex trading, let alone prohibit it. |
There are no laws or governing bodies in Nigeria that restrict Forex trading or even regulate it. Forex is very fresh in Nigeria and many people show their curiousness about it. There is no restriction from the Nigerian gov on forex.
Is forex trading legal in Nigeria?
Yes, forex trading is legal in Nigeria, if you use a broker that has a license to trade, then you shouldn’t run into any problems. FXTM is usually reviewed as a good one.
Check out Trading Forex Legal in Canada
How do I become a forex trader in Nigeria?
Here are some ways you can start your forex journey in Nigeria:
- Do your research
- Reach a reputable broker.
- Launch your account
- Invest some money
- Set up your trading platform
- Profit
Is forex trading taxable in Nigeria?
Traders have to pay a 10% tax on their earnings. All profits from forex trading are considered capital gains.
How much does a forex trader earn a day in Nigeria?
According to daily fx ( a research firm for forex), Nigerian forex traders trade currency positions valued at an average of $1.25 million daily.
What is the most suitable duration to trade forex in Nigeria?
Nigerian traders start trading in the early hours of London times. This is the span when liquidity is at its peak. During this duration maximum profits have been reported so it’s safe to assume this is the peak hour.
Is forex good for beginners?
Forex is not suitable for everyone. It’s very complex to do forex trading. Forex is a good platform but it all depends upon your financial status and your goal. Lots of people lose their money on forex.
Conclusion: with Forex Investment Advice
Start with low capital & experience the market first. Try to gain some experience than invest some handsome amount. Lots of people get rich but many fail. Millions of dollars are earned but millions of dollars are lost. The main reason behind failure in forex is inexperience and greed. Investing a big amount is not easy to handle in the forex market.
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