2:30am On Aug 14, 2013 Hi everyone, I am a forex trader based in Ibadan and I seek to meet other traders who want to explore more methods of making consistent profitable trades. There is an office location that we can use for these meetings.tinyurl.com Re: Ibadan Forex Traders Forum by coalcoal1(m): 9:50pm On Dec 01, 2013 hi everyone, welcome to a brand new month, a very unique one at that being the first day of the last month of the year. I wish you all a successful and pipful month. Meanwhile, this is just an update to my plans, which I intend to share with anyone who wants to benefit from it.
I shared earlier that I'll be starting a trader's forum in Ibadan and people have responded. We've been using my office for these meetings. So far, it has been good and worth it. I have taken it a step further by creating a blog for people to benefit from. This month, there'll be lots of articles I'll be sharing. Forex Mentor Series, Trade Ideas, Training and Trading Hints and also follow me on twitter where I'll be posting live trades on @richquest. I am based in Ile-Ife, and I will like to have a chat with you. May I have your number pls. I am based in Ile-Ife, and I will like to have a chat with you. May I have your number pls. I've just sent you a text message. New Fertilizer For Crop Farming / Natural Cosmetics Industry Is Growing Rapidly. Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9) Nairaland [August 2019] - Forex Trading In Nigeria Banks Copyright © 2005 [August 2019] - Forex Trading In Nigeria Banks 2019 Oluwaseun Osewa. All rights reserved. See How To Advertise.
15 billion annually to artificially strengthen the naira is unbelievably subsidising forex for importers while putting local producers out of business along with more job export and poverty import. We have to stop this senseless dismemberment of the country’s economy. Unless we do so, the country would, by December 2020, become bankrupt. At that point, the country would be forced to borrow to add to its revenue if it wanted to continue to meet its debt service obligations. Those benefiting from this shambolic arrangement are doing everything humanly possible to ensure that destruction of our commonwealth continues. We all know that if this happens, it is all over for Nigeria.
At this point, all our crude oil buyers will avoid our oil, while the cost of insuring oil cargoes will skyrocket. Also at this point, the country’s foreign reserves would become zero, since creditors could be given the right to take over such foreign reserve accounts. We require someone to reverse this dangerous trend. This person must set in motion a set of pro-growth, pro-investment and pro-job policies [August 2019] - Forex Trading In Nigeria Banks policies geared toward stopping the looming bankruptcy by discontinuing the country’s expensive domestic borrowings. We need a person whose prioritisation of cheap and concessionary external loans will bring to an end the present crowding out of the real sector firms from the debt markets and government social spending. And to prevent the looming bankruptcy, besides replacing domestic loans with external loans along with buying back of government’s debts using quantitative easing. We can get some of the cheap external loans for the repayment of the country’s expensive-to-service domestic loans.
Forex trading used to be the exclusive business of the banks where the banks make millions of dollars by just exchanging the currencies of different countries. 100 start up capital. 100, it is however not advisable for profit sake. In this article, I will be endeavor to address some of the mysteries about Forex trading for beginners. Is Forex trading still profitable for ordinary individual? How much can you possibly earn trading Forex on part time or as full time trader? What are the risks involved in Forex trading that you need to be aware of. Can average person start a Forex trading business with basic knowledge about money market and financial management?
All these and more will be answered in no particular order in this article. So, follow through to the end and don’t forget to drop a comment. What Exactly Is Forex Trading? Forex trading can be defined as the online/internet currency exchange trade or act of simultaneously buying and selling currencies of different countries online using internet trading platforms. Forex stands for Foreign Exchange so, Forex Trading simply means Foreign exchange trading or trading on foreign currency by its exchange rate. Since Forex trading involves the disparities in foreign exchange rates, making profit or loss in Forex trade is usually determined by the economic state of different countries at a time. Since the economy of different countries is not static in relation to one another at any point in time, the Forex market is never fixed or stagnant at any point in time as well.
It is a volatile market that is constantly changing and are never accurately predicted. This is where the profit or loss is made. If the currency goes up in your favor, you make profit, it it goes down against you, you make loss. To understand the Forex market and be good at it, you have to avail yourself to serious training in Forex trading! You must acquire the technical knowledge required in Forex trading. To assist you in the learning process, it is important to use a demo account for practice. Almost all the Forex trading platforms have demo accounts were you can practice Forex trading in what looks like real time trading. The demo accounts are loaded with virtual money and in real time mode. The only difference is that you neither make profit nor loss in demo trading.
You need to continue to practice with the Forex demo account until you become very proficient. You must be good with the virtual trade before you ever attempt with real money because once you are up with the real money, there is no going back, its either profit or loss. From then, it becomes investment that must be handled very seriously. Your investment in Forex trading is not something you joke with, you need to be up to date with knowledge and information. You must be into it and do research regularly. Before you proceed to open an account with any Forex Broker, you must understand that not all Forex Brokers are genuine.
Make a thorough research before settling with any trading platform with real time investment. I will advice you use the big and established Forex trading platforms only. Go to the website of your desired Forex Brokers and open account. Forex Broker or the Forex trading platforms is the medium through which currency is traded online. Before you start live Forex trade, you must fund your account. Funding can be done through direct deposit or by using your credit/debit cards. This is very important for effective transaction and to enable you make a withdrawal of your profit when there is any.
Some use other currency medium like the eCurrencies but at the end, it will still get to Domiciliary accounts. The Dom account is used for cashing or depositing funds into your Forex trading account. You need a very fast and reliable internet connection to be able to trade Forex in Nigeria or elsewhere. Without this, it will be difficult for you to make profit because your internet has to be fast and reliable to enable you take quick actions. This is very necessary for efficiency and accurate performance in live market. Do not make the mistake of using a wacky laptop for Forex trading. Most times, the losses people make is as a result of inefficient trading devices. The profit you make depends on your trading skills. Yes, people are still making profit in Forex trading in Nigeria and will continue to make profit as long as currency remain in use. In fact, nothing has changed and will probably change forever. Start a Forex Trade with little capital is never a good idea. You need to invest something substantial to make reasonable profit. A serious trader trades with thousands of dollars. I have seen people make hundreds of thousands of dollars with Forex trade and you too can.
The Investors and Exporters (I&E) Forex Window is seen as a game changer in the foreign exchange (forex) market. It has restored confidence in the market and given more options to foreign investors to play in the local market. Swaps & Derivatives WorkGroup Chairman and Financial Market Dealers Association (FMDA) President Samuel Ocheho speaks with COLLINS NWEZE on the state of the market, mutual funds, derivatives and the group’s market development seminar holding next week in Lagos. Ocheho says the event, which will attract financial market participants, bank treasurers, treasury operations, risk and legal teams, investors and other players in the financial market is an opportunity to deepen the derivatives market.
What is your view on the state of the mutual funds market and what opportunities do you see in that market? Given the low penetration rate (less than two per cent of the total population) of subscribers to CIS, there is increased collaboration amongst Asset Managers through the Fund Managers Association of Nigeria (FMAN) to increase awareness of investment products. Asset Managers are also deploying various digital initiatives to reach out to the public. What are the opportunities available to asset managers and other players in the Collective Investment Scheme Industry? Some of the available opportunities include establishing a back-office company with the required infrastructure and technology to handle back-office operations for multiple Asset Managers. In other climes, a number of Asset Managers outsource this responsibility to other players.
Also, the development of Specialist Funds (Real Estate, Infrastructure, Private Debt etc.) targeted at Institutional Investors and High Net worth individuals (“HNIs”). There is a dearth of these funds in Nigeria and deployment of lifestyle, digital investment solutions targeted at millennials. They can also partner with foreign asset managers to offer investment products issued in Nigeria but linked to foreign assets such as Depository receipts, Structured Notes. The Securities and Exchange Commission of Nigeria (SEC) prohibits CIS from investing in assets not issued or incorporated in Nigeria. However, segregated portfolios of HNIs or institutional investors can invest directly in foreign markets.
What is responsible for the level of stability in the forex market in the last one year? What impact will the Derivatives Market have on the market? The willing buyer- willing seller arrangement gave bearing to the structure of the market along with the CBN’s participation as an active buyer and seller of forex creating a stabilising force. The CBN being a player (buyer or seller) of last resort, their high level of responsiveness and closeness to the market have been key factors responsible for the relative stability over the last two years. The recent introduction of the FMDQ OTC Forex Futures, which can pass as a derivative, has positively contributed to the attraction of foreign flows in Nigeria. However, for a proper derivative market to flourish the underlying asset markets (interest rates, foreign exchange, equities among others) need to be vibrant, deep and market-driven to enable good price discovery.
The impact of an active derivative market is that customers would be able to manage their interest rate cost and exchange rate risk. This will spur confidence in the market and act as a good planning tool for Chief Financial Officers of businesses instead of being left open to market volatilities. The Swaps and Derivatives WorkGroup of the Financial Market Dealers Association of Nigeria (FMDA) market development seminar will hold on March 19 in Lagos. What is it all about and who are those expected to attend? The theme of this workshop is: Legal Documentation as a driver to introducing New Products and a Healthier Financial Market in Nigeria.
We expect financial markets participants, bank treasurers, treasury operators, risk and legal teams, corporate treasurers, regulators, investors, and other stakeholders to attend this seminar. The event is to discuss standardisation of documentation in our market especially as it relates to derivatives and other vanilla transactions, with the view of boosting the integrity of our markets. How does introduction of derivatives market trading solve Nigeria’s exchange rate challenges? In the absence of a derivatives trading market, the bulk of forex supply falls into the spot market thereby creating a lot of uncertainties. An introduction of derivatives markets trading can help provide more forex liquidity and help reduce front-loading of obligations in the spot market. Can you explain standardisation of documentations in the financial market? What does it entail?
In the financial markets, standardising documents relate to creation of minimum requirements to be fulfilled by the trading counter-parties, a product, process, service, or system.The document will state out the obligations, rights and entitlement of the parties in the trade. The terms stated therein become binding on all parties and it also helps in the event of litigation. What level of development is the derivatives market in Nigeria and how can the financial system, and stakeholders benefit from it? The Nigerian derivative market can be deemed shallow when compared to the international derivatives market in terms of volumes dealt and the bouquet of structures created/traded. Nevertheless, the current products being traded provide an adequate platform for stakeholders to hedge trade obligations.
The market I must confess is still largely plain vanilla and we have a dream of raising its level in Nigeria to a state where it can be compared to the international financial market. What is transaction netting and what does it mean to financial market operators and the impact it can have on the economy? Netting involves offsetting the value of multiple positions or payments due to be exchanged between two or more parties. It can be used to determine which party is owed remuneration in a multiparty agreement. For financial market operators, this implies that the need to exchange principal amounts at the maturity of the derivatives transactions is eliminated, especially in cases which involve multiple trades with the same counter-party. Costs and time are saved and settlement risk is reduced as well.
At what stage is the derivatives market and TINYURL.COM how can it be improved to benefit the economy? Derivatives trades in Nigeria are currently more bilateral between financial institutions and their respective customers.tiny.cc The more developed the derivatives market, the more banks are able to provide cheap hedging solutions to their respective clients. This ranges from interest rate cost reduction solutions for corporate which allow them to borrow more and expand their various businesses. Forex Derivatives also provide hedges for corporate and foreign portfolio investors. Case in point is the OTC Forex futures market which provides stability and spurs confidence as investors can hedge exchange Risk. Many foreign companies play in the mutual fund market. Do you think local players have what it takes to compete favourably with foreign operators?
The local players have a sound understanding of the local market in terms of drivers of the performance of the capital market, the taste and preference of various segments of the market and regulatory requirements. As such, local players continue to dominate market share of retail and institutional investors despite the continuous foray of foreign companies. Foreign operators tend to partner with the local players to offer their products or buy into existing local players to gain access to the Nigerian market. What is your 2019 forecast on Nigeria’s economic growth and performance of financial institutions? We expect GDP growth of 2.5 per cent in 2019, driven by the non-oil sector, as we foresee further recovery from fourth quarter of 2018. We expect further recovery in trade, agriculture, manufacturing and telecoms sectors.
A stronger recovery in consumer sentiments and purchasing power should spur the economy further. We also expect a slight decline in inflation in 2019-year end to 11 per cent, from current levels of 11.44 per cent. Nevertheless, we see likely increase in energy prices as upside risk to our assumption. We expect moderate recovery in the financial sector in 2019, as we expect a growth in private sector credit vs. 2018. We also expect moderate improvement in asset quality which was weak at 14 per cent in 2018, we also expect a slight increase in capital adequacy ratio for the sector. Given that there is volatility in the market, what is your advice to investors on the best way to play in the equities market this year? The winners this year will be the investors trading contrary to general market sentiments this has been evident so far since the start of the year. It is best to stick with quality names and with companies that have strong corporate governance paying high yielding dividend. We also recommend tier 1 banks which we believe will thrive in a high interest rate environment.
Forex (FX, foreign exchange, or currency trading), is a decentralized global market where all the world's currencies trade. To put things into perspective however, almost ninety per cent (90%) of the global volume is done by the banks; trading Forex. 15m daily. This figures excludes what is done by banks. That said, the market globally relies heavily on experienced traders, brokers and trainers that help guide traders to success. A critical aspect of this industry is the emphasis on risk management and profit/loss management. In this short article, we draw attention to the upsurge in market activity i in leveraged online retail Forex trading; with unregulated actors increasingly becoming more visible and stories of investment (trading losses). “online retail Forex trading is currently unregulated and consequently may be subject to abuse.
Is it not about time that regulation catches up to market realities; and leverages on the work done by stakeholders thus far or set direction for a means-tested guidance for the market? For a country with a high usage of forex and a whole ecosystem around forex, it would be a stretch not to expect a market to evolve around the business of currency trading. While we have the banks and the BDC’s handling physical transactions, the trading in currency; largely done via online is a natural progression and the regulators need to act appropriately. Professional Personnel /Broker Community [August 2019] - Forex Trading In Nigeria Banks There are a number of global forex trading firms that have established local presence in Nigeria, along with locally created entities. Capacity Building [August 2019] - Forex Trading In Nigeria Banks The sector has a whole suite of training and knowledge development programs around technical trading aspects as well as train-the-trainer courses.
Trading Techniques and Strategies - are ubiquitous and available for traders at a cost; even as new opportunities open up for experts to work with coders to deploy machine learning and AI for customized local solutions. Service Dynamism [August 2019] - Forex Trading In Nigeria Banks New product development is possible as these new players are able to customize solutions to meet some needs of the market including speed of service. Information/News Compliment [August 2019] - Forex Trading In Nigeria Banks The sector benefits from a real time stream of information from multiple sources, including daily news updates and analysis from brokers, news platforms and FX trading engines; without prejudice. Technology [August 2019] - Forex Trading In Nigeria Banks The sector has benefitted from the advancement and adoption of technology (internet, handsets and software) in Nigeria to enable smart trading from all devices. There are on-going engagements with tech giants, technology enablers and telco companies in Nigeria on expanding reach, usage and service delivery.
An Ecosystem [August 2019] - Forex Trading In Nigeria Banks of trainers, traders, partners, representatives, media, auditors, tax professionals, code analysts, consultants, market analysts, advertisers, marketers, sales agents, operations officers, security, signal service providers, researchers, academics and others have emerged. The missing group in the alst category must be the regulators for which the current interest by the SEC and CBN should deliver on. Yet some issues remain. How much money is needed to Day-Trade Forex? While Forex trading has been seen to make people rich, the proven examples have been evident mostly with hedge funds with deep pockets or an unusually skilled currency trader (with deep pockets).
People do lose money trading currencies. Indeed, at least one in five people would lose money. 5000) if the goal is to earn a decent income stream. 100 or the naira equivalent. There is not much that can be achieved here beyond a tryo phase (learning). How to start trading forex? 1. Now you have an online trading account and have deposited funds, you can start trading. 2. Log in, choose whether to trade Forex through spread betting, CFDs or spot FX, pick your pairs and open a position. 3. You can access live price feeds, streaming charts and news instantly and trade 24-hours a day.
With an increasing number of broker scams and financial malpractices, along with the risky nature of Forex trading, still, no guidance exists around how the public can engage in the online Forex markets. First must be who, if needed, approves (licenses) companies engaged in currency trading, including the directors and management team? It is always a good starting point to establish the corporate governance ethos of an industry as a building point for the regulatory framework. Second, how do we harmonise the central bank regulations on forex and the practice in the industry? It is trite knowledge that Nigerian Forex traders indulge in currency pairs (what is not known is whether do they involve Naira as the base currency or not).
Currently, there are no restrictions on the maximum available leverage, types of trading, and the rules governing exotic currency pairs offered by various Forex traders in Nigeria. At present, forex trading is a private activity in Nigeria that is exclusively made available to the Central Bank of Nigeria, other allied banks, and large financial institutions. Recall that a few years back, a body called the Association of Online Forex Trading Agents, was formed to regulate online forex brokerage firms in Nigeria, but at present site has no content. In the current scenario, many international Forex brokers in Nigeria operate through branch offices, introduced/referral brokers, or through affiliates without these ‘professionals’ actually being regulated by the SEC or any other regulator directly. These brokers offer their services illegally without any consent from the authorities, which prevent the Regulators from tracking their activities (or so it seems). As stated earlier, a public notice on the activities of some unscrupulous persons may be a minimum, it is not sufficient to meet the SEC’s market protection and development mandate. It needs to do more. A majority of traders typically lose their money in the markets due to a lack of knowledge and are susceptible to scams and fraudulent activities owing to the mixed signals from the authorities.
Forex trading started in Nigeria around 2004. It wasn’t initially embraced by Nigerians back then, mostly because Nigerians prefer doing tangible business and moreover the infrastructure (internet connection and electricity) was relatively poor. The emergence of Ponzi schemes by some unregulated financial institutions gave forex trading massive popularity! These financial institutions accepted funds from investors with the promise of giving a monthly return on investment to the tune of 8.3%. This was huge! Most investors diverted their investments from the banks to these Ponzi schemes [August 2019] - Forex Trading In Nigeria Banks which were making waves in the country. Nigerians marveled at the returns and discovered upon investigation that those funds running into billions of dollars were actively trading in the forex market!
Nigerians (mostly retail traders) decided to take the bull by the horn and launched deep into unknown and untested terrain. The result was massive failure. Discovering this trend, the first group of people who got their fingers burnt trading, turned into trainers and also brought about an influx of foreign forex brokers in Nigeria. For example Alpari, Liteforex, Instaforex and many others. The influx of foreign brokers also helped in popularising forex because they embarked in a national campaign, going into various cities, educating investors and on-boarding clients in thousands. This wave peaked in 2010 and suddenly there was a gradual withdrawal of traders from the business because of the unprecedented loss and confidence in the business waned gradually.
The crash of the local stock market was also a contributing factor as liquidity dried up in the financial system. To be candid, the statistics of about 500,000 traders in Nigeria being pelted on the internet is not bloated. We likely had more! But this number has dwindled over the years due to monumental loss suffered by traders to the extent that 30% of those figure actively trading can’t be guaranteed. The Association of On Line Forex Trading Agents, a group of On Line Foreign Currency trading brokers in Nigeria has started the initiation to restore lost confidence by engaging various government agencies to see to the regulation of the business.
We would be discussing Forex Trading in Nigeria relative to the risk and potential gains. WARNING: Forex Trading is highly speculative in nature. Do not trade what you can not afford to lose. The opinion shared in this piece is informational only and not to be considered formal investment advice. What is Forex Trading? How is Forex Trading carried out? What are the leading currencies with the best profit opportunities? How do I start forex trading? What is Forex Trading? Forex (retail foreign exchange market) Trading is one of the potential ways of making money in Nigeria. It is simply based on the premise that the leading currencies used in international trading do fluctuate in value, relative to one another.
The opportunity is then to rightly speculate when a currency is likely to gain value and then hedge against it. In the simplest terms, you buy a currency when its exchange rate is low relative to another currency, and sell at the best moment when the rate increases significantly [August 2019] - Forex Trading In Nigeria Banks for a profit. How is Forex Trading carried out? Foreign Currency Trading is not new and has existed for a very long time. It has only become more accessible to the average person through the much smaller retail market. The internet has become much more available in Nigeria like most of the world.
Technology has since developed in the forex market with many companies developing tools intended to facilitate electronic trading and making it easy for average people to buy and sell. The typical way to trade is to open a brokerage account with a company that specializes in offering access to global trading marketing. A healthy deposit is typically required to gain access. Once the deposit is received, the trading company would credit the same to the trader’s account. They would typically offer a dashboard that enables the trader to monitor their balances across the various currencies. The best forex broker companies would usually offer software.
The software could be a Windows or Mac version for laptops and desktops or a smartphone app for Apple iPhones and Android smartphones. The software would enable the trader to not only monitor their account but also carry out some trading transactions. A factor in considering when trading remotely through a downloaded software is that an excellent and sustained internet connection is highly recommended. Added to the risk of a power outage in Nigeria, a virtual server is a strong alternative. You can install your forex trading software on a virtual server running a Microsoft Windows operating system. Considering servers are hosted in data centres with 100% power supply and come with excellent internet connectivity, virtual servers are a strong tool in a country like Nigeria. What are the leading currencies with the best profit opportunities? Honestly, this fluctuates from time to time.
The leading global currencies tend to have a higher volume of trading but the exchange rate between them is always changing. Foreign currencies are trading in pairs. It is worth noting that trading the above pairs do not necessarily offer the best profits but the list is only intended to highlight the most popular ones. How do I start forex trading? While just about anyone can start trading in the retail foreign exchange market due to its accessibility, it might not be advisable for just about anyone. I cannot highlight the risk of losing all your invested funds enough. If you have read this far, you are probably a beginner looking to make money. To start, you would need to go through intensive training and tutorials.
Where possible, go with an offline face-to-face training with a reputable forex brokerage company who already have a verifiable result. The only real chance of turning a profit is to have the very best of intensive training in forex trading and then buying/selling at the best moment. I should mention that the best traders don’t have time to train others. There are some individuals whose main method of making money from forex is to offer training and tutorials for money. The don’t trade much with their own funds. After training, it is still a very good idea to practice your skills and build a trading experience.
Do so by opening a demo account with the forex broker you intended to trade through. All the best trading platforms would offer a demo account to beginners. You can tune your skills further here and practice what you have learned. You should only move to the live trading platform when you are very sure of your skills and have gained sufficient confidence. Once you feel ready, you can fund your forex trading account and start trading in the real world based on the currency pairs you feel would offer the best returns on investment at that particular point in time. Be aware of forex fraud and avoid it by all means. Don’t be greedy. Good luck!
Very fast & secured for InstaForex Nigeria clients. InstaForex withdrawal is processed during working hours 8am-4pm Nig time. Great opportunity to start trading with InstaForex in Nigeria! 30% Bonus every time you fund your account. Get the Best Forex Trading Tutorial From InstaForex Experts! This book is designed to introduce you to the most liquid and multifaceted trade known as ONLINE FOREX TRADING. We will only be discussing Forex Trading Market as it is sometimes referred to as the Spot or Cash market. Best Trading Courses: InstaForex Nigeria office offers Forex traders a distant learning course for beginners. Get a distant learning course”, that includes the basics of fundamental and technical analysis in Forex trading. Having a Forex trading tutorial course enables a trader to receive great advantage in making profits in the Forex market and become better in how to trade Forex. GET YOUR FREE COPY NOW! Currency trading on the international financial Forex market.
Account holders get competitive pricing, award-winning customer service, actionable data, and powerful trading platforms to help you make the best possible trades. Financial engineering has created many exotic instruments for generating superior returns with minimal risk. A contract for difference (CFD) is one example. You can speculate on the future price moves of assets, such as stocks, indices, forex, bonds, cryptocurrencies and commodities if you find the best CFD broker for you. What’s Contract for Differences Trading? A CFD is a contract executed between two parties, a buyer and a seller, which means that the seller pays the buyer the difference between the current value of an asset and its value when the contract is due.
There isn’t any physical exchange of assets (which could be a physical share, currency pair or commodity) between the buyer and the seller, and neither party can claim physical ownership of the asset. CFD trading is illegal in the U.S., although European brokers allow CFD trading in U.S. To trade CFDs, first decide on which underlying asset you want to trade. CFD instruments could be shares, treasuries, currency pairs, commodities and stock indices such as the U.K. Then, open a position and then enter details such as whether you want to buy or sell the CFD, the amount intended for investment, leverage and other considerations.
Leverage is available for a margin account. Leverage refers to a loan extended by a broker, and the securities and cash in your trading account serve as collateral. It allows you to enter into a larger deal than what your account funding permits. If the position closes in a profit, the broker is liable to pay the trader. If it closes in a loss, the brokerage charges the trader the difference. 400, on the premise that the shares are undervalued and will likely go up. You now need to log into your brokerage account, which provides for CFD trading, and place an order for, say 100 XYZ CFD.
4,000 if the margin requirement is 10%. In the first case when you made the right bet. As you zero in on the right CFD broker, it’s important to consider a slew of factors, including regulation, costs, tradable asset classes and the trading platforms available. Regulation ensures the safety of your funds from internal company fraud or financial setbacks. Make sure the broker you’re considering is regulated by the regulatory agency of that particular location. For example, in the U.K., the Financial Conduct Authority (FCA) is the regulatory agency and in Australia, it is the Australian Securities Commission (ASC). CFD trading involves costs such as spread, holding costs and commission and possibly more, depending on the broker you choose.
The spread is the difference between the buy and sell price. You enter a buy trade using the buy price quoted and exit using the sell price. The narrower the spread, the less the price needs to move in your favor before you start to make a profit, or if the price moves against you, a loss. At the end of each trading day, positions open in your account may be subject to a charge called a holding cost, and you’ll also pay a separate commission charge when you trade CFDs. Also, how complicated is it to deposit and withdraw funds?
The more funding options your broker offers, the better. Broad tradable asset classes and markets give you wider choice availability. Some underlying assets you can trade include stocks, indexes, commodities, currencies, cryptocurrencies and ETFs. Look for a trading platform that offers intuitive trading software, fast execution, good trading tools and order management system. You may lose out on profits if the user interface is poor and navigation is difficult. The platform should be secure and also give you the flexibility to place different types of orders. That information, plus a quick test-drive of FOREX.com’s platforms means it’s all you need to confirm that you’re in good hands. No matter what you trade, you’ll gain access to FOREX.com’s Advanced Trading Platform, the renowned MetaTrader 4 platform as well as a web-based platform and mobile trading option.
All accessibility options ensure that you won’t miss a thing. To fund your account, the minimum initial deposit required is at least 50 of your selected base currency. Forex markets are open 24 hours a day, Sunday to Friday. Plus500 is a specialist CFD broker and offers CFD trading for stocks, forex, commodities, ETFs, options, indices and cryptocurrencies. It offers a portfolio of over 2,000 instruments. Plus500CY Ltd., which owns the Plus500 platform, is a subsidiary of Plus500 Ltd., a company listed on the London Stock Exchange. Opening an account with Plus500 is fairly simple and the broker allows funding through wire transfer, Visa/Mastercard, Skrill and PayPal.
The platform also offers a demo account. Withdrawal and deposit can be managed from the “Funds Management” tab on the platform, and then input details regarding the mode of withdrawal or deposit. The firm offers customer support in 32 languages. It has a webpage dedicated to answers for some FAQs, and there is an online form for entering questions that are not answered by the FAQ section. The firm also has a 24/7 online support team. Plus500 has a proprietary web trading platform called WebTrader as well as iPhone/iPad, Android and Windows apps. The firm does not charge a commission but makes money from spreads. 10 inactivity fee. Plus500 offers leverage of up to 1:30 for retail accounts and up to 1:300 for a professional account. Negative balance protection is available for both account types.
You can trade currency pairs and CFDs with Oanda. CFD trading is available in underlying instruments such as commodities, bonds, indices and precious metals. It comes under the regulatory purview of the U.S. Commodity Futures Trading Commission and the U.S. National Futures Association, the FCA in the U.K.., the MAS in Singapore and the ASIC in Australia. It offers web, desktop, and mobile platforms as well as MetaTrader 4, the most widely used forex platform.tinyurl.com There is no minimum deposit requirement and no minimum trade size. Oanda claims that 98% of trades are executed in 0.057 seconds or less. Oanda’s platform offers advanced charting, technical analysis powered by Autochartist and a QuantConnect-powered Algo lab so you can code, backtest and deploy your own strategies from your browser.
Demo account option is available for you to practice and test your strategies. City Index is a specialist in CFD trading and spread betting and it offers CFDs based on shares, indexes, currencies, cryptocurrencies, commodities, bonds, metals, options and interest rates. It was established in the U.K. 1983 and is authorized and regulated by the FCA. City Index’s parent, Gain Capital, is listed on the NYSE. Trader, premium trader and professional trader accounts are available. City Index also offers Webtrader, a web trading platform, mobile apps (iOS as well as Android) and ATPro, a downloadable platform. Minimum trade size is 1 CFD, and no U.K. Margins range from 3.3% on currency pairs to 5% on indices and 20% on shares.
IG Group, established in 1974, has over 195,000 clients worldwide and operates in over 15,000 markets. CFD trading is available for indices, shares, forex, commodities, cryptocurrencies, bonds, ETFs, IPO grey market, interest rates and options, to name a few. A proprietary web trading platform, apps for mobile (iOS and Android) and tablets, MetaTrader 4 and web-based charting package ProRealTime. Fast account creation. Fill out a simple form and your identity is verified instantly. There is no minimum balance requirement. You also get instant access to a free demo account where you can practice trading with virtual funds. The firm offers phone support 24 hours, between 3 p.m. ET Saturday and 9 a.m. ET Saturday and live chat option is available 24/5 from Monday through Friday. Launched in 2011, FXTM offers CFDs on shares, indexes, commodities and cryptocurrencies.
It’s regulated by the International Financial Services Commission of Belize and has offices in China, India, Indonesia, Malaysia, Nigeria, South Korea and Thailand. FXTM’s platform includes the web trading platform Webtrader, as well as MetaTrader 4 and MetaTrader 5 web platforms. Its platform provides tools such as economic calendar, market analysis videos, quarterly market outlook and educational videos. Chat support is available through Live Chat, Viber, Telegram and Facebook Messenger. A call-back option is also available. Customer support departments can be contacted 24/5 from Monday through Friday from 11 to 16 hours on Saturdays and from 12 to 20 hours on Sundays. There’s no one-size-fits-all broker for traders with different experience levels, risk-return and asset class preferences. For starters, regulation could be a key issue, especially because derivative instruments such as CFDs are risky. Because of the volatility involved, a fairly decent trading platform and demo account are invaluable. It pays to do some research before you decide which CFD broker is best for you.
The Forex fx trading Market has been pivotal to financial markets worldwide for decades now. It pertains around the involvement of trading currencies and determining the daily fluctuations of the market. However, it’s only been recent that large corporations, banking institutions and governments have begun to participate in the market. This made it hard for average investors to trade in the market, until recently. There is still the individual market for investors and traders, with the easing of regulations and the rise of brokerages; it’s become possible for regular citizens to participate in global trading. However, Europe isn’t the only country that’s seeing incredible growth.
The United States, Africa and Australia are three other territories that are having their Forex markets rise dramatically. The trading instruments, platforms and Tinyurl.com trade options available in these territories have expanded to a point where they act as an ecosystem. Small investors are now capable of participating in the global financial market as a result. Africa, as a whole, has seen an incredible rise in growth for Forex & FX Trading. However, one country has become a hub where investors are increasingly setting up shop. That country is Nigeria, where an average of three hundred thousand individuals trades monthly. N350-450 Million Naira is the traded daily volume in Nigeria from three hundred thousand [August 2019] - Nigerian Forex Market traders.
The last decade has seen steady increases in sizes, with an average of 25% to 30% growth rate yearly. 514 is spent by each trader in Nigeria quarterly. This ends out to be the second highest in Africa, right behind the country of South Africa. There are hundreds of new Nigerian Citizens that become Forex Investors every month. The appeal is that their appeal to choose trades that is in local currencies and derivatives. This allows for more sustainability for domestic financial markets in Africa, and it also provides for Nigerians to establish wealth in their money. However, if these traders want, they can select famous currency pairs like the USD/EUR to trade with high liquidity in mind.
This is a high-risk gamble, but the rewards can be substantial. These USD/EUR exchanges in Nigeria are open 24/7 and require an internet connection to access worldwide financial markets. Worldwide brokerages in the FX & Forex Markets have taken notice of the rapid growth in Nigeria. It has prompted many brokerages from Australia, Europe and the United States to build new offices in the country. Opening an office allows for them to invest in the Nigerian Retail FX & Forex Markets. The appeal for these European, Australian and American brokerages is that the market in Nigeria is primarily based around a young population. These three markets tend to lean to more of a middle-age to elderly demographic, while with Nigeria, the demographic could become life-long traders with their firm.
Furthermore, the new regulations implemented by the European Securities and Markets Authority has caused for strict leverage caps on contracts-for-differences, forex instruments and crypto. Nigerian Regulators are liberal towards Forex & FX Trading, which gives brokerages more leeway to maintain their trading services for profit. Two of the more notable FX Brokerages that have set up shop in Nigeria is Avatrade, Hot Forex & FXTM.tinyurl.com The three of them allow for local currencies as payment, with all funds earned for the next year going towards brand awareness and seminars across the country. By educating the population on Forex trading, the likelihood of profit increased tenfold for these brokerages.
Shockingly, there is no local regulation for Forex or FX Trading in Nigeria right now. Operating or trading in the market isn’t illegal. Luckily, two mainstream regulators implement guidelines for the leading brokerages in Nigeria. Those regulators include the Finance South Africa Association and Financial Conduct Authority. However, as a result of there being no local regulator, there are dozens of lesser-known brokerages operating in Nigeria without a license. This has made investors in the country a target for scams. This is why it’s best to trade with a brokerage that’s licensed from the FCA or FSCA. The policies and guidelines implemented by these governing bodies require the brokerages to operate under safe and reliable business standards. The only downside to using a regulated brokerage is that they need investors to follow strict policies and provide over credentials to confirm legal identification in Nigeria. Creating a Nigerian FX Regulator would guarantee a smoother process for traders in the country. There is hope in sight for investors in Nigeria. In December 2018, it was suggested that the Nigerian Government was creating the framework required for a national regulator to govern over the Forex & FX Market. She has a passion writing financial news after an internship at Bloomberg London. Millie's background in journalism and politics means she has an eye for a good story. Millie graduated from LSE and has a masters from Durham University England.
FXTM is strengthening its status as one of the leading forex educators with the announcement of a new training centre in Port Harcourt, which acts as an FXTMPartners office.bit.ly FXTM host a myriad of popular educational events in Nigeria, as well as across the world, and with this new centre, the broker will provide a welcoming hub for traders to enjoy more world-class seminars and workshops. Since the company’s foundation, FXTM has been committed to providing its clients with superior education. Built on the firm belief that a successful trader is an educated trader, the brand ensures its traders stand out from the crowd by giving them access to industry-leading educational resources and events.
Training centers, alongside carefully cultivated educational events, provide a space for traders to advance their techniques and compare strategies with other like-minded investors. According to a statement, across Nigeria, traders have attended workshops and seminars hosted by first-class FX experts, including FXTM’s Head of Education in Nigeria, Conrad Okongwu. As an example, the E-Trading and Investment Summit makes frequent visits to Lagos, Abuja and Port Harcourt. The Summit consists of a seminar, where attendees learn the basics of trading, and a three-day workshop, where participants discover the fundamentals of more complex topics. “These events have been immensely popular and received turnouts which surpassed expectations. FXTM hope the Port Harcourt Training Centre will enable more traders from southern regions of Nigeria to attend these interactive events.
“The training centre in Port Harcourt will join the growing number of FXTM Partners sponsored training centres across Nigeria and the world. The international broker, through the FXTM Partners office, is proud to extend its reach to PortHarcourt as it continues to give more traders access to free, field-leading education,” the statement added. FXTM’s General Manager for Nigeria, Abiola Akinyele said: “Training centres are hugely beneficial for traders and affiliates alike. They provide a hub of support for those looking to expand their knowledge and those looking to improve that all-important trading strategy. Also, CCO of FXTM, Lex Webster said: “The training centre will provide a place for traders in Port Harcourt and nearby southern regions of Nigeria to learn, network and share knowledge with one another. The firm stated that the opening of a new training centre adds to the many successes FXTM has enjoyed in 2018 alone. “At the beginning of the year, it was awarded the coveted FCA licence, allowing it to cast its net to key economic regions further afield. Its global expansion was also recently recognized in the 2018 World Finance Awards, where FXTM earned the title of Best FX Broker in Asia and the award for Best Trading Conditions.
Nigeria's government is seeking to reach an agreement with union leaders to prevent a national strike over petrol price rises, as economic pressures mount and concerns grow over falling oil production. Labour ministry officials were to meet with representatives of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to discuss the 67 percent hike imposed last week. 0.73, 0.64 euros) to 86.50 naira per litre. Government offices, airports, sea ports and businesses, including banks, shops and markets, would be shut if talks failed, the unions warned, calling on people to stockpile food. Any industrial action would exacerbate pressures in Africa's largest economy caused by the global slump in crude prices, which has drastically cut government revenue from oil exports.
On Monday, Nigeria's National Bureau of Statistics said the inflation rate had risen for the sixth consecutive month to 13.7 percent in April, up from 12.8 percent in March.bet9ja.com Nigeria depends on oil sales for 70 percent of government revenue and the global plunge in oil prices has weakened the naira currency and made foreign exchange scarce. To make matters worse, junior oil minister Emmanuel Kachikwu said domestic production had fallen from 2.2 million barrels per day because of renewed militant attacks on pipelines and facilities. Kachikwu, who also heads Nigeria's state-run oil firm, last week announced the petrol price rise and deregulated the fuel import market to try to end shortages caused by the lack of forex.
As a result, fuel importers have been unable to source forex at the official market rate to buy supplies, causing pumps to run dry and long queues at filling stations. Wranglings over subsidy payments between importers and the government have previously led suppliers to withhold deliveries in a system widely criticised as open to abuse. OPEC-member Nigeria depends on fuel imports because of a lack of domestic refining capacity. The government has kept prices at the pump low and paid the difference to importers but with overall oil revenue squeezed it can no longer afford to subsidise at 86.50 naira per litre. Because of the lack of fuel, motorists have been paying upwards of 145 naira per litre for months.
Kachikwu told parliament the price rise was “absolutely essential” to kick-start growth, improve investor confidence and even for Nigeria “to survive as a nation”. A previous attempt to end fuel subsidies in January 2012 saw petrol prices more than double but the government was forced to partially reinstate them after widespread protests. But there were indications the unions may have misjudged the public mood this time around. Lagos stockbroker Sola Oni. Oni, from Sofunix Investments and Communications. Public affairs commentator Quincy Durodola also questioned the timing of the union threat. Meanwhile, the head of NUPENGASSAN, which brings together the two top unions for the oil and gas sector, said they did not support strike action and approved of the government's actions. NUPENGASSAN Chairman Achese Igwe told AFP, adding that the union was “not part of the strike action”.
This was revealed in a statement the firm’s General Manager, Mr. Anthony Enwereji issued Saturday, noting that the session with the BDCs would emphasise the need to speed up best practices in global remittances. The statement explained that Travelex held a similar session with the BDCs in the South during the countdown to the 2019 general election. It said the session helped the BDCs guard against facilitating illicit financial flows associated with the season of campaign financing. 50 billion annually through illicit financial flows.tinyurl.com It explained that the interface with the BDCs in the country “has become an annual programme as part of Travelex contribution to the society (CSR).
The 2019 edition is intended to address the BDCs operating in the northern half of the country. “In its continuing effort to assist the Central Bank of Nigeria (CBN) in strengthening the nation’s BDC Sector, Travelex will hold its 2019 BDC Seminar in Abuja on Tuesday. “The timing of the 2019 seminar is aimed at helping set an agenda for the BDC sector under the incoming administration. The place of the BDCs in the domestic economy of Nigeria cannot be over-emphasised. “For its important roles, whether in the past or now, the federal government has always taken special interest in the activities of operators in the sub-sector,” the statement explained.
Enwereji said the 2019 edition would focus on “The BDC Industry in Nigeria: Retrospect and Prospect,” which he said, would take off on March 26 at the Transcorp Hilton Abuja. Also, Enwereji said CEO, Economic Associates, Dr. Ayo Teriba would address the audience on analysis and proposals for strengthening Nigeria’s end-user forex policy’. The seminar, according to him, will feature Chairman, Economic and Financial Crimes Commission (EFCC), Mr. Ibrahim Magu who would speak on anti-corruption and anti-money laundering laws and regulations as concerned the BDCs in Nigeria’. Other key speakers at the seminar are Director, Nigerian Financial Intelligence Unit (NFIU), Mr. Modibbo Tukur; President of Association of Bureau de Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe and Mark Smith, Commercial director for Africa, Travelex UK.
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