Forex in Nigeria

Forex is shortened to mean Foreign Exchange. The forex market has remained one of the most liquid markets on the globe today, at the same time it prides itself with a daily average trading volume that surpasses that of every financial market (BIS report shows it to be around $3.2 trillion per day).

Investors, who trade on currencies, do so by buying and selling them with a view to make gains via the fluctuation in prices.

The EUR/USD (euro against the dollar) is one of the most traded major pairs. Some other major pairs are the GBP/USD (Great Britain Pound versus the dollar), USD/JPY (U.S. dollar against the Japanese Yen) and the EUR/JPY (Euro versus the Japanese Yen).

People on any part of the globe can gain access into currency trading via online forex brokers, as these institutions make it possible for everyone to trade with any account size on a wide array of international currencies.

Currency trading has gained a lot of popularity in Nigeria over the years. We find a pool of young persons who are dynamic and educated getting on this bandwagon with the sole purpose of earning big bucks via this online process.

Forex brokerage firms are beginning to open up to the Nigerian market by setting up their presence in the country through the introduction of their physical offices in Nigerian cities.

The search volume for terms like “Forex” and “Forex trading” has risen sharply on Google’s trends. Nigeria ranks tops for countries on Google Trends on these trends, especially for “forex trading” This is an indication of the extremely high interest to this niche in Nigeria.

Forex trading should not be mistaken as a “get rich quick scheme”, for anyone to be successful in this business, it is essential that time to be dedicated for studying and learning the process. For newbies out there, there’s good news as tons of free quality educational materials can be gotten off the internet. The whole process would take a while, but trust FXOpen, it is fun and worthwhile at the end.

Posted by December 21st, 2017