Forex trading has gained immense momentum in Nigeria. Earning quick bucks by betting on the fall and rise of popular foreign exchange currencies has attracted traders, investors, banks and institutions alike.
We, at Globex 360, offer state-of-the-art trading platforms, education, and customer service to all our clients. Whether you’re a beginner or a professional trader, we are counted among the best forex brokers in Nigeria, to help those who want to earn from trading online on foreign currency exchange.
Do you know “Nigeria’s forex traders trade currency positions worth as much as $1.25 million on average, daily”?
How To Start Forex Trading in Nigeria?
Forex trading may seem complicated but anyone can trade online sitting at home or anywhere in the world with the help of top forex brokers in Nigeria.
The forex market has an estimated daily turnover exceeding $5,5 trillion. You can trade foreign exchange currency around the clock 24 hours a day, 5 days a week. Wondering if you should bet long or short, how much you can make on the first day? Questions like these can be answered by Globex360 – a licensed online trading provider in Nigeria. FSP No. 50130
What Globex 360 Offers?
- Spreads from 1.6 pips; Leverage Up to 1:300; Ultra-fast Execution
- Free demo trading account
- Easy to use and one of the world’s best trading platforms: MT4
- Best mobile forex trading app of MetaTrader 4 for your Android and Apple iOS devices to trade foreign exchange online, on the go.
- Covers over 50 spot instruments, with attractive leverage and financing costs.
- FREE Withdrawals on amounts exceeding the threshold
- Fast Withdrawals with 24*7 professional customer support
- All the client funds are safe and held in a segregated account separate from the companies funds.
- Learning programs to help you make intelligent trading decisions
Benefits of Forex Trading in Nigeria:
- Lucrative investment opportunity
- It’s the most liquid market in the world with nearly $6.6 trillion transactions a day averagely in 2019.
- Leverage trade opportunities at your discretion; buy or sell anytime
- No exchange fees or clearing charges
- Unregulated forex trading
Forex trading in Nigeria can be rewarding if you exercise calculated strategies to earn a steady income from different types of foreign currency.
Sign up with Nigeria’s best forex broker to open a trading account and start buying or selling currencies.
For more queries, talk to Forex Brokers at +27 11 568 3097 or write to us at email@example.com
Frequently Asked Questions
Find our answers to the most popular questions which concerns Globex360°.
The eight most popular forex traded currencies are the euro (EUR), the Australian Dollar (AUD), the New Zealand Dollar (NZD), the Swiss Franc (CHF), the U.S. Dollar (USD), the Japanese Yen (JPY), the Canadian Dollar (CAD), and the British Pound (GBP) (in no particular order).
Out of all these currencies, the USD/EUR pair prevails as the dominant international trade currency pair. It is used the most in the forex market. The popularity of this pair comes from the fact that the US dollar and Euro are the representative of the two largest economies in the world—the US and the European single market.
Currency prices or exchange rates are influenced by a variety of political and economic conditions including inflation, interest rates, trade, employment, growth rate, political stability, and geopolitical conditions.
Furthermore, many governments participate in the forex market to influence the value of their respective currencies, either by buying their domestic currency to raise the price or by flooding the forex market with their currency to lower the price.
This practice is known as Central Bank intervention. Any of the above-mentioned factors can cause great volatility in currency prices. However, with the huge volume and size of the forex market, no currency can drive the forex market for any length of time.
The most common trading risk management tools in forex trading are the stop-loss order and the limit order. A stop-loss order places a certain position to be automatically exchanged at a predefined value to restrict potential losses. A limit order sets a restriction on the minimum price to be received and the maximum price to be paid.
The liquidity function of the forex market ensures that stop-loss orders and limit order can be easily executed.
Forex traders make decisions using both economic fundamentals and technical factors. The economic fundamentalists predict exchange rate movements by interpreting a huge variety of financial information, including international news, government-issued reports and indicators, and even rumour.
On the other hand, technical traders use mathematical analysis, support and resistance levels, trend lines, charts, and numerous patterns to identify promising trading opportunities.
The most dramatic exchange rate movements, however, occur when unforeseen events happen including the outcome of a political election, increased domestic interest rates by the central bank or even an act of war.
Different currencies represent the monetary system of countries all over the world. For example; the US Dollar, Brazilian Real, Canadian Dollar, the Japanese Yen, Swiss Franc, etc.
Forex trading is investing in actual currencies at the current exchange rate with banks. All forex trades are usually done through brokers.
Futures trading of different currencies is made in trading pits, where you are investing in currencies today, but for future prices.