Is Forex Trading Legal In Nigeria; the answer is yes. As long as you abide by the Foreign exchange (monitoring and miscellaneous provisions) Act, and trade.
Table of contents
- Get Started with Forex in Nigeria
- Why Nigeria Is Becoming Africa’s Fastest Growing Forex Trading Nation
- How to Trade Forex in Nigeria? (Updated for )
- Forex Training & Investment
There are trading watchdogs out there, and you can use their websites to see if the Nigerian forex trading brokerage firm is legal to trade through. Just because there is a forex trader in Nigeria, it does not mean they are legal and can trade for you in the market. Forex trading in Nigeria is growing every year with more and more brokerage firms in Nigeria and making sure they are legal and can trade is vital before using them to trade your money.
However, in Nigeria, there is still very little when it comes to forex trading regulation. With an increase in banking policies in Nigeria, it has had an effect on the forex trading in the country. There are no clear-cut rules or regulations in place in Nigeria when it comes to forex trading in Nigeria. While the practice is not illegal, forex brokerage companies that deal with online trading have worked together to make it so regulations for Nigeria can be in place sooner rather than later.
Get Started with Forex in Nigeria
Once the regulations are in place by the government of Nigeria, the forex traders in the country will have a better framework to trade in a totally legal manner. As stated before money made through forex trading is taxable and Nigerians who trade must declare those earnings when they do their taxes. When it comes to forex trading, there are many benefits when doing so in a regulated market. Your investments are safe, you can be compensated by a governing body, and you can turn a profit, and it does not matter if the market is going up or down.
However, in Nigeria or no matter where you are it is key to know when to stop. Even in trading in a forex market that is regulated, you can still lose money. If the strategy you have in place is not working then regroup and come up with another one. In the case of Nigeria forex trading is legal, but at the time there are not many regulations on the books.
Why Nigeria Is Becoming Africa’s Fastest Growing Forex Trading Nation
As stated before it is very important to know all there is when it comes to legal Nigerian forex trading platforms. If you are not sure about the legality of the trading platform in Nigeria, do some homework and find a reputable and legitimate forex trading firm that can help you explain what you can and cannot do when it comes to forex trading. Petar is the finance guru, if you need a good investment this is the guy you go to!
Working majority of his days in the finance sector as trader, he has gathered plenty of insight on binary options and the forex markets. If an FCA broker becomes insolvent, what happens to my investment? How does the broker secure my funds? What payment options are available to Nigerian Forex traders? There are often questions posed when it comes to Forex Trading in Nigeria, especially when it comes to the legality of it. With that in mind, we felt it was needed to answer some of the most commonly asked questions relating to Forex trading. What is the lowest amount required for initial trades with a Nigerian Forex brokers?
While there are some that will allow for less it will depend on the account you have opened. Those brokers that accommodate institutional trader will require larger amounts to be invested, but that is standard with most forms of investing, whether Forex or other markets. Your investment is guaranteed with those brokers that are FCA certified. All monies owed will be returned to you through a Financial Services Compensation Scheme that is designed to protect investors from the rare chance that a broker goes out of business.
How to Trade Forex in Nigeria? (Updated for )
All FCA brokers operate under a regulatory umbrella that must be followed to ensure funds are secure. All traditional payment methods are offered to those residing in Nigeria.
The broker caters for the needs of the forex market in more than countries. This makes them one of the most available brokers in the industry to all levels of trader. Couple this with an exceptional education section, and a great variety of assets to trade in, and you have a winning combination with XM. Visit XM. Warning : Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors.
Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. FXTM was founded in in Europe. They are currently headquartered in Cyprus but offer services in forex trading and many other assets to traders around the world including all parts of Nigeria.
They have fast become one of the top forex brokers in the entire sector. This means trading is high accessible through FXTM for all level of trader. This trusted regulation, a competitive range of trading costs, and the availability of more than assets to trade, continue to make FXTM a popular choice for Nigerians.
Nigeria is one of the few countries in the world which does not currently have any type of regulation in place for the trading of foreign currency. This means that extra due diligence should be performed before you signup for any broker. When visiting a broker make sure they are licensed in jurisdictions such as:. While the above organizations do not protect funds from clients in Nigeria, the very fact that a broker is regulated by any of these organizations ensures a minimum quality standard.
While we feature many forex brokers on this website, only the brokers featured on this page currently accept clients from Nigeria. There are no regional restrictions in place for individual Nigerian states or territories. In most cases you may phone, email, or use live chat. Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets. What Makes Gold Valuable?
Forex Training & Investment
Meet the Team Contact Us. Connect with us. Forex Brokers:. Table Of Contents. Nigerian Forex Brokers We have reviewed numerous forex brokers in Nigeria, there are the top 5 brokers which have met our quality guidelines and accept residents of Nigeria. We recommend the following: Admiral Markets provides one of the most trustworthy trading environments you can find. Nigerian Forex Regulation? Do these brokers accept clients from all states? They currently accept residents from all 36 states including. Can I contact customer support?
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