Forex trading is one of the, if not the most popular side activity for Nigerians. It has engraved itself so much in the local culture that forex brokers sometimes don’t even need to advertise as the population immediately finds out through their own personal connections.
Because of so much interest in the industry, the local government was forced to impose strict regulations so that everybody’s finances are more or less safe in case of an emergency. This regulation is overseen by the SEC (Securities and Exchange Commission of Nigeria). Therefore, the first step on getting started with forex trading in Nigeria is finding an FX broker that has this license.
But that much is obvious. Let’s take a look at how people can start trading in Nigeria for free.
Using a bonus
Traders are always advised to take advantage of the available benefits offered by brokers. For example, FXTM Nigeria is very well aware of the interest for trading in the country but often a crippling issue of lack of funds to get started.
Because of this, numerous projects such as no deposit and deposit bonuses have come into fruition in the country. What this means is that eager traders can just register with the brokers and have their accounts topped up by the brokers themselves.
Naturally, this comes with its own requirements such as a yearly minimum of traded volume for the first year in order to withdraw the funds gathered during the period. It may look like free money, but it’s actually just “free trading money”, there’s a big difference.
If you visit 55brokers, you’d see that most people opt for the no deposit bonus as it requires no financial commitment. Only a commitment of one’s time is enough to qualify for it.
Get a Demo account
A Demo account is like a sandbox of the FX market. It is on exactly the same software as the real deal (MT4, MT5, cTrader, etc) and it is completely free.
The only catch is that the Demo account doesn’t earn you anything. It gives beginner traders some kind of context about the market to learn and practice before they move to actual funds.
These accounts are usually funded with virtual money ranging from $1000 to $100,000 sometimes. But don’t be fooled. It may be a good way to practice trading, but not the perfect way.
You see, FX trading is all about emotion and psychology, and knowing you have nothing to lose with a Demo account could really mess with your expectations of the real market.
Anyway, those are two great methods that any Nigerian trader can use to enter the forex market for free. It may not be the best thing since sliced bread, but it is indeed a helpful tool designed by some of the best forex brokers.