This article will tell you all you need to know about Forex Trading in Nigeria. It contains the basics of Forex trading.
A good friend of mine, who by the way, happens to be Forex trader regularly says, “Forex is a way to Financial Freedom”.
However, I found it very hard to believe until I saw how much he makes daily, from trading the Foreign Exchange Market.
To cut the long story short, My guy was making the minimum wage of a Nigerian in just a day. He didn’t even step out of his house or even his room. He sits down all day and makes his cool cash.
Surely, those figures are enticing. But, before you think of trading the Forex market, you have to learn it first. A successful FX trader says “LEARN, remove the “L” then EARN“. You mist follow the process.
So, I will be explaining the basics of Forex to you. That is, what you need to know as a beginner. Although, this article will not tell you everything, so you can do well to sought for more knowledge later.
- 1 Introduction to Forex Trading in Nigeria
- 1.1 Differences between Betting and Forex Trading in Nigeria
- 1.2 What is Forex?
- 1.3 What is traded?
- 1.4 Who can trade the Forex Market?
- 1.5 When can I trade the Forex Market?
- 1.6 Terminologies used in Forex Trading
- 1.7 Forex Brokers in Nigeria
- 1.8 Forms of Trading in Nigeria
- 1.9 How to trade the Forex Market in Nigeria
Introduction to Forex Trading in Nigeria
An individual who has not idea about Forex trading will call it a form of “betting”. I laugh when I hear people day this. There is arguably more to Forex.
Before, we even go deep, let me take you through the differences between betting and Forex Trading in Nigeria.
Differences between Betting and Forex Trading in Nigeria
1. Unlike betting, where you pay for odds, stake your money and input the games you bought, in Forex, you don’t stake your money. Instead, you use your money to buy/sell a currency.
2. In the same vein, anybody can begin to bet without having any prior knowledge, but in Forex, you must have adequate knowledge for you to trade.
3. Also, you don’t need any paperwork or means of identification to open a betting account, but in Forex, you need a lot of it to open a live account.
What is Forex?
Simply put, Forex means ” FOReign EXchange”. It is a non physical market where buying and selling takes place.
It is not a market like Aba, Oyingbo, or Oshodi, where we buy and sell clothes, shoes and the likes. The Forex market does not have any physical location. It spreads round the whole world.
In addition, the Forex Market is the largest Financial Market in the world, with a total daily liquidity of over 5 trillion dollars, compared to the meagre 22.4 billion dollars of the New York Stock Exchange.
Oops! I forgot. You might want to know what liquidity means. Well, Liquidity means the total amount of buying and selling volume happening at any given time.
You therefore might want to know the items we trade in the Forex Market. I’ll tell you all, just stay glued.
RELATED: Top Microfinance Banks in Nigeria
What is traded?
Yes! Everyone wants to hear this. What the heck is being traded on the Foreign Exchange Market? A number of instruments are traded but the most traded is the currency.
A currency is bought/sold, while another one is simultaneously sold/bought. Simply put, if I buy currency A, then I have to sell currency B, at the same time. As simple as that
Who can trade the Forex Market?
A lot of people can trade the Forex Market, ranging from big companies, Banks, to individuals (retail traders) like you and I.
But, the banks are the one that dominate the Forex Market, and they make a lot from it. That is why they won’t let you learn how to trade it. Let me show you a domestic example of Forex trading that has happened to you.
You come to Nigeria, from the United States, and you have $100 dollars with you. You branch at a commercial bank to exchange the money to Nigerian Naira(NGN).
On getting there, you are told $1 equals N360. Then you exchange. What you have done is you have bought the Nigerian Naira, and you have sold the US dollar. So you will have (360×100)N36,000.
Then you decide to go back to the states the next day, with your N36,000. You branch at the same bank, and exchange the Naira for dollar again. They’ll tell you $1 now equals N380. So you have to pay more of the naira with you to get a dollar.
What the bank did is that, they bought the dollar at a cheaper price, and sold it back to you at an higher price. That’s Forex. They’ve made their gain already.
RELATED: Top Real estate companies in Lagos
When can I trade the Forex Market?
The Forex market is open 24 hours, 5 days a week. Then market us only closed during the weekends(Saturday and Sunday).
Terminologies used in Forex Trading
1. Price: I mentioned this first because all we do in Forex centres around it. The price is the base of any financial market.
Price refers to the rate of a currency to another currency. Simply put, how much of currency B will make currency A.
Let’s make use of the US dollar(USD)and Nigerian Naira(NGN). 1 USD equals 360 NGN.
2. Quote: Like I mentioned earlier, in the Forex Market, you buy currency A and sell currency B. Currency A and B are quoted in pairs in this format(A/B). Using our dollar naira example, we have USD/NGN. The price is now written in front.
This is called a quote. The first currency is called the base currency, while the second is called the quote currency.
3. Bulls: Buyers in the Forex Market are referred to as the BULLS.
4. Bears: Sellers in the Forex market are referred to as the BEARS.
5. A Bullish market: when the price of a quote us rising.
6. A Bearish Market: when the price of a quote is depreciating.
7. Go long: means to buy.
8. Go short: means to sell.
9. Pip; A pip serves as a unit for calculating profits and losses in the Forex Market.
10. Leverage: To trade the Forex market, you need a lot money, but the introduction of leverage has made everything easy.
With as low as $10, you can place a trade of $1million, making use of leverage.
11. Take Profit: You cannot sit in front of your system all day watching your trade. You can easily take your profit at a particular market price.
For example, I buy a currency pair at 1.5. I might decide to set my TP at 2.0, so as soon as the price hits the 2.0 mark, it automatically takes your profit and close your trade for you. You don’t even need to switch on your data connection.
12. Stop Loss: Recall I said Forex, is a way to financial freedom, it is also a way to bankruptcy. You can lose your capital, worth 5 years of hard labour, in just a minute. Yes, 1 minute!
This was why the stop loss order was introduced. It is a form of market order that allows your broker close your trade for you, at a particular price, in case the market goes against you.
Forex Brokers in Nigeria
Initially in Forex, only the big men who earned million of dollars were allowed to trade the Forex Market. They were called Men of Wall street.
But, with the proliferation of brokers, this has been solved. Brokers act as an intermediary between you and the Forex Market. They offer traders leverage to occupy a large trade position with a very small capital.
There are a lot of Forex brokers like Hantec markets, FXTM, XM, Metaquotes. alpari etc.
In addition, these brokers have offered traders the opportunity to practice trading with a demo account. The demo account allows you to practice the Forex Trading without depositing any capital.
You don’t need any document to open a demo account, but you will need a few things to open a live account, and begin your own Forex trading in Nigeria.
To open a live Forex account, you must:
- Have a national ID card
- Be at least 18 years of age
- Have a constant source of income
- Have a capital
RELATED: Top loan apps in Nigeria online
Forms of Trading in Nigeria
There are two forms of trading the Forex market. They include:
1. Fundamental Analysis: it is a form of trading with financial news. For example, if you get a news that there is more employment rate in the US, it means the economy will rise and therefore the US dollar will rise.
2. Technical Analysis: is the process of using technical instruments to determine future prices. You use instruments like candlestick, indicators, ichimoku, moving averages, etc.
RELATED: Highest Currency in The World 2020
How to trade the Forex Market in Nigeria
Let me give you a brief explanation of how you will buy or sell currency pairs in the Forex market. Just follow this procedure;
1: Determine if the price of a currency pair will rise or fall. If it will rise, you will buy it, but if it will fall, you will sell it. Take note of this.
2: Enter the type of market order(For example; execution, limit and stop order).
3: Subsequently, Input the price you are buying or selling.
4: Input the figures of your Take profit and stop loss.
5: Lastly, Place your order.
In conclusion, you are advised to take your time in learning and studying Forex trading in Nigeria. The truth is you can’t learn the market in a day. It takes a lot of time and experience.
If you really wish to learn more about Forex Trading in Nigeria, I will recommended you visit babypips to gather enough knowledge.
You should also subscribe to our newsletter or leave a message in the comment box below to get more updates and knowledge on the Forex Market.
Wish to appreciate Financial Expert , help us share this post with others.
How To Borrow Money From Airtel Loan in 2020 | Check Eligibility
This article will teach you how to borrow money from Airtel loan in 2020. The process is very easy and simple. All you need is your phone and registered Airtel SIM.
Most of us can testify to how painful it is to lack airtime/data, when it is needed the most. Airtime/Data is needed to reach our loved ones; for educational purposes, most importantly to perform business transactions.
For example, you might need to reach a business partner on phone and as a result dial his/her number. The heartbreaking period is when you hear – Dear Customer, your account balance is low!.. From experience, you should know what this feels like.
For those who have smartphones, the next thing that comes to your mind is to message them on WhatsApp or Facebook Messenger.…What if you are out of data also? Two options gone..Is there any other alternative? Of course, there is!
You either proceed to a call centre to buy airtime, or do top-up directly from your Bank account.
But what if there is no cash at hand or at bank? Then all options are not feasible or and all come down to one last thing!
Borrow!! Unlike some network providers who do not lend their subscribers airtime/data, Airtel does so at a very cheap rate. You were surprised I said “Cheap”? Yeah, cheap!
That is, a form a payment will be made. Borrowing airtime is just like taking loan from a bank and paying back later with an interest.
But, there is a difference between the two. I will show you in the next paragraph.
Unlike borrowing from a bank, Airtel lends you airtime or data and deducts the interest from the loan amount. That is, when it is time to repay, you will pay the borrowed amount back without any interest on it.
However, the interest rate Airtel charges borrowers is very small compared to that of other Network Service Providers. I will reveal the interest rate of Airtel to you later in the this article. Continue reading.
Also, you might have heard about Airtel Borrow Me, but the problem is, you might not know how it is being done.
So, this article will teach you how to borrow money from Airtel within 1 minute. The process is absolutely easy and glitch-free.
Check Out: Latest Kiakia loan review in 2020
What is the Code to Borrow Money From Airtel?
To borrow airtime/data from Airtel, there is a code you will dial on your phone(android, non android, iOS, windows, iPad). After dialing this code, then you will be able to process your airtime/data loan.
The code used to borrow Money from Airtel(airtime or data) is *500#. This code is compatible with any device. As long as your phone can dial numbers, then you are good to go.
However, there are requirements that you must meet to enable you request for a loan on Airtel Network. This is called the Eligibility.
In the next subheading, I will show you the requirements you must meet to make you eligible for quick borrowing.
Also Read: Best apps for borrowing loans in Nigeria
Eligibility to Borrow Money from Airtel Loan
You can check if you are eligible to borrow money from Airtel by dialing a short code, and following the on-screen prompts. The process is;
- On your Airtel SIM, Dial *500#
- Select Option “1”, Eligibility and Help
- Reply with “1” for Eligibility
- After that, you will receive an on-screen message which contains the amount of airtime/data you can borrow on your Airtel line. See the image below.
If you are eligible to borrow, the next thing is to go ahead to borrow the airtime/data
Recommended: Visa free countries for Nigerians
How to Borrow Airtime
If you are short of airtime, and wish to borrow airtime, then you should follow this simple procedure;
- Dial *500#
- Select Option “2”– Borrow credit
- You will receive a list of the amounts you can borrow. Enter the corresponding number of the amount you want to borrow.
If you feel this method is quite long or complicated, then just dial *500*amount#. For example, if you are borrowing N200, then simply dial *500*200#, and you will get the borrowed airtime in your balance immediately.
Read Also: Best microfinance banks in Nigeria
How to Borrow Data
If you need quick data on your smartphone, and wish to borrow, simply follow these steps;
- Dial *500#
- Enter no. 3 – Borrow Data
- You will get a message which contains the amount of data you can borrow and its Naira equivalent.
- A service charge of 15% applies to all airtime/data loans. For instance, if you are borrowing an airtime worth N200, then you will b e charged N30. Therefore, you will receive a sum of N170 in your Extra Airtime Balance
- All Loans must be repaid within 72 hours of borrowing.
Subscribe to our Newsletter to receive updates when we post articles that might interest you.
Also, you can share this post with others. It is absolutely free to do so. Remember there is love in sharing. Thanks for reading.
How To Buy And Sell Bitcoin On TruexGold.com in 2020
This article will explain how to buy and sell Bitcoin on TruexGold.com. You can begin to trade with them after reading this.
Cryptocurrency is the future! There is absolutely no need to emphasize on that anymore. We see it happen all around us. Some employers now pay their employees in cryptocurrency, particularly bitcoin.
A time will come when less than 5% of payments will be made via currency notes. This is because the cryptocurrency world evolves everyday.
So how do you get started? Quite simple! Just like you open a commercial bank account, you can also open a cryptocurrency account.
However, it is much more easier to open a cryptocurrency account. Unlike opening a local bank account in Nigeria, which takes almost 7 days, a cryptocurrency account can be opened in 5 minutes! I’m not exaggerating here. It’s the fact.
Unfortunately, I won’t be going into how to open a cryptocurrency account here, as our focus will be mainly on how to trade a particular cryptocurrency on a reputable platform. You could have guessed right from the onset, and coincidentally, it’s our topic….Our choice of crypto is “Bitcoin“.
A brief Introduction to Bitcoin.
Shortened as BTC, Bitcoin has been in existence since 2009 and has ever since dominated the crypto market. It is the most widely traded cryptocurrency, just like the US Dollar is the most traded currency in the Forex Market.
At the inception of the Bitcoin generation, a unit of it was worth less than a dollar. How ridiculous? So worthless. But most of us made a big mistake. If we had purchased one Bitcoin at that time, my dear, you would have up to 4 million naira swimming in your bank account right now. Now imagine if you had bought a thousand unit.
Certainly, most of us lost a big opportunity, but there’s a bigger one knocking. Try not to miss it. You are advised to increase your concentration onwards.
This is called “Crypto Trade/Exchange“. It is simply the process of buying and selling cryptocurrency. I tag it a “bigger opportunity” because you can make a huge profit from it. You buy when the rate is low and sell when the rate is high.
The question of the day now is….where do you buy and sell your BTC? The answer to this big question is the reason why you are currently reading this. Beating around the bush right? Sorry about that, but a King is not called out without chanting His praises.
The next subheading will be talking deeper on the platform where you can trade your bitcoin. Something bigger is coming…Please don’t miss this!
TruexGold.com, It is!
Yes. The platform I’ll advise you to trade your Bitcoin on is Truexgold.com. This site is 100% tested and trusted. In fact, I am a proud user of the platform.
TruexGold is a cryptocurrency auto exchanger recommended for all Nigerian Crypto traders. Most transactions on TruexGold involves the Nigerian Naira(NGN).
Also, you can exchange as many as 50 cryptocurrencies on TruexGold. They include Bitcoin, Ethereum, Binary, Bitcoin Cash, PlanetOfBets, Payeer, Perfect Money to mention a few.
In this article, We will enlighten you on how to buy and sell Bitcoin on TruexGold.com
Head Office: 57, MCC-Uratta Road, Owerri, Imo State, Nigeria.
MON-FRI: 9AM – 6PM
SAT: 9AM – 4PM
Why not another Bitcoin exchange platform, why have I chosen TruexGold? Well, I’ll reveal it to you here.
Obviously, I have recommended TruexGold to you for specific reasons. These reasons are not hidden. I’m sure you will be more convinced to use TruexGold after getting to know these reasons.
Firstly, Fast Execution. When you buy or sell Bitcoin on TruexGold, the whole transaction takes within 5mins – 1 hour on working hours. TruexGold.com uses a semi-automated mode for all its transactions, which accounts for its immeasurable speed.
Secondly, there are no hidden fees whatsoever. They are the ones to determine the rate at which they buy or sell to you. If you are comfortable with it, then you can go ahead to trade with them.
Moreover, TruexGold Exchange rates are perfect for the average Nigerian trader. When you buy bitcoin from them, they offer the lowest rates you can ever find. Note that the exchange rates vary in relation to the current bitcoin price as at the time of exchange.
Further, you can trade as low as 4,000NGN worth of BTC, and as high as 20 million NGN worth of BTC on TruexGold.com.
Most BTC Vendors make it a criteria that you must trade at least 5,000NGN, but TruexGold is way different from the rest. I can assure you this is the best in the market so far.
Is TruexGold.com Legit or Scam?
I believe the question above is running through your mind right now…Is TruexGold legit or Scam? I’ll shed more light on it now. You are advised to read this before proceeding to trade on the platform.
TruexGold.com is 100% legit.
The company has an identity which is not hidden like those of most other Vendors. It has a physical address situated at IMO State, Nigeria.
All its transactions does not involve a third party(except commercial banks). Also, their website is updated regularly to avoid congestion. Moreover, I’ve been using it for a very long time.
The Institution also partners with some other bodies included in the image below.
How to buy and sell Bitcoin on TruexGold.com?
Before you can be able to buy and sell bitcoin on TruexGold, there are some steps you must have carried. After completing this process, you will now be enabled to make your Bitcoin sales/purchases on TruexGold. These steps are;
1. Open a TruexGold account here.
- On getting to the site, tap the Menu bar at the top left corner of the page.
- Click on sign up
- You will be asked to enter the required info in their specific fields.
- Thereafter, you’ll be told to solve a simple maths. After that, click on sign up.
2. Upon successful registration, tap the menu bar, then click on “User Profile” to update your profile information.
3. Verify your account by scanning any valid means of identification.
How to buy Bitcoin on Truexgold.com
Carefully, follow this simple procedure to purchase Bitcoin directly into your local bitcoin wallet.
1: Tap the menu bar, and click on “CRYPTO-CURRENCY AUTO EXCHANGER-TRUEXGOLD.COM“.
2: You get taken to anoter page. Select the currency you want to use to purchase your BTC. For instance, if you want to use Nigerian Naira(NGN) to pay, select ” Naira NGN” under the “YOU SEND” heading.
3: After that, a number of currencies will appear under the “YOU RECEIVE” heading. Click on Bitcoin BTC.
4: You will be redirected to another page where you will enter other transaction details as contained in the image below.
5: Solve the simple maths and tap the “Exchange” button.
6: You will be taken to another page where you will asked to “Create Order“. Click on “Create Order”.
7: Read and understand the payment instructions before making your payment.
- When entering your Bitcoin address, you are advised to copy and paste it, so you don’t make a mistake.
- The order will be deleted if Truexgold doesn’t receive a bank transfer within 3 hours.
- Most importantly, make sure you use your order invoice as the memo when making payment.
- After making payment, Click on “PAID” and wait for your bitcoin to be received in your account.
How to sell Bitcoin on TruexGold.com
To sell Bitcoin on TruexGold is a bit similar to buying bitcoin on the website. However, there is a little difference in the process.
1. Tap the menu bar, and click on “CRYPTO-CURRENCY AUTO EXCHANGER-TRUEXGOLD.COM“.
2. Under the “YOU SEND” heading, Select Bitcoin BTC.
3. Under the “YOU RECEIVE” heading, Select “Naira NGN“.
4. You will be redirected to another page where you will enter other transaction details as contained in the image below.
5. Solve the quick maths and tap the ” Exchange” button.
6. You will be taken to another page, where you will be asked to “Create Order“. Click on it.
7. Read and understand the payment instructions before proceeding to make payment.
- You are advised to copy and paste the bitcoin address of Truexgold in the recipient’s address of your bitcoin wallet.
- After making payment, Click on ” PAID” and wait for that funds to be received in your local bank account.
With this, We believe you are now capable of buying and selling bitcoin on TruexGold. So what are you waiting for? C’mon go ahead, create an account with them and begin your trade.
In case you have any question or enquiry, you can ask us in the comment section below. Similarly, you can proceed to the site to learn more.
Renmoney Loan Review 2020 | Read Before Taking A Loan
This article will be giving you a brief Renmoney Loan Review. Every information conveyed via this post has been sourced from trusted means. However, anyone reading this has the right to agree or disagree with the writer’s opinion. It is just a review!
Looking for a loan to upgrade that your business to the next level? Or you wanna buy your dream car? Ohh welcome. I will be introducing to you one of the best platforms for borrowing money in Nigeria.
It is known as Renmoney. This Renmoney loan review will be telling you everything you need to know about Renmoney, before going ahead to take a loan. Read on.
Established in 2012, Renmoney helps in providing personal and micro-business loans without any form of collateral or guarantor.
Also, Renmoney claims to be Nigeria’s most convenient lending institution, with very low interest rates and super cool repayment terms and conditions. But is that really true? Well, there’s only one way to find out, continue reading this post to know.
RELATED: Best microfinance banks in Nigeria
Do you know you can get as much as 6 million naira on Renmoney? Oh yes, you can. You can receive a loan up to N6 million without stepping out of your home or location.
However, the least amount you can borrow is fifty thousand naira. You cannot receive a loan less than this amount.
Also, there is no need for collateral or guarantor during the application process.
After receiving your loan, you will be required to refund it within 3-24 months. Failure to do so might increase the interest on the loan, or the company might decide to take up legal actions.
Annual Interest Rate:
No matter the amount of money you are borrowing, the yearly interest rate is at least 35.76%. So for example if you are borrowing the least amount which is N50,000, you will be required to pay an interest of (35.67% × N50,000) N17,880.
Therefore, you get to pay Sixty seven thousand, eight hundred and eighty naira(N67,880) at the end of one year.
Requirements to take a Renmoney Loan
To take a loan at Renmoney, you;
- Must be between 22-59 years of age.
- Will be prompted to upload your Government ID, proof of address and at least a 6 month recent bank statement.
- Will be required to provide your contact details/information.
- Must provide your email address and Bank Verification Number.
RELATED: Best loan applications for Nigerians
How to apply for a Renmoney Loan
To apply for Renmoney loan is very easy, fast and convenient. All you need is your mobile device/computer and an internet connection.
The application does not take up to 10 minutes but you receive your funds within 24 hours.
Follow this procedure to apply for a loan on Renmoney;
- Visit the application page here
- Select if you are employed or you are a business owner.
- Enter your age, the state and local government you live in.
- Input your estimated monthly income.
- Select the amount you want to borrow and the tenure that suits you.
- Fill in the necessary details I’m the subsequent pages.
- Get the application approved, and expect a credit alert in less than 24 hours.
RELATED: Kiakia Loan Review and Requirements
My thoughts on Renmoney
We have come to the juncture where truth must be told onwards. No hypes! We keep everything real.
Firstly, if you are borrowing on Renmoney for the first time, keep it at the back of your mind that you won’t get a loan more than 1.5 million naira. Subsequently, after repaying the first loan on time, you will qualify for higher loans.
Also, first time borrowers get a maximum loan tenure of 24 weeks to repay their loan. Irrespective of the amount you have borrowed, you must make sure that the repayment process is complete on or before 24 weeks.
Further, Renmoney promises cool interest rates, but they aren’t cool at all. I believe any interest rate greater than 20% per annum isn’t really a good one. Renmoney interest rates range from 30% – 50%. That’s too much! Especially for a growing business.
Also, the age restrictions are tiring. Renmoney believes you can only take a loan when you are 22 years of age or above. However, above 22 years of age also has a limit.
Look at this, if you are 60 years or above and need a loan, Just forget about Renmoney. Your loan application won’t get approved. Search elsewhere!
In addition, you cannot get a quick loan on Renmoney. Getting a loan on Renmoney takes about 24 hours, although the application takes just a few minutes. So, if you need a loan in 5-10 minutes, do not consider Renmoney amongst your options.
Above all, a reason I like Renmoney is that you do not need a collateral or a guarantor to stand for you when applying for a loan.
Even commercial banks require collateral for loans of N500,000, but Renmoney doesn’t need all that for a loan of 6 million naira. Now, that’s cool!
Renmoney Contact Information
Address – 23, Awolowo road, Ikoyi, Lagos, Nigeria.
Email – firstname.lastname@example.org
Phone – 0700 5000 500
Have a question about Renmoney? Ask us in the comment section below. We’ll reply you as soon as we see your message.
You should also subscribe to our newsletter to receive more updates on Loans in Nigeria.
- Banking1 month ago
Gtbank Quick Credit Loan Code & Complete Review
- Finance3 months ago
How To Borrow Money From Airtel Loan in 2020 | Check Eligibility
- Top Lists3 months ago
Top 10 Richest Musicians in Nigeria 2021 Today [Updated]
- Banking1 week ago
Fidelity Bank Transfer Code 2020 USSD [Updated Guide]
- Banking2 months ago
UBA Transfer Code Without ATM Card in 2020
- Banking6 days ago
Access Bank Account Balance Code & App Methods 2020
- Banking4 months ago
GTBank Customer Care | Resolve Your Complaints Now (Lines & Email)
- Banking3 months ago
Zenith Bank Transfer Code 2020 Without ATM Card On Phone [Updated]