Today, global financial markets are at your fingertips. Modern online trading tools allow anyone to buy and sell currencies, stocks, or derivatives. From account registration to profit withdrawals, everything can be done from home. Unsurprisingly, increasing numbers of Nigerians are seeking ways to open a live trading account locally. Fortunately, it is now simple.
Forex accounts are created by a broker that acts as an intermediary between clients for Forex trading in Nigeria and the global marketplace. Such firms provide the necessary software tools and guidance. Moreover, they handle all financial flows to and from an account. Thus, it is vital to choose a trustworthy provider. Renowned brands like FXTM have been in the industry for many years, and now serve millions of customers around the world.
How to Choose a Provider
Be very careful while selecting your middleman. The sheer number of ads is overwhelming, so you should know what criteria to follow. Look for a company with extensive experience backed by customer reviews and industry awards. Licence and reputation are equally important.
Reputable firms are part of internationally recognized brands. They conduct lawful business under supervision from authorities, such as the Financial Services Commission (FSC) in Mauritius.
Conditions of trading, such as fees and leverage, will depend on the type of account. Some arrangements are focused on currencies, while others open access to virtual derivatives like CFDs or binary options. Commodities and stocks are not limited to physical exchanges, either. Modern digital instruments allow you to profit from prices without owning the assets involved.
Overview of Accounts
Trading with real money is risky, even for veterans. Newbies are strongly advised to hone their skills before venturing out into the real market. Every rookie begins with simulated trades. This requires demo account credentials (Account ID and main password), which unlock the trading platform.
After the training phase, real trading may commence. This will require deposits of real money into a live account. Brokers accept a wide range of payment methods, from major debit/credit cards to e-wallets. A live account allows you to open real positions and make a profit from well-timed trades.
How to Open a Demo Account
A demo account is free and easy to register. Just fill in a simple form on your broker’s These are sent to the email address you specified. Registration is hassle-free and requires only the most basic contact details.
It is now possible to explore the virtual trading environment. The most popular terminals are MetaTrader 4 and MetaTrader 5. Both can be easily downloaded from the same website. Once the installation is complete, run the program and use the ‘Log in to Trade Account’ option on the File tab. Once you see the account details appear in the Navigator window on the left, you are all set.
Which platform to pick?
Both MT4 and MT5 are perfectly suitable for currency trading, but their functionality differs. Most newbies prefer the earlier version due to its relative simplicity. MT5 includes more indicators, objects and other features, but this abundance can be confusing for inexperienced users.
When you are ready to explore more instruments, make the switch to the more advanced terminal. MT5 is the top choice for the management of diversified portfolios. Holders of stocks, CFDs and other derivatives use multiple charting aids to make better predictions. They spread risks over a range of different assets, thereby reducing the risks and boosting overall profits.
Most Favourable Conditions
Here is an overview of the benefits you should be looking for. First, credible intermediaries make sure aspiring traders have plenty of educational content. This includes different resources:
- video tutorials,
- seminars or webinars with pros,
- online courses,
- market outlooks.
In terms of trading conditions, look at leverage and spreads. The former allows you to trade with larger volumes than you can afford. This means the firm will boost your purchasing power with its funds.
For instance, 1:100 leverage ratio means you need just $1,000 to open positions for $100,000. This ramps up potential returns, along with risks. The arrangement is also known as ‘trading on margin’.
Spread is defined as the difference between the price for the buyer and the price for the seller. Best brokers provide tight spreads (e.g., 0.1 for the EUR/USD pair). Besides, look for quick execution and copy trading opportunities.
How to Open a Live Account
The switch will require a few more steps, as brokers need to verify their client’s identity before granting access. Traders are asked to provide verifiable details which may include the following:
- phone number,
- tax details,
- passport number.
Brokers make every effort to ensure the process is quick and streamlined. The documents are uploaded to the site. Once you agree to the terms and conditions, the check begins. Upon completion, login details land in your inbox.