Forex trading in Nigeria

If it's possible for one to make a living by this means, how do i start?

Follow Ups:
Re: Forex trading in Nigeria

Posted by Rex

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Nonso

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
I'd like to know about Forex Trading.

Posted by Guy

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
Forex trading comes from two words namely; forex and trading.
Forex is an abbreviation for foreign exchange a.k.a FX. Naturally people exchange their currencies when they want to do an international business especially one that cannot be done with their own local currency so they'll have to change it. For instance, if you are going to China to buy goods, you may need to convert your Naira into dollars before travelling so that you may overcome the embarrassment of carrying your Naira in the streets of China without it being useful. Dollar is more acceptable, although you could equally convert your Dollars to the Chinese Yuan. That in itself is Foreign exchange - FOREX. But when you try to make profit by indulging in forex, then you are performing FOREX TRADING. There are many resources on the internet which can be of help.

Posted by Nkem

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
If you want to start trading, try marketiva.com

Posted by Chris

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
To start trading, you'll need to register with a broker so as to have a trading platform. You'll need to transfer your funds to that account depending on how much you want to invest.

Posted by kelvin uche

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
Then it means forex trading is practically what those Mallams do at Yaba. Why then all this noise about it?

Posted by felucci

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
@kelvin
You are talking about local foreign exchange, this is about online forex trading. The difference here is doing it on the internet with other traders throughout the world.

Posted by Emeka on September 26, 2007 at 15:10:18:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by mamba on October 01, 2007 at 14:43:17:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by richy on October 01, 2007 at 14:43:58:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Nnamdi on October 01, 2007 at 14:45:02:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Brock on October 01, 2007 at 14:45:30:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Okechukwu Ike on October 01, 2007 at 14:45:59:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Finbar on October 01, 2007 at 14:46:25:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by D12 on October 01, 2007 at 14:46:58:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by eme awa on October 01, 2007 at 14:47:25:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Samdeysing on October 01, 2007 at 14:47:48:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by DrForex on October 01, 2007 at 14:48:17:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

- Is it wise to incorporate as a forex trading company in Nigeria?
- Is it really profitable or just a wakapass business?
- Do Nigerian Forex traders actually pay income tax?
- Can an individual or corporate actually survive only on forex trading?
- Availability of necessary facilities.

In most of these campaigns as mentioned earlier, the target audience appears to be unemployed youths and/or graduates who may be only looking for a minimum income of =N=25000 per month.

Posted by Ekene Liz on October 01, 2007 at 14:48:55:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
Richy, you better believe it, something dey happen. I guess there's a factor that seperates those who jet out of the rat race and those who die in it, it's DESIRE!

Posted by richy on October 01, 2007 at 14:49:16:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
@DrForex; why should a forex trader pay tax to the Nigerian government? Did the govt give them jobs?

Posted by DrForex on October 01, 2007 at 14:49:38:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:
@richy;
Tax is necessary if you are really doing a legitimate business. Even if the Govt does not bother you, there is a burden on your conscience to pay TAX on all your personal income since this is the law. Even when you are not making profit, you ought to submit returns/documentations to the relevant tax authority. Maybe it's because you are only involved in it on a small scale that's why you are not bothered to pay tax, but believe me , if and when you eventually start dealing in millions without paying tax, it could be too late for you to start paying tax then, unlessperhaps you're so crude not to transact through banks.

Posted by SHOWMAN on October 01, 2007 at 14:50:32:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

- High Unpredictability of the Forex market
- Inability to institute legal actions effectively in case of broker's default
- The Nigerian factors such as low internet speed, electrical power, exchange rate.
- Cost of tied down capital
- Insufficient and timeliness of information
- the western advantage (Forex traders in the developed countries have a natural biased advantage over Nigerian investors due to a lot of factors)

But when you are trading in Nigeria with shares, you know where you stand and the benefits can be partly attributed to teh fact that we are operating a closed stock market system for now. Mkae hay while the sun shines!

Posted by eline on October 01, 2007 at 14:50:58:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

Posted by Uche Nwigwe on November 10, 2007 at 03:26:20:

In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

"@Samdeysing
Why not naira? bE A PATRIOT!"

Dollars for me are more preferrable and not naira.

Posted by OLADAYO OLAOSEBIKANTHOMPSON on November 12, 2008 at 03:39:26:
In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

I want to know the Bank that will allow on line money wiring for forex trading

Posted by Felucci on November 16, 2008 at 01:52:24:
In Reply to: Forex trading in Nigeria posted by Seyi on September 14, 2007 at 12:42:43:

I think any bank that offers domicilliary account can help you wire money for forex trading. GTBank would be a good option and you need to know the account and swift code for wiring such money. Be careful also about non tested or fraudulent forex brokers

• Getting started with Forex trading in Nigeria Emmanuel 22/01/08 ( 1)
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