Forex Trade in Nigeria
Foreign Exchange trading, also known as Forex or FX trading, has gained enormous popularity in recent years among layman individuals due to the growth of online brokers and the technological development of online trading platforms.
With high liquidity, non-stop opening hours 5 days a week, and great opportunities, it is no wonder that the forex trade market is the world’s most traded market with a daily trading volume of $5 trillion USD.
Find out here how open a trading account & Trade more than +50 currencies!
- Trade with confidence – AvaTrade is an internationally regulated broker.
- 50+ currency pairs – Trade major, minor and exotic pairs.
- Competitive Spreads – Trade with very low spreads !!
- Powerful Platforms – Manage your trade manual or use automated trading.
- Leveraged Trading – Up to leverage on currency pairs.
- Master your trading skills – High quality educational materials & daily market analysis.
- Best in class customer service – Multi-lingual live support.
Open an account now & get up to 10.000 USD welcome Bonus!
Learn Forex Trade basics
The Basic Concept
When trading Forex, you are buying one currency by using another. Therefore, the FX trader is trading currency pairs and not each currency individually. Take for example the EURUSD, when buying the pair – it means you are buying EUR using (selling) USD. When selling the pair – it means you are buying USD using (selling) EUR.
The pairing of the currencies is presented as a rate, which reflects the ratio between the values of the two currencies. For instance, the rate for buying the pair GBP/USD is 1.50514, i.e. £1 GBP = $1.50514 USD.
Forex Pairs Groups
The Forex pairs are divided into three main groups – majors, minors and exotic pairs. The main difference between the pairs is their liquidity which is a result of the trading volume of these pair. E.g., the major currency pairs are the most traded pairs and each include the USD and another currency, while the most traded minor pairs include one of the three major non-USD currencies (The Euro, the UK Pound and the Japanese Yen). To learn more about Forex trading we recommend to visit our education section, where you can find our Sharp Trader, trading video tutorials and more.
How to trade currencies?
Forex Trading Platforms
AvaTrade offers a selection of trading platform, for both automated and manual trading, with unique features and tools to optimize your trading experience. Whether you are interested to trade on your own, or copy the trades of others, our selection caters to all traders, where you are sure to find the one for you.
We also offer the option to open a demo account on each platform, where you can practice trading on your platform of choice and master your trading skills, before you start trading in the real market with your own money.
Leveraged forex Trading
Leverage is given by the broker to enable traders to hold trading positions that are larger than what one’s own capital would otherwise allow.
How to Calculate the Cost of a Forex Trading position?
When a trader opens a position at AvaTrade, he is not charged any other commissions beside the spread. The spread is the difference between the buy and sell price which is counted in pips – the fourth digit after the dot.
For example if the buy price of EUR USD is 1.1123 and the sell price is 1.1120, then the spread is 3 pips. The spread charged for a position opened by a trader is the spread multiplied by the size of the position.
Range of Markets
AvaTrade provides its traders with the ability to trade over +50 Forex pairs, including all the major currency pairs, minors and exotics. Buy Bitcoin and other crypocurrencies is also available to AvaTrade’s clients.
Forex Trade with AvaTrade
AvaTrade delivers top-notch online forex trading experience. Open your account now to enjoy yours, or try our risk-free demo account.
Open your trading account in 1 minute !