Nowadays, the Internet offers numerous ways to earn money. The digitization of almost everything has made currency trading accessible to everyone. With a reliable intermediary like Alpari International, Nigerians can benefit from exchange rate fluctuations. All you need is an Internet-connected device and a live trading account Nigeria created through a broker.
Opening a trading account is easier than you might think. With trustworthy providers now present in South Africa, the process is quick and streamlined. Funds may be transferred to and from an account with ease, and there is a broad range of payment methods. Here are the basics of joining the ranks of live traders in Nigeria.
Which Broker to Choose
Simple googling reveals an expanding number of brokers in the region. It is, therefore, crucial to make the right choice. It is hardly reasonable to trust a company with your money unless the company is registered and adheres to strict regulation.
Alpari International is part of a well-established brand that dates back to 1998. Over the decades, the company has acquired over 2 million clients. It is officially licensed and operates in many parts of the world. In terms of supervision, the broker’s operations are monitored by the Financial Services Commission (FSC) in Mauritius.
Finally, retail Forex trading requires efficient customer support. Whenever you need guidance or troubleshooting, the local squad in Lagos & Abuja is there to help. On weekdays, it works around the clock.
Can You Do Without Brokers?
This is simply impossible. The software required for exchange trading (the MetaTrader platforms) may be downloaded online. To access the global market through it, you need a registered account. The purpose of a broker is to provide this service, as well as expert guidance and assistance.
The scope of the marketplace is colossal. Every single day, a whopping 5 trillion US dollars is estimated to be traded on the exchange. To harness the power of currency values, you need specialist knowledge and foresight. Although Forex software is packed with visual aids and automated tools that facilitate the process, do not rush into the process headlong.
Getting Ready for Trading
It is strongly recommended that novices start exploring currency trades using a demo account. This way, the full functionality of the platform may be explored with zero monetary risks. No actual funds are invested, which makes the training mode indispensable at the initial stage.
Be sure to ask your broker for ample educational material, such as tutorials. When you are ready to trade with actual money, consider switching to a live account. However, remember to exercise caution. It is best to spend a bit more time in the training mode than to experience a financial loss.
More Than One Account
Live accounts provided by Alpari International fall into five major categories. They enable you to work with currencies and stocks, but the exact conditions vary. The support team is always there to assist you in making the right decision. Here are the options on offer today:
- Nano,
- Standard,
- Micro,
- Pro,
- ECN.
Different accounts work with different versions of the MetaTrader platform. Other distinctive features include the size of the deposit, the finance instruments covered (e.g., 46 pairs, 2 metals, and 18 CFDs), and the leverage. This term refers to the proportion between a trader’s own money and credit funds from the broker (e.g., 1:500 or 1:1,000). Essentially, one can use a portion of borrowed capital with the goal of raking increased profits.
Setting up a Live Account
The procedure is a little more complex than a demo account creation. In addition to your full name and verifiable contact details, the company is likely to request a passport number, tax ID, and a few other documents. As legal brokers operate according to law, they are obliged to verify their traders’ identities.
Hence, it may be necessary to upload some of the documents before approval is acquired. The speed of registration, however, is one of the things Alpari International prides itself on. After the form is filled and the request approved, the login details will be sent to you by email.
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