Best Forex traders in Nigeria

Best Forex Brokers in Nigeria

1

9.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

$10

Bonus for deposit:

60%

Regulation:

FSC

Review

RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.

RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).

Pros/Cons

•Availability of favorable trading conditions and a minimum deposit

•Unique investment program CopyFx

•Highest affiliate payments: up to 84% of the fee paid by the referral

•Market launch - STP and ECN

•Instant withdrawal of funds

•Minimum deposit - $10

•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime

•Lack of tools when trading on the R StocksTrader platform

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2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

$5

Bonus for deposit:

50%

Regulation:

MISA

Review

Pocket Option is an innovative Forex and binary options broker with over $500 million in trading volume. It offers active trading on financial markets, copy trading, and passive income on holding funds in dollar and cryptocurrency safes. The broker provides an in-house platform to trade binary options and MetaTrader platforms to trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities. Pocket Option was incorporated in 2017. The broker’s service is available in more than 95 countries and regions globally. Today, over 10 million users are registered with the broker, and 100,000 traders regularly use its services. In July 2023, it obtained a license from Mwali International Services Authority number T2023322.

Pros/Cons

•MetaTrader provides for trading binary options and CFDs;

•A demo mode is available for all account types;

•To register, you may use your Google email or Facebook/Google account;

•Active, social, and algorithmic trading is available on MT4 and MT5 accounts;

•Spreads are from 1.2 pips for Forex and no fees per lot;

•Referral program for retail clients with rewards of up to 50%-80% of the referee’s income;

•“My Safe” service that provides for crediting 10% per annum on the account balance not involved in trading;

•Cash back and promo codes for binary option traders;

•50% deposit bonus.

•The broker offers neither cent accounts for novice traders to test strategies and advisors, nor ECN accounts with near zero spreads for professional traders;

•Real-time communication with operators is available upon funding the account.

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Top 6 Richest Forex Traders In Nigeria

It's worth noting that Nigeria boasts a considerable number of successful Forex traders, with many investors thriving in this industry. If you're curious about the top six wealthiest Forex traders in Nigeria, as reported by TU experts, take a look below:

1. Uche Paragon

Uche Paragon, the wealthiest Forex trader in Nigeria, was born in Lagos in 1992. He began his Forex trading career in 2007 after conducting an online search. Through his dedication and astute decision-making, Uche has accumulated significant wealth over the years, with an estimated net worth of over $20 million. In addition to being an active Forex trader, Uche owns two prestigious institutions specialising in foreign exchange trading in Lagos and Port Harcourt. He also runs a trading business called CCI Traders, which is well-recognized in the industry.

When Uche Paragon entered the online Forex trading industry, there was a dearth of information on the subject and few mentors to guide him. Today, he is an entrepreneur, portfolio and risk manager, commodities and Forex trader, and tech influencer. Uche invested considerable time and effort into learning the intricacies of Forex trading and developing a winning trading strategy. His patience and diligence have paid off, as he now focuses on oil trading, which is highly volatile and constantly affected by news that can cause significant price changes.

2. Dapo Willis - $10 Million

Ranked as the second wealthiest Forex trader in Nigeria with an estimated net worth of $10 million is Dapo Willis. Dapo is a successful Finance Coach, Keynote Speaker, and Technical Analyst who has earned a reputation for his outstanding skills in transforming struggling traders and Forex market beginners into successful multimillionaire traders. His expertise and knowledge are highly sought after, and he has helped numerous traders to achieve a lot.

His exceptional trading skills have captured the attention of numerous wealthy investors, including African billionaire Aliko Dangote, who became one of his earliest investors. Dapo’s success has made him one of the top earners in the Forex trading industry, and he is known for his profitable trading style. At the young age of 28, he became a self-made millionaire, a testament to his dedication to profitable trading and his ability to deliver exceptional returns on investment.

3. Ejimi Adegbeye - $5 Million

Ejimi Adegbeye is a prominent Forex trader from Nigeria, who has an estimated net worth of $5 million. At the young age of 19, he began his trading journey and has emerged as one of the most successful traders in the country. His expertise in Forex trading has earned him a net worth of $5 million. Ejimi's passion for coaching has led him to help many individuals achieve their financial goals through his teachings. He attributes this accomplishment to his conservative investment style, wherein he only puts a small portion of his capital into each trade. Ejimi's careful approach has enabled him to weather even the most turbulent market conditions that have caused many other traders to fail.

Unlike most traders, who rely on technical indicators or fundamental analysis, Ejimi employs a unique approach to trading by using price action. This approach has proven to be very effective for him, as price action is a dependable indicator of future market direction. Ejimi's success in trading can be attributed to his discipline and risk management techniques, which have enabled him to withstand market volatility and earn consistent returns.

4. Damilare Ogundare - $5 Million

Damilare is a Nigerian Forex trader and wealth manager, has become one of the most successful traders in the country. With his disciplined approach and unique trading style, Dami has been able to weather the ups and downs of the market and maintain a successful trading business. His use of price action in trading has set him apart from other traders, allowing him to more accurately predict future market direction. By focusing on risk management and conservative investment strategies, Dami has been able to build a multimillion-dollar business and cement his place as one of Nigeria's top Forex traders.

Damilare Ogundare, widely recognized by his professional moniker HabbyFX, is the CEO and founder of Habby Forex Trading Academy, a popular online education platform with three physical locations in Lagos State. Dami has an estimated net worth of around $5 million. His impressive trading skills have earned him huge profits, and his dedication has made him an Economic Community of West African States (ECOWAS) youth ambassador. Additionally, he has partnered with various Forex brokers, such as Infinox and ICM, among others.

5. Jeffrey Benson - $1.5 million

Jeffrey Benson is a Nigerian Forex trader who achieved financial freedom through his trading skills. Benson was born in Edo State, Nigeria, in 1997 and began trading in 2017. Despite graduating from Delta State University with a law degree, Benson has made millions from Forex trading.

Jeffrey Benson's exceptional trading skills and hard work have led to his numerous noteworthy accomplishments, including founding Firepips Company Limited, a Forex academy aiding novice and proficient traders in improving their skills and making informed trades. With an estimated net worth of $1.5 million, Jeffrey is among the wealthiest FX traders in Nigeria.

6. Patrick Ogagbor - $600,000

Before becoming a professional FX trader, Patrick Ogagbor had worked at Zenith Bank. With a current estimated net worth of $600,000, Patrick Ogagbor is one of Nigeria's wealthiest FX dealers. He has become an inspiration to many with his life-changing stories. Despite starting with just $200, he managed to turn it into $5,000 while trading part-time by 2007. After earning profits from his trades, Patrick withdrew his profits and used them for other purposes, which helped secure additional income. Eventually, in 2016, he quit his job at the bank to pursue full-time Forex trading. Patrick’s journey proves that successful traders can be born from humble beginnings.

Due to his custom risk management and consistent execution of his plan, he is undoubtedly one of Nigeria's top Forex traders. He is of the view that understanding the market environment is crucial to maximising earnings, which is why he has earned a reputation as a formidable Forex trader. His strategy of waiting for the perfect moment and only entering a trade when all of his criteria are met is one of his best. This approach allows him to keep his emotions in check, safeguard his cash, and increase his profits.

How to Become a Successful Forex Trader in Nigeria

Every Forex trader has their unique trading plan and strategy, and successful ones know that crafting an effective risk management approach takes time, knowledge, and patience. However, there are some fundamental tips that the most prosperous Forex traders in Nigeria follow to minimise risk and maximise their profit potential. TradersUnion analysts have listed some of these tips below:

1. Use a well-regulated broker

It is a common misconception that only a few new traders fall victim to Forex trading scams or unlicensed brokers. In reality, the number of such cases is quite high. Thus, it is crucial to use a well-regulated Forex broker in Nigeria to minimise the risk of losing money. A licensed broker will ensure that your funds are secure and that you have access to a range of trading instruments. By choosing a regulated broker, you can ensure that your trading experience is safe and profitable.

2. Test your trading strategy before you apply it

By utilising a demo account, you can hone your trading skills in a secure setting without putting your trading capital at risk. Moreover, a demo account enables you to evaluate a broker's services and verify the authenticity of their trading conditions claims. This way, you can gain valuable experience and knowledge without any financial consequences.

3. Keep your leverage low

When starting to trade with a real account, it is crucial to comprehend the leverage you are utilising. Even though a few brokers offer leverage of 1:500 or even 1:1000, which seems like a great opportunity to double your trading capital, it is essential to note that the compounding effect of leverage also extends to any losses you experience. Therefore, you must be cautious and utilise leverage wisely, considering the risk associated with it.

4. Trade the major pairs

The world's most actively traded currencies are included in the "major" Forex pairings, all of which feature the US Dollar. Some of these pairings include EUR/USD, USD/JPY, GBP/USD, USD/CHF, and several others.

5. Make use of a stop-loss

To minimise potential losses in Forex trading, it is advisable to place a stop-loss order when initiating trades. This order instructs the broker to close the transaction automatically when the price of the currency reaches a predetermined level, limiting the trader's exposure to further losses. By setting a stop-loss order, traders can protect their investments and avoid significant losses if the market moves against them. It is essential to set the stop-loss at a reasonable level based on market trends and the trader's risk tolerance.

What Are Some Typical Mistakes Beginner Traders Make?

As a beginner trader, it is inevitable to make some mistakes. However, it is crucial to avoid repeating them and to analyse both profitable and unprofitable trades to learn from them. To help you in this regard, we have listed down the top five trading mistakes that beginners tend to make:

1. Trading without a plan

Trading plans are an essential tool for traders as they provide a roadmap for their activities in the markets. An efficient trading plan should comprise a comprehensive strategy, a clear timeline, and a predetermined investment amount.

2. Failing to cut losses

As a trader, it's crucial to resist the urge to keep losing trades open with the expectation that the market will eventually shift in your favour. Failing to cut losses can result in a significant loss of profits that may have been accumulated through successful trades.

3. Not understanding leverage

In Forex trading, leverage refers to the borrowing of funds from a broker to open a position. To gain market exposure equal to the full value of a position, traders are required to pay a deposit, also known as margin. Although leverage can lead to higher profits, it can also magnify potential losses.

4. Not understanding the risk-to-reward ratio

Considering the risk-to-reward ratio is crucial for any trader since it enables them to determine if the potential profit justifies the risk of losing their investment.

5. Letting emotions impair decision-making

Trading based on emotions is not wise. Emotions, including elation after a successful day or dismay after an unfavourable day, can obscure judgement and cause traders to stray from their strategy. In the aftermath of a loss or an unsatisfactory profit, traders may resort to opening positions without conducting any analysis to support their decisions. This impulsive behaviour can result in more losses and a further deviation from the initial plan. It is crucial for traders to remain vigilant and disciplined to avoid the pitfalls of emotional trading.

Is Forex Trading a Good Career in Nigeria?

Forex trading can be a lucrative career in Nigeria, with the potential to earn substantial profits depending on your skills and resources. Online Forex trading has allowed Nigerian traders to earn anywhere from $1,000 to millions of dollars. Several traders have even become millionaires through Forex trading. However, it is crucial to take Forex trading seriously and approach it with discipline and caution. With proper Forex risk management and a focus on the risk-to-reward ratio, Forex trading can provide financial security and stability. Be sure to learn more on how to become a successful Forex trader.

Is Forex Legit in Nigeria?

Forex trading is a legitimate and legal practice in Nigeria. However, the regulation of the Nigerian Forex market is not up to par. The Central Bank of Nigeria is responsible for overseeing financial markets, but it primarily focuses on banks and other large institutions, and it does not prioritise online retail trading. As a result, Forex traders in Nigeria should exercise caution and discipline when engaging in this activity, as there is a higher risk of encountering fraudulent brokers and scams.