Best Apps for Trading Without Investments in Nigeria

Online trading platforms are becoming increasingly popular in Nigeria as a means of buying and selling assets like Forex, gold, stocks, and indices. The good news is, there are other ways to make money without putting your personal assets at risk, aside from trading forex for free with money provided by a broker.

You can profit in the foreign exchange market in other ways as well, such as by taking advantage of bonuses and other programs offered by brokers and winning competitions organized by both brokers and independent traders' unions. That’s what this article is all about.

How can I trade in Nigeria without investment?

It is very possible to trade in Nigeria without any initial investment, and these are some of the ways you can do that:

Forex affiliate programs

This Forex money-making strategy doesn't require direct trading or any investments. With the affiliate program, you can earn money by referring new customers to the broker. That's all there is to it; the broker gains a new client, and in return, you get paid.

Most of the time, the newly registered trader needs to make a deposit and occasionally, make trades. For those who are socially active and use social media frequently, this is fortunately a way to make money.

No-deposit bonuses

The most well-liked method of trading Forex without capital is with no-deposit bonuses. As the name implies, there is no initial deposit required to begin trading; that is, you do not have to fund your account with personal funds. Select a broker, sign up on their website directly, and as soon as you open your first account, you'll receive the no-deposit bonus right away!

The bonus is only offered once, and brokers forbid the immediate withdrawal of bonus money in the absence of profitable trades because a large number of traders would simply register, take their bonus, and leave.

Broker Competition

Another way to make money on Forex without investing is to participate in various competitions. All traders who adhere to the contest's requirements, which are outlined by the broker, are eligible to win real money payouts. For instance, make the most profitable trades in a demo account in a single day, or earn the most on a cent account in a week.

Contests are a fantastic way to profit on the forex market without making any investments. Contests only have their inconsistent nature as a drawback. As a result, such contests should not be regarded as a consistent source of income, but rather as a one-time income boost.

Best Forex Trading Apps in Nigeria to Earn Money Without Investment

Now, let us direct your attention to reliable brokers and trading platforms in Nigeria that provide services that allow you to begin earning money without using any of your own money:

RoboForex

RoboForex Review

Open an account

Your capital is at risk.

Roboforex has a wide selection of trading platforms and tools, including industry-leading MetaTrader4 and 5, cTrader, and its proprietary R Trader. RoboForex offers its new clients a $30 no-deposit bonus when they register an account, providing them full access to the comprehensive trading solutions offered.

Also, the broker has a very low minimum deposit of $10, which allows you to start trading without making large investments. You trade over 8000 stocks with the minimum fee.

XM Group

XM Group Review

Open an account

Your capital is at risk.

This broker is ideal for scalpers, day traders, and long-term investors because of its rapid execution and excellent analytical tools. To help novice traders get started in forex and CFD trading, it offers a world-class library of instructional and market analytical resources.

XM Group offers Nigerian traders a $30 no-deposit bonus when they register a live trading account, providing them with ideal trading opportunities without risking their own capital. In addition to forex, stock CFDs, commodities, equities, precious metals, energy, and shares, XM Group (XM) is an institutional dealing desk broker.

Pocket Options

Pocket Option Review

Open an account

Your capital is at risk.

PocketOption sometimes gives new traders who choose to open a real account with the broker a sign-up bonus. When they sign up for an account, new traders will have to check to see if PocketOption has a sign-up bonus.

There’s also a welcome bonus, you can get a 50% bonus on your first deposit when you open an account. PocketOption offers a referral program with a varying referral bonus structure.

Traders are urged to make sure they understand the terms and conditions of these bonuses before taking advantage of them. Traders should also be aware that demo accounts are not eligible for these kinds of bonuses.

Forex4You

Markets4you Review

Open an account

Your capital is at risk.

Unfortunately, Forex4you does not offer a sign-up bonus. However, Forex4you offers traders and loyal customers additional trading bonuses, such as the Trading Hero Contest. This contest is aimed at active traders who trade high volumes. There are certain rounds in which traders can participate and stand a chance to win up to $400.

Its referral bonuses allow traders, who have registered a real account to earn more rewards when they refer a friend or family member to register a real account with a broker.

Alternative option. Best Forex Funded Trading Accounts in Nigeria

SurgeTrader

SurgeTrader Review

SurgeTrader is a prop company that offers traders capital from USD 25,000 to manage after passing the exam. It is a multinational company headquartered in Florida (USA). Financing is provided by the venture fund Valo Holdings.

FTMO

FTMO Review

Open an account

Your capital is at risk.

FTMO is an international proprietary trading company created in the Czech Republic in 2014. The platform brings traders into its fold and after traders successfully pass a two-step testing regime, FTMO transfers 400 thousand dollars to the trader’s account. Transactions are monitored by FTMO to grow the deposit. There is a payment of 80% at the first stage of real trading. The 90% Profit Split is available only to those FTMO Traders that have reached Scaling Plan. The company works in full accordance with European financial legislation and is under the local regulator.

Rules and Regulation

• Licensing in Nigeria

  Nigeria's regulation of Forex falls under the purview of the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN):

  • Forex trading itself is legal for Nigerian residents.
  • Unlike Malaysia, Nigeria doesn't have a central body solely dedicated to Forex regulation.
  • There's some debate on the involvement of regulatory bodies like the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN) in overseeing Forex brokers.
  • Requirements and process for obtaining a Forex broker license in Nigeria are unclear. Information about "ready-made licenses" you might find online should be approached with caution.
• Investor protection in Nigeria

  Investors in Nigeria are protected by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Forex investor protection is a complex issue due to the absence of a well-defined regulatory framework.

• Taxation in Nigeria

  Forex traders are required to report their trading income to FIRS (The Federal Inland Revenue Service) and pay income tax on their profits at the applicable tax rates. Nigeria operates a progressive income tax system, with tax rates ranging from 7% to 24% for individuals, depending on their total taxable income.

Can I start trading without a minimum deposit?

Yes, you can. Some Best Forex No Deposit Bonus in Nigeria, enabling the trader to start his business without depositing anything. These bonuses will be appropriate for traders who want to work in a risk-free environment where they can figure out the real-life outcomes of their trading techniques without investing any cash.

How Much do I need to earn decent money?

Technically, there’s no minimum amount of money needed to start investing in stocks. But you probably need at least $500 to $1,000 to really get started right. Most brokerages have no minimums to open an account and get started buying stocks. So theoretically, you could open an account today with just $1. Bonuses can help with this a little.

How to choose a trading app in Nigeria?

If you are wondering about the best practices for choosing a trading app in Nigeria, you simply need to focus on the following variables:

Safety

One of the top things you will want to focus on is the level of safety of the platform. No matter how much money you stand to make, the level of safety plays a major role in how effective the platform is. This is because the safety level enables you to know the likelihood that your money and assets will be kept safe and secure. Therefore, you should take the time to learn more about the safety mechanisms being offered by your current broker. Be sure to check if the platform offers various security mechanisms such as encryption, two-factor authentication, anti-fraud tools/features, and how they manage and store your personal data in general.

Moreover, all reputable brokers should have insurance to protect clients in case of bankruptcy. Depending on the organization governing the broker, these insurance policies apply to everything from ISAs to IRAs and much more. Before investing your money, make sure it's protected by specific agencies and regulations.

Generally speaking, you will find that most reputable brokers do all these things and more. If you notice that a broker is cutting corners and is not properly secured, this is a red flag, and you should avoid the platform at all costs.

Consider the fees and commissions charged.

Many trading apps charge zero commissions on stock and ETF trades, but may charge for options or cryptocurrency trades. Compare commission structures across stock, options, crypto, and foreign exchange trading. Apps may charge different rates for different asset classes. See if inactivity or low balance fees apply if you're not trading frequently or don't maintain a minimum balance.

Check reviews from other Nigerian users.

Look for user reviews specific to the Nigeria experience. This can reveal potential issues or advantages for local users. See if customer service and support is responsive and helpful for local users. Check what Nigerian users say about funding options, fees, and ease of withdrawals. Look for any complaints around payments.

Consider the research and analysis tools provided.

Some apps integrate technical analysis charts, real-time news and market data, risk analysis tools, and more. The more robust the research options, the better.

Ease of Use

You will also want to focus on ease of use. This is especially true if you are not an experienced trader. Some platforms can be very complex and can take too much time and effort to learn when you are just beginning your trading career. Take the time to explore the interface and how it functions before signing up. One of the best ways to go about this is by choosing a broker that offers a demo account. In doing so, you can essentially begin using the platform before investing a dime of your own money.

How to trade without investment?

It is possible to trade Forex without investment, and numerous methods are available for those who wish to start forex trading without making an upfront investment:

Get the no-deposit bonus

No-deposit bonuses are the most popular way to trade Forex without investment. As the name suggests, to start trading, you do not need an initial deposit; that is, there is no need to deposit personal funds into your account.

Just choose from the brokers we reviewed in this article, sign up, verify, and wait for your bonus.

Join contest

In recent years, Forex contests have become one of the most exciting ways to learn and sharpen your skills in the markets, as well as prove your talent for a chance to win great rewards and bonuses.

You can use the rewards and bonuses to start your trading career. To take part in the Forex contest, you need to open a Forex trading account with the broker.

Since it is a free entry contest, you can simply sign up as a participant and start trading when the contest opens. Many Forex brokers hold contests on a regular basis to motivate and attract new traders to begin Forex trading without making an investment.

Become a forex Introducing Broker

This is appropriate for anyone interested in finance and has the ability to convince traders of a broker’s benefits. All you have to do is open a live trading account with the forex broker, generate your referral ID, and start referring your circle to the broker you partnered with.

Conclusion

Forex trading with no investment is a real thing, and you can do it with the help of a good broker. We have provided some options on how to realize the process, so be sure to check them out. Remember, starting small and building your account up over time is the smartest way to go about forex trading.

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Team that worked on the article

Winnifred Emmanuel

Contributor

Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.

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Dr. BJ Johnson

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Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

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Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).