There are two ways to look at every crisis: as a disaster or renewal. Coronavirus is a game-changer for many industries this year. As unemployment is skyrocketing, and companies are going bust, new opportunities emerge. Online trading is now more popular than ever, and for good reason. It allows anyone to earn a living from the comfort of their home or even on the go.

In Nigeria, this industry is booming. At the moment, the country has the second-largest volume of fx trading on the continent. It has the potential to outdo South Africa in the near future. At the moment, over 300,000 traders reside in Nigeria, and their ranks are growing fast. But what accounts for this rapid spread?

Definition of Online Trading

In the simplest terms, online trading describes the process of buying and selling financial instruments through the Internet. Traders connect to the market through companies known as brokers and follow different strategies to make a profit. Forex, or foreign exchange, is the domain where currencies are bought and sold against one another. For instance, Euros for dollars and vice versa (EUR/USD).

There are many more opportunities to explore. Learn about the basics and opportunities of Forex currency trading in Nigeria today. A passion for foreign exchange helps talented traders build careers in finance.

Additionally, traders may access stocks and different virtual derivatives known as CFDs (contracts for difference). These are linked to different underlying assets. The holder may profit from price dynamics without physical ownership. For instance, one may trade CFDs on Brent, but no barrels will change hands as a result of their decisions.

Easy and Affordable Access

You do not need tons of paperwork to register an account. International brokers like ForexTime provide quick and smooth registration through their website. Anyone can register a demo account with MetaTrader 4 app for free, and live trading is just as accessible. Upload a few documents so the broker can check your identity – and you are all set.

Trading software may be downloaded and installed free of charge. Most brokers include download links on their websites. Demo login and password unlock the simulated mode of the system, so you can learn in a risk-free environment. Traders switch to a live account when they are ready to take risks. It connects them to the global market where trillions of dollars are exchanged every day by hedge funds, banks, corporations, and individuals.

For a live account to work, it must be funded. The required size of initial investment varies depending on the type of account, the instrument traded, etc. The most affordable option is a ‘cent account.’ It may be opened with only $10 or 2,000 naira. As ForexTime provides accounts denominated in the naira, local traders save on conversion fees.

Attractive Leverage

Brokers allow you to trade with more than your deposit. This system is known as leverage or trading on margin. The broker lends a portion of their funds according to a fixed proportion. For instance, with the leverage of 1:100, you may open a position worth $10,000 when there is just $100 in your account.

Of course, the larger the volume – the more you can earn. However, leverage also inflates potential losses, so it is not advisable for rookies. Professionals use it to boost their purchasing power – often, dramatically.

Education Is Free

Retail Forex has been known since the 1990s, so there is a wealth of information on recommended practices. Traders may find articles, books, podcasts, YouTube tutorials, webinars, and more completely free of charge. In addition, brokers provide links to trusted resources and post instructional articles on their websites. In most cases, Forex education is completely free.

Cutting-Edge Apps

Today, money-making apps are all the rage. Brokers and software developers keep up with the trends and invest in state-of-the-art technologies. Today, it is possible to work from your tablet or smartphone. Nobody has tied to their computer anymore!

Popular trading apps have a wide range of features, and they are often comparable to full-size versions of the terminals. Traders may analyze the market and manage their trades wherever they are.

New Way of Working

Due to COVID-19, many people have discovered remote methods of money-making. Fresh opportunities like mobile trading can become one’s second or primary career. Online traders do not sit in a cubicle: they are free to define their schedules and where to work from. The impressive flexibility of the profession is particularly attractive to young people.