Is online forex trading legal in nigeria
exchange as an asset class is important because it is the most liquid and largest market, and is how money is transferred around the world. The concept of forex trading as an investment strategy within itself has to do with the ability to gear ones position to become one where a small movement in the currency can result in a large gain. This is the type of headline that has given forex trading its mythical status as an opportunity to get rich. Our work in CCI is to trade our own account, and to trade for those who have trading account but lack adequate trading skill to trade on profit. Even add some shares and learn about trading before you have a go at forex, says Duncan. When you hear online forex and commodities trading, some persons may think of Bureau de Change, or import and export of commodities ( Crude oil no, it is not. The very nature of trading is that you win some and lose some, so a claim that a fund can deliver a constant monthly return is false and a warning sign that it is a scam. He says that the marketing of forex trading as a way to get rich quickly is misleading.
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Duncan says people also dont understand the costs of carry, which is the interest rate you effectively pay for holding a position. In the case of Profit Trading, an investigation by the Financial Services Board found that not one trade had been placed. If you are not willing to do that, you will have an accident. Online Forex refers to the exchange of one currency with another in at least two opposing sequences in order to profit from the change in the rate of exchange between both currencies. I run an online share trading platform and I dont consider myself a forex trader. Others includes bankers, treasurers, finance managers, decision makers, economist, political, financial and economic analyst, assets management companies, oil and gas company, oil and gas workers, etc. Their plea is already getting the required attention as some of its representatives were invited by joint team of SEC (Securities and Exchange Commission) and CBN (Central Bank of Nigeria) for a meeting on how FX trading can be regulated in Nigeria. The likelihood is that even those within the 5 would have seen their luck change if they continued to trade.