In the last few years, the internet has become a main source of both communication and entertainment. But perhaps more importantly, it has also become a primary source of income.
In recent years, one such booming industry is that of Forex trading.
In fact, Forex has become increasingly popular in Nigeria. Today, there are more than 300 000 individual FX traders in the country.
Forex, or the foreign exchange market, is a global online marketplace for trading currencies against one another. And it is one of the most actively traded markets in the world.
Here are 3 ways to start your journey in Forex.
Become a Trader
Find a fully regulated broker that has been on the market for at least 7-8 years.
Usually, brokers publish their license numbers in the footer of the page, but some show them explicitly on a dedicated page on their site. Choosing a regulated broker will secure your deposits and withdrawals.
When you open an account, be cautious as the foreign exchange market can be very unpredictable. Avoid brokers offering a minimum account deposit of 20-50USD.
This usually means they offer higher leverage, so if a period of market volatility arises, you risk losing your deposit. The leverage of your account is the multiplier of your deposited funds. When you start trading, ask for lower leverage to manage your risk more responsibly.
Before investing your capital, test your abilities and skills with a Demo account. Open a Demo account to help you practice your strategy in an environment that simulates real market conditions without any risk.
You should also check whether your broker provides free education. Attending webinars, reading articles and joining Telegram groups will help you improve your knowledge in the field.
It will also provide you with ideas and strategies that you can apply later in your trading to improve your performance.
Become an Introducing broker (IB)
Being an IB will give you the ability to refer traders or recruit other IBs.
You can also use the knowledge you’ve accumulated in the Forex industry to tutor other traders.
As an IB, you can earn commission for referring traders.
An IB is usually an individual that usually has direct contacts to people interested in finance, forex, or investment opportunities.
A partner will receive a commission as long as the referred contacts trade in the forex market. When managed correctly, this can increase your income at a steady rate.
Become an Affiliate
If you are active online, starting an affiliate program might be for you.
You do not need to be an expert in Forex, all you need is to try monetizing your network of contacts by using creatives provided by the brokers.
If you are good at generating content, write an article and publish it in the local media. As a website owner, add the banner to your inventory or send an email to your subscribers with your newsletter.
Use your personal blog or social media profiles and receive a commission for every real account opened. Some programs offer up to $1500 commission.
Choose the way that most suits you and become part of the largest financial market in the world with a daily traded volume of $5.1 trillion.
The internet is here to stay, so make the most of it.
- According to the International Telecommunication Union, in 2019, the number of internet users in Africa grew more than ten times in comparison to data from 2005.
- Nigeria has the 7th largest population of internet users worldwide (66.44% in 2019) and the percentage is expected to grow more in the next few years.
In recent years, one such booming industry is that of Forex trading.
In fact, Forex has become increasingly popular in Nigeria. Today, there are more than 300 000 individual FX traders in the country.
Forex, or the foreign exchange market, is a global online marketplace for trading currencies against one another. And it is one of the most actively traded markets in the world.
Here are 3 ways to start your journey in Forex.
Become a Trader
Find a fully regulated broker that has been on the market for at least 7-8 years.
Usually, brokers publish their license numbers in the footer of the page, but some show them explicitly on a dedicated page on their site. Choosing a regulated broker will secure your deposits and withdrawals.
When you open an account, be cautious as the foreign exchange market can be very unpredictable. Avoid brokers offering a minimum account deposit of 20-50USD.
This usually means they offer higher leverage, so if a period of market volatility arises, you risk losing your deposit. The leverage of your account is the multiplier of your deposited funds. When you start trading, ask for lower leverage to manage your risk more responsibly.
Before investing your capital, test your abilities and skills with a Demo account. Open a Demo account to help you practice your strategy in an environment that simulates real market conditions without any risk.
You should also check whether your broker provides free education. Attending webinars, reading articles and joining Telegram groups will help you improve your knowledge in the field.
It will also provide you with ideas and strategies that you can apply later in your trading to improve your performance.
Become an Introducing broker (IB)
Being an IB will give you the ability to refer traders or recruit other IBs.
You can also use the knowledge you’ve accumulated in the Forex industry to tutor other traders.
As an IB, you can earn commission for referring traders.
An IB is usually an individual that usually has direct contacts to people interested in finance, forex, or investment opportunities.
A partner will receive a commission as long as the referred contacts trade in the forex market. When managed correctly, this can increase your income at a steady rate.
Become an Affiliate
If you are active online, starting an affiliate program might be for you.
You do not need to be an expert in Forex, all you need is to try monetizing your network of contacts by using creatives provided by the brokers.
If you are good at generating content, write an article and publish it in the local media. As a website owner, add the banner to your inventory or send an email to your subscribers with your newsletter.
Use your personal blog or social media profiles and receive a commission for every real account opened. Some programs offer up to $1500 commission.
Choose the way that most suits you and become part of the largest financial market in the world with a daily traded volume of $5.1 trillion.
The internet is here to stay, so make the most of it.
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