How to buy forex in nigeria for travelling

How to buy forex in nigeria for travelling

13/03/ · In this article, you will learn how to source foreign exchange in Nigeria at cheaper rate for all your dollar transactions. To source dollar for school fees: The applicant will present a completed form A. * A letter of reference from a specialist hospital in Nigeria. * Travel documents including passport, visa Estimated Reading Time: 6 mins 31/07/ · Eligibility requirements to purchase forex for foreign medical bills. 1) You must fill Form A application form appropriately and correctly. 2) You can only buy USD15, or its equivalent at a time or per quarter (once in three months) 3) You must possess a valid Nigerian International Passport. 4) You must have a valid Visa and flight ticket 12/08/ · Following the recent directive by the Central Bank of Nigeria on the sales of forex, Nigerians can now walk majestically into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). In this guide, we’ll tell you the requirements to purchase US dollars, Euro, and Pound Sterling

How to Trade Forex in Nigeria: A Step-By-Step Guide • Benzinga

For Nigerian traders, besides fees or other charges, trading platform remains the most important consideration while choosing your forex broker. The best forex trading platforms should offer a downloadable desktop, mobile apps or web-based trading platforms.

In order to help you find the best forex trading platform, we have tested all the platforms. Here we go. Visit FXTM. It comes with full support for web, desktops and mobile devices. MetaTrader software how to buy forex in nigeria for travelling FXTM is one of the best that we have traded on so far, and offers Nigeria forex traders the most advanced features. For traders, this includes over trading instruments, fast order execution, trading signals, an how to buy forex in nigeria for travelling range of order types, news feed, data protection and more.

The MT5 WebTrader platform is also available. The advanced charting tools for technical analysis include: Fibonacci and Gann tools, channels lines, etc and nine timeframes. Their platform also provides support for various orders including market order, limit orders, stop loss and more.

Plus, they have inbuilt news feed in their Metatrader. Moreover, FXTM offers VPS for automated trading. The FXTM platform also supports copy trading. to know more read our detailed FXTM review. Visit Hotforex. It has support for mobile, desktop and web. For trading currency pairs, HotForex offers an impressive but risky leverage ratio of The value of their platform is being able to access the account from anywhere using your iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

also read our detailed Hotforex review. Visit OctaFX. OctaFX offers Metatrader 4 with their Micro account, MT5 platform with their Pro account and cTrader with their ECN account. They offer Market execution with all their platforms, and most of the orders with them are executed quickly without any slippage.

VPS service is also available with their MT4 platform. On the downside, their platforms have limited assets available. Their currency pairs are limited to 28, and CFDs are limited to 4 metals, 2 energies, how to buy forex in nigeria for travelling, 10 indices, and 3 cryptocurrencies i. also read our detailed OctaFX review. Visit XM. Visit Tickmill. They offer market execution, and we have found their order execution to be very fast with no delays.

Moreover, their MT4 is supported on Windows, Mac, Android, iOS, as well as webtrader. Their platform has 62 currency pairs which is more than other platforms, but their other instruments are limited.

They only offer 15 stock indices, and 2 metals other than forex trading. Visit Alpari. Alpari has the latest MT5 software for Nigerian traders, and it has solid features without how to buy forex in nigeria for travelling freezing or downtime.

They offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts. Their Metatrader comes with multiple timeframes, order types and many technical indicators for technical analysis. Plus, they have an inbuilt news feed to keep track of any news during your trade.

read our detailed Alpari review to see why we ranked them 6 in platforms. Forex trading platforms can vary across a wide array, offering distinct functionalities and features. To find the best fit, asking the right questions is important. If you are a new trader, you would require user-friendly, simple platforms without many indicators or complex order capabilities that how to buy forex in nigeria for travelling confuse you.

Professional or advanced traders could need more advanced indicators on charts and tools, including EAs and code add-ons directly implemented into the platform. Nigerian forex traders should only choose a platform that is most fit for their trading strategy. Good forex trading platforms simplify research and analysis, making it easy to use even the advanced charting tools, and EAs. In general, be sure to look for one with excellent trading capabilities, live data without any delays, flexible charting tools, EAs and quick order execution.

Here are the tips that you should consider while choosing the forex trading platform:. Some brokers only permit trading through a web-based interface, or only mobile without any desktop interface. Choose a broker that offers trading platforms compatible across devices, like mobile and tablet, and also desktop, so you can trade on the go or remotely with ease.

You may suddenly need to open or close your orders, even when you are not in-front of your trading screen, so a broker that offers platform with mobile interface would allow you to do just that.

A good platform will offer you the ability to place multi order types. The most common orders that you may need to place in the market are Market orders, Limit Entry orders, Stop Entry orders, Stop Loss orders, Trailing Stop, One-Triggers-the-Other and many more. For advanced traders, availability of multiple order types should be a very important requirements. So it is even more important for traders to only go for a platform that allows placing all various different types of orders.

Orders should be placed quickly and the trading platform should have a good past record for managing re-quotes with minimal downtime. Any delay in your order execution can be a difference between a profitable trade or a loss.

Does your trading platform offer wide charting tools like trendlines, moving averages, EAs, ability to add technical indicators, and more? A good trading platform should offer easy access to many technical tools for analyzing the financial instruments and markets.

The platform should also have a multitude of features and functionalities, ranging across browsing charts simultaneously, changing chart types, scheduling and automatic transaction execution, analysis tools and news updates. Notifications, alerts, analytical objects, technical indicators, and charting tools should be up to the mark.

Even if you are not to fundamental trader, you still cannot ignore the news. For this reason, news and educational updates on the platform can offer valuable market intelligence for all traders. Advanced and intermediate traders can benefit from news updates which offer actionable insights before placing any trade.

Moreover, updates on training and free video tutorials in a platform, FAQs and multilingual support are good bonus for beginner traders. These offer a good opportunity to get well acquainted with trading tools and build your expertise or further hone your trading skills.

On each trade executed, you will be charged a fixed or a variable spread by the broker. Moreover, be sure to check out if there are any commissions and hidden charges for how to buy forex in nigeria for travelling the platform. Although platforms at most brokers are free, some brokers may even charge extra fees for using their platform, and they may also charge extra fees during inactivity.

The trading platform is one of the most important considerations you need to take into account while searching for the right FX broker in Nigeria. The platform should have an easily usable with symbols like currencies and analysis on different time frames. Technical indicators should be readily accessible. Exceptional forex trading platforms should have accurate forex quotes and reliable trade execution.

good order placement, how to buy forex in nigeria for travelling, management of accounts, technical and fundamental analysis tools, strong data security and minimize system downtime. So it is best to choose a broker that offers Metatrader platforms. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers, how to buy forex in nigeria for travelling.

Read More. Read full risk disclaimer. NG: Your Guide to Forex Trading in Nigeria. All Rights Reserved, how to buy forex in nigeria for travelling, Best Forex Trading platforms in Nigeria Leverage: Trading Instruments: Forex, Cryptocurrencies, CFDs on Shares Ranks 1 Forex platform in Nigeria, how to buy forex in nigeria for travelling.

But the fees with competitive with ECN accounts. Leverage: Trading Instruments: Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals Ranks 2 Forex platform in Nigeria. Cons We did not find any cons with their platform so far for now. We will update it once we find something new. Overall Rating 8. Leverage: variable based on account type Trading Instruments: 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices, metals Ranks 3 Forex platform in Nigeria.

OctaFX is one of the very few forex brokers that offers Metatrader as well as cTrader. You can open trading account in USD or EUR currency only. Leverage: Trading Instruments: Forex, CFDs on Stock Indices, precious metals Ranked 5 Forex platform in Nigeria. Pros Metatrader 4 for multiple devices including web, desktop, and mobile.

Tickmill has No dealing desk platform, so their is no conflict of interest with their clients, and orders are placed directly with their liquidity providers. Their platform supports mutiple charts, order types, and EAs for automated trading.

Forex trading available on 62 currency pairs. Very few trading instruments other than forex. Their CFD trading options for stock indices, and metals are limited. Leverage: Trading Instruments: 46 Forex pairs, Cryptocurrency, CFDs on Indices Ranks 6 Forex platform in Nigeria.

They also have a PAMM account for investors, and an app where you can keep track. They also have their own mobile app.

How to start trading Forex in Nigeria -- Strategy

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CBN Lists 36 Items Valid For FX in the Nigerian Foreign Exchange Markets

13/03/ · In this article, you will learn how to source foreign exchange in Nigeria at cheaper rate for all your dollar transactions. To source dollar for school fees: The applicant will present a completed form A. * A letter of reference from a specialist hospital in Nigeria. * Travel documents including passport, visa Estimated Reading Time: 6 mins 16/04/ · Forex Trading Example in Nigeria. Let’s say NGN/USD is trading at / and you think the price will rise, so you prepare to buy the pair. You want ₦1,,Estimated Reading Time: 8 mins 01/08/ · How To Buy Forex For Personal Travel Allowance and Business Travel Allowance In Nigerian Banks. Following the recent directive by the Central Bank of Nigeria on the sales of forex, Nigerians can now walk majestically into any branches of Nigerian banks to buy foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA)