How to Start Trading Forex in Nigeria as a beginner- step by step tutorial
If you're reading this, you probably want to know how to make money trading forex in Nigeria. But the fear is always "I don't know how to trade". In this article, I will give you beginners step by step guide, and the forex for beginers. Also, you will learn two easy other ways to make money on forex without trading.
Maybe you've seen people online talking about it, or a friend told you they're making money from forex. The good news is, it's possible to start with very little money. I'm talking as low as $10.
But here's the thing - many beginners lose money because they don't know what they're doing or they choose the wrong broker. In this guide, I'll walk you through everything you need to know about forex trading in Nigeria, and why I recommend Exness for Nigerian traders mostly students who are looking for additional income source. Exness stands out as the best choice for Nigerian traders because it support local currency like naira so you don't have to start seeking for where to get a dollar account or card.
What is Forex Trading?
Before we jump into the details, let me explain what forex actually is.
Forex means "foreign exchange." It's basically buying and selling different currencies to make profit. For example, you might buy US dollars when the price is low and sell when it goes up. The difference is your profit.
The forex market is the biggest financial market in the world. We're talking about trillions of dollars traded every single day. And the best part? You can trade from your phone via app or laptop right here in Nigeria just
Why Forex Trading is Popular in Nigeria
The economy in Nigeria is tough. Jobs are hard to find, and even when you have one, the salary might not be enough. This is why many young Nigerians specially are looking for alternative ways to make money. Most Nigerian universities students organize Free trading seminar for their fellow students example UNIUYO, UNILAG, and UNIBEN, if this institutions situated close to your area, take that opportunity but if that is not the case, no worry I will walk you through step by step. By the way, If you're a student, see my five top business ideas
Forex trading offers that opportunity. You don't need a degree. You don't need to know anyone. You just need a phone, internet, and some money to start (as little as $10).
But there's a problem. Many Nigerian traders have been scammed by fake brokers or they lost money with international brokers that don't understand the Nigerian market. This is where choosing the right broker becomes very important.
Step-by-Step Guide: How to Start Trading Forex in Nigeria
Let me break this down into simple steps that anyone can follow.
Step 1: Learn the Basics First
Don't rush into trading with real money. I know you're excited, but trust me on this. Take time to understand the basics. You need to know terms like:
Pips: The smallest price movement in forex
Lot size: How much currency you're trading
Leverage: Borrowing money from your broker to trade bigger amounts
Spread: The difference between buying and selling price
The good news is that Exness offers free trading courses specifically for beginners. They have tutorials in simple English that explain everything step by step. You can access these courses directly from their platform or through their WhatsApp and Telegram channels. Forget all those calling you to come and buy forex trading course because some doesn't have what you need.
Step 2: Choose a Reliable Broker
This is the most important decision you'll make. Your broker is the company that will hold your money and execute your trades. If you choose a bad broker, you might never see your money again. I remember trading with Apari international broker using their Pamm account. To despot was easy but withdrawal will request my grandma's birthday certificate for verification. Another one was a company called, MTFE, which claimed to be using AI to trade but the finally scammed millions of people. If you select the wrong company, you are already loose before trading.
After testing multiple brokers available in Nigeria, I can tell you that Exness is the best option for Nigerian traders and also AMarket is good for Nigerias but it minimum deposit is too high. I'll explain why exness in detail later, but here are the quick reasons:
They're fully regulated and licensed
You can deposit and withdraw in Naira
They accept deposits as low as $10
They offer free training and signals
They have 24/7 customer support.
Free copy trading for beginners.
Up to $1850 for in affiliate payout.
Step 3: Open Your Trading Account
Opening an account with Exness is very simple. Here's how:
Go to the Exness website or download their mobile app
Click on "Sign Up" or "Register"
Enter your email address and create a strong password
Verify your email
Complete your profile (name, phone number, date of birth)
Upload your ID for verification (driver's license, voter's card, or international passport)
As a Nigerian, you only need you NIN for verification.
The verification usually takes a few hours, sometimes less. Once verified, you can start depositing money.
Step 4: Fund Your Account
This is where Exness really shines for Nigerian traders. Unlike other international brokers that only accept dollars, Exness allows you to deposit in Naira.
You can fund your account through:
Bank transfer (in Naira)
Debit card
Mobile money
Perfect Money
Bitcoin and other cryptocurrencies
The minimum deposit is just $10 (about ₦16,000 depending on the exchange rate). This is one of the lowest minimums in the industry. Most other brokers require $50 or $100 to start.
The deposit is instant in most cases. I've deposited money and seen it in my account within 2 minutes.
Step 5: Practice on a Demo Account
Before you trade with real money, open a demo account. A demo account gives you fake money to practice trading. You can learn how the platform works, test your strategies, and make mistakes without losing real money.
Exness gives you $10,000 in demo money to practice with. Take your time here. Practice for at least two weeks before moving to a real account. Learn how to place trades, set stop losses, and take profits.
Step 6: Start Trading with Real Money
Once you're comfortable with the demo account, you can start trading with real money. But start small. Don't deposit money you can't afford to lose.
Here's my advice: Start with $10 to $50. Trade small lot sizes. Don't use too much leverage. Focus on learning, not making quick money.
Exness offers different account types:
Standard Account: Good for beginners, no commission
Raw Spread Account: Lower spreads but small commission
Zero Account: Zero spread on major pairs during peak hours
Pro Account: For experienced traders with larger capital
As a beginner, start with the Standard Account. It's the simplest and has no hidden fees.
Step 7: Use the Free Resources
This is where Exness really takes care of beginners. They offer:
Free trading signals on WhatsApp and Telegram: These are trade ideas from professional analysts. You get notifications about which currency pairs to trade, when to enter, and when to exit.
Copy trading: This is my favorite feature for beginners. You can copy the trades of successful traders automatically. When they buy, your account buys. When they sell, your account sells. You don't need to analyze the market yourself.
Video tutorials: Step-by-step videos explaining everything from basic concepts to advanced strategies.
Webinars: Live sessions where you can ask questions and learn from experts.
Step 8: Develop a Trading Plan
Don't just trade randomly. You need a plan. Your plan should include:
How much you'll risk per trade (I recommend 1-2% of your capital)
What currency pairs you'll trade
What time of day you'll trade
Your profit targets
Your loss limits
Stick to your plan. Don't change it because you had one bad trade or one good trade.
Step 9: Manage Your Emotions
This is the hardest part. Trading will test your emotions. You'll feel greed when you're winning and fear when you're losing.
The solution? Follow your trading plan no matter what. Don't trade when you're emotional. If you lose a trade, take a break. Don't try to win the money back immediately.
Remember, even professional traders lose money sometimes. The goal is to win more than you lose over time.
Step 10: Withdraw Your Profits
When you make profits, withdraw some of it. Don't keep all your money in the trading account. I have been there before you. Seeing money on your account is always very tempting to increase stake or even increase lot size.
With Exness, withdrawals are fast and easy. You can withdraw directly to your Nigerian bank account in Naira. The money usually arrives within 1 hours, but often much faster. Note, you can only withdraw to bank account that carries your name.
Why Exness is the Best Broker for Nigerian Traders
Now let me explain in detail why I recommend Exness over other brokers.
1. Accepts Naira Deposits and Withdrawals
This is huge. Most international forex brokers only work with US dollars. As a Nigerian trader, this creates problems. You have to find dollars first, deal with black market rates, and pay extra fees.
Exness is the only global forex broker that fully supports the Nigerian Naira. You deposit in Naira, trade in dollars, and withdraw back to Naira. Everything is automatic and the exchange rates are fair.
They also support other African currencies like:
Kenyan Shilling (KES)
South African Rand (ZAR)
Ugandan Shilling (UGX)
Ghanaian Cedi (GHS)
This makes Exness the most accessible broker for African traders.
2. Very Low Minimum Deposit
Many brokers require $100, $200, or even $500 to start. That's a lot of money for most Nigerians, especially if you're just testing the waters.
Exness only requires $10. That's roughly ₦16,000. Almost anyone can afford that. You can start small, learn the ropes, and deposit more as you gain confidence.
3. Regulated and Safe
This is critical. There are many scam brokers operating in Nigeria. They take your money and disappear, or they make it impossible to withdraw.
Exness is regulated by multiple international financial authorities including:
Financial Conduct Authority (FCA) in the UK
Cyprus Securities and Exchange Commission (CySEC)
Financial Sector Conduct Authority (FSCA) in South Africa
They've been in business since 2008 and have millions of traders worldwide. Your money is safe with them.
4. Fast Deposits and Withdrawals
I've tested this multiple times. Deposits are instant in most cases. Withdrawals usually take a few hours, maximum 24 hours. And there are no withdrawal fees on most payment methods.
Compare this to other brokers where withdrawals can take 3-5 business days or even longer.
5. Free Education and Signals
Exness provides free trading courses, daily market analysis, and trading signals on WhatsApp and Telegram. For a beginner, this is invaluable.
The signals alone can help you make profitable trades while you're still learning. And the educational content is actually good - not just marketing material.
6. Copy Trading Feature
This is perfect for beginners. Through the Exness copy trading platform, you can copy successful traders automatically. You choose a trader based on their performance history, set how much you want to invest, and the system copies their trades.
You can start copy trading with as little as $10. This means you can potentially make money even before you fully understand how to trade yourself.
7. Excellent Customer Support
Exness has 24/7 customer support in multiple languages including English. You can contact them through:
Live chat on their website
Email
Phone
WhatsApp
I've contacted their support several times and always got helpful responses within minutes.
8. Mobile Trading App
The Exness mobile app is smooth and easy to use. You can do everything from your phone - deposit money, place trades, check your profits, withdraw funds. The app works well even on slow internet connections, which is important in Nigeria.
9. Multiple Account Types
As you grow as a trader, your needs change. Exness offers different account types for different skill levels and trading styles. You can start with a Standard Account and upgrade later to accounts with tighter spreads and lower commissions.
10. Generous Affiliate Program
Here's something interesting. You can make money with Exness without even trading. Their affiliate program pays you up to $1,000 for each person you refer who starts trading.
This is legitimate passive income. You share your referral link, people sign up through your link, and you get paid when they trade. Many Nigerians are making serious money just from Exness affiliates without risking their own capital in trading.
Making Money Without Trading: The Exness Affiliate Program
Let me talk more about this because it's a great opportunity.
The Exness affiliate program works like this:
You sign up as an affiliate (it's free)
You get a unique referral link
You share this link with friends, on social media, or through a website/blog
When someone signs up through your link and starts trading, you earn commission
You get paid for every trade they make, not just once
The commissions can go up to $1,000 per active trader depending on their trading volume. Some people in Nigeria are making ₦500,000 to ₦2 million monthly just from Exness affiliates.
The beauty of this is that it's completely passive once you build your network. Your referrals keep trading, you keep earning. And there's no limit to how many people you can refer.
You can combine trading with affiliate marketing. Trade with your own account and refer others at the same time. This way you have multiple income streams from one platform.
Exness vs Other Brokers: A Comparison
Let me compare Exness with other popular brokers available in Nigeria.
Exness vs OctaFX
OctaFX is another broker popular in Nigeria. Here's how they compare:
Minimum Deposit:
Exness: $10
OctaFX: $25
Winner: Exness
Naira Support:
Exness: Full support for Naira deposits and withdrawals
OctaFX: Limited, mainly through third parties
Winner: Exness
Regulation:
Exness: FCA, CySEC, FSCA regulated
OctaFX: CySEC regulated
Winner: Exness (more regulatory oversight)
Educational Resources:
Exness: Free courses, signals, webinars
OctaFX: Basic educational materials
Winner: Exness
Copy Trading:
Exness: Built-in copy trading platform
OctaFX: Available but less developed
Winner: Exness
Exness vs HotForex
Minimum Deposit:
Exness: $10
HotForex: $50
Winner: Exness
Naira Support:
Exness: Direct Naira support
HotForex: No direct Naira support
Winner: Exness
Withdrawal Speed:
Exness: Instant to 24 hours
HotForex: 1-3 business days
Winner: Exness
Affiliate Program:
Exness: Up to $1,000 per referral
HotForex: Lower commission structure
Winner: Exness
Exness vs XM
Minimum Deposit:
Exness: $10
XM: $50
Winner: XM (slightly lower)
Naira Support:
Exness: Full Naira support
XM: No Naira support
Winner: Exness
Regulation:
Exness: Multiple tier-1 regulators
XM: CySEC and others
Winner: Tie
Platform Options:
Exness: MetaTrader 4, MetaTrader 5, Exness Terminal
XM: MetaTrader 4, MetaTrader 5
Winner: Exness (additional proprietary platform)
Overall, Exness comes out ahead in most categories, especially for Nigerian traders. The Naira support alone makes it the obvious choice.
Common Mistakes Nigerian Forex Traders Make
Let me warn you about mistakes I see beginners make all the time:
1. Using Too Much Leverage
Leverage can multiply your profits but it also multiplies your losses. Some beginners see that Exness offers 1:2000 leverage and they use it all. This is dangerous.
Start with low leverage like 1:10 or 1:50. As you gain experience, you can increase it gradually.
2. Not Using Stop Loss
A stop loss automatically closes your trade when the price goes against you by a certain amount. It limits your losses.
Always use stop loss on every trade. Set it at a level where if the price reaches it, you accept that you were wrong about the trade.
3. Overtrading
Some beginners open 10 or 20 trades per day. This is gambling, not trading. You'll make poor decisions and lose money.
Quality over quantity. Focus on a few good trades instead of many random trades.
4. Chasing Losses
You lose a trade and immediately open another one to win the money back. This rarely works and usually makes things worse.
If you lose a trade, step away. Analyze what went wrong. Don't trade emotionally.
5. Ignoring Risk Management
Risk management means never risking too much on one trade. A good rule is to risk only 1-2% of your capital per trade.
So if you have $100 in your account, don't risk more than $1-2 per trade. This way, even if you lose 10 trades in a row, you still have $80-90 left.
6. Following Signals Blindly
Trading signals can be helpful, but don't follow them without understanding why. Try to learn the reasoning behind each signal. Over time, you'll develop your own trading skills.
7. Not Keeping a Trading Journal
Write down every trade you make. Record why you entered, what happened, and what you learned. This journal will help you identify patterns in your trading and improve over time.
How Much Money Can You Really Make?
This is what everyone wants to know. The truth is, it varies greatly.
Some traders make 5-10% monthly on their capital consistently. Others lose money. A few exceptional traders make 20-50% monthly, but this is rare and often not sustainable long-term.
Let's look at realistic numbers:
If you start with $100 and make 5% monthly:
Month 1: $105
Month 3: $115.76
Month 6: $134.01
Month 12: $179.59
That's an 80% annual return, which is actually excellent. But it requires discipline, good risk management, and emotional control.
The bigger money comes when you combine trading with the Exness affiliate program. If you refer just 5 active traders per month and each one brings you $200 in commissions, that's $1,000 monthly (about ₦1.6 million) without even considering your trading profits.
Tax Considerations in Nigeria
I should mention this. Technically, you're supposed to pay tax on your forex trading profits in Nigeria. However, the tax system for forex trading is not well defined.
Many Nigerian traders don't report their forex income. I'm not saying you should or shouldn't, but be aware that there could be tax implications if you're making substantial income.
Consult with a tax professional if you're making significant money from forex trading.
Is Forex Trading Worth It?
Let me be completely honest. Forex trading is not a get-rich-quick scheme. Most beginners lose money in their first few months. It takes time to learn, and it requires discipline.
But yes, it can be worth it if:
You're willing to learn properly
You start with money you can afford to lose
You practice good risk management
You control your emotions
You're patient and think long-term
The combination of trading and affiliate marketing through Exness gives you two ways to make money, which improves your chances of success.
Final Thoughts
Forex trading in Nigeria is growing rapidly. More people are discovering that they can make money from currency trading right from their phones.
The key to success is choosing the right broker and taking time to learn. Exness stands out as the best choice for Nigerian traders because of their Naira support, low minimum deposit, excellent education resources, copy trading, and reliable withdrawal system.
Start small. Use the demo account first. Take advantage of the free courses and signals. Try copy trading while you learn. And consider the affiliate program as an additional income stream.
Remember, trading is a skill that takes time to develop. Don't expect to become rich overnight. But with patience, discipline, and the right broker supporting you, you can build a profitable trading career.
If you're ready to start, go to the Exness website, sign up, verify your account, and deposit your first $10. Begin with the demo account, study the free materials, and join their Telegram and WhatsApp groups for daily signals and market updates.
The opportunity is there. The question is, are you ready to take it?
Quick Start Checklist:
Learn basic forex terms and concepts
Sign up for an Exness account
Verify your identity
Practice on demo account for at least 2 weeks
Deposit minimum $10 when ready
Join Exness WhatsApp and Telegram for signals
Try copy trading with small amount
Keep a trading journal
Set up your affiliate link to earn passive income
Start trading with proper risk management
Try exness