Forex Trading is easier with many brokers because they offer a platform that allows you trade in your currency. As a Nigerian, you trade in Naira.
If you‘re here, then you’re probably no stranger to the word ‘Forex’. Even if youre not a trader yourself, I assume you must have at least seen those ads with screenshots of an MT4 platform and all the trades running blue with huge profits.
By now, you know that ‘Forex’ is short for ‘Foreign Exchange’, and of course, the ‘Foreign’ in ‘Foreign Exchange’ is there for a reason. Because Forex trading is basically a transaction involving the buying and selling of foreign currencies with the aim of making cool profits in between. The majority of forex traders in Nigeria currently trade and earn in Dollars by default. And as a result, they have to undergo some kind of process(es) in order to be able to get their accounts funded and also to get their trade profits converted to spendable Naira notes.
Unfortunately, these ‘processes’ might span anywhere from 2 – 5 hours (if the broker is super fast), to days or heart-wrenching weeks if you‘re stuck with a ’problem broker that doesn't really send you.
For a profitable employed business mogul trading the Forex markets as a hobby, these delays might not be big deal, however, for the retail traders, the everyday hustlers (most people who trade in Nigeria are retail traders) who trade the markets with a comparably smaller capital and probably as their only means of income, as a side job to supplement income and settle bills, these issues become a real big cause for concern.
Why is there Delays？
Of course as a trader you should be thinking throughly: ‘Why are there delays sef？ Why can’t I fund my account or withdraw my funds in peace？ well this is due to a lack of direct access to the broker, and it is a consequence of trading in a currency other than your local currency – the Naira.
How About the Exchange Rate ‘Palava’
After making some profits You will the like to make a withdrawal of your hard-earned profits and you have to instantly go into calculation mode – racking your brain to determine the price of the foreign currency in Naira plus the spread charges, VAT, service charge, and a barrage of other ‘silly’ debits.
To worsen the case, your value is not guaranteed because of unstable rates! You might fund your account today at say 500 Naira per US Dollars, only for Dollars to drop in value at the exact time you decide to initiate a withdrawal.
It says If You No Get Money, Hide Your Face
In accordance to the exchange rate palava also, many brokers do not accept minimum deposits below a certain amount and this causes a lot of strain on traders.
Assuming going through the trouble of seeking means to fund some big amount and now because of the delayed transaction, you miss out on a profitable opportunity then you begin to chase the market and eventually burn your fingers, huh! But actually Life is not supposed to be this hard.
Whats The Way Forward？
Despite explaining the issues and challenges above, Trading in your local currency (in this case the Naira) is the way to go out of the challenges Trading in Naira takes away many of the challenges and difficulties associated with trading with a foreign currency.
Therefore To redefine Forex trading, make it less of a hassle for you and give you the best forex trading experience by providing you with a platform to trade forex in our localized naira, some brokers are ready to luch that.
Trading in Naira: The Possibilities Are Endless
On Naira trading platform, you get to fund, trade, and withdraw in Naira while enjoying the following benefits:
• You can fund as low as N1000.
• You have no worries about exchange rates, currency fluctuations or unnecessary charges.
• Freedom from ‘middleman-ism’, resulting in swift funding (5 minutes) and withdrawal (30 minutes) timelines. No unnecessary chain of processes resulting from representatives/middlemen.
• Faster trade execution from our Straight Through Processing (STP) brokers.
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