Across the world, the rising interest in Forex market trading has evolved to become a significant driver in the financial sector. Nigeria is no exception to this

The international Forex broker OctaFX produced a report that discusses the Nigerian Forex trading market, its opportunities, and scams. This report examines the state of Forex trading in Nigeria, focusing on the threats to mainstream participation in it and the ways to avoid them. The dedicated white paper also presents measures to facilitate effective trading decisions, developed by the global Forex broker OctaFX.

According to a 2021 report, there are approximately 300,000 retail Forex traders in Nigeria, and there has been a substantial rise (46%) in female traders over the past couple of years. In Nigeria, trading in the Forex market reached an all-time high of 300% growth in March 2020.

Nigeria's internet penetration also supports this growth. This growth in the momentum is considerably due to increased mobile penetration in the country and growing interest from the youth population in Nigeria. There are approximately 84 million internet users in Nigeria, and this figure is estimated to reach 117 million by 2027.

Although given the lucrative nature of Forex, a pool of traders have a minimal level of experience and knowledge. According to the survey by OctaFX, traders in Nigeria were 65% more likely to select a trading platform with tutorial materials and educational resources.

However, fraudulent offers are mostly received via emails, advertising, blogs, and influencers. For instance, according to the survey by OctaFX, 41.9% of the total number of respondents fell prey to fraudulent offerings because of the promise of easy money.

Read more in the report that is now available for download here.


About OctaFX

OctaFX is a global broker providing online trading services worldwide since 2011. The company is involved in a comprehensive network of charity and humanitarian initiatives, including improving educational infrastructure, short-notice relief projects, and support of local communities and small to medium enterprises. In Nigeria, it managed to capture the ‘Best ECN Broker’ award by World Finance and the ‘Best Forex Broker Nigeria 2022’ award by Global Banking and Finance Review.

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First to comment

I dedicate this to all obidient family. All legal hustlers and all those who believe that naija go better.

Ok, but why lock the Thread and still unlock it.

My Forex AI is up for grab, profitable and low risk..

If you want constant profit, daily, it's available but it's not free. Minimum capital is 500 usd

Forex Trading is actually lucrative and I agree with the report.

There might even be more retail traders, more than stated in the report.

Even though Forex is lucrative, you should be reminded that it also has its downsides, you can lose money trading forex, especially if you are new to trading and with zero and little knowledge.

That is why it is important to learn how to trade first and practice with demo accounts. Many forex brokers offer practice accounts. I should also mention that it is important to trade forex only with spare money, money that you can afford to lose.

If you trade with your rent money or child's school fees or borrowed money, you may get yourself into a deep financial mess.

Now, considering the Naira to Dollar exchange issues in Nigeria, brokers are now considering offering Naira Trading accounts and that is a good thing.

7Bforex is one broker that I know offers Naira Trading accounts making it easier to fund and withdraw without thinking of unstable exchange rates.

OP, thank you for sharing the report.

You old fools will continue to destroy the naira because in Nigeria, old age doesn't come with wisdom.

It only comes with

GREED
NEPOTISM
TRIBALISM
STEALING
CORRUPTION
etc

A nation on the top list producer of oil in the world with NO FUNCTIONAL REFINERIES!
Yet Buharí the senile useless old fool is telling us that he spends 18 billion Naira on subsidy EVERY DAY!
HOW MUCH DOES IT COST TO MAKE JUST ONE OUT OF THE USELESS 4 REFINERIES FUNCTIONAL?
Can't you just concentrate on making it work to save us all these headaches?
Or just sell it to someone who's willing to revive it?!

You also spend billions of naira on NNPC Refinery staff monthly. A very USELESS and corrupt corporation that has not produced 1 litre of petrol in the last 15 years.

What a shame!
Now these bastards are all waiting for Dangote, a single private man to complete his own.

Buy Instagram Followers and increase your profile or post visibility.

This is such an insightful piece. Anyone thinking of entering into Forex should download and read this.

This information is 100% Premium, cos I just went through the PDF doc and I know OCTAFX is doing us well to educate us more on Forex training.���

Is a lucrative business need critical thinking and forecast.

I design and build a house. Based in Nigeria. Work around all corners.

sn’t it shameful to be using car of 2006 (es330) in 2022

Forex Trading is one of the greatest opportunities in the 21st century. Imagine having the opportunity to make millions just for predicting whether price of an asset will start going up or down from the comfort of your home. You guys that are living in the 21st century don't know how lucky you are.

No matter whether you are educated or not, as long as you are intelligent, all you have to do is master the art of accurately predicting when the price will start going up or down and you will have obtain the ability to make millions.

You even have a way to practice predicting real price movement with virtual money for as long as you want. We are truly living in the end time.

90% of the comments above are either bots or some other "Sponsored posts"

Finally a detailed and well informed report that will educate Nigerians better about forex.

This information is 100% valid.This is an eye opener
Thank you octafx

According to the write-up, forex trading is a way of making and swimming in wealth but more practical training is needed. Some brokers influenced people to invest with promise of handful returns, at the end the trader lost all because they don't understand the ethics of forex trading whereas the brokers are living large.
If brokers want traders to earn profit they should organise tutorial arena to local areas not to market their business in the cities alone and also create lecturing centers in our tertiaries.

Forex is good for everyone. As you lose, person gain. As you gain, person lose. Na push and pull market.

Everyone should try it at least once in a lifetime.

May the pips be with you all

I don't understand o

People go cry soon, forex is not a easy money 99% of people will lose !!

Forex is a way out of Poverty and an established glorious financial future for the youths who are willing and humble themselves to give it what it takes to learn, practice, be consistent and patiently wait to see the fruit of their perseverance unto SUCCESS UNLIMITED wherever they are or go!

Check my signature for forex tools and resources needed to start right and gain foothold financially.

Enjoy your day.

Shalom

waynetee:
People go cry soon, forex is not a easy money 99% of people will lose !!

Yes, you are right but we survived it because we are not lazy and we are focused, that is why we can stand tall today.

Forex trading success is NOT an unachievable feat. Just be determined, nowhere and nothing is easy in life but success comes to the persistent and focused people who know what they want no matter how long or what it takes!

To those aspiring to choose forex as a career, don't be discouraged, go ahead and plunge yourself into it BUT be highly disciplined, focused and be teachable (humble yourself to learn) and be hardworking. Sky shall be the launching pad for you when you are done!

Wishing you good success as you made up your mind and finally, kindly ignore the pessimists.

I lost big recently , forex trading isn't that easy. I nearly lost my mind.

You look down on people playing Bet9ja virtual yet you Dey do forex trading. All of una Na colleagues!

Meanwhile, be wary of majority of the posts on the first page. Most of them Na cohorts trying to carry you go where you no know.

Timoleon:
You look down on people playing Bet9ja virtual yet you Dey do forex trading. All of una Na colleagues!

Meanwhile, be wary of majority of the posts on the first page. Most of them Na cohorts trying to carry you go where you no know.

Lol

The sure way to win in this forex trading ish us the same with virtual: be the owner of the brokerage site like OctaFx not the customer. Own a Bet shop and you’d constantly have profits from gambling like someone said up there, majority of traders end up losing their capital!

forex trading is cool, but try and get the knowledge first else you might lose ur money,
remember trade with ur spare funds, cos even the best trader loses atimes.

TRADING FX IS NOT THE ISSUE IS GETTING MY PROFITS AND CAPITAL BACK FROM THE HARDNOSE BROKERS IS A MAJOR PROBLEM. FX BROKERS ARE BROKE LOOKIN FOR YOU NEX TO SAP.
MAKE UNA GO FARM O,LEAVE FX MATA,FARM,FARM AND FARM FOR EXPORTS THE WORLD IS HUNGRY. NIGERIA SOILS IS SO FERTILE.
HOW CAN RICE BAG NOT BE N10K?
WHY BEANS TOO COST?
WHY YAM TOO COST FOR LAGOS?ANS:=LAZY YOUTH REFUSE TO SOW THE REAL SEED TO GERMINATE AND BEAR FRUITS,RATHER THEY SAY MONEY NA SEED INSTEAD OF BEANS AND CORN WE KNOW ACCORDING BY TODAY'S PROSPERITY PREACHERS,YET MEMBER STILL YARNIN TO PROSPER AS PASTOR DEY LIVE LARGE.

Timoleon:
You look down on people playing Bet9ja virtual yet you Dey do forex trading. All of una Na colleagues!

Meanwhile, be wary of majority of the posts on the first page. Most of them Na cohorts trying to carry you go where you no know.

Comrade I support your mention with this quote.