With its rapidly rising interest in cryptocurrency, Bitcoin Forex trading in Nigeria is a lucrative option. As of April 2018, the country ranked third in trading volume globally, and more than $400 million worth of transactions were conducted in Nigeria alone last year. Despite its recent economic rebound, Nigeria faces a deteriorating economic climate. Inflation, which is rising in most countries, has pushed the Naira down by as much as 24%. It is feared the value of the currency will drop by as much as 10% this year, and food inflation has reached its highest level since July 2008.
In order to trade bitcoins, a Nigerian should register with a reputable exchange. Remitano, which supports more than 100 currencies, is a great choice. Remitano does not charge withdrawal or deposit fees for Nigerian crypto traders, and you can use it to make deposits and withdrawals in your local currency. Avatrade has a low minimum deposit of $10, and offers a separate Pro platform for more experienced traders.
Despite the recent clampdown, the market for cryptocurrency trading in Nigeria continues to grow. Traders in the country continue to turn to cryptocurrencies for business, securing their savings, and sending money abroad. In March, the dollar volume of crypto sent from Nigeria rose by 17%, while transactions during June were 25% higher than the previous year. With the growing popularity of crypto, Nigerians are finding a new way to invest in their currencies and boosting their economies.
While regulated markets like the stock market are more regulated, forex markets are still unregulated, making them a great place to start investing in Bitcoin. You can also trade with a Nigerian broker that has an MT4 trading platform and Sirix Web Trader. In addition to this, you can even trade with a social trading partner called CopyKat. However, there are still some risks associated with Bitcoin Forex trading in Nigeria.
It is critical to choose a reliable cryptocurrency exchange that offers trading in multiple markets. The more options you have, the more profitable your investment is likely to be. You should also check out the exchange’s promotions and welcome bonuses, as well as any existing client incentives and promotions. To make sure you get the best bang for your buck, you should consider trading with a crypto exchange that offers multiple currencies and a variety of payment methods.
Pepperstone is an established broker in Nigeria that provides a high-quality service to its customers. Pepperstone offers a wide range of tradable assets including stocks, commodities, indices, cryptocurrencies, and more. The platform is licensed by the FCA in the UK, the Financial Sector Conduct Authority of South Africa, and the Dubai Financial Services Authority. The minimum deposit is only $200 USD and you can sign up with your email address.
FP Markets Broker accepts traders from Nigeria and offers excellent customer service and trading conditions for scalpers and EAs. You can deposit as little as 100 AUD for a demo account and enjoy leverage up to 500:1. OctaFX accepts both US and Nigerian traders, with the latter requiring a minimum deposit of AU$100. These companies also offer demo accounts with live support and a variety of trading instruments.
