Challenges of Trading Forex in Nigeria - Part 1

Forex Trading simply involves the buying and selling of currencies to make gain or profits. In Nigeria it is fast expanding but a little bit uninteresting to most people.

Forex Trading is primarily carried out through an online electronic exchange handled by qualified banks and other accredited financial institutions. Initially Forex was a business meant for the super rich and huge financial institutions. This was so until retail Forex Trading evolved and enabled Forex to be delivered to the door step of every interested trader through the internet. The advent of highly improved financial technologies allowed seamless Forex transactions globally and easily with the touch of a button. 

This technological breakthrough was not limited to computers only as handheld devices now come with features that enables Forex Trading, which further enhanced remote and on-the-go Forex Trading anywhere anytime. Now you can sit right at your home in Lagos, Nigeria and place an order through your broker in London, which in turn transfers your order to the liquidity firm probably some few miles away and you get a response.

Lately the introduction of cloud systems into Forex has strengthened the capability of accessing forex services with minimal hardware and cost. Of course support systems are now better due to the latest cutting-edge communication systems, which is cheaper and flexible. Nearly all brokers have embraced these communication technologies in rendering support services to their clients. VPS systems, which allow hosting of Forex Account, EAs, and other Forex Services as the case may be, are being deployed increasingly by most brokers and Forex Servicing Firms.

However, despite these innovations, a larger percentage of Nigerians still experience serious challenges in trading Forex comfortably. While others who able to meet the requirements are faced with certain unavoidable challenges in our environment that makes Forex Trading uncomfortable. Unfortunately a higher percentage of Forex Traders in Nigeria who quit this business at an early stage are those who were ignorant of these challenges, and never prepared for it when they began to surface

However every challenge has its solution, but you must be aware of them before you can tackle them

Now the mind boggling question;  

1. Despite these innovations which has improved Online
    Forex Trading, why is it still difficult for an average 
    Nigerian to trade Forex comfortably 

2. Why do a lot of people quit at an early stage? 

3. What’s the way out? 

Got an answer to these questions? Or do you think otherwise? The house would appreciate your comments and suggestions. 

Watch out for Part 2 of this topic: Challenges of Trading Forex in Nigeria (Challenges Revealed).

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About Onyebuchim C. Obike
I am an IT specialist in Software Programming, Networking & Telecommunication. My quest for an alternative source of income led me into Forex since 2005. My encounter in Forex over the years made me to develop a site where traders can get reliable and effective Forex Resources & Tools, that would make them successful traders. I prefer combining Technical & Fundamental techniques in trading. Follow me on facebook: