How to earn money via trading apps in Nigeria today
Sophisticated apps give access to financial markets 24/7. Users can make profitable trades wherever they are. Here is an overview of the opportunities.
Nigeria sees a surge in online trading. Now, due to COVID-19, the national economy is in shambles, and consumers need ways to earn a living. Trading could be your additional source of income or a full-time job. Thanks to the impressive capabilities of a Forex trading app, you can work on the go, wherever you are.
Some apps are mobile versions of desktop terminals. A popular example is MetaTrader 4. This system has been Forex traders’ favourite for many years. It now comes in three forms: as a desktop terminal, a mobile app, and a web-based trader. All three share data via cloud-based servers, which allows the user to switch devices easily.
The same trade may be initiated from one device and closed via another. The web0based version works directly in browsers, so no downloads are needed. The MetaTrader 4 app may be used on its own, or as a handy addition to your arsenal. Traders who often need to switch devices find this system convenient.
Range of Instruments
Generally, traders in Nigeria may access:
- Major, Minor, and Exotic currency pairs;
- spot metals (gold and silver);
- stocks of the largest US corporations;
- stock CFDs;
- CFDs on cryptocurrencies like Bitcoin, Litecoin, and Ethereum;
- CFDs on commodities like crude oil;
- CFDs on market indices like the S&P 500, and more
Trading apps give access to different ranges of instruments. This depends on the broker and the type of account. For example, the FXTM Trader app provided by ForexTime gives access to 250+ options. The company also offers a powerful FXTM app for free.
Contracts for Difference, or CFDs, are highly leveraged instruments. Their key advantage is that profit is based on the price of the underlying asset, but no ownership is involved. Whatever the type, the logic is the same. The broker pays the difference between entry and exit depending on where the price for the underlying assets has moved. Therefore, a CFD holder benefits from trends via an entirely virtual derivative.
At a Glance
Traders have instant access to streaming prices and financial news. This means you can monitor your instrument at a glance. The systems facilitate both technical and fundamental analysis. There are customizable price charts, technical indicators, Expert Advisors, and more.
Lucrative trades are a tap away. With 1-click trading, you can take action quickly. No more missed opportunities! It is easy to open, edit and close positions wherever you are. The same trade may be opened from a smartphone, modified from a tablet, and closed via the desktop terminal (or in any other order).
A user-friendly dashboard reflects information about the user’s account. They may view it, fund it, or request a withdrawal — all through the app.
Importance of Demo Accounts
MetaTrader 4 and MetaTrader 5 have a demo and live mode, and the same is true for the mobile versions. Every beginner must start with a demo account, which is easy to register. This will unlock the app in its simulation mode, where it only mimics real-market conditions.
This is a perfect opportunity for practical trading, as you can explore the features at your own pace. When traders are ready for real-money trades, they register a live account and sign in with the new credentials. All that’s left is to make the first deposit and wait for your balance to change.
Do not disregard the importance of demo trading. Learn to analyse the market and make balanced decisions based on data, not emotions. Both technical and fundamental analysis should be studied and applied to demo trades. Learn about the most common strategies and try to use them. In this risk-free environment, mistakes are harmless. In the live mode, they may be expensive.
Pay Attention to Regulations
As the same apps are offered by different brokers, be very careful choosing who to trust. In Nigeria, the Forex market lacks regulation, and the scam is not uncommon. Check the background of your candidates, and compare their trading conditions.
Generally, licensed global brands are the safest, as they are regulated by industry watchdogs like the CySEC in Cyprus, the FCA in the UK or the FCSA in South Africa. You can find details of such licenses on the brokerage sites — trustworthy brokers have no reason to hide this information.