In Forex, brokers are compensated by charging spreads.
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What is a spread? It is the difference between the buy and sell price. So, you need to find a broker who has the lowest spreads and in this way increase your profits and reduce your costs. Account Types Before you start trading you should be given a chance to backtest your trading strategy on a demo account. Those typically expire in a month and by that time you can familiarize yourself with various peculiarities of a platform.
When you are ready to trade real money, a broker should offer you a number of lagoe to choose from. Froex account If your budget for investment is tight, within a range of a few hundred dollars say, you should open a micro account. Then, you will be able to trade 1k micro lots and not risk much. Mini account If you want to try deeper waters and can afford to invest a thousand or a few thousand dollars, you should try a mini account. You will have the possibility to trade 10k size lots and hopefully, make bigger money than you would on a micro. Standard account Standard lot size is k.
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It means you need more than 10 thousand dollars to trade such huge amounts. However, if you can afford 20 or 50k investment size, a standard account might be a good managrs for you. Customer Service There is give and take between a broker and a customer. He offers you the possibility to trade and a good service and you make him money by means of spreads. As a Nigerian trader, you should expect this service to be in your native language or dialect and you should also get it online 24 hours per day through the working week. If your broker is indifferent to your questions, problems, and issues, you should say goodbye to him and search for trading opportunities elsewhere.
Additional Services Additional services come in the form of educational materials: Ebooks are often offered by brokers to their clients on various topics.
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Recruited analysts try to foresee shifts in the policy of Central Banks and predict how that will affect exchange rates of currencies. Most brokers also have forums where traders can chat and help each other. Some even offer monthly trading contests that have high money prizes. Conclusion Your real money trading experience starts with your broker.
Introducing trading like never before on a Naira platform.
In order to stay protected from unscrupulous brokers, it is advised to follow the steps laid out above. We hope they helped you to form a picture of what a reliable broker looks like. Depending upon whether you are making a deposit by wire transfer or cash: Please note that if a conversion is required, it will be made at Alpari's company rates. Please fill in the form which appears when you click on the button below. Tell Us about Your Payment Your account will be credited within 24 hours.
To withdraw funds via a local bank wire transfer, you should submit a request in layos by selecting "Withdraw Funds" from the left hand menu, and "Transfer to Amoney". Next to "Transfer Type", select "Fund Deposit". Next to "Transfer From", select the method you will use to make the transfer, and then choose the currency you will use. Then, select the account you wish to fund.
You will be transferred to a page to fill in the required fields to complete the transfer, and upload the necessary supporting documents. Finally, confirm your deposit by clicking "Transfer Funds". Log into myAlpariand click "Deposit Funds". Please note: Making Transfers between Your myAlpari Accounts Please note that when you make a deposit using any Nigerian banking payment methods, the funds will appear in your "Transitory Account".
You maanagers need to transfer the funds from your "Transitory Account" to the account you wish to transact with. To do this: Log in to "myAlpari". If you cannot see the left hand menu, click on "Show Menu" top left of your screen. From the "Transfer Funds" menu, select " Account-to-account Transfer ".