When one exchanges one currency for another currency, what takes place is Forex. The letters “For” mean “Foreign (currency)” while “Exchange” means “Ex. Trading is purposely done for commerce, trading, or tourism. This is also known as electronic trading. There are reasons one should learn Forex or electronic trading.

1. To generate income.

There is no interest in generating income. There are streams of income in learning and trading Forex. You should know that there are many Forex trading brokers. We are going to introduce you to those who are reliable and transparent in operations.

2. To take care of the abject poverty

Nationwide, there is a constant poverty that has pervaded society, especially in Nigeria and Africa. This is because of the cases of joblessness and the high cost of education. Trading Forex does not require a huge education; all you need is the ability to read and write. Each trading platform and Demo will train you how to be successful in trading. All that you need is an Android phone, a stable internet connection, and knowledge.

3. Trading does not require academic certificates.

Trading Forex does not require academic certificates before you can make a lot of money. What it requires is knowledge and availability to get trained. This is required to win the markets. You can learn anywhere and anytime in the right way. You will take it once and at once.

3. It does not require unavoidable capital.

Many beginners think that trading Forex requires huge capital, which puts them off trading or achieving their vision in trading and making money. I want to tell you now that trading Forex is not what you are thinking of. If you have a small capital, you can start a real account. Good news! Many trading brokers give free capital to get trained, making sure that you are a professional.

4. Trading does not require a physical office.

Traditionally, many businesses have physical offices. However, trading Forex does not require a rented office before you can make money. Many traders used their homes, offices, and business centres to trade. Your phone is your office; you can use it to trade and make money in Forex trading.

5. You will make money through leverage

If you know leverage, you will get control over huge profits from your small capital. Leverage is the multiplication of funds through the people and traders. The knowledge of leverage will duplicate your profits. In trading, you can duplicate your profits successfully if you get more traders under you.

Take this as an example, if you have a ratio of 100, which means to keep $1000 with your broker as collateral, as you are telling your broker to loan you, or leverage you the sum of $100 000 to trade in the market. The standard lot equals $100 000 and your leverage will be 1000:100000 or 1:100. This means that you are now controlling $100 000 with just $1000 collateral. It should be noted that you have the power to increase your profits. You can trade any desired currency if you know how to leverage.

6. You have the privilege to trade all available currency pairs

Out of many Forex currencies in the markets, you will have the opportunity and freedom to trade with anyone. There are currency pairs in the markets in which you can trade and make money. For example, if you open an account with a broker, you are open to trading currency pairs in the Forex market. From the trading currency pairs in the markets, the following seven are the best and most common ones: EUR/USD, GBP/USD, USD/CAD, AUD/USD, USD/CHF, USD/JPY, and NZD/USD.

List of Top Forex Trading Brokers

FXTM: This is known as a simple international Forex broker and platform in foreign exchange. You can trade if you have less than 500 USD.
FBS: This is a forex trading broker with various account types. It is operated globally and has 650 instruments. You can trade with little capital.
AvaTrade: This platform is popular. It includes numerous types of traders who are ready to trade Forex. You can trade with a small capital with rigorous education from professionals.
CMC Markets: This broker is a leader in forex trading platforms in the markets. It also creates opportunities for both novice and professional traders.
Pepperstone: This broker offers a regulated low-start package in which you can trade with a very small capital, along with MetaTrader 4 and MetaTrader 5.
eToro: This platform is easy to use. It is a very reliable trading platform. In this platform, traders can duplicate the trades of investors.
Saxo Bank: This is like a bank that saves money for people. That is why they have enough financial information about financial markets, including unique insights.
CMTrading: It is a trusted forex trading broker with more than 1 million clients globally. It is an international CFD provider, and you can trade with little capital.
XM Group: It is an award-winning platform, a forex trading broker that supports up to 30 languages. You can trade with little capital.
First Prudential Markets: This broker offers very fantastic orders that can be processed within an average of 40ms.
Plus500: This is the best broker in South Africa. The platform has a winner for less-privileged traders. Plus500 is one of the most popular CCFD brokers in the world.
FXCM: This forex trading broker is very active in South Africa. The platform provides trusted betting and related services.
City Index: The City Index offers excellent forex trading. That is why it is one of the highly rated brokers globally.
Fx Pro: This is the broker that has been in operation for more than 20 years. It has a good reputation. This requires only a minimum deposit of $100.
Oanda Corporation: OANDA broker is a reliable and transparent platform. It is a famous regulated platform with billions per day.
XTB: This broker is a global CFD broker. The estimate of more than 495,000 clients. This platform provides the best training materials available for beginners.
EXNESS Group: This broker is a global asset platform. It is registered and accepts some African traders, including Nigerians. Some of the assets are Crypto, Forex, energies, metals, and more.
Tickmill: This broker has been a top platform with technology that is combined with functionality for users. If you have $100, you can start trading with them.
Interactive Brokers: This broker is specifically a top platform in India. It offers opportunities for beginners, traders, and professional forex traders.
IntraForex: This is the platform that claims over a million clients in the world. The broker has the opportunity to access many products. Once any trader registers, such a trader will receive a $1 000 bonus.
IG Group: It is a forex broker with a good record of many years. It offers two forex trading platforms (MT4 and L2 Trader). IG is one of the biggest forex brokers in the world.
Com is a broker that caters to Forex traders with a wide selection of tradable currencies. I have a low account, a notable trading platform.
JustMarkets: It is a forex trading app used as a trading tool for both deposits and withdrawals
An Ipari Group: It is an international forex trading broker with over two million. It is a business that has been around for a very long time.
TD Ameritrade: This forex trading broker is available from Sunday to Friday. You need to request access if you want to set up your account.
RoboForex: This is one of the best that is based on reviews of experts and traders. The platform supports the powerful MT4 and MT5 trading platforms.
OctaFX: This is a Forex trading broker offering the option to trade on Forex and Indices with over 200 assets, which you can. The platform offers a broad range of trading accounts and platforms to satisfy investors and traders.
Swissquote: This forex trading broker is regulated, and still operates banks as founded in 1996. It is regulated by the UK, FCA, DFSA, SFC, MFSA, MAS, CSS, CySECEC, etc. You can trade with 76 Forex pairs and over 4900 CFD instruments.
IC Markets: This is a broker and platform that offers a number and range of tradable instruments that the broker offers. Here, Nigerians have to take notice of what to trade.

Conclusion

To get full information about each of the forex trading brokers listed above, you will need to visit the site of each of them. You will be directed to all their dos and don’ts and how to go about them. Read the similar post on this page.