Forex is a short form for the FOReign currencies EXchange market. It is one of the most liquid markets in the world, while being the largest financial market (daily average volume is about $5.1 trillion according to BIS report). FX traders buy and sell various world currencies in order to gain profit on the currencys price change.
The most traded currency pairs (major pairs) are EUR/USD (euro for US dollar), GBP/USD (Great Britain pound for US dollar), USD/JPY (US dollar for Japanese yen) and EUR/JPY (euro for Japanese yen).
Foreign exchange trading is now accessable to everyone via on-line Forex brokers, which allow trading with almost any amount of money and on a very large variety of international currencies.
In Nigeria, Forex trading is becoming more and more popular. It attracts purposeful and educated young people with the opportunity of earning profits via on-line activity. And if in the past times Nigeria was considered a poor state with no interest to currency trading firms, now FX brokers are gladly accepting Nigerian Forex traders.
But foreign exchange market should not be considered as the easy money; to trade profitable and earn a sustainable income trader must learn and practice. To many beginning traders relief there are many good educational materials in the internet and the majority of them are free. Learning Forex can be a long process, but can be also fun and interesting.
Here at ForexNigeria.org you will find the answers to the following questions: