It is likely that regulation will attract more institutional investors into the forex industry in Nigeria.

Finally, earnings from forex trading are taxable, but not subject to any specific withholding tax deductions. However, every Nigerian is expected to file an annual Personal Income Tax Return. Online forex trading carries a high degree of risk to your capital and it is possible to lose your entire investment.

Only speculate with money you can afford to lose. Forex trading may not be suitable for all investors, therefore ensure you fully understand the risks involved and seek independent advice if necessary. Home Forex Brokers in Nigeria How to Trade Forex Live Naira Charts Forex Signals Economic Calendar Blog About Me. Is forex trading in Nigeria legal? Yes, it is.

As long as you are doing it for yourself only and using a properly licensed broker. BluFx has an office in Nigeria and offers traders in Africa instant funded accounts with a monthly fee, no performance challenge and no hidden costs!

I have a full, in-depth review of BluFx here breaking down my experience with the company, so it may be worth having a read. Although BluFx is the only forex prop firm with a local presence in Nigeria, there are plenty more firms offering funding to traders based here.

I would certainly recommend trying some of these prop firms to scale up your trading career, or check out our best prop firms list to compare offerings.

In conclusion, you can legally trade forex in Nigeria as of The regulations from the Central Bank are still very loose and we expect the rules will be further strengthened over the coming years.

You must declare profits made from forex trading, to be taxed as income. If you want to trade money for investors, you must get licensed which is a long and time consuming process — a forex prop firm would be a better bet.

If you have any questions about trading forex in Nigeria please do let me know in the comments down below and I will strive to answer you!

Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders. As the forex prop firm industry has grown, so has the amount of prop firms offering funding for traders. With forex brokers reducing leverage and the industry getting more regulated, trading your Foreign exchange transactions conducted by banks and other authorized dealers are well regulated by the Central Bank of Nigeria.

The Central Bank regulations permit banks and other approved bodies to engage in foreign exchange trading. Online Forex transaction in Nigeria is relatively new and no specific rules have been set in regards to regulation. However, there is a body called the Association of Online Forex Trading Agents in Nigeria. This body which is recognized by the government is working with the CBN and other regulatory agencies to come up with a working framework for the trade. Having said that, local Forex traders must abide by the existing laws to operate legally in Nigeria.

The Central Bank of Nigeria and the Security and Exchange Commission are the regulatory body for Forex traders. For a Forex trader in Nigeria to make money in a legitimate way they should have to stay on the side of the law.

Every Nigerian trader has the legal backing to operate in Nigeria on his own or use a legitimate broker to trade. Forex traders should also note that declarations of earnings as well as payment of taxes are compulsory actions that must be carried out by the Forex trader just like every other business organization. Any organization from which the government legitimately takes tax is an approved business and has legal backing. In most countries around the world, the foreign exchange market is regulated.

These regulations are put in place to protect traders. Online Forex trading in Nigeria has not been around long, but it is currently regulated. However, foreign exchange trading is regulated by the Central Bank of Nigeria.

This financial institution makes trading in foreign exchange possible, but the trade has to be done by banks or brokerage firms that are registered in the country. To get more information about this, there is the Foreign Exchange Act of as well as the Foreign Exchange Manual , which was penned in November of There has been an increase in Nigerian foreign Forex brokerage firms, and many are now based in the country.

The brokers have to meet certain requirements to be fully legal to trade on the market on behalf of clients.

There are trading watchdogs out there, and you can use their websites to see if a Nigerian Forex trading brokerage firm is legal to trade through.

Just because there is a Forex trader in Nigeria, it does not mean they are legal and can trade for you in the market. Forex trading in Nigeria is growing every year with more and more brokerage firms in Nigeria and making sure they are legal and can trade is vital before using them to trade your money.

However, in Nigeria, when it comes to Forex trading regulations, there is still much work to be done. With an increase in banking policies in Nigeria, Forex trading in the country has been affected.

There are no clear-cut rules or regulations in place in Nigeria when it comes to Forex trading in Nigeria.

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How to Invest Money How to Invest in ETFs How to Invest in Index Funds How to start Forex Trading How to Pick Shares How to Report a Forex Broker How to be Consistent in Forex. Yes, Forex Trading is legal in Nigeria and the country has a population of roughly million potential Forex Traders. The Securities and Exchange Commission SEC is the main regulatory institution of the Nigerian capital market whereas Forex Brokers in the country fall under the regulation and supervision of the Central Bank of Nigeria.

Nigeria has a mixed, lower-middle-income economy and the country is known for its abundant supply of natural resources, its well-developed financial, legal, communications plus transport sectors, and the Nigerian Stock Exchange. Aside from standard forex trading , Islamic forex trading is also legal and available in the country. Nigeria is a religiously diverse society, with Islam being followed by roughly Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance with Sharia Law.

Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Nigeria. OctaFX is an online broker which was founded in , offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority FCA , each new client must pass a few basic compliance checks when signing up for an account. OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading. Exness is authorised by the Financial Services Authority FSA of Seychelles and was founded in Traders have the ability to trade on Forex and CFDs on Crypto , Metals, Energies, Stocks and Indices on the MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

Exness offers traders 5 different trading accounts to choose from and over different instruments to trade, including over currency pairs. Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email. FXTM or ForexTime was founded in and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

Three accounts are offered under the Standard category. Forex Time FXTM is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts. Customer Service is available via phone, email, online chat options — WhatsApp, live chat, Viber, Telegram or Messenger.

XM Group XM is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission. XM offers traders more than financial instruments to trade on both the MT4 and MT5 platforms , including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.

Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures. HotForex was established in is well regulated by FCA, CySEC, DFSA , FSCA and SFSA. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Forex Trading is indeed legal in Nigeria with laws and rules in regards to the local financial markets determined by the countries regulatory authority. Yes, Forex Trading is legal , popular and well-regulated in Nigeria. There is no set age for local investors to trade in Forex. However, the legal age for gambling in the country is set at 18 years of age and this can be seen as an accurate, legal age for Forex Trading.

The Federal Inland Revenue Service FIRS is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria.

There is no one Forex Brokerage Firm which is suited to all investors. Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice. It is indeed possible to be profitable when trading Forex. However, there are steps to follow such as self-education, making use of a demo account and more. JP Markets offers a welcome bonus to all new traders who choose to register for a real account. JP Markets is considered a low-risk and can be summarized as trustworthy and reliable.

JP Markets is regulated by the top-tier Financial Services Board, Based. Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds. IW Bank clients may experience different fee structures according. com does not offer a sign-up bonus for first-time sign-ups or beginner traders. No sign-up bonus, deposit bonus, or welcome bonus is offered to traders. The Minimum Deposit for 1st-time traders might vary based on. com offers Spreads and commissions vary according to the account type that the trader is using.

Global Impact of Crypto Trading Worldwide Currency Report Cryptocurrency Cap Crypto Transaction Speeds Crypto Diversity Worldwide Crypto Readiness Report Crypto Opportunity Cost Crypto Spending Top Anti-Crypto Countries Crypto Regulation Index Global Investment Report. According to the findings of recent studies, this may be traced back to the feelings evoked by gambling. Taxation and Forex Trading in Nigeria 👉 It is simple to see why a considerable number of Nigerian forex traders are uncertain about their tax responsibilities regarding the money they make from trading forex. In both cases, brokers are often recommended for novice traders, as they act as the intermediary between the buyers and sellers who are looking to profit from either the company or the various currencies performances. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

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