FXTM information and reviews
OctaFX information and reviews
XM information and reviews
FXCC information and reviews
FxPro information and reviews
HFM information and reviews

OctaFX's report sheds light on the state of the Forex industry in Nigeria

30 August 2022

Across the world, the rising interest in the Forex market trading has evolved to become a significant driver in the financial sector. Nigeria is no exception to this. The international Forex broker OctaFX produced a report that discusses the Nigerian Forex trading market, its opportunities, and scams.  This report examines the state of Forex trading in Nigeria, focusing on the threats to mainstream participation in it and the ways to avoid them. The dedicated white paper also presents measures to facilitate effective trading decisions, developed by the global Forex broker OctaFX. Speaking on the launch of the report, the OctaFX press office stated,

"We decided to conduct this extensive research to learn about the difficulties our clients—and traders in Nigeria in general—face when entering the market. This served as an effort in line with the philosophy of our rebranding, highlighting the focus on our clients' goals as our mission. One of the greatest barriers to Forex trading for new traders are scams. This barrier blocks the way to numerous opportunities of the market. We hope that the report will help both novice traders and more experienced ones, as well as those who are afraid of entering the Forex market yet."

According to a 2021 report, there are approximately 300,000 retail Forex traders in Nigeria, and there has been a substantial rise (46%) in female traders over the past couple of years. In Nigeria, trading in the Forex market reached an all-time high of 300% growth in March 2020.

Nigeria's internet penetration also supports this growth. This growth in the momentum is considerably due to increased mobile penetration in the country and growing interest from the youth population in Nigeria. There are approximately 84 million internet users in Nigeria, and this figure is estimated to reach 117 million by 2027. Although given the lucrative nature of Forex, a pool of traders have a minimal level of experience and knowledge.  According to the survey by OctaFX, traders in Nigeria were 65% more likely to select a trading platform with tutorial materials and educational resources.

However, fraudulent offers are mostly received via emails, advertising, blogs, and influencers. For instance, according to the survey by OctaFX, 41.9% of the total number of respondents fell prey to fraudulent offerings because of the promise of easy money. Read more in the report that is now available for download here.

OctaFX is a global broker providing online trading services worldwide since 2011. The company is involved in a comprehensive network of charity and humanitarian initiatives, including improving educational infrastructure, short-notice relief projects, and support of local communities and small to medium enterprises. In Nigeria, it managed to capture the ‘Best ECN Broker’ award by World Finance and the ‘Best Forex Broker Nigeria 2022’ award by Global Banking and Finance Review.




OctaFX broker soon to launch own trading platform "OctaTrader"
OctaFX broker soon to launch own trading platform "OctaTrader"

After long months of behind-closed-doors technical development, the international Forex broker OctaFX finally announced its soon-to-be-launched native trading platform, OctaTrader...

4 Oct 2022

Multibank Group announces record-breaking financial figures for 2021
Multibank Group announces record-breaking financial figures for 2021

The award-winning financial services group announced a record turnover of over US$ 12.1 Billion per day, with a record annual revenue of approximately USD $ 189 million in FY 2021...

3 Oct 2022

Uncertain times call for trustworthy companies: What about OctaFX?
Uncertain times call for trustworthy companies: What about OctaFX?

How does the international Forex brokerage service OctaFX fare in light of recent uncertainties and fears on the financial markets in general and the Foreign Exchange in specific? We took a closer look at the company to find out...

29 Sep 2022

FP Markets claims a hat-trick of awards at the 2022 Global Forex Awards
FP Markets claims a hat-trick of awards at the 2022 Global Forex Awards

FP Markets has been awarded the “Best Global Value Broker 2022” for an unprecedented 4th consecutive year. FP Markets claimed two further awards for Best Forex Partners Programme...

28 Sep 2022

OctaFX is on an award spree, receiving the "Most Secure Broker Indonesia 2022"
OctaFX is on an award spree, receiving the "Most Secure Broker Indonesia 2022"

The global broker OctaFX collected yet another industry accolade with 2022’s ‘Most Secure Broker Indonesia’ distinction. The Dubai-based International Business Magazine is the award’s issuer...

27 Sep 2022

Elland Road Leads the Ultimate Trading Experience
Elland Road Leads the Ultimate Trading Experience

Marching on the road to progress with us has never been easier. At Elland Road, we look forward to giving you everything you need to leverage daily challenges and online trading experiences...

22 Sep 2022

Editors' Picks

IronFX information and reviews
FXCM information and reviews
NordFX information and reviews
Vantage information and reviews
FP Markets information and reviews
FP Markets
RoboForex information and reviews

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.