Economy
Financial Experts Have Researched and Ranked Forex Prop Firms in Nigeria
The Forex market in Nigeria has experienced a surge in popularity, with a growing number of traders seeking opportunities to profit from currency fluctuations. In this dynamic landscape, Forex proprietary trading companies have emerged as key players, offering unique platforms and resources to Nigerian traders. International prop trading firms are indeed legitimate and operate within Nigeria, allowing traders to access well-funded trading accounts and engage in the foreign exchange market. However, TU experts note that not all Forex prop firms in Nigeria accept traders from every region or country. In this article, Traders Union experts explore some of the best Forex-funded accounts in Nigeria, highlighting their features, benefits, and the value they provide to traders in the country.
Can Nigerians profit from Forex Funded Trading?
Forex funded trading, also called proprietary trading, is a beneficial option for Nigerian traders. Instead of using their own funds, traders can utilize a funded account from a proprietary trading firm, providing several advantages to enhance their skills and increase profitability. Through Forex funded trading in Nigeria, traders gain access to a wider range of financial products and instruments, allowing them to diversify their portfolio by exploring various currency pairs, commodities, and assets.
One primary benefit is the reduced personal financial risk. Traders don’t need to invest their own capital, minimizing potential losses. The funding program acts as a safety net, enabling traders to implement strategies without fear of significant financial setbacks.
Furthermore, TU analysts say funded trading programs in Nigeria give traders the ability to secure more funding based on their performance. Successful traders demonstrating skillful execution and risk management can earn larger trading accounts.
Top 5 Funded Forex Accounts in Nigeria
Experts at Traders Union have reviewed several Forex prop firms in Nigeria. Here are the top five firms:
- Topstep: Renowned for its outstanding reputation, Topstep offers generous payouts and allows traders to keep 100% of their first $5,000-$10,000 profit, depending on the chosen account. Going forward, traders receive 90% of their profits, the highest payout ratio in the industry.
- Fidelcrest: With over 6,000 traders worldwide, Fidelcrest provides performance coaching, million-dollar account sizes, and up to a 90% profit split. They offer a variety of tradable assets, including forex, commodities, indices, and stock shares.
- SurgeTrader: Offering 75% profit splits to funded traders, SurgeTrader stands out with its one-step evaluation process. Traders can choose from various packages based on their skill levels and risk preferences, with opportunities to trade cryptocurrencies and gold.
- The 5%ers: This proprietary trading firm provides great trader support, instant funding, and quick account scaling. With a highly effective evaluation process, traders can earn real profits and access real capital.
- FTMO: Known as one of the largest prop trading firms worldwide, FTMO offers excellent profit splits and allows trading almost all financial instruments.
How to Choose a Prop Trading Account in Nigeria
When selecting a prop trading account in Nigeria, TU experts recommend traders to consider the firm’s reputation, customer support, and profit-sharing arrangement. Avoid firms with a bad reputation and seek responsive customer support. Look for fair and competitive profit splits that align with your trading goals.
In addition, Traders Union financial analysts recommend to consider regional issues specific to Nigeria, such as language support. Opt for prop trading firms that offer customer support and educational materials in languages spoken in Nigeria to ensure effective communication and access to resources.
Conclusion
In conclusion, Forex funded trading presents a valuable opportunity for Nigerian traders to diversify their portfolios. Also, Forex prop firms allow to reduce personal financial risk. TU experts emphasize that by choosing reputable prop trading firms with transparent profit-sharing arrangements, traders can take advantage of well-funded accounts and enhance their trading experience in the Forex market.
By Dipo Olowookere
The domestic stock exchange slipped into the negative territory on Wednesday by 0.50 per cent after the consumer goods sector closed lower by 5.04 per cent despite the gains recorded by the other key sectors.
The insurance index shed 1.64 per cent, the banking space gained 1.51 per cent, and the industrial goods segment expanded by 0.81 per cent, while the energy counter closed flat.
At the close of business, the market capitalisation declined by N800 billion to N158.319 trillion from N159.119 trillion, and the All-Share Index (ASI) shrank by 1,241.19 points to 245,418.37 points from 246,659.56 points.
The duo of BUA Foods and Nestle Nigeria crumbled by 10.00 per cent each to N845.10 and N2,812.50, respectively. Mecure lost 9.94 per cent to trade at N69.30, International Energy Insurance slumped by 9.84 per cent to N4.40, and UAC Nigeria dipped by 7.75 per cent to N184.45.
On the flip side, the trio of Unilever Nigeria, Trans-Nationwide Express, and Cadbury Nigeria improved by 10.00 per cent each to quote at N137.50, N3.08, and N137.50, respectively. Thomas Wyatt moved up by 9.95 per cent to 4.09, and UPDC REIT jumped by 9.40 per cent to N12.80.
A total of 37 stocks ended on the advancers’ chart and 28 stocks finished on the laggards’ log, indicating a positive market breadth index and bullish investor sentiment.
Market participants transacted 1.3 billion shares worth N158.3 billion in 47,458 deals at midweek, in contrast to the 932.5 million shares valued at N49.3 billion traded in 50,059 deals in the preceding day. This implied that the number of deals declined by 5.20 per cent, while the trading volume and value increased by 39.41 per cent and 221.10 per cent, respectively.
First Holdco led the activity chart, with a turnover of 736.0 million units valued at N80.8 billion, Access Holdings exchanged 79.6 million units for N2.1 billion, GTCO transacted 34.1 million units worth N4.4 billion, Mutual Benefits sold 24.4 million units valued at N85.3 million, and Zenith Bank traded 21.5 million units for N2.6 billion.
By Adedapo Adesanya
The Naira further appreciated against the United States Dollar by N5.68 or 0.41 per cent to N1,369.63/$1 on Wednesday, July 22, from the preceding session’s N1,375.31/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX).
Similarly, the Nigerian currency improved its value against the Pound Sterling in the official market during the session by N8.01 to trade at N1,833.12/£1 compared with the previous day’s N1,841.13/£1, and against the Euro, it gained N4.75 to sell at N1,563.03/€1, in contrast to Tuesday’s closing price of N1,567.78/€1.
In the same vein, the Naira strengthened its rate against the US Dollar in the black market yesterday by N5 to quote at N1,400/$1 compared with the N1,405/$1 it was traded a day earlier, and at the GTBank FX desk, it chalked up N5 against the greenback to settle at N1,383/$1 versus N1,388/$1.
FX liquidity was boosted by inflows from foreign portfolio investors, exporters and non-bank corporates. The significant liquidity and strong investor sentiment aided the naira recovery from the recent slump.
As a result, total turnover settled at $416.420 million on Wednesday, up by 29 per cent from $322.664 million recorded the previous day.
The number of deals counted at the NAFEM window also increased to 198 from 110 on Tuesday, signalling higher demand for foreign payments matched adequate FX inflows.
With more than $52 billion in gross external reserves, analysts said the FX market is expected to remain stable in the near term.
As for the digital currency market, Bitcoin (BTC) slipped by 0.4 per cent to $65,658.75 as rising oil prices and higher Treasury yields pressured risk assets and weighed on major cryptocurrencies, which later saw some recovery.
Market sentiment was further dampened by an apparent escalation in US military strikes linked to Iran, while traders also looked at regulatory uncertainty as key US Senate Democrats criticised the latest draft of the Digital Asset Market Clarity Act, which is designed to define and separate regulatory oversight for cryptocurrency, stablecoins, and digital commodities.
Dogecoin (DOGE) crashed by 0.1 per cent to $0.0724, and TRON (TRX) dropped 0.01 per cent to trade at $0.3287, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
However, Cardano (ADA) rose by 1.6 per cent to $0.1741, Ethereum (ETH) gained 0.2 per cent to close at $1,921.85, Binance Coin (BNB) also grew by 0.2 per cent to $569.38, Ripple (XRP) increased by 0.1 per cent to $1.13, and Solana (SOL) soared by 0.02 per cent to $77.50.
By Adedapo Adesanya
Oil prices jumped 3 per cent on Wednesday as mounting supply concerns following escalating hostilities between the United States and Iran, while threats to shipping by the Iran-backed Houthi militia in Yemen further boosted prices.
Brent crude futures went up by $3.06 or 3.36 per cent to $94.07 a barrel, while the US West Texas Intermediate crude climbed $2.49 or 2.95 per cent to $86.83 a barrel.
The US military said it carried out an 11th consecutive night of attacks on Iran. The US attacks came a short while after the Kuwaiti army said its air defences were intercepting Iranian drones.
President Donald Trump said on Wednesday the US would “bomb and destroy one bridge or power plant” any time Iran targets a ship in the Strait of Hormuz.
Iran’s Revolutionary Guards’ spokesperson warned shipping companies that the Strait of Hormuz southern route is mined.
As well as the renewed conflict over control of that key waterway, the Iran-aligned Houthis have opened a new front in the war by threatening to target vessels carrying Saudi oil in the Bab el-Mandeb Strait and announced a naval blockade of Saudi Arabia.
Bab el-Mandeb at the southern entrance to the Red Sea has become an increasingly important route for Saudi Arabian crude exports as traffic through the Strait of Hormuz has fallen sharply again since a ceasefire between the US and Iran collapsed earlier this month.
Five tankers in the Red Sea avoided the Bab el-Mandeb Strait on Wednesday after the Houthis’ threat to block Saudi oil exports.
The European Union’s naval force Aspides said on Wednesday that ships with links to Israel, the US or Saudi Arabia are at a higher risk of being attacked by Yemen’s Iran-aligned Houthi militia and are advised to avoid voyages through the Red Sea and Gulf of Aden.
Crude oil inventories in the US saw an increase of 2.0 million barrels during the week ending July 17, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
It follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories had risen by 2.603 million barrels in the period.
The increase brings commercial stockpiles to 411.7 million barrels, according to government data, which are now 6 per cent below the five-year average for this time of year.
Meanwhile, European Union (EU) ambassadors failed on Wednesday to agree on a 21st package of sanctions against Russia over its invasion of Ukraine in 2022.
