Forex Trading In Nigeria: Who Is Making The Money?

Written by NaijaEcash

Topics: Investing, Nigerian

Online Forex Trading In Nigeria

The rush to join the online millionaire club is as high as ever in Nigeria. No thanks to the present economic hardship being faced by the populace. Nigerians are tired of waiting endlessly for the promised Dividends of Democracy. Too many are complaining that the only evidence of democracy they have so far is their empty pockets. Therefore, any magic formula to solve the problem overnight is highly welcomed. So, Online Forex Trading in Nigeria to the rescue!

David Ajao did an unbiased post about Online Forex Trading about a year ago. The post Forex Trading In Nigeria: Your link to Fabulous Wealth? addressed some issues which any wise Nigerian investor will need to thoroughly consider before committing fund into Forex Trading. Unfortunately, not so many have learned anything from that post. A look at the recent comments on the post reveals that too many are still IGNORANT of the issues surrounding FOREX trading.

If I did not learn anything from my little romance with Online Forex Trading, at least I learned the following:

Success in Forex Trading is possible when you take time to learn the business (it does not come overnight, it is HARDWORK!). Forget about the Magic Automated Forex Trading Softwares, they will only make a fool of you. Hey, buddy, put on your thinking cap, if those software are real, why will anyone tell you about them?

Just as it is possible to make fabulous wealth from Forex Trading after getting the required skill (which does not come cheap) so you can also loose so much and become bankrupt in a matter of seconds (So, many half-baked forex traders have paid dearly for their ignorance). Have you bothered to ask,  Why all the hype about the fantastic amount you can make daily, and nobody is talking about the loss you can incur in seconds? You want real testimonies from people who have lost good money, I have some. Ok, enough of the ramblings, lets answer the question.

Who Is Making The Money Trading Forex in Nigeria?

First, the educated forex traders who have acquired the necessary knowledge on how the Online Forex Market works. Note, they are not many, and they do not boast about their success. One of such trader testified that he spent 3years learning the rudiments and playing with demo accounts before using real cash. Do you have such patience? Are you prepared to pay the sacrifice of learning the Trade? You must learn the trade before the tricks, else you will only get tricked by scammers.

The second set of earners are the scammers who are making a lot of money by tricking ignorant Nigerians. There are thousands of self-certified Online Forex Trading Professors in Nigeria. They offer short courses on how to become a millionaire by trading forex. Their charges ranges between $40 to a whooping $1,200. As far as they can see, the only prerequisite to making money via forex trading is the ability to move a computer mouse! What a promise! Yet the newspapers and how-to-make-money magazines are filled with their advertisements.

I promised you a real testimony, here it is. About a year ago, two close friends of mine paid One Hundred and fifty Thousand Naira each (about $1,282) each for a one week training on Online Forex Trading. My friends and I were sincere and genuine in our quest for knoweldge, and the promised education looked real enough. I was meant to participate in the training, but I failed to raise the course fee before the deadline.  After the training, my friends recounted how it was a huge success and they wished I was there. Well, poor me, I tried to “parasite” from the knoweldge they acquired by reading the materials given to them and practicing online with the demo softwares provided.

Unfortunately, it turned out that the so called teachers were economical with the truth. We were not informed that it is not possible to start trading and earning good return after a one week crash course in Forex Trading! It did not take a long time for us to discover first hand that the training was actually a scam because it was just an introduction to a business that requires detailed and consistent learning, non-stop! If they had told us the truth, we will not be willing to buy the course even at a discount of 90%! All the material and software they gave are actually available for free online. We were just scammed (never mind that I didn’t take the course, if the cash was available, I would have paid, so I was gullible just like my friends, no need pretending that I was smarter).

It pains my heart that one year after that close call I had, I still see a lot of Nigerians falling prey for this cheap scam. To start with, the infastructural facilities on ground makes it very difficult for an average Nigerian to participate in live online fx trading. Too many are using dial-up internet connections that are epileptic. The few that are using VSAT still suffer poor connection whenever the weather becomes cloudy especially in rainy seasons.

That factor alone is enough to make an average Nigerian think twice before committing so much money in Forex Trading. I decided to discountinue the venture because of the high risk due to the epileptic internet connection. I can easily recount how on several occassions I had loose some minutes work online due to electricity failure or epileptic internet connection.

This post is not meant to discourage you from going into Forex Trading. Neither am I classifying Online Forex Trading as a no go area for Nigerians. Rather it is just a personal testimony of my sincere observations. Belief it or not, only two sets of people are making money from Forex Trading in Nigeria. The few educated and skilled forex traders make money from Forex Trading while the fake forex trainers make money from greedy and ignorant wannabe forex millionaires! Unfortunately, the scammers are more in number.

If you have a different opinion, place your facts and figures in the comment section for everyone to verfiy. I welcome constructive criticisms. Please, note that unverifiable claims that is meant to further lead people astray will be pointed out as such or better still deleted, SCAMMERS BEWARE! For free future updates to this post Forex Trading In Nigeria: Who is making the Money, subscribe to my RSS.

258 Comments Comments For This Post I'd Love to Hear Yours!

  1. Olu says:

    Who Actually Makes Money In Forex And How can you become one of them? Read Success Digest’s interview with Africa’s #1 Forex Professor: http://www.successdigestonline.com/articles/view/traders-or-trainers-who-actually-makes-money-in-forex

  2. Michelle says:

    Pls i want to know the network you are using to trade forex because I know it’s not possible to use dial up and make it so which ISP is your provider and monthly charge

  3. Iyoha cletus says:

    I believe action not word of mouth! Am not too good in talking but i present you my account results here in Nigeria. I manage both manual accounts and robot accounts…Robot is like a clay which you can mode to your taste. You need a professional robot programmer to program your robot for you and manage it for you. I dont use Nigeria network to trade forex anymore because is a wrong network for forex trading.I use VPS.

    We bought alot of fapturbo.com robot as a company and giving it out for FREE (Limited copy available, Hurry now to grab your copy) to Nigerians and setting it up and manage it for them. First come first serve…This is to help many Nigeria to recover their lost money or help them to earn extra income. No human attention is required. you get constant daily report on your email. Visit: http://www.fapturbo.com…You will see that is not for free but We bought alot to distribute to Nigerians only…
    We started distributing it FREE since 18th July 2014. Am sure we have few activation key left… Hurry Now…
    You may ask why did you decided to buy and give it out FREE? Answer…We want you to known that we are your forex account doctor…We want others to see your account and patronize us as well.

    If you have a problem with your account in whichever platform, i can solve it for you. I dont train people but help people to bring their account back alive or manage new accounts. Yes i do understand the risk involve in forex trading…Is a large market with 20% professional and 80% learners(losers). This is my 6 years in the forex market. I lost alot of money while learning…Just like a child who fall severally while trying to stand.

    I tell forex traders, before accepting any training from anyone, ask he/she to manage your live account in one or two months via VPS and go on agreement for profit sharing…Instead of wasting your money on unnecessary training which will only result in constant loses.

    WHY VPS FOR ROBOT?
    Forex robots need to be trading 24 hours a day, 5 days a week, using your computer resources. Interruptions in the work of the robots may result in missed trading opportunities or money lost. Sometimes, you may also be unable to restart your computer or make any action which may affect the trading platforms and therefore the robot’s works. For example maintenance of your computer or new installations may have to be left for the noon- trading days. This may be a little bit annoying sometimes.
    You may also be afraid that other people will use your computer (like in example your kids). You may fear that they might accidentally close the platform of worse even, make a manual trade that will cause you losses . And what about a power shortage? What about the system being accidentally restarted? No limit to our worries.
    Is there any solution?
    YES, it is called a virtual private server (VPS). VPS are computers based in large companies providing access to the computers for a monthly fee, through the internet. These computers are maintain by experts, have strong and updated security hardware and software like firewalls and virus protection.they are working most of the week apart from hours of scheduled maintenance ( and of course unscheduled, should any problem arise). You may access and operate these computers through any computer, by remote control (what is called terminal- operation).
    You must need access to the internet, login using your name and password, and you operate your VPS. Now you may leave the VPS working, say with Meta Trader platform and a robot and close your connection with the VPS. Therefore you may use your home computer as needed for anything, without worrying about your robots working in the VPS. Even when your turn off your computer it is working. These companies have generally power –backup so they won’t be affected by power shortages

    Enjoy our Promo…

  4. Barry says:

    I have mixed emotions about this. On the one hand the people in Nigeria need the opportunity to make money and get ahead, and if they can do that legitimately through forex trading, then great. On the other hand, the proper regulation and safeguards need to be in place so that people aren’t taken advantage of.
    Barry´s last blog post ..Forex Training – My Favorite Forex Trading Strategy

  5. I like your post and information you are passing out to Nigerians. Forex Trading is good source of money but it is only for those who are ready to learn, learn and learn. Those who are ready to practice, practice and practice. I run this site http://www.vojemforexpalace.com where we discuss tested and tried ways to make money in forex trading. If you are so busy or lazy to learn and practice the rules of forex trading, then there are otherr ways you can get involve in forex trading and still make money. For example, you can invest in a broker and your money is traded upon for profits, you can enlist the help of a tested and trusted trader that can trade on your account for profits or you get a tested and trusted combination of indicators that will give you signals when a trend is starting, you just place your trade and make your money. I greet the owner of this site for a job well done.

  6. goddy says:

    Hi i need partnership to sell these my package am at abuja Free $700 for forex traders available if you loss you don’t pay back, you can meet me 1 on 1. My email: gnachu1980@gmail.com 08112360792 also i got robot that has been tested on real money it can yeild over 950% in 3 months it uses trailing stop and max stoploss is 8 pips, it cant loss than that.

  7. Ahmed Adejare says:

    Thanks to everyone here for passing through your knowledge and advice. If only people could be more transparent and less selfish, Nigeria and the world at large would be a better place. I first heard about forex trading 7 years ago and like everyone else, the promise of making large profit sparked my interest. But at that time, I had just graduated secondary school hence lacked the resources to pursue more information about it. As years passed, the fairytale changed. Many people were complaining about how forex wasn’t all it was said to be, trust Nigerians to always expect a handout. Some even claimed that forex was a scam. But for some few, it was still a gold mine as real cool cash was still made daily. That prompted me to research more. But my findings showed that there were actually fake investors out there who capitalize on people’s quest to make fast money. To be sincere, I also thought I could start making money a few days after I started, it sounded promising. The sugarcoating of most of those adverts made me realize making money cannot be that easy. I still am interested in trading in forex. So I want to make certain inquiries like how much can I start with and also if I can assign the technical dealings to a certified professional who has a track record and is trustworthy. Your assistance would be of immense help. I can be contacted on 08138831418 or via my email. Thanks in anticipation.

  8. douye says:

    i discovered this website last ye year.. http://www.epayreserve.com. with 10$ you can start earning immediately .All payout are handled automatically into your PM account Daily. This has been a sure way of getting PM money into my account.I discovered this website last year and they have been paying
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  9. surajudeen says:

    Forex Trading is a good business that an individual can start as simple
    as ABC,after adequate knowledge in both ‘fundamental and technicality
    from Demo trading before graduating to live account.with my 8yrs experience i thank God for FX trading and
    government approval for an individual not corporate body alone,for more
    details on Fx market by Fx Guru or one on one fx training don’t hesitate to call:08038598240 or
    08180337671.

  10. dammy says:

    yea,am thinking of going in to bforex trading just dont know if its genuine

  11. Gabriel says:

    Make money with our Efficient signal, once you have registered with Hiwayfx, you will get instant access to daily highly efficient signal that will help you make profitable investment decisions in Forex for more info please contact 09052401113, this for people who really do not know how to traade forex.

  12. Diamond FX Group says:

    We at Diamond FX Group have been in the Forex Industry for about 8 years now and we wish to inform the general public to learn before investing real money in forex.

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  14. olumodeji says:

    How does this forex things work,and what are the things we are trading upon?

  15. olumodeji says:

    How does this forex things work, and what are these invisible products we are trading upon?

  16. Harrison says:

    I am new trader please some here add me in his/her whatapp group training……+2349038181593

  17. Happiness Freeborn says:

    Hello Sir,
    please i need direction on this Forex thing.
    I Really want to invest my money but don’t know the safe and right forex company to invest.
    I’ll appreciate an advice.
    thanks

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