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What is forex?
Forex is simply an online currency exchange trade that involves a simultaneous buying and selling of currencies. It is presently the largest financial market worldwide with an average daily turnover of about $2trillion. Forex is traded globally for 24-hours daily and five days in a week with a break on Saturdays and Sundays. Individuals, cooperatives and banks trade forex from various parts of the world.
Nigeria in focus is growing fast in this trade ever since it was reduced to a start up capital of a minimum $100 due to the rise in internet access and usage. This took effect from late 1990’s against the minimum $10m it previously used to be. In forex trade, traders with small trading capital like $100 are called retail traders and most traders from Nigeria fall into this category.
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