Global Forex broker, OctaFX, released a report that discusses the rising trends of online forex trading in Nigeria. This report examines the trends in the Nigerian forex exchange market, key players, threats to mainstream participation and measures to maximise opportunities in mainstream forex trading.
The key take-outs from the OctaFX report on the rising trend of online Forex Trading in Nigeria are;
- Young Nigerians between the ages of 21 to 35 are more involved in Forex trading, of
which the male gender is dominant when classifying across gender lines.
- The gender and the number of years of trading Forex significantly affect the likelihood
of people’s change in online and general behaviour and attitude to Forex trading.
- Tutorial materials and educational resources, minimum deposit amount, availability of
cryptocurrency, and favourable trading (i.e. profitable) are among the main drivers
that influence the selection of Forex trading platforms.
- The number of years trading Forex and gender are significant in the experience of Forex scam.
- Two-factor authentication, VPN/Proxy server use, backup data, and complex password tops the list of traders’ preferred methods for protecting their investment.
- Traders mostly receive fraudulent offerings through emails, advertising, blog, influencers, and SMS. Such offerings affect traders’ attitudes to Forex Trading..
- Reliability and security, good ratings on the App store or Google Play store, fully customisable and easy to use, low commission fees, incentives, and good reviews top the list of primary reasons traders pick their Forex trading platform..
- Traders ascertain a Forex trading platform is not a scam by making sure there are no complaints about withdrawal of funds, reading through all fine print of documents, searching for credible reviews of brokers, and checking the platform’s social media accounts.
- The number of years trading Forex is significantly associated with knowing how to secure funds on Forex trading platforms.
- Male traders are more knowledgeable about the safety of funds on Forex trading platforms than female traders when classified across gender lines.
The report 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.
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