Welcome back, friends!
If you’re here, then you’re probably no stranger to the word ‘Forex’. Even if you’re not a trader yourself, I assume you must have at least seen those ads with screenshots of an MT4 platform and all the trades running blue with huge profits.
By now, you know that ‘Forex’ is short for ‘Foreign Exchange’, and of course, the ‘Foreign’ in ‘Foreign Exchange’ is there for a reason. Because Forex trading is basically a transaction involving the buying and selling of foreign currencies with the aim of making cool profits in between.
The majority of forex traders in Nigeria currently trade and earn in Dollars by default. And as a result, they have to undergo some kind of process(es) in order to be able to get their accounts funded and also to get their trade profits converted to spendable Naira notes.
Sadly, these ‘processes’ might span anywhere from 2 - 5 hours (if the broker is super fast), to days or heart-wrenching weeks if you’re stuck with a ‘problem’ broker that doesn't really send you.
For a gainfully employed business mogul trading the Forex markets as a hobby, these delays might not be big deal, however, for the retail traders, the everyday hustlers (most people who trade in Nigeria are retail traders) who trade the markets with a comparably smaller capital and probably as their only means of income, as a side job to supplement income and settle bills, these issues become a real big cause for concern.
Wahala be wetin again?
Why The Delays?
I know you’re thinking aloud: ‘Why are there delays sef? Why can’t I fund my account or withdraw my funds in peace?’
It’s due to a lack of direct access to the broker, and it is a consequence of trading in a currency other than your local currency - the Naira.
How About the Exchange Rate ‘Palava’
You want to make a withdrawal of your hard-earned profits and you have to instantly go into calculation mode – racking your brain to determine the price of the foreign currency in Naira plus the spread charges, VAT, service charge, and a barrage of other ‘silly’ debits.
To add insult to injury, your value is not guaranteed because of unstable rates! You might fund your account today at say 500 Naira per US Dollars, only for Dollars to drop in value at the exact time you decide to initiate a withdrawal.
If You No Get Money, Hide Your Face
Courtesy of exchange rate palava also, many brokers do not accept minimum deposits below a certain amount and this causes a lot of strain on traders.
Imagine going through the trouble of seeking means to fund some big amount and now because of the delayed transaction, you miss out on a profitable opportunity then you begin to chase the market and eventually burn your fingers!
Life is not supposed to be this hard you know!
What’s The Way Forward?
Trading in your local currency (in this case the Naira) is the way to go! Trading in Naira takes away many of the challenges and difficulties associated with trading with a foreign currency.
This was exactly what we were thinking when we launched 7Bforex: To redefine Forex trading, make it less of a hassle for you and give you the best forex trading experience by providing you with a platform to trade forex in our localized naira.
Trading in Naira: The Possibilities Are Endless
On the 7Bforex Naira trading platform, you get to fund, trade, and withdraw in Naira while enjoying the following benefits:
- You can fund as low as N1000.
- You have no worries about exchange rates, currency fluctuations or unnecessary charges.
- Freedom from ‘middleman-ism’, resulting in swift funding (5 minutes) and withdrawal (30 minutes) timelines. No unnecessary chain of processes resulting from representatives/middlemen.
- Faster trade execution from our Straight Through Processing (STP) brokers.
Next week, we would discuss some myths about Forex Trading, you should look out for it. It’s going to be a really exciting one!
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