The digital economy offers a wide array of ways to boost one’s personal income. Foreign exchange is one of the few methods that work. Thanks to Alpari, residents of Nigeria may now access the global marketplace where enormous volumes of currencies circulate daily. Read on to discover how to obtain an Alpari Live trading account in Nigeria and what benefits it brings.
Why You Need a Broker
The global currency market is immense, and it delivers profits to institutions and individuals around the world. Retail traders account for a fraction of the overall turnover. The volume of transactions is estimated to hit the 5-trillion mark daily.
Your profits depend on experience, foresight, and knowledge of the market dynamics. There are also automated tools that facilitate the process. However, to enter the exchange, you need an intermediary.
A broker provides this access by registering your account and arming you with the right software tools. Metatrader 4 and 5, the most popular platforms for Forex trading, are compatible with desktop and mobile devices. Users from South Africa may download them from Alpari International’s official website.
Choice of Accounts
Generally, brokers recommend starting out with a demo account. This is the preferable option for rookies, who possess little knowledge of the market. With zero monetary risks, you may freely explore the platform’s functionality and try working with different strategies. Meanwhile, no actual money is invested or gained.
Once you are ready to delve into the world of practical trading, go for a live account. This is when real money comes into play. You will be investing your funds (with certain leverage), with actual transfers to and from your account.
More Than Two Types
Alpari International offers several types of live accounts for currencies and stocks, and these vary based on the opportunities they give. The broker provides professional guidance to assist you in the selection. Here are five possible options:
- Nano,
- Standard,
- Micro,
- Pro,
- ECN.
The distinctions refer to the compatible version of the software, the size of the minimum deposit, the finance instruments you can trade, and the leverage. The latter defines the ratio between your money and credit coming from the broker. This means you may trade a portion of borrowed capital to rake higher profits.
For instance, compare the simplest and fanciest options. The most basic Nano account allows you to trade 33 currency pairs and two metals only. The leverage is relatively modest (1:500). Meanwhile, the ECN account includes 46 pairs, 2 metals, and 18 CFDs. The leverage is twice as good (1:1,000).
Registration Procedures: How It Works
Alpari prides itself on establishing quick and convenient registration procedures. Basically, the opening of a demo account is completely hassle-free. All you need to do is head to the corresponding section of their website and fill in a simple form. After submitting your full name, phone number, and email address, you will be provided with login details.
Live trading involves actual money, which is why the procedure is a bit more complex. Since the broker is officially licensed and regulated, it verifies each trader’s identity. Aside from your passport number and tax details, you may be asked to answer a set of questions and upload a copy of the documents.
Overall, the company has made the approval procedure as convenient as possible. In both cases, the login details land in your inbox. These are later used to access the market via the software. Live traders also deposit funds into their account through the broker (withdrawal is done in a similar way).
Dangers of Rushing Headlong
Although shifts in currency values do bring sizable profit to expert traders, rookies should exercise caution. Remember that your broker will not be liable for any losses you make. Hence, take time to gain experience and learn the ropes of Forex first. Demo account enables you to do just that, so you can thoroughly prepare yourself for actual trading.
