How to Trade with Exness in Nigeria

Starting Your Trading Journey with Exness

Look, getting started with trading might feel a bit overwhelming at first, especially if you’re new to forex and CFDs. But honestly, once you create an account on our platform, things start falling into place pretty quickly. We’ve designed the registration process to be simple and straightforward for traders in Nigeria, keeping all local details in mind.

After signing up, you’ll need to verify your identity with a government-issued ID and proof of address. While this might seem like a formality, it’s essential to keep your account secure and to comply with regulations. Don’t worry, it usually takes just a day or two.

From our experience, spending time on the demo account can save you a lot of frustration down the road. It’s connected to real market data but uses virtual funds, so you can practice without any risk.

Why Demo Accounts Matter Before You Trade Real Money

Honestly, demo trading is like training wheels. It lets you get used to how everything works without risking your hard-earned cash. You’ll get $10,000 in virtual funds, which is plenty to try out different currency pairs and orders.

Here’s why users from Nigeria find demo accounts useful:

• Understand the platform layout and features
• Test how spreads and leverage affect trades
• Practice placing different order types
• Track your strategies without pressure
• Build confidence before going live

When you’re ready to move on, switching to a real account is seamless. Our Standard account is a great starting point, with low minimum deposits and access to all core features.

Getting to Know Forex Basics: Currency Pairs, Pips, and Leverage

Alright, let’s get into some terms that pop up a lot on our platform. Knowing these will make understanding your trades much easier.

Currency Pairs Explained

When you trade forex, you’re always dealing with two currencies at the same time. For example, the EUR/USD pair means you’re buying euros while selling US dollars, or the other way around.

Understanding Pips and Spreads

A pip is basically the smallest price movement in a currency pair, usually 0.0001 for most pairs. This helps you measure how much price has moved. The spread is the difference between the buy and sell price, which is a small cost you pay to enter a trade. Our spreads stay competitive to keep your costs low.

Leverage: Use With Caution

Leverage lets you control a bigger trade with less money. For instance, 1:100 leverage means you can open a $10,000 position with just $100. But here’s the thing — leverage can magnify both profits and losses. So we advise starting small and increasing it only when you’re comfortable.

How to Navigate Our Trading Platform Like a Pro

Once you log in, the dashboard is your command center. It shows your balance, open trades, market watch, and charts all in one place. The layout might look busy, but it’s designed to give you quick access to what matters.

Opening a Trade Step-by-Step

Here’s a quick run-through on placing your first trade on Exness:

1. Pick a currency pair or CFD instrument from the market watch panel
2. Choose the trade size (known as lot size)
3. Set stop loss and take profit levels to manage risk
4. Click “Buy” if you expect the price to rise, or “Sell” if you think it’ll fall

Using Chart Tools for Better Decisions

Charts show price movements and help you analyze trends. We offer plenty of indicators like moving averages and RSI, but you don’t need to use them all. Stick to a couple that make sense to you as you start out.

Mastering Order Types to Control Your Trades

Knowing when and how to use different order types is key to trading well. On our platform, you’ll find both market and pending orders.

Market Orders: Quick and Simple

Market orders execute immediately at the current price. Use these when you want to get in or out fast.

Pending Orders: Plan Ahead

Pending orders trigger only when the price hits a level you set. They’re great for automating your strategy.

Stop Loss and Take Profit: Your Safety Nets

Always use stop loss and take profit orders. They help protect your capital and lock in profits automatically, so you don’t have to watch the markets all the time.

Smart Risk Management to Keep You Trading Longer

Risk management isn’t just a buzzword – it’s what keeps you in the game. From what users tell us, sticking to simple rules makes a huge difference.

Position Sizing

Don’t risk more than 1-2% of your account on a single trade. For example, if your account balance is ₦50,000, avoid risking more than ₦500 to ₦1,000 per trade.

Setting Stop Losses Wisely

Use technical levels like support and resistance to place your stop loss. Avoid guessing or using random percentages. This approach helps you survive losing streaks.

Risk-Reward Ratio

Try to aim for trades where your expected profit is equal to or greater than your potential loss. A 1:2 or better ratio means you only need to win half your trades to break even.

Deposits, Withdrawals, and Payment Options in Nigeria

We want funding your account to be hassle-free. That’s why we support methods commonly used in Nigeria.

• Bank transfers: Usually clear in 1-3 business days
• Cards (Visa/Mastercard): Instant deposits, withdrawals take 3-5 days
• E-wallets (Skrill, Neteller): Instant deposits and quick withdrawals
• Cryptocurrency: Bitcoin and others processed within an hour

Remember, we don’t charge withdrawal fees, but your bank or payment provider might.

When to Trade: Market Sessions and Timing Tips

The forex market runs 24 hours a day from Monday to Friday, but not all times are equally good for trading. Here’s the breakdown for Nigerian traders based on GMT time.

Major Trading Sessions

Overlaps between sessions, like the European and US overlap from 12 PM to 4 PM GMT, usually offer higher volatility and better trading opportunities.

Weekends and Holidays

Markets close Friday evening and reopen Sunday evening GMT. Nigerian traders should keep an eye on local and international holidays as trading hours might be affected.

Common Pitfalls and How to Avoid Them

From what we’ve seen, beginners often stumble on a few common issues. Here’s what to watch out for:

• Overtrading: Don’t feel pressured to trade all day. Quality trades beat quantity.
• Ignoring News: Major economic announcements can shake markets. Use our economic calendar to stay informed.
• Revenge Trading: Losing a trade and chasing losses rarely works. Take a break and review your strategy.

Advanced Tools That Help You Trade Smarter

Once you’re comfortable, our platform offers features that can boost your trading experience.

Copy Trading

If you want to learn by watching others, copy trading lets you mimic experienced traders automatically.

Expert Advisors (EAs)

Automate your strategies with EAs on MetaTrader 4 and 5. They execute trades based on rules you set, even when you’re offline.

Customizable Charting

Save your favorite indicators and layouts. This makes switching between strategies faster and easier.

Trading on the Move: Our Mobile App

Trading doesn’t have to wait until you’re at a desktop. Our mobile app brings most platform features to your phone.

Available for both Android and iOS, it lets you place trades, monitor your positions, and even do basic chart analysis wherever you are in Nigeria.

Support and Learning Resources Whenever You Need Them

If you run into any questions or issues, our customer support team is available 24/7 via live chat, email, and phone. They’re familiar with the common challenges traders face here in Nigeria and ready to assist.

Plus, we have plenty of educational content like video tutorials, webinars, and articles that cover everything from platform basics to market analysis.

❓ FAQ