IQ Option demo account – the best decision for trading in Nigeria
Forex is regarded as rather flourishing way of investing money. Appeared in 1970-s, this industry attracts nowadays trillions of dollars.
Why is the popularity of FE trading rising so rapidly?
The sphere became a unique way of investments making being rather simple and understandable for both professionals and beginners. This industry is 100% digital implying no other platforms than digital ones. The volume of daily capital turnover is over 4 trillion USD. Such number is really impressive overshadowing other instruments for beginners.
Most prominent reasons of FX popularity growing are the following:
1 - This market is available 24 hours per day
Traders define their working hours by themselves instead of being on the timesheet. New entries mix trading with their main occupation both having regular income and exploring the fundamentals of a new sphere. Success is possible only in case of profound comprehending the industry, its laws and strategies.
2 - Trading is available from anywhere on Earth
For being involved in marketing, a trader just demands a device that has the Internet access. Location is not important at all. Traders often live in southern exotic countries earning for life with the help of Forex market. Deposits and withdrawals are available for different ways (payment cards, e-wallets, etc.).
3 - Possibility of free training
Reliable and respected brokers give beginners the possibility to obtain experience without any risk. For instance, you may download IQ Option demo account for testing your skills losing no money at the same time. Such possibility allows comparing various strategies and defining the most effective ones.
Demo account is the reasonable decision to start with. Professionals recommend downloading this account even in case of comprehension the basics and strategies of the sphere.
The main aspects of gaining profits?
Investing in trading, beginners expect to obtain profits but according to statistics, 97% of all newcomers fail and lose all or almost all their funds. Such number is really horrifying but the reasons lie in widespread mistakes that are committed by traders. Avoiding such mistakes, profits are almost guaranteed.
Here are some basic requirements for profitable trading:
Comprehending the basics and learning terminology
The FE branch is frequently understood by beginners as a complicated process that demands professional financial education. In fact, you have good chances to earn profits understanding the basic terms used in the sphere. Then analyze factors leading to the change of currencies rates and the basics of technical and fundamental analysis.
Selecting a reliable broker
One more extremely important aspect lies in the necessity to deal with reliable companies. For instance, IQ Option platform is the world-known company providing services all over the world. It respects traders guaranteeing them the best conditions. IQ Option online demo account is the perfect decision for new members. Patience is also among the important factors that lead to profits. Make well-considered decisions only and do not risk if you don’t understand all the pitfalls of such market.
Practicing your skills
When all the basics have been learned appropriately and a reliable broker is found, a beginner should practice his skills defining which strategies are the most suitable ones. Scalping strategy for instance is characterized by minimal risks and therefore is applicable for investors with minimum capital. Night trading is marked by lowest volatility and so on. Every Forex trader follows particular strategy being convinced in its efficiency.
Peculiarities of Forex trading in Nigeria
This market was rapidly spread all over the world and in developing countries trading is more profitable. On the one hand, the industry has been developing rapidly and on the other hand governments provide favorable conditions. Among the main examples Nigeria can be indicated. The country is the largest one in South Africa having a population of 190 million inhabitants.
Nowadays Nigeria is undergoing the crisis period changing its economic policy. The government shows neutral position to investments including trading because inhabitants try saving their money as the national currency naira rapidly loses its positions towards USD. Naira was introduced in 1973 replacing Nigerian pound. The international index of the currency is NGN. The Nigerian currency was equaled to 1.58 USD in 1973 while in 2019 $1 costs 361 Nigerian naira. Thus, the national currency lost its value 573 times. The government spent billions of dollars to maintain the currency rate near 100 naira per dollar but then had selected the policy of floating rate.
Thus people prefer keeping their savings in other currencies and trading industry becomes one of the most effective ways to save the funds. Looking at the statistics of top sources for the international Forex market, United States, United Kingdom and the European countries lead the ranking, but analyzing the traffic of particular broker sites the African countries are among the top geographical traffic sources (Nigerian traders for instance are 14.5% of all Alpari traffic).
Tax policy in Nigeria
In order to invest in this sphere and get profits avoiding any problems with the national legislature, a trader is obliged to pay taxes according to the indicated norms. All persons who live in Nigeria more than 6 months are understood as tax residents (together with inhabitants) therefore foreigners living there for more than 6 months have to pay taxes on the regular basis.
There exist the following types of taxes depending on annual profit:
- under 300 000 Nigerian naira of annual profit (about 830 US dollars): people pay 7% taxes;
- 300 – 600 000 NGN annually (830 – 1660 USD): 11% of taxes;
- 600 000 – 1 100 000 NGN profit per year ($1 660 – 3 000): pay 15% taxes;
- 1 100 000 – 1 600 000 NGN annually (3 000 – 4 400 USD): 19% tax rate;
- 1 600 000 – 3 200 000 NGN per year (4 400 – 8 800 US dollars): pay 21% taxes;
- over 3 200 000 NGN (more than $8 800): 24% of tax rate.
Therefore, the trader is obliged to pay taxes selecting the rate that corresponds to his annual income.
IQ Option as the best solution for both new members and professional traders
There exist multiple brokers offering trading platforms but IQ Option is characterized by numerous advantages over the competitors. Among the main advantages the following ones can be distinguished:
- The platform appeared in 2013 and had become one of the most reliable brokers all over the world.
- The company is oriented to beginners particularly guaranteeing them convenient conditions to explore the industry and not to lose their money. Traders having no experience get perfect option of using IQ Option demo instead of real account and to learn the trading pitfalls excluding any risks.
- IQ Option uses innovative technologies therefore such platform immediately reacts to any price rates changes.
- IQ Option meets demands of traders and moreover the platform constantly develops providing the clients more and more useful options.
- A trader obtains up to 9 graphs simultaneously controlling the process of trading maximally.
- The platform is accessible from any device that has Internet access (laptops, smartphones, pads, etc.). To get maximal functionality traders are able to download app for their devices.
Those are only some of numerous advantages of this trading platform that had been regarded as the best platform for binary trading being awarded 11 times.
The advantages of IQ Option demo account
To understand why the demo account creating should be obligatory the first step of a beginner, the list of advantages of such option should be indicated:
- Such account is provided for free. No fee, deposit or other pitfalls. A trader sign up on and obtains practicing account automatically.
- In a demo account a user makes cfd contracts using virtual currencies therefore he becomes able to test any strategies losing no money. That is especially useful for beginners while without applying the skills they cannot understand either a strategy is effective or not.
- IQ Option demands no credit card information creating your demo account. After IQ Option login demo is accessible for you, therefore traders are guaranteed to experience no risks and losses.
- While using a demo account you obtain information about your investments and profits to gather real statistics. Several strategies can be tested before using your real account because the company implies no limits.
Opening a demo account: step-by-step instruction
The majority of beginners are interested in how to create IQ Option demo account while this aim is accomplished in some simple steps. They are the following:
- Visit an official website of the platform and select “Open free account” in the top right corner.
- Sign up the platform by indicating your first and last name, email address and creating a password. Remember that registration is impossible without accepting the terms and conditions (to avoid any disputes, read the information indicated there).
- Your demo account is painted orange. Trading for virtual money is not limited. A trader may open real account anytime he wishes. Real account is colored green.
- Opening real account a trader is able to switch two accounts easily by clicking down arrow.