The recent online trading boom in Nigeria has brought unprecedented opportunities. With state-of-the-art platforms and apps, locals may explore global financial markets, and turn their foresight into real profit. Licensed brokers like FXTM educate their clients on how to trade currency online. So, which pairs should you choose?
Overview of Opportunities
There are 200+ countries in the world, and many national currencies are traded on the global exchange. This international market belongs to the so-called ‘over-the-counter’ type. The term means that participants (both institutional and retail players) interact with no centralized supervision.
The marketplace is also entirely virtual, which is why it can be accessed online. Individuals acting as retail traders speculate on the ever-changing rates of exchange. Five days a week, market participants buy or sell currencies for profit. This is the core of Forex trading.
Types of Pairs
Beginners may feel overwhelmed by the sheer number of possible combinations. All currencies are always priced against one another, and the pairings may belong to the Major, Minor, or Exotic category.
In terms of classifications, slight differences between brokers may exist. For example, FXTM uses the term “Cross” instead of “Minors” for currency pairs without the USD. Generally, South African clients have the following options:
- Major pairs: e.g., EUR/USD,
- Cross pairs: e.g., AUD/CHF,
- Exotic pairs: e.g., USD/ZAR.
The third category includes currencies of so-called emerging or developing economies. Aside from the South African rand, it is possible to trade pairs with the Turkish Lira, the Polish złoty, and others.
Basic Price Formula
Whatever the type, a pair is valued using the universal formula. The symbol before the slash sign is known as ‘base currency’. After the slash, you see the ‘counter currency’ — this is the currency of the quote. For instance, in the USD/ZAR pair, the US dollar is priced in the South African rand.
The “Ask” price is valid for the buyer, while the seller looks at the “Bid” amount. The former is always slightly bigger than the latter, which follows the fundamental logic of any sale. For example, USD/ZAR may have 18.4895 as “Ask” and 18.4695 as “Bid”. The difference between the two is known as “spread”, and it constitutes the primary source of profit for the middleman — the broker.
Are Majors Always Best?
You may think it is preferable to choose currencies of states with the biggest trade power. However, there is no universal rule. Properties of pairs may differ.
Generally, like any currencies, these are constantly appreciating or depreciating based on multiple factors. Sizeable swings bring hefty returns to those who time their trades well. Here are some of the most popular currency pairs today: Euro — US Dollar, US dollar — Japanese Yen, British Pound — US Dollar, and Australian Dollar — US Dollar.
As you can see, the US dollar is part of any major option. The currency belongs to the global superpower. It is the leading reserve currency worldwide, and most global exchange operations use it as reference. Since the USD is traded most actively, it is perceived as the strongest choice. After all, the size of the American economy and its power is undeniable.
For traders, this means USD-based pairs have high liquidity. Thus, buyers and sellers have no problem connecting and executing trades without delay. However, it does not mean profit by default.
Differences Between Majors
Consider two popular pairs — USD/EUR and USD/GBP. While the former is famous for its predictability, the latter may get seriously volatile. No instruments can guarantee returns, as everything relies on your skill and experience. A badly timed trade with the most stable currency may bring a loss. However, brokers generally provide the most favourable conditions to traders of majors — e.g., the spread is usually tighter.
Focusing on Spreads
Forex experts recommend zooming in on tighter spreads. These are common for almost all majors. Here, values between 0 and 3 pips are most preferable. At 6 pips, the pair becomes overly expensive, which could translate into the eventual loss. However, a solid risk management strategy can allow profit despite wider spreads.
How to Make Decisions
Any trader would be happy to learn about a surefire approach. However, the outcome boils down to your experience, skills and foresight. Any trade is risky, as exchange rates are affected by innumerable factors.
Choose liquid instruments, as these are the easiest to trade. If your local currency is volatile, you can monetize knowledge of local economic and political trends. As most combinations include the USD, keep an eye on the state of the US economy. The Forex calendar is a useful source of relevant data. Provided via MetaTrader platforms, it notifies you of crucial economic announcements.
GOOD DAY SIR/MA
HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?
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N20,000——N40,000
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N200,000—–N400,000
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NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services…
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You pay directly to us and we credit you directly
Contact Mrs. GOODLUCK TIMOTHY
07046246360
NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.
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NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.
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NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏…
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Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration….
CONTACT:- 09036369810.
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏 🙏 🙏…
GOOD DAY SIR/MA
HAVE YOU HELD ABOUT LAVITA TRUST INVESTMENT…?
LAVITA TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations
LAVITA PACKAGES
N20,000——N40,000
N40,000——N80,000
N50,000——N100,000
N100,000—–N200,000
N150,000—–N350,000
N300,000—–N600,000
N200,000—–N400,000
N400,000—–N800,000
N500,000—–N1,000,000
NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
09068834101
ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly
Contact Mrs. FUMI BLESSING
09068834101
NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏 🙏