Forex is one of the riskiest industries in the financial markets. Investors lose millions of dollars in seconds and gain it all back in another.
This makes many interested traders wonder if there is a way to trade currencies without requiring initial investment. As impossible as it sounds, it happens in Forex – many brokers offer opportunities to earn without needing initial capital.
Can you trade without an initial investment?
The short answer is yes. The majority of Forex brokers in Nigeria offer lucrative bonuses without the need to make an initial investment.
Such a decision is part of their strategy to stand out from the stiff competition and many service providers in many investment sectors have been doing it for years.
Forex affiliate programs are the most popular type of no-investment trading in Nigeria. This strategy does not require the affiliate to directly trade or make initial deposits to activate their promotion link.
In most cases, a user generates their affiliate link upon sign-up and is automatically eligible to generate a commission. On the other hand, it is worth bearing in mind that this strategy requires commitment and good promotion to generate results.
Many traders start full-blown marketing campaigns to get their links out to the public. Nevertheless, results for some are worth the time and effort as they receive a commission each time a new user uses their link upon sign-up, qualifying affiliate programs as good passive income sources.
Another popular strategy that does not require investment is no-deposit bonuses. In this case, an investor is eligible to receive monetary bonuses and credits upon signing up.
While the majority of Forex brokers in Nigeria still run on deposit bonuses where investors receive incentives only upon funding their accounts, there is a growing number of platforms in the country that do not require their users to put a single cent to receive a bonus.
In addition, these bonuses can be instantly used for trading. If one is lucky and with the use of a good strategy, this bonus can compound and grow – there is no cap at which one can earn in Forex.
Another way to start Forex trading in Nigeria without initial investment is by participating in contests and competitions. The currency market is never running out of promotions and competitions every month, so make sure to be on the radar for those.
Best ‘No-investment’ Forex Brokers in Nigeria
Here are the best no-investment Forex brokers in Nigeria in 2024 according to the latest Traders Union review.
First on the list is RoboForex which offers a $30 no-deposit bonus for new clients. In addition, the initial deposit requirement for the platform is only $10, making it an ideal choice for those looking for a reliable Forex broker without huge initial capital.
Second is XM Group, another popular name in the currency market, offering a $30 no-deposit bonus for Nigerian users upon registering for a live trading account.
Pocket Option came in third place with its no-frills welcome bonus where users are eligible to receive a 50% premium upon their initial deposit.
Completing the list of Forex4You, regularly offering its clients trading bonuses in exchange for their loyalty. The platform also runs promos and contests often which offers good opportunities to win funds without investing.
Best Time for Forex in Nigeria
Finding the best time to trade is a secret to success in trading Forex in Nigeria. According to the latest report from Traders Union, Nigerian traders are presented with the best opportunity to profit during the London trading session.
This time runs from 9:00 am to 6:00 pm local time and this timeframe aligns with the time when London generates the highest trading volume in Forex.
This high liquidity offers immense opportunities for offshore markets like Nigeria to profit from the fast movement of prices and the best pairs to trade during the period are EUR/USD, GBP/USD, and EUR/GBP.
Top 10 Forex Brokers in Nigeria by Traders Union
While no-investment brokers are highly sought-after, it is also worth looking into the best ones in terms of reliability, affordability, and overall performance.
Traders Union’s Top 10 Forex brokers in Nigeria for 2023 are RoboForex, Exness, FxPro, Pocket Option, Admiral Markets, Forex4you, IC Markets, Amarkets, InstaForex, and XM Group.
The platforms have been evaluated using the comprehensive TU Methodology which looks into every broker’s financial health, safety record, customer reviews, and trading conditions.
Forex trading can be risky, but there are ways to trade without an initial investment. Many brokers offer no-deposit bonuses, affiliate programs, and contests for this purpose.
The best brokers for no-investment trading in Nigeria are RoboForex, XM Group, Pocket Option, and Forex4You.
In addition, the best time to trade Forex in Nigeria is during the London trading session, which runs from 9:00 am to 6:00 pm local time, and the best pairs to trade during this period are EUR/USD, GBP/USD, and EUR/GBP as recommended by Traders Union.
Johnathan Maverick, the author of this article, is an avid financial enthusiast who aims to guide readers to make informed decisions in the dynamic world of online trading.