With the ease of access and increase of available platforms, the popularity of online trading has exploded in recent years - particularly across Africa. And for Nigeria's football fans they're finding a great synergy between their love of football and success in the trading market.
In Nigeria alone some online platforms are reporting an increase of take-up rate of over 400 per cent since the beginning of the 2020 calendar year. Whether it be as a new sideline, or an outright career, Nigerians are flocking to online trading to increase their earning power.
Financial information and education
The popularity has been driven by an increase in online trading companies like IQ Option making their platforms available on mobile devices. IQ Option offers their clients with an opportunity to trade 500+ assets: including currencies, indices, commodities and stocks. Accessibility to financial information and education has lifted a new generation of online traders in Nigeria, empowered like never before to make informed decisions on trades.
And helping with those considered choices has been the influence and passion of football across the local population. Just as with the laws of football and the guidelines to follow to bring success to your team and even your playing career, for many at the top of the field, online trading leans on a similar set of rules.
Like pre-match preparation in football, education and understanding the market is always the first step for a manager or online trader on their way to success. But education isn't just about theory, but also putting what you've learned into practice. Just as in preseason games, there are online platforms available to first-time Nigerian traders to hone their craft. IQ Option, for example, offers their traders practice accounts, so allowing you to test what you've learned in a safe, no loss environment. Every user with IQ Option receives a free refillable practice account with $10,000 to work with as you develop your skills and knowledge of market trading.
And that can education can run deeper, just like a senior leadership group helping a young teammate in the locker room, with the IQ Option trading community available, you can accelerate your education by reaching out to experienced traders. The opportunity to exchange ideas and follow the most successful is helping the inexperienced trader like never before. Nigerians now have access to the best and most successful minds in the field - located around the world - and all of whom are willing to help and assist.
Along with a willing and available community, IQ Option also provides video tutorials, up-to-date market analysis and a 24/7 multi language support team to assist any new - or experienced - trader seeking that edge.
Of course, with the boom in online trading across Nigeria has also brought warnings. There are risks that come with trading the financial markets, particularly for the less experienced. However, beyond the education options and communities available to traders, reputable platforms like IQ Option also offer risk management and assessment tools to help manage profits and losses.
Again, just like any football match, a market situation can be unpredictable. Traders must always be prepared for the unexpected - and never rely on luck. This is where such risk management tools come into sharp focus. Making it all the more comfortable is IQ Option's user-friendly interface - something ideal for Nigeria's on-the-go mobile device users. Indeed, IQ Option has awards for Best Mobile Trading Platform and Best Technology Application.
And with your preparation now under your belt, you can test your skills in the real market place with an entry deposit of only $10. Furthermore, using IQ Option your minimum required investment on a single deal is just $1. IQ Option has made it easy - and safe - for debutant Nigerian traders to experience their first trades without risk.
Perseverance and upping skillset
Just like any league season, Nigeria's football fans are finding success in online trading comes from education, mentorship and perseverance. Like a player or manager, an online trader benefits most when recognising the need to commit to constantly improving their education and upping their skillset.
There's no doubt the fundamentals from football can be applied to online trading. Which is just what Nigeria's football fans are now discovering as they take part in Africa's online trading boom.
Check back next time as we follow one young Nigerian football fan's first steps into online trading.
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