You landed on this article most likely because you are a beginner who wants to learn how to trade on Exness. If we’ve guessed correctly, then you are on the right page to learn everything you need to get started with one of the best Forex brokers in Nigeria in 2024.
If this is your first time, don’t worry; this guide is the A-Z handbook for beginners to safely and profitably trade the Forex markets.
Here is a sneak peak of what we’ll cover:
- Choosing the ideal account type
- How to open an account
- Making deposit
- Placing your first trade
- Leverage and risk management
- Monitor open trades to exit profitably
- Withdrawing profits into your Nigerian accounts
- Getting support
Without further ado, let’s get started!
How to Trade on Exness – Step by Step
Choose Account Type
Before you begin to trade, note that Exness offers different account types to match your goals. With Exness you’ll find accounts like Standard, Pro, Raw Spread, and Zero. I know all these account types can further confuse first-timers who just want to start trading right away, but lets explain them!
Here’s an easy way to differentiate these accounts:
- Standard accounts allow trading Forex, metals, cryptocurrencies, energies, stocks, and indices, with low spreads from as little as 0.2 pips without added commissions. It’s a great gateway choice if desired.
- Pro accounts expand your asset options to global stocks and commodities from 0.1 pips without commissions as you trade.
- Finally, Zero accounts maximize currency pairs while further dropping pip costs but incorporating $0.05 for each side per lot commission.
The core capabilities and trade executions of these accounts are similar, so you can initially focus less on their differences. However, for a beginner, we’d recommend the Standard account so you can start benefiting from Exness’s regulated status and leverage capabilities that amplify returns. We want your first trades to culminate in satisfying withdrawals – not overwhelming analysis!
Account Opening Process
With your preferred account selected, the next thing to do is to open the account and it takes just few minutes. Here is the step-by-step flow:
- Visit Exness.com and enter your name, email, and phone number to register
- Check SMS for the account confirmation code to enter
- Upload government ID like national ID, driver’s license that shows full names and birth date
- Also upload a bank statement, utility bill or similar showing current home address
I know handing personal documents to an offshore broker may initially raise suspicions for first-timers. But Exness uses bank-level encryption to protect sensitive information throughout the verification process – which typically completes within 1-2 days.
Once the quick verification is finalized, you get an email to access the trading portal and leverage capabilities that amplify profits across currency pairs and assets. Exness checks all the boxes around data safety and swift approvals so Nigerians can dive into regulated trading smoothly.
Funding Your Account
The next thing in line to do is to fund the account. Exness conveniently accepts all major credit cards and bank transfers for swift funding.
Now, for deposits under 40,000 Naira, we’d recommend using your debit/credit card. Processing is instantaneous in most cases with fees around 1.6% of the transaction value. Above 40,000 Naira, bank wire transfers become more cost effective at a flat 460 Naira charge to send local Naira payments. Wires take 1-2 days to reflect in the account typically.
Keep the receipt numbers from your funding method handy. Log into Exness to access the cashier portal and submit relevant details to track incoming transfers or link eligible cards for instant funding.
I urge traders to stay within personal means despite Exness permitting high 100:1 leverage ratios. Calculate affordability like 3-5% of savings if new to minimize risk. Now let’s proceed to the exciting stuff – profitably executing live market trades across currencies, commodities and stocks!
Placing Your First Trade
The time has come to put insights into action by placing your Forex trade. When you log in, Exness will grant you access to powerful charting to identify opportunities across assets. Let’s analyze an example trade together.
Consider the USD/EUR currency pair. Click the Order tab and enter volume in lots, then choose buy/sell, execution types like market order or limit order, and finally leverage up to 1:100. Now observe the charts and fundamentals. If the USD appears strengthening, click Buy next to the pair. Exness also allows stop losses to curb risk.
After entering order details, confirmation displays almost instantly. Then monitor the Open Positions section tracking your asset’s value. Once ready to take profit, close the trade. Converting depositor funds into withdrawable balances feels great, especially as a beginner!
This barely scratches the surface of Exness’s capabilities but exemplifies process flow – analyze, enter volumes/order types, execute, monitor and close. Their emulator helps builders confidence too. Time will sharpen intuition for maximizing currency fluctuations into consistent income.
Leverage and Risk Management
As a regulated broker, Exness enables traders to access the power of leverage across account types. But before amplifying returns, what exactly is leverage? In simple terms, it permits controlling larger currency, commodity or stock positions with less upfront capital.
For example, Exness may offer 1:30 leverage on an asset. This allows taking positions worth 30 times your invested amount! So a $100 deposit can wield influence of $3,000 marketside. This magnifies both profits and losses significantly.
Therefore, responsible risk management is mandatory, especially for beginners on limited budgets. Primarily set stop loss orders on every trade to exit automatically if the market turns sharply. Additionally, limit position sizes and use demo accounts to establish consistency before committing excess leverage.
With great power comes great responsibility. While leverage multiplies gains, don’t have it wipe out personal savings in learning lessons. Apply the risk tips outlined here and Exness’s leverage can propel portfolio growth exponentially in fantastic fashion!
Monitor and Close Positions
The work doesn’t end after opening your trade. Skilled traders closely track open positions to optimize exit timing and profits. Within your Exness account, the platform highlights current valuations on active trades and relevant price shifts.
Watch for target profit milestones or worrisome reversals. For example, if your USD/EUR position opens at 1.140 but the pair value starts descending, consider closing early to retain earnings. Conversely, if the asset price soars toward your favorability target faster than expected, rapidly lock in gains before fluctuations shift again!
Closing out trades requires visiting the Open Positions tab, selecting your asset order, then hitting the red Close button. Confirm your exit details and viola – a favorable difference added to your balance! Wash, rinse repeat across currencies, commodities and stocks till reaping maximum yields from global market shifts.
Applying this active management separates prospering traders from gamblers. Exness supplies the insightful tools – dedicate some attentiveness and achieve portfolio growth!
Withdrawing Profits
What good is growing a healthy account balance if unable to withdraw returns smoothly back into Naira? Luckily Exness has Nigerian traders covered on this front too! Exness does not levy any direct fees for traders to withdraw funds to local accounts!
Follow a few simple steps:
- Log in and visit the Withdrawal tab
- Select the desired Naira bank account
- Submit withdrawal amount
Exness releases transfer within 1-3 business days on average. Fast processing means growing profits work for traders, not the brokerage.
Please note separate third-party payment systems may apply small transaction fees externally on their end. But Exness itself charges zero withdrawal costs for Nigerian traders timing asset exits – just seamless transitions from trade to account.
Getting Support
When you start trading, questions or issues will come up even for experienced traders. But you have absolutely nothing to worry about. I admire Exness’s commitment to assisting Nigerian customers via multiple channels.
Traders can access support directly within the platform via live chat or email ticket logging. Response times average under 5 minutes via chat support according to reviewers! Additionally, local phone and WhatsApp access allows urgent concerns to be addressed in real time.
Of course, you can find comprehensive FAQs and tutorials on their website for self-help.
So, whether you need guidance on technical analysis, deposit or withdrawal queries, or account troubleshooting, Exness is prepared to resolve trader inquiries promptly. You can leverage their responsive assistance to backtest strategies or resolve platform navigation issues.
Key Takeaways
We hope this guide has been able to help you the Nigerian trader on how to trade on Exness easily. From opening your preferred account to making deposit, placing your first trade down to withdrawing your profits.
It’s now time to your knowledge to the test and discover abundant wealth channels flowing through global markets!