Threads
What Time Does the Forex Market Close on Friday in Nigeria?
Replied 2 hours ago -
Forex Market Closing Time on Friday in Nigeria
✅ During U.S. Standard Time (Nov–March):
New York closes at 5:00 PM EST
Nigeria is 6 hours ahead
➡ Forex closes at 11:00 PM (23:00) in Nigeria
✅ During U.S. Daylight Saving Time (March–Nov):
New York closes at 5:00 PM EDT
Nigeria is 5 hours ahead
➡ Forex closes at 10:00 PM (22:00) in Nigeria
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How Much is Traded Daily in the Forex Market?
Replied 5 hours ago -
The forex market is the largest financial market in the world. Every day, trillions of dollars are traded globally.
According to the Bank for International Settlements (BIS) 2022 data:
Average daily trading volume = $7.5 trillion USD
This includes all currencies traded worldwide: USD, EUR, JPY, GBP, and others.
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what is the smallest lot size i can trade in forex
Replied 6 hours ago -
The smallest lot size you can trade in forex depends on the broker, but here’s the general rule:
✅ Smallest Possible Lot Size: 0.01 LOT (Micro Lot)
Most brokers allow a minimum of 0.01 lot, also called a micro lot.
📌 What is 0.01 lot?
0.01 lot = 1,000 units of a currency
On most major pairs, 1 pip ≈ $0.10
This makes it the safest and smallest position size for beginners.
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How long does it take to learn forex trading
Replied 6 hours ago -
There is no fixed time, because it depends on the person. It took me about one and half years to understand the market. I am still learning though.
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| ⚖️Is Forex Trading in UK Legal? | Yes |
| ⚖️Forex Trading Regulator | Financial Conduct Authority (FCA) UK |
| 📅 Date Established | 2013 |
| Investor Protection | Financial Services Compensation Scheme (FSCS) up to 85,000 GBP |
| ✅No. of FCA Licensed Forex Brokers in UK | 15+ |
| 💰Average OTC FX Turnover for UK 2022 (BIS Survery) | 3.755 Trillion USD |
What is Forex Trading & How Does it Work in the UK?
Forex Trading is when you try to make profit from predicting if the exchange rate of a currency will rise against another currency.
To trade forex you pair two currencies together (example GBP/USD) & if you think the exchange rate of the pair will rise, you place a buy order for a specific quantity, to profit if you are right.
On the flip side if you think the exchange rate will fall, you place a sell order to benefit from the fall.
To be able to trade forex in the UK, you need to use the services of a forex broker whose function is to provide you the trading software, liquidity & enabling environment needed to trade.Forex trading in the UK is totally legit & is regulated by the Financial Conduct Authority (FCA) UK.
If you trade with an FCA licensed broker you are eligible for compensation up to 85,000 GBP if you suffer pecuniary losses due to broker bankruptcy etc.