Copy trading is a popular form of social trading that involves following successful traders and copying their actions to earn significant profits. The best thing about copy trading is that it can be practiced by people who don’t have any prior experience with financial markets. This way, you can earn a lot even without the need to actively participate in trading. In this article, we tell you about the main possibilities for copy trading existing in Nigeria and explain whether these options are legal.
Nigeria is a quickly developing country located in West Africa where about 200 million people live. The people of Nigeria are mostly discovering all the opportunities of financial markets just now, so there is a serious demand for potentially profitable options that don’t require much experience. Copy trading is perfectly suitable for these people because it allows you to generate wealth passively, just by copying what others are doing.
However, there are many international copy trading platforms that don’t allow citizens of Nigeria to use them. There are also many scams that are designed to lure inexperienced traders and strip them of all the money. But you still can find several reputable and convenient brokers that offer some instruments for copy trading Nigeria citizens can use.
IC Markets is one of the most popular brokers from Australia. It’s favored by many traders for its wide variety of trading tools, fast order execution, and its extensive copy trading options. With just $200, it can be used to access the list of top traders and follow their signals to earn passively. The broker is known to be extremely reliable and user-friendly, so it’s a great choice for beginners.
Tickmill is another reputable international broker that offers copy trading services to people from many countries including Nigeria. However, it has a threshold of $1,000 needed to start copying, and it does not have its own platform. Instead, it uses the trading platform of MYFxBook to distribute signals, and you must have accounts on both platforms to get them.
AvaTrade is a well-known and heavily regulated broker that works with various external platforms and provides you with access to hundreds of professional traders. With just $100, you can start investing in all kinds of assets including stocks, CFDs, and Forex pairs following more experienced traders to earn passively.