Nigeria Forex Millionaires And Their Forex Strategies

Forex trading has spread to several parts of the world and is legal in Nigeria, and Africa. However, it operates within a gray area. Subsequently, the Central Bank of Nigeria (CBN) regulates the market to a certain extent, ensuring that brokers comply with specific restrictions. Earnings from forex trading are taxable in Nigeria, with traders required to pay 10% of their profits to the government.

But who are these people trading Forex in Nigeria? And does it make them money?

Let’s look at individuals who worked against all odds in the forex industries and became successful traders in Nigeria.

Richest Forex traders in Nigeria

1. Uche Paragon

Uche Paragon is a Nigerian forex trader who has made a massive difference in the industry through his training.

He started his trading journey in 2007, and his trading style is primarily based on technical analysis. His success in the forex industry is a result of his dedication, hard work, and strong analytical skills.

Paragon’s willingness to share his knowledge with others through his academy shows his passion for helping others succeed in the industry.

Other than earning through trading, he is known for his ability to accurately predict market movements.

He is the founder of ParaGon Academy, where he teaches aspiring traders his strategies and techniques.

Money-making Strategy

Paragon has a net worth of approximately $20 million. And as earlier mentioned, he makes his money by training and, partly, trading.

2. Dapo Willis

Depo Willis started trading the forex market when he was 17, and since then, he has gathered enough experience to become successful in trading the forex market.

According to Willis on his website, his trading approach includes top-down analysis, which involves the use of higher time frames, such as weekly and monthly, to anticipate the overall direction of the market, and then taking entries on lower time frames, like the 4-hour or 1-hour, in the direction of the higher timeframe.

He has over 11 years of experience as a forex trader, serial investor, and keynote speaker.

Money-making Strategy

Willis has managed to gain a net worth of approximately $20 million over time.

He became a millionaire at the age of 28, has signed several endorsement deals with top companies in Nigeria, and is a financial manager to some of the richest individuals, in Nigeria.

In forex, though, Willis makes his money by training and partly trading.

3. Akin Alabi

Akin Alabi is a well-known Nigerian forex trader, entrepreneur, and author. Some of his books include Small Business, Big Money, and How to Sell to Nigerians.

He started trading in 2003 and has since become one of the most successful traders in Nigeria.

Alabi is the founder of NairaBET, a popular sports betting platform in Nigeria, and also runs a forex trading company called BetOnMarkets. He is known for his conservative trading style and his effective risk-taking ability.

Money-making Strategy

Akin Alabi’s success as a forex trader is a result of his business smarts and risk management skills.

His net worth is approximately $79 million. While there is limited information available on his trading strategies, his track record and portfolio speak for itself. You could say he made money from his other businesses.

4. Ejimi Adegbeye

With a net worth of $5 million, Ejimi Adegbeye is another prominent forex trader in Nigeria.

Ejimi attributes his success to his conservative investment style, which focuses on risk management and careful trading decisions.

5. Damilare Ogundare

Damilare Ogundare is also a noteworthy trader in Nigeria, with a net worth of $5 million.

His disciplined approach and unique trading style focus on price action and conservative investment strategies.

He is the founder of Habby Forex Trading Academy and is regarded as one of the most influential forex traders who became a millionaire at the age of 20.

He only started trading forex in 2018.

So far, Damilare Ogundare, who is still in his 20s, has helped turn about 300 Nigerian youths into profitable forex traders, and he began his company in 2018 when he earned his first million.

6. Jeffrey Benson

Jeffrey Benson, with a net worth of $1.5 million, is another Nigerian forex trader who has achieved financial freedom through his trading skills.

Despite graduating with a law degree, Benson has made millions from Forex trading.

Benson started his journey in forex trading in 2017 and gained consistency in a year and a half. At some point in his trading life, he built an account from $25,000 to $240,000 in less than six months.

That was a significant breakthrough in his trading career.

7. Bade Afioluwa

Bade Afioluwa is an exceptional wealth-oriented man who suffered several losses during Forex trading until he recognized that trading the Forex market may significantly boost his chances of being rich in a short period of time.

He has an estimated net worth of $220,000.

Just like his countrymen on this list, he trades and trains, and he is also a public speaker on forex markets.

8. Blessing Ezeako

Blessing Ezeako has established herself as one of the few female forex millionaires in Nigeria.

She began trading as a side hustle but was able to transform online forex trading into a full-time business over time.

According to sources, she began trading the forex market as a side business, and it has grown into full-time employment.

She quickly discovered that Forex is neither a get-rich-quick scam nor a Ponzi scheme but a slow and steady business that led her to financial freedom.

She has an estimated net worth of $200,000, making her one of the richest forex traders in Nigeria.

9. Chinedu Onuoha

Chinedu Onuoha began his career trading forex actively for 12 years before beginning to provide courses and tactics to other newbie traders in Nigeria.

His success in forex trading stems from his exploration of sustainable forex techniques and adherence to risk management measures.

After some time, he broadened his trading horizons and began trading commodities, futures, and stocks.

Chinedu Onuoha is presently employed in the capacity of a teacher, instructing others on how to become successful Forex traders.

His teaching techniques and expertise have stood out as ones that have impacted even seasoned traders. He has an estimated net worth of $180,000.

10. Patrick Ogagbor

Patrick Ogagbor started his forex trading journey in 2003. He was a previous employee of Zenith Bank in Nigeria before quitting to pursue a career as a full-time professional FX trader.

Ogagbor Patrick started with a capital of $200, and by 2007, he managed to turn it into $5,000 while trading part-time.

In 2016, he decided to quit his employment to focus on full-time forex trading.

His customized risk management, vast understanding of the market environment, and constant execution of his plan enabled him to do better financially. He has an estimated net worth of $150,000.

Conclusion.

To become a successful Forex trader in Nigeria, it takes a well-thought-out trading plan with essential tips that investors must follow to minimize risk and maximize profit potential.

These tips include:

Use a well-regulated broker: ensure the broker is licensed and regulated to secure funds and access a range of trading instruments.

Test the trading strategy: utilize a demo account to hone skills without risking the capital and verify the authenticity of a broker’s services.

Keep leverage low: understand the leverage being used and its compounding effect on both gains and losses. Use leverage wisely and consider the associated risks.

Trade major pairs: focus on major currency pairs like EUR/USD, USD/JPY, and GBP/USD, as they are the most actively traded and offer better liquidity.

Use stop-loss orders: to limit potential losses, set stop-loss orders to automatically close trades when the price reaches a predetermined level. This protects the investment and prevents significant losses in volatile markets.

If you want to trade forex in Nigeria, these are the best forex brokers to choose. Recommended by rich forex traders in Nigeria.