The general definition of Foreign Exchange popularly called Forex or Currency Market, is the over the counter exchange market for the buying and selling of currencies worldwide or simply, a place where currencies of countries from around the world is traded. Money or Currencies is a basic exchange for trade and business globally, that is why it is seen as very important in the day to day running of affairs of a cross-section of peoples around the world. In Forex, let’s put it simple that if you are in Nigeria and need to buy a bottle of vintage wine from Spain, either yourself or the wine shop in Nigeria has to pay the Spaniards in Euros; which also means that the Nigerian importer of the wine must at a certain point exchange equivalent value of Naira (NGN) into Euros (EUR).
It also applies to if an American tourist were to come and visit the ancient city of Badagry here in Nigeria, and he needed to pay to artifacts in the Slave Relics House, take note that he would not be paying to see them in U.S Dollars (USD) he would have to get his dollars exchanged for the local Nigerian Naira (NGN).
The innate need to for the exchange of currencies is basically the main reason why the foreign exchange market remains the most liquidated and strongest financial market in the world today. FOREX has no central exchange-point which makes it uniquely versatile globally. Modern day currency trading is carried out fully electronically between traders globally, computer networks control this flow of by-the-second over-the-counter transactions between buyers and sellers of currencies globally. All that currency market traders these days need to do is just get a good internet connection and a computer. Simpler is trading forex these days that traders now have the leverage to trade forex on the go via their smartphones.
So long as currency market traders have internet accession their smartphone they have the leverage to close huge currency market deals just using their mobile phones. The Android platform which stands as the world’s most popular operating system, is unique to its fluid versatility and most forex traders who use their smartphones to trade, prefer the Android OS. FOREX traders in Nigeria have come to value and use MetaTrader App as a gateway to close huge currency market deals because the Apps aside from its zero-crash-rate offers a like never before real-time trading platform that has made it one of the most downloaded FOREX Apps on Google Play Store today.
The MetaTrader 4 App can be download from Google Play Store on Android mobile phones via https://play.google.com/store/apps/details?id=net.metaquotes.metatrader4&hl=en&utm_campaign=www.metatrader4.com
Upon Installing The App On The Phone
Traders are given 3 options, either to:
Start without registration where an anonymous account will be created automatically by the platform for them to trade with. These option still gives traders the full potential of using all the functions of the MetraTrader4 platform.
To Open A Demo Account
A demo account in FOREX trading is like a rehearsal account. It’s an online account where fake money is granted to allow traders test their trading skills and knowledge.
To Login to an existing account
This option allows a trader who has created an account on MetaTrader4 website to login. This option allows the trader to continue trade on the MetaTrader4 mobile platform without any form of restriction. As all their profit and invests are intact on the MetaTrader currency trading platform.
Trading on smartphones using MetaTrader 4 gives users the following edge
- Full advantage as with web functionalities
- Provides a full detailed currency trading history
- allows all kinds of legit currency trading executions
- Allows traders to set orders including continuing from where they left off on the MetaTrader website.
- Full range function of all financial instruments.