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Frequently asked questions about Commodities.
Commodities-based questions answered for you in 2 sentences or less.
Commodities are raw materials or primary products, generally classified as hard and soft.Soft commodities are agricultural produce such as: sugar, coffee, and cocoa, while hard commodities are mined or extracted resources such as rubber, copper, and gold.
Typically, this depends on whether you trade derivatives or spot commodities.Egmarkets offers derivatives trading, which means that you do not own the commodities that you trade.
Egmarkets imposes no minimum deposit amount, and some people have traded commodities with as little as N10,000. However, it is advised to start with enough money to place trades without compromising your capital.
Beginner or pro, you can be signed up and ready to trade with Egmarkets in a day. We have courses on commodity trading for beginners to help you get started.
If you’re looking for a place to safely trade commodities, you’ve come to the right place! Click here to begin your journey. If you’re a beginner, that’s not a problem- we’ll teach you how commodity trading works.
In addition to trading for direct profits, commodities trading can be used for, buying or selling a physical product, hedging, speculating, portfolio diversification, etc.
Chicago Mercantile Exchange (CME), Tokyo Commodity Exchange, New York Mercantile Exchange (NYMEX), London Metals Exchange, and Chicago Board of Trade (CBOT) are some of the most popular commodities exchanges.
Owing to the physical nature of commodities, they can be delivered just like normal products. Commodities purchased in the spot market are sent out for immediate delivery, which is the exchange of cash. Because of distance and other logistics, it might be difficult to trade spot commodities from Nigeria.
In general, identity verification and bank account details are required for trading on commodity exchanges in Nigeria.
Avoid extreme volatility. Learn the popular trends and patterns. Pay attention to fundamental and technical analyses. Trade logically, not emotionally.
In no order, the top commodities to trade are WTI Crude Oil, Corn, Brent crude oil, natural gas, coffee, soybeans In no order, crude oil.
It is the minimum required standard that a commodity is allowed to have. It is a means of guaranteeing uniformity and quality on all deliverable commodities.
Spot orders are those which are delivered immediately, while a futures contract is a present agreement about a future commodities order.
There are several resources online for this purpose. Egmarkets also sends quality signals to clients, right into your inbox. Sign up for Egmarkets signals here.