Many traders in Nigeria use mobile apps to trade. Many brokers operate in this country, each offering their own platform. Before making a choice, it is important to evaluate apps to find the one that perfectly suits your goals and strategy. TU analysts compared Top 5 mobile apps. You will be able to choose the Best Binary Trading App in Nigeria for 2024, based on our assessments.
Pocket Option is an unregulated broker focused on cooperating with professional traders who do not need training or additional bonuses.
Binary is the right broker for those who appreciate a variety of financial instruments. Due to the low minimum deposit, the company is suitable for novice traders who do not want to risk large amounts of money.
The IQ Option broker is for novice traders who are not yet ready to trade on Forex but would like to get their first trading skills.
The Expert Option broker aims to cooperate only with those traders who prefer binary options. There are no conditions for active and passive trading in the company.
Binomo is a broker for those who treasure quality and reliability. The impressive range of trading instruments is an advantage. Binomo is a proper broker for both novice and professionals traders who work on a PC or prefer to trade on a mobile device.
Best Binary Trading App in Nigeria for 2024
| Pocket Option | Binary.com | IqOption | ExpertOption | Binomo | |
|---|---|---|---|---|---|
|
Trading platform |
MT5, Web, Mobile |
WebTrader, Mobile |
IQ Option |
Browser platform |
Browser platform |
|
Min deposit |
$5 |
$5 |
$10 |
$50 |
$10 |
|
Trading instruments |
currency |
indexes, Forex, goods, stock, random index |
Options, stock, Forex, Crypto, Commodities, indexes, CFDs on ETFs |
Options |
indexes, stock, currency pairs / CFD, goods |
|
Signals |
No |
No |
No |
No |
Yes |
|
Analytical support |
No |
Yes |
Yes |
Yes |
Yes |
|
Training |
No |
Yes |
Yes |
Yes |
Yes |
|
Additional tools |
Yes |
Yes |
Yes |
Yes |
Yes |
1
Best Binary Apps in Nigeria - Pocket Option
The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors.
👍 Advantages of trading with Pocket Option for traders in Nigeria:
•low threshold for entering the market; the first deposit starts at $5;
•social trading platform generates passive income.
👎 Disadvantages of Pocket Option for traders in Nigeria:
•not licensed by any reputable regulator;
•to trade Forex through MetaTrader 5, you need to deposit at least $1,000;
•support service responds within 24-48 hours, which is also too slow.
2
Best Binary Apps in Nigeria - Binary.com
Deriv (Binary.com) offers trading services with a focus on derivative products like binary options and CFDs. The company has a history that dates back to 1999 and is regulated by several entities including the Malta Financial Services Authority (MFSA).
The broker also offers competitive fees and a low minimum deposit, making it accessible to traders with varying budget sizes. Flexible trade duration varies from 1s to 365d.
Deriv Multipliers blend the potential gains of leveraged trading with the controlled risk associated with options. This trading type allows traders to increase their market exposure while managing risks with built-in features like stop-loss and take-profit orders. Multipliers provide a balance between high-risk trading and traditional instruments.
👍 Advantages of trading with Binary.com for traders in Nigeria:
•extensive experience (the company has been operating for more than 20 years) and the availability of a regulator;
•the minimum amount for replenishing and opening a bid is $5 and $1, respectively.
👎 Disadvantages of Binary.com for traders in Nigeria:
•online chat for support is not available on the company's website;
•no cent account;
•sometimes there are platform failures;
•there is no trust management accounts;
•sometimes there are delays in the withdrawal of funds;
•some clients have difficulties with the registration process;
•sometimes technical support takes a long time to respond.
3
Best Binary Apps in Nigeria - IqOption
The company was founded in 2013 and today is among the leaders in this genre thanks in large part to its proprietary platform. In 2017, the broker was awarded the highest award by the Communicator Awards.
👍 Advantages of trading with IqOption for traders in Nigeria:
•convenience from a visual narrative, the platform is user-friendly for novice traders;
•one of the highest levels of remuneration in the segment of binary options.
👎 Disadvantages of IqOption for traders in Nigeria:
•a limited number of timeframes in comparison with MT4, without the possibility of setting non-standard intervals;
•the online platform is heavy on your computer’s RAM;
•there is a shared offer, not all trading conditions are displayed on the website and in the personal account. You have to investigate them either through trial and error or with the help of support services;
•there is no possibility of adding additional indicators, no algorithmic trading is provided;
•delays in cash withdrawal.
4
Best Binary Apps in Nigeria - ExpertOption
Expert Option is a binary market broker that specializes in providing services such as binary options trading. The company has been actively operating since 2014, has more than 30 million clients, and the customers’ trust is the main indicator of its reliability. The broker is also verified by Visa and Mastercard, and all user information is encrypted with strict algorithms, which increases data security. In 2017, Shenzhen Expert Option won the Best Trading Platform award at the China Trading Expo.
👍 Advantages of trading with ExpertOption for traders in Nigeria:
•low level of the minimum deposit, from $10;
•options to trade both from personal computers and mobile devices.
👎 Disadvantages of ExpertOption for traders in Nigeria:
•lack of a license to provide services and a regulatory body for the broker;
•protracted verification procedure — up to 30 days;
•the company does not cater to clients from countries such as the United States, Canada, Switzerland, New Zealand, North Korea, Puerto Rico, Bangladesh, Yemen, Indonesia, Singapore, Sudan, and the European Economic Area;
•funds can be credited to the deposit within 45 days (depending on the payment system);
•there are no conditions for active trading;
•the company does not have investment programs;
•the funds of the company's clients are not protected in any way.
5
Best Binary Apps in Nigeria - Binomo
Binomo is one of the top volatile arbitrage websites. It also includes broker and related services, like training, analytics, and client support. This high-tech service allows clients to objectively assess the real market situation and deduce the level of risk. Binomo is regulated by the Financial Commission, an independent organization on dispute settlement that specializes in financial markets. Since 2018, the broker has been a member of the “A” category of the International Financial Commission. This is a guarantee of quality, reliability, safety, and protection of the trader.
👍 Advantages of trading with Binomo for traders in Nigeria:
•the trading platform is high level and has a wide range of assets;
•quotes from the best leading news agencies;
•the analytical procurement is excellent.
👎 Disadvantages of Binomo for traders in Nigeria:
•high minimum deposit in comparison with its competitors;
•no investment programs;
•no cent accounts;
•the website is not informative enough;
•although, the platform is very functional enough, it takes some time getting used to;
•the verification procedure, which is necessary to withdraw funds, it is rather complicated, but only during its first processing;
•few options for affiliate programs.
Best Binary Trading App in Nigeria 2024: Education for Investors
When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.
Pocket Option - Education for Investors
Investment Education Online
Information
There is a "Training" section on the Pocket Option website, but it is not informative enough. Find more information in the "FAQs" sub-section of the "Help" section. There is practically no information about Forex trading.
The broker allows opening a demo account, which allows you to improve on your trading skills without financial risks.
Binary.com - Education for Investors
Investment Education Online
Information
The Binary website has an educational section where you can get the information you need to trade options, currency pairs, and futures contracts, as well as metals successfully.
To use in practice the knowledge that the trader received on the Binary website, the experts of the brokerage company recommend opening a demo account. Training on a free practice account will give novice traders the experience and skills to trade on a real account.
IqOption - Education for Investors
Investment Education Online
Information
You will find the basic trading training course in the form of separate video tutorials on the IQ Option website. Also, the emphasis is placed on information support, fundamental news, and analytics.
There is a demo account for gaining experience, confidence, familiarity with this broker’s platform.
ExpertOption - Education for Investors
Investment Education Online
Information
In addition to trading conditions, the ExpertOption broker allows traders to learn how to trade binary options and improve their knowledge in this area with the help of free training materials provided on the site.
To test the theoretical knowledge gained, we recommend using a demo account. This will allow you to apply theory to practice and avoid financial risks.
Binomo - Education for Investors
Investment Education Online
Information
Binomo is scrupulous about training, and the proof of this is the well-implemented training section. It includes detailed video tutorials, a glossary of terms, and an explanation of concepts. The broker provides information on the basics of analytics and trading strategies. The company also carries out webinars.
It is recommended to use a demo account to verify the knowledge gained and test trading strategies, as well as to learn more about the Binomo terminal. You can safely start trading on the real market after training on the demo account. There is a special analytical section with an economic calendar, news, and market overview that is built into the trading platform to support traders.
How to choose Binary trading app in Nigeria
Choosing a binary trading app in Nigeria can be a critical decision for beginners. Your choice will impact your trading experience, success rate, and financial security. Here are five actionable tips to guide you:
Look for regulatory compliance
Make sure the app you choose complies with financial regulations. A regulated app ensures your money remains safe and you're protected against fraud. Check if the app is registered with reputable financial authorities like the U.S. Commodity Futures Trading Commission (CFTC) or the Cyprus Securities and Exchange Commission (CySEC).
Assess user experience
Test the app's user interface. A user-friendly design makes it easier to trade and monitor your investments. The app should offer intuitive navigation, clear graphics, and quick loading times. You can also check reviews from other users to gauge the app’s usability.
Evaluate asset availability
You'll want access to a wide range of assets for trading. An excellent app will offer various assets like stocks, currencies, commodities, and indices. The more assets available, the more diversified your trading strategy can be.
Examine fees and payouts
Review the fee structure and payout rates. Lower trading fees are obviously preferable, but don't sacrifice reliability for cheaper costs. High payout rates are enticing, but make sure they come from a reputable app. Compare these factors among multiple apps to get the best deal.
Test customer support
Reliable customer support can be a lifeline when you encounter issues. Make sure the app provides multiple channels for customer service, such as live chat, email, or phone support. Test the responsiveness and knowledge of the customer support team before committing to an app.
Educational Resources. Choose a broker that offers webinars, training materials, and a comprehensive knowledge base to help you learn about binary options trading. This can be especially beneficial for beginners who are new to the concept and want to improve their trading skills.
Mobile and desktop availability
Consider whether you prefer trading on a desktop or mobile device. Desktop apps usually have more features, while mobile apps offer convenience for traders on the go. Choose a broker that provides a user-friendly and reliable trading platform compatible with your preferred devices.
Minimum deposit and investment
For beginners, it's advisable to start with a low minimum deposit and investment amount. Look for brokers that offer a $10 minimum deposit and $1 minimum investment, as this allows you to get started with a small amount of capital.
Is Binary trading legal In Nigeria?
Binary options trading is legal in Nigeria, but it comes with its own set of risks, especially due to the prevalence of scams and dishonest practices in this market. To mitigate these risks, make sure to choose a reputable broker that operates under international regulations. While Nigerian traders can access most offshore brokers, it's essential to remember that the Nigerian Government won't be able to help you recover lost funds if you fall victim to fraud, whether the scam occurs domestically or internationally. Given these conditions, tread carefully in the binary options market. If you're new to trading, consider consulting a financial advisor or trading expert for personalized guidance.
How much money do I need to start Binary trading in Nigeria?
You're right that the amount of money you need to start binary trading in Nigeria can differ depending on various factors. Here's a breakdown of those elements for a clearer understanding:
Minimum deposit
Brokers often set a minimum deposit to start trading. In Nigeria, you'll find brokers that accept initial deposits as low as $1, while others might require $250 or more. Some popular brokers recommend a minimum deposit of $10. Choose a broker with a strong reputation and reasonable deposit requirements.
Risk management
Knowing how much to invest in each trade is crucial. Savvy traders usually risk only 1-2% of their total account balance on a single trade. Doing this minimizes potential losses and helps you stay in the game longer.
Skill level and experience
Binary trading isn't just about luck; it requires knowledge and expertise. Start with a modest amount, and consider using a demo account. As you gain experience and improve your skills, you can gradually increase your investment size.
Regulatory environment
Nigeria doesn't have locally-based binary options brokers or specific regulations prohibiting binary trading. You're free to trade with offshore brokers, except in restricted jurisdictions like the U.S., Japan, and Australia. Make sure the broker you choose complies with international financial regulations to ensure safety and transparency.
Caution and due diligence
Binary trading carries risk, including the loss of your initial deposit. Always exercise caution and conduct thorough research before choosing a broker. Stick to well-known and verified brokers to avoid scams.
Pros and cons of Binary trading in Nigeria
👍 Pros
•High returns on investments
•Easy access to trading
•Flexibility in trading options
•Many available underlying assets
•Risk management through predetermined payouts
•Speedy returns
•Big returns possible swiftly
•Trade different types of binary options
•Customizable options expiry provides greater flexibility and control over trades3
•No deposit, withdrawal, trading, or account fees
•Trade anywhere, anytime
👎 Cons
•High risk of losing the whole investment
•Lack of regulation
•Minimal live support is available for traders
•The broker is not regulated
•Client funds are not kept separate
•Binary options can be more expensive
•Offer lower payouts than forex positions
How to start Binary trading in Nigeria?
Here's your step-by-step guide to start binary trading in Nigeria:
Step 1: Learn the basics of binary options trading
Before you start trading, equip yourself with fundamental knowledge about binary options, market trends, and trading strategies. Since binary options carry high risks, approaching the market with caution is advisable. Utilize educational platforms, webinars, and expert consultations to bolster your understanding.
Step 2: Choose a reputable and authorized broker
Given the risk of scams in the binary options market, selecting a trustworthy broker becomes vital. Look for brokers with proven track records and those regulated by reputable financial authorities. Check for reviews and testimonials to gauge the broker's credibility.
Step 3: Pick an asset to trade
It's not just about choosing any asset; it's about picking the right one for you. The asset you choose should align with your trading strategy, risk tolerance, and market outlook. Study market trends, historical data, and forecasts to make an informed decision. Knowing your asset inside and out boosts your odds of making profitable trades.
Step 4: Make your first deposit
Once you've picked a broker, find out their minimum deposit requirements. Ensure you're comfortable with this amount and aware of any transaction fees that may apply. Fund your account using the available payment methods like credit cards, e-wallets, or wire transfers.
Step 5: Select a strike price and an expiration
After choosing an asset, the next crucial steps are selecting a strike price and setting an expiration time. These will be your trade parameters and are essential for defining your potential returns. Align these choices with your market analysis and trading strategy.
Step 6: Monitor your trade
Once you place a trade, don't just sit back. Keep an eye on market movements and trends that might affect your position. Remember, binary trading is about predicting price direction within a specific time. The ability to adapt your strategies based on real-time information can be the difference between a win and a loss.
Step 7: Educate yourself
Sustained success in binary trading demands ongoing education. Many brokers offer educational resources, but don't limit yourself to those. Seek out third-party websites, read trading books, watch tutorials, and regularly review your trading history for insights.
Summary
In this review, you had an opportunity to learn about the features of 5 brokers, which traders in Nigeria choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Binary Trading App in Nigeria 2024.
| Pocket Option | Binary.com | IqOption | ExpertOption | Binomo | |
|---|---|---|---|---|---|
|
Overall score |
6.87 |
8.11 |
6.44 |
5.63 |
5.34 |
|
Execution of orders |
9.52 |
9.82 |
9.37 |
8.65 |
9.92 |
|
Investment instruments |
4.29 |
9.54 |
1.25 |
1.08 |
1.25 |
|
Withdrawal speed |
9.64 |
10 |
4.93 |
8.12 |
7.35 |
|
Customer Support work |
4.38 |
5.41 |
6.85 |
4.98 |
4.72 |
|
Variety of instruments |
6.01 |
5.12 |
10 |
2.01 |
2.58 |
|
Trading platform |
7.38 |
8.76 |
6.24 |
8.93 |
6.24 |
|
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FAQ
Do all brokers offer mobile apps for iOS and Android?
Unfortunately no. Some companies focus only on one operating system. Before opening an account make sure that the broker offers the version for your operating system.
Is it possible to register with a broker using the mobile app?
Yes. Brokers provide an opportunity to open an account and pass verification directly in the mobile app.
If I remove the app from my phone and then reinstall it, will I lose the information?
No. The information is stored in the user account on the server. You will need to enter your username and password, pass two-factor authentication (if applicable) and you will have full access to your information.
How are the apps protected against unauthorized access?
As a rule, in addition to the username and password, other security measures apply, for example two-factor authentication. In this case, you will need to enter a unique code to access your account.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.