6 Best Binary Options Brokers in Nigeria
Best binary option broker in Nigeria - Pocket Option
TOP binary option brokers in Nigeria:
Pocket Option - best for beginners
QUOTEX - best platform at all
IQcent - best mobile APP
Raceoption - best platform for social trading
VideForex - best web platform
Binarycent - best innovation platform
There are many ways to make money online as a trader in Nigeria. One increasingly popular way is to trade binary options. Binary options are a type of financial instrument that requires you to predict whether an asset’s price will rise or fall within a specified period of time. If your prediction is correct, you can make a profit from the transaction.
Success in trading binary options depends on a variety of factors, one of which is your choice broker. Currently, there are numerous binary trading platforms in Nigeria, so it can be difficult to decide which one is right for you. To help make this decision easier, we’ve broken down six of the best binary trading platforms in Nigeria today.
Top 6 Binary Options Apps in Nigeria
A reliable binary options trading platform can make your overall trading experience much better. In the table below, we give a summary of the features and benefits offered by each of the best binary trading apps in Nigeria.
| Broker | Minimum Investment | Assets | Bonuses | Open an Account |
|---|---|---|---|---|
$50 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to $50 |
||
$10 |
Currency Pairs, Stocks, Crypto, Commodities |
30% deposit bonus |
||
$20 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 200% |
||
$250 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 200% |
||
$250 |
Currency Pairs, Stocks, Crypto, Commodities |
Up to 200% |
||
$250 |
Currency pairs, CFD |
Up to 200% |
Pocket Option
Pocket Option is a popular trading platform founded in 2017 by seasoned trading and investment professionals. The broker offers a powerful web-based trading platform as well as mobile apps for both iOS and Android devices.
One of the things that set Pocket Option apart from other binary options brokers in Nigeria is its tailored approach, designed to meet the needs of a broad range of investors. Binary options traders enjoy top-notch services, including a straightforward signup process and access to a wide range of assets and trading tools.
Traders can choose to trade stocks, currency pairs, cryptocurrency, and commodities. What also makes this one of the best binary options brokers in Nigeria is its low minimum deposit. You only need an initial deposit of $50 for any account you choose to open with the Pocket Option. After the initial deposit, you'll need to keep a balance between $100 and $50,000, based on your profile.
👍 Pros
•Low minimum deposit of $50
•Wide range of assets and trading tools
•Intuitive user interface
•Fast signup process
•Tailored to suit a variety of investors
👎 Cons
•Limited educational resources compared with other brokers
•The platform isn't regulated by a reputable regulator
•The withdrawal process is slow
QUOTEX
QUOTEX is a broker specializing in binary options trading. The company was established in 2019. Its clients can trade currencies, metals, oil, cryptocurrencies, stock indices and earn a profit of up to 90% of the value of the option. QUOTEX has developed a proprietary trading platform which is easily customized, supports 29 technical indicators and allows investments from USD 10. The broker’s team provides support 24/7. Personal and payment information of the clients are protected with two-factor authentication.
👍 Pros
•Affordable minimum investment amount – USD 10;
•No trading fees and no deposit, withdrawal and account fees;
•Simple and user-friendly trading platform designed for binary option trading.
👎 Cons
•Leveraged trading is not available;
•There is no quality education and instruments for analysis on the website;
IQcent
IQcent is the premier online trading platform for retail clients looking to make a mark in the investing world. Broker regulated by IFMRRC. IQcent offers binary options and Contract for Difference (CFD) trading opportunities across several asset classes, such as forex, stocks, commodities, and cryptocurrencies. The minimum trade size is just 0.01 USD/EUR, and traders can leverage up to 1:500 with CFDs.
In addition to various financial instruments, IQcent also provides an extensive suite of payment methods with more than 10 supported options. The minimum deposit amount may vary depending on the type of account but goes from as low as $10 to $250 and $1,000. However, traders can't deposit lower than (USD/EUR) 5,000 for direct bank transfers.
IQcent offers an intuitive and useful proprietary web-based trading platform with several in-built indicators essential for making informed trading decisions, including momentum, relative strength, and average range. Depending on your needs and preferences, IQcent offers three types of binary options: turbo options, intraday options, and long-term options.
👍 Pros
•Low minimum deposit requirement of $10
•Commission-free trading
•Wide range of assets, including forex, cryptocurrencies, stocks, and commodities
•Multiple account types to choose from
•User-friendly trading platform with advanced charting tools and technical indicators
•24/7 customer support
👎 Cons
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•Withdrawal fees for some payment methods, such as bank transfers
Raceoption
RaceOption is an offshore CFD and binary options broker dedicated to providing traders with access to the financial markets. Through this platform, users can invest in more than 100 instruments, which include markets such as forex, indices, commodities, and stocks.
Clients should know that if they fail to execute at least one trade per calendar month, a $10 account service fee will apply afterward. Moreover, margin trading on this platform has different leverage levels depending on the asset type; cryptocurrency positions have a maximum of 1:30, while other instruments offer up to 1:100 in terms of leverage ratios.
With a $250 minimum deposit requirement, you can open a Bronze account and get started immediately. This platform helps simplify the trading process by offering a demo account and an easy-to-use mobile app, and you can opt for Turbo, Intraday, and Long Term Options.
👍 Pros
•Wide range of assets, including Forex, cryptocurrencies, stocks, and commodities
•Multiple account types to choose from, including a demo account for practice trading
•User-friendly trading platform and mobile app
•24/7 live video chat support
•Offers social trading features
👎 Cons
•Minimum deposit requirement of $250
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•Inactivity fees
Videforex
VideForex was established in 2016 as a leading binary options and CFDs broker. It offers a trading platform suitable for both professional traders and beginners. With VideForex, you can trade different Forex currency pairs – Major, Minor, or Exotic -plus a dozen cryptocurrencies like Bitcoin, commodities like gold, and major indices like the Dow Jones 30 and S&P 500 through CFDs contracts. The maximum leverage allowed is 1:500, so you can take larger positions to increase your profits. With VideForex you have the advantage that your customer's loss is limited to their original investment amount multiplied by the leverage used. The remaining amount of equity will be protected from further risks - making it a very safe and trustable broker.
VideForex offers four types of trading accounts, each with unique benefits. The minimum deposit sits at $250. The platform provides a web platform and a convenient mobile app for users on the go.
👍 Pros
•Wide range of assets, including Forex, cryptocurrencies, stocks, and commodities
•Small minimum trade size starting at $1
•Copy trading
•Cryptocurrency funding method
•User-friendly trading platform with advanced charting tools and technical indicators
•Commission-free trading
•Multiple account types to choose from, including a demo account for practice trading
•24/7 customer support
•Offers social trading features
👎 Cons
•High minimum deposit requirement of $250
•Limited regulation and oversight compared to more established brokers
•Limited educational resources for beginner traders
•$10 Inactivity fee
Binarycent
Binarycent is a broker that has been operating since 2015 and is focused on traders who prefer binary options trading. You are offered three types of accounts and the opportunity to test the trading conditions of the broker on a demo account. During its years of service, the broker was awarded the Best Broker 2015 award, according to Fair Binary Options.
👍 Pros
•quick and easy registration procedure;
•quick withdrawal of funds in any convenient way.
👎 Cons
•the broker's activity isn’t licensed or regulated;
•no training materials;
•high level of minimum deposit;
•the trader shall verify the account to carry out transactions;
How Do Best Binary Brokers Compare?
There are numerous elements of binary trading Nigeria that can be used to compare the best Nigerian brokers. Here are some of the aspects that you can consider:
Licensing & Authorization
The best and recognized platforms have an authentic license in practice, which is regulated by the reputable international regulators. These elements make them a reliable platform as they offer entirely transparent and beneficial services for their users. When you look out for binary options in Nigeria, it can be one of the areas where you need to put the highest focus. The ones controlled by the financial bodies must follow the strict terms and conditions without harming the users’ privacy.
Minimal Amount Deposit
The minimal amount you can deposit to the binary options is also one of the comparable aspects. Some top platforms offer the minimum account of $5-10. In simple words, being a beginner, you can start up with something small to learn before you sum up the money. Besides, you also upgrade your account on the binary platform when you understand its terms and how it works.
Reputation & Authentication
It is one of the best ways to compare binary options brokers in Nigeria. The top platforms have millions and thousands of active users who are registered members. It simply means that many people trust, time, and money. So, it is one of the best ways to compare its authenticity.
Is Binary Trading Legit in Nigeria?
Yes, binary trading is legit in Nigeria. Although there are no licensed brokers in the country, offshore brokers are available and legal to use. However, it is important to note that binary trading is not regulated by the Nigerian government. This means that traders should be aware of any restrictions or laws that may apply to them when trading with an offshore broker.
It is also important for traders to ensure that they are using a legitimate broker who follows local laws and regulations. This will help protect traders from any potential fraudulent activity or scams.
Is Binary Trading Risky?
While binary options trading can be lucrative, it also comes with its own set of risks. Here are six risks associated with this type of trading.
1. Volatility
One of the most significant risks associated with binary trading is the volatility of the underlying asset. The price of an asset can change quickly and dramatically, making it difficult to predict whether a trade will be successful or not. For example, if you’ve opened a long position in oil futures but then news breaks that OPEC is cutting production, oil prices could drop significantly, and you’ll be left with a loss.
To mitigate this risk, it’s important to do thorough research and always be aware of the news and market trends. Always try to reduce exposure by diversifying your trading portfolio and only investing a small amount in each trade.
2. Leverage
Another risk with binary trading is the use of leverage, which can amplify potential profits but also losses. It’s important for traders to understand how margin works and the risks associated with it.
If the price of an asset moves against you, your losses can be magnified, and you may even end up owing more money than you invested. To avoid this situation, it’s important to use leverage responsibly and to always remember that your potential losses can exceed your initial investment amount.
3. Unregulated Brokers
Binary trading is often conducted through unregulated brokers, making it difficult for traders to know whether they’re dealing with a legitimate company or a fraudster. Unregulated brokers often make promises of high returns or low fees that they can’t keep, leading to traders losing their investments.
Always do a background check on any broker you’re considering and make sure that they are regulated by a legitimate financial regulator. Use regulated brokers who are registered with the appropriate authorities, and always check reviews before opening an account.
4. Fraud
Fraud is another risk associated with binary trading, as there are many scammers in the industry trying to take advantage of unsuspecting traders. These scammers may promise high returns and low fees but will often try to get your credit card information or other sensitive data.
It’s important to be aware of potential scams and only trade with reputable brokers who have a good track record. Also, make sure not to give out any personal information or financial details unless you trust the trading platform
Binary Options Fraud - Should You Care?Can I Get Rich in Binary Trading?
Yes, it is possible to make money through binary trading. However, it’s important to understand that there are risks involved and that success doesn’t happen overnight. You need to have a long-term plan and strategy in place, as well as the right mindset and attitude toward trading, if you want to be successful.
How to Choose a Binary Broker in Nigeria
Choosing the best binary trading app in Nigeria can be overwhelming, as there are many options available. Here are some tips to help you make the best decision for your trading needs.
1. Make Sure the Broker is Reputable
Before signing up with any binary broker, it’s important to make sure they are regulated and licensed by a reputable financial authority. This will ensure that your funds are safe and secure and that you have access to the best possible trading conditions.
2. Choose a Broker Who Accepts Nigerian Clients
Some brokers may not accept clients from certain countries, so it’s important to do your research before signing up with any broker. Make sure to only choose a broker who accepts Nigerian clients so that you can easily deposit and withdraw funds.
3. Check Out the Trading Platform
Different brokers offer different trading platforms with varying features and tools. Before signing up, make sure to check out the platform and see if it has all the features you need for successful trading.
4. Read Reviews of Brokers
What other traders say about a broker can be a good indicator of how they will perform. Read reviews from other traders to get an idea of what kind of experience they had with the broker.
Summary
When it comes to binary trading in Nigeria, there are many options available. Each broker has its own unique features and benefits that make it ideal for different types of traders. When selecting the best binary trading app in Nigeria, you should consider factors such as regulation, trading platform, fees, customer support, and reviews. With the right broker and a sound trading strategy in place, you can be on your way to successful binary trading.
FAQ
Which is the best binary broker?
A broker who's regulated and licensed by a reputable financial authority and who accepts Nigerian clients is a great option for you.
Is binary option trading legal in Nigeria?
Binary trading is not prohibited in Nigeria, but this area of investment is not regulated.
What is the minimum deposit for binary brokers?
That depends on the broker, but most require at least a $5 minimum deposit.
Can I be a millionaire by binary trading?
This is theoretically possible, but in practice it is extremely difficult to do.
Methodology for compiling our ratings of binary options brokers
Traders Union applies a rigorous methodology to evaluate brokers using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Regulation and safety. Brokers are evaluated based on the level/reputation of licenses and regulations they operate under.
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Brokers are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Brokers are assessed based on the variety, quality, and features of platforms offered to clients.
Other factors like brand popularity, client support, and educational resources are also evaluated.
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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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.