Investments like binary options are gradually becoming well known in Nigeria and it only makes sense for traders in Nigeria to be interested in selecting the best binary options broker. This has been written to help you as a trader compare the best brokers and choose the one you feel most convinced to trade with.
Factors to consider when choosing a binary options broker
There are a few things you need to know regarding how the binary options brokers in this guide made it to this list. A lot of factors were taken into consideration before choosing these platforms. The first and most important factor is regulation.
The brokers on this list have been regulated by top regulatory bodies so you shouldn’t have to fret about the security of your funds, your trading activities and the ability to make swift withdrawals.
Some of the recognised regulatory bodies in the binary options industry include:
- CySec – The Cyprus Securities and Exchange Commission (Cyprus and the EU)
- FCA – Financial Conduct Authority (UK)
- CFTC – Commodity Futures Trading Commission (US)
- FSB – Financial Services Board (South Africa)
- ASIC – Australia Securities and Investment Commission
The next factor to consider is the ease with which a trader can make a deposit on the platform. The platforms on this list have affordable minimum deposits that allow you to begin trading. Some of the platforms allow you to deposit as low as $10 to begin trading.
The availability of a demo account is the next thing to consider when deciding which online binary options broker you want to trade with. This factor is particularly great for beginner binary options traders that are looking to constantly test strategies to help them make profitable trades.
The brokers selected have very good demo accounts with thousands of virtual funds to help traders with their trading practices.
This is a huge factor. Every trader wants to know that their funds are safe and can be withdrawn without issues. The best binary options trading platforms in Nigeria as selected here have very transparent instructions on how to make withdrawals and they offer the option to make multiple withdrawals in a month. They also provide a variety of ways like e-wallets and bank transfers to get your withdrawn funds.
Who doesn’t love a mobile app? The brokers on this list have very easy to navigate mobile apps that enable you to place trades at all times, even while on the go. These trading platforms have made their apps available for both android and iOS users and some of the brokers even have desktop apps. If you’re more inclined to trading on a desktop computer but cherish speed, the desktop app will do more good for you compared to just accessing the website.
We’ve made sure to only put up platforms that are responsive when you contact them requesting to help you with one thing or the other. The FAQ (Frequently Asked Questions) sections on theses platforms also carefully answer questions that traders would love to know with a high level of transparency.
Here are the best binary options brokers in Nigeria
IQ Option is a globally recognised binary options broker that is gaining steam in Nigeria. The platform was founded in 2013 and has since gained the attention of millions of traders. IQ Option uses a proprietary platform designed specifically to cater to their trading needs. The same platform is used for CFDs and for binary options trading.
IQ Option requires a minimum deposit of $10 and $1 per trade. This is the lowest in the industry and thereby makes it accessible for both new and experienced traders. IQ Option is regulated by The Cyprus Securities and Exchange Commission.
On the platform, you can trade various financial instruments such as binary options, forex, cryptocurrencies, stocks, digital options and more. The IQ Option demo account comes with $10,000 in virtual funding to help you with your trading practice.
The IQ Option platform looks great on desktop and the mobile app is also easy to use. Getting a payout on this platform isn’t stressful especially when you do so using an e-wallet. Overall, this platform is the first choice that should come to your mind when deciding to begin trading binary options in Nigeria
ExpertOption is binary options trading company that is registered in Saint Vincent and the Grenadines. It is certified by IFMRRC (International Financial Market Relations Regulation Centre) and is authorized and regulated by Vanuatu Financial Service.
You can make deposits and withdrawals from this broker in about 20 methods depending on your country, this includes; WebMoney, Neteller, Perfect Money, Skrill, Credit/Debit card, SWIFT transfer, Yandex Money, Qiwi, SMSpayments, Skrill, Fasapay, WeChat, Union Pay, etc.
The demo account gives you access to $10,000 and doesn’t need you to register to try it out. The minimum deposit is $50 and the minimum amount to initiate a trade is $1. The customer service of this platform is quite responsive and you can be rest assured that they would help you sort out whatever issues you may be having using the platform in a timely manner.
To fit the company’s goal of making trading accessible, ExpertOption is available via mobile or desktop apps. ExpertOption also has this sweet feature called social trading. With social trading, you get to trade with friends or watch and follow global deals in real-time
Binary.com is a licensed broker regulated in the British Isles, Malta, Ireland, and the UK. The company is one of the longest standing binary options companies in the world. Binary.com has been active since the year 2000 and has acquired millions of registered and monthly active traders over the years.
The minimum deposit is $10 and for e-wallets it’s $5. Like other trading platforms, Binary.com offers a demo account with $10,000 and has 79 financial instruments to choose from while trading. Some of the instruments include binary options, forex, cryptocurrencies, Metals, CFDs, Lookbacks and more.
Binary.com doesn’t have a mobile app but it offers a robust online desktop trading platform with all the charts and tools needed to make the best trading decisions. The withdrawal options of this broker cover both the e-wallet and bank transfer methods.
Olymp Trade is an established broker in the digital options marketplace having launched back in 2014. It is certified by FinaCom making them a trusted choice for any online trader. Since its certification in 2016, It has won 6 awards including the best options trading platform in 2016, 2017 and 2018.
Olymp Trade offers over 70 asset types including currency pairs, commodities, stocks, indices and cryptocurrencies. Olymp Trade also has a low minimum deposit of $10 and $1 for trading. The $10,000 demo account by Olymp Trade is also available to perfect your trading strategies.
Overview of the Best Binary Options Brokers in Nigeria
|Broker||Regulated||Minimum Deposit||Visit Broker|
|IQ Option||Yes||$10||Visit IQ Option|
|Olymp Trade||Yes||$10||Visit Olymp Trade|
Which of the binary options brokers should I go with as a beginner?
All the brokers on here are pretty solid but if we must recommend just one broker to you, it would be IQ Option. Everything on the platform is very easy to understand. If you’re still not sure of venturing into trading binary options, you can read our article on trading binary options in Nigeria.