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Binary options brokers in Nigeria
Here you can find a list of the best global binary options brokers online accepting traders in Nigeria.
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Nigerian Traders Guide
Nigeria is often described as the ‘Giant of Africa’, a term of endearment relating to both population size and the country’s wealth. Economically, Nigeria is primarily funded by its production of petroleum products and in part by the export of precious stones. At the very heart of Nigeria’s business and financial hub is the capital city of Lagos.
Nigeria has a relatively young population, with 60% being under 45 years of age and many Nigerian citizens, especially in the main cities, enjoy a high standard of living. Having a high level of disposable income has led to an uptake of investment in binary options since their introduction in 2006. Binary options are popular due to their simplicity, diversity and low-investment opportunities.
Here we shall aim to give you some knowledge about regulations in Nigeria, which brokers you are permitted to trade with and an idea of the fees you must expect. Your next step will be to choose a trader and we hope that our guidelines and broker reviews will also enable you to make a great choice.
In this article, you will learn:
Best Binary Options Brokers 2020:
Traders in Nigeria
As you may already be aware, Nigeria does not have a licensing policy relating to binary options brokers. That said, it is entirely legal to trade in them with the majority of offshore brokers, the exceptions being those based in Japan, Australia or the United States, barred to Nigerian citizens. As you will not receive protection from any financial authority in your own country, our recommendation is to select your broker from one which is licensed in a domain with robust regulations, examples being Cyprus or the UK.
So many binary options brokers are keen to extend their foothold in Nigeria and you will inevitably receive tempting offers with big welcome bonuses. While a few will be from genuine businesses, you also need to be aware that this is a well-known ploy for less-than-scrupulous brokers, designed to attract uninformed participants. Our advice is most certainly to proceed with caution where bonuses are offered, particularly by any unsolicited means.
All of the well-known and reliable binary options brokers are keen for you to learn how to trade carefully and safely. After all, they are seeking a long-term relationship with you, not trying to wipe out money you want to invest. If you are new to this type of trading, we highly recommend taking advantage of a free demo account if it is available. Just be aware that sometimes they have a time limit before you are expected to invest real money.
Another ploy used by some brokers to attract new binary options traders is the use of advertising material suggesting you will almost certainly receive high percentage payouts. An investment can undoubtedly achieve these results, but not all of the time. Good brokers will make the potential chances of profit and loss clear to you at the outset and a ‘great payout’ is one that you receive promptly when your investment has gone well.
It may not be the first thing that springs to mind because you are not anticipating the need for customer support. However, whether you are a new or seasoned trader, it is always good to have peace of mind and to be assured that your broker can easily be contacted through a variety of media to answer your questions. We highly recommend that you select a broker which provides either a live chat or toll-free phone number that is (preferably) available to you 24/7.
Broker Fees And Tax
Binary options brokers are no different from any other business; they need to cover costs and to make a profit. They derive their income in various ways, one of which is by levying fees or commissions on traders. The fee structures employed by brokers will vary quite considerably, but a good broker will make its policy completely clear to you.
At the least you must expect to pay either a fixed fee per trade or a commission based on a percentage of the value of the deal you are making. Besides that, you could potentially incur additional charges for currency exchange, overnight holding of funds and even for administering a dormant account.
All residents of Nigeria are obligated to self-declare their annual income and to pay the correct amount of Personal Income Tax, calculated on a sliding scale. Income derived from trading activities, including binary options is no exception. Always ensure that you retain accurate records of all trading transactions, including losses, as potentially they could be requested by The Federal Inland Revenue at any time. Also, unless your sole income derives from trading in binary options, you will be liable for Capital Gains Tax on any profit.
At the current time, Nigeria has no national or local licensing for binary options brokers. Also, there is no regulatory body within Nigeria that covers this form of trading, so this means that while residents are legally entitled to trade in binary options with offshore brokers, they are very much responsible for their fate if things go wrong.
The Central Bank of Nigeria does cap the value of individual transactions allowed by traders at a maximum of $10,000. It also offers limited advice in terms of selecting an offshore broker deemed suitable to trade with. Brokers in the following countries and licensed under the appropriate authority are considered ‘trustworthy’:
In terms of any restrictions, Nigerian residents are not permitted to trade with brokers from these countries:
As you can see, this leaves you with a great deal of scope in terms of finding a broker, but we do urge you to follow guidelines and to select one from the recommended list, which is known to enforce regulations rigidly.
We always ensure that any broker we recommend has a current licence and can be seen to have complied with it satisfactorily.
How we Recommend Brokers
In the situation where a country has no licensing or regulation in place for binary options brokers, our team of experts will make their recommendations in a slightly different way; which would be the case where Nigeria is concerned. Our initial search would include those brokers showing knowledge and genuine interest in the country and holding a licence in one of the countries offering the most stringent regulations.
First and foremost, we always ensure that any broker we recommend has a current licence and can be seen to have complied with it satisfactorily. Next we check that the trading environment is as safe and secure as possible and our review will cover matters such as the technology employed in terms of its website, as well as the storage of sensitive personal data and the security of financial transactions.
From there, we move onto the points that are of importance to your enjoyment. Our reviews will cover the options that the broker provides for mobile users, ensuring that they provide full functionality and we also check that the broker does not have any ‘hidden’ fee policies that might cause you to have an unwelcome surprise. We also tend to recommend brokers who show the best overall level of customer care, which includes help guides, a test platform and the level of customer service available to you. In short, we always try our best to find brokers that will give binary options traders the best overall experience possible.
Frequently Asked Questions
Is binary trading in Nigeria legal and safe?
It is legal to trade binary options in Nigeria. As your country does not have licensed brokers, you must select an offshore broker and are responsible for ensuring online safety and security of your selection.
Do I need to pay fees and taxes on my trading profits?
All brokers have a fee structure which can vary considerably, so we recommend that you investigate before signing up. Any good broker will offer a transparent fee structure which you can review without registering.
Can I test brokers before trading with real money?
Most online binary options brokers offer a demo trading platform which you can often use free of charge. However, a few brokers do have constraints concerning the length of time you can use the free option.
Is it easy to make deposits and withdrawals?
Brokers operating in Nigeria will offer you a good selection of suitable payment and withdrawal methods, but you will need to check if you can trade using your local currency. Also, please be aware that transactions using PayPal and cryptocurrencies are not available to Nigerian traders.
Can I trade using my mobile or tablet device?
All of the most prominent binary options traders operating in Nigeria offer excellent mobile device accessibility. Some may require the download of an App, while others run from a mobile-optimised website.
Jacob has been an author for us since our launch in 2020. He has over forty years’ experience in the financial sector and has held a variety of positions within financial services corporations and venture capitalist organisations.
Top Nigerian Binary Options Brokers for 2020
If you have made up your mind that you now wish to start trading Binary Options online then you will be looking for a Broking site at which you are going to be given a first class services, and you will obviously wants a Brokers that is going to offer you a wide and very varied range of different trading opportunities.
It is often the case that if you simply jump in with both feet and sign up at the very first Binary Options trading site and Brokers you could across that site may not offer you everything that you are looking for and you may have much fewer trading opportunities available to you.
* Amount to be credited to account for a successful trade
With this in mind before we have compiled a quite definitive and very informative guide which is going to help you locate a top class and top rated Binary Options trading site at which to trade at, we have presented this guide in a questions and answers type of format to ensure you get the answers your are looking for and we be guaranteed to finding a great site at which to place your binary Options trades once you read through it!
Are all Binary Options Broking sites licensed and regulated?
You do need to be aware that not every single Binary Option Broker you will come across online is fully licensed or fully regulated, and this is why we have chosen to present to you throughout this website on those Broking sites we know are fully licensed and regulated, and when you sign up and become a trader you will never experience any type of problems at those highlighted and first class Brokers.
Should I just look for a Broker with the biggest bonuses?
It should never be the case that you should be swayed by just how much bonus funds that you are going to be awarded with when signing up to any Binary Options Brokers, for whilst many of those listed on our website do offer very large bonuses, you will always have to place a certain volume of trades before you can withdraw and gains and profits when using bonus funds and bonus credits and many traders now prefer sticking to placing traders only with their own cash and never claim bonuses as that gives them the most flexibility as to when they can withdraw any and all profits quickly and easily.
Will my banking options be limited at some Brokers?
Yes, out can often find that when it comes to either making a deposit or a withdrawal at some Binary Options Brokers you are going to be limited in regards to what types of banking options you can use to fund or cash out for some sites. All of the Brokers listed on our website however have lots of different Nigeria trader friendly banking options so by only using those Broking sites you will have the maximum flexibility and will be able to use lots of different low cost banking options.
When is the best time to place Binary Options trades?
Knowing when to place a trade on any company that you think is going to see a movement in its share price at just the right time is what separates successful traders form those who rarely if ever make repeated profits, and in regards to just when is the best time to place Binary Options trades this can often be a 24 hours a day task and as such to have a chance of making lots of financial gains you should always be prepared to act instantly when a share price movement is expected to happen and get your trades on in good time to benefit from those share price movements.
What should I do if I have a complaint?
If you have a complaint you should first refer it to the manager at the Binary Options Broking site you are having problems with, if you get no joy there then escalate your problem and complaint to their licensing authority who will be able to look into the complaint and speedily get a resolution.
How long does it take to place a Binary options trade?
It takes less than a second for you to place a Binary Options trade in fact once you have chosen one to place and the amount your wish to trade your trade will be placed instantly and in real time at the chosen Binary Options Broker you are using.
What types of trading platforms are available?
Both downloadable and instant use trading platforms are offered at various different Binary Options Brokers and you will now find that in addition to the online trading platforms that allow you to seamlessly and instant place Binary Options trades online you will find several brand newly launched mobile trading platforms so you can trades Binary Options whenever and wherever you are.
Do mobile trading platforms offer as many trading opportunities?
You will find the number of different mobile trading platforms are not as large as those you can access and utilize when placing trades at an online Binary Options Broking site, however you will certainly not be limited in regards to the number and types of mobile trades you can place.
How many different trading opportunities are there?
The sky is often the limit in regards to just how may different types of Binary Options trades you can place on a mobile or online trading platform and it is very safe to say you will find exactly the type of trade you are looking to place whenever you wish place them at any of our listed sites.
Do I just have to place trades on Nigerian companies?
You can place Binary Options trades on any company’s share price no matter in which country that company is located, and as such as a Nigeria a based trader you are not going to ever be just limited to placing trades on companies located in Nigeria.
Best Binary Broker 2020!
Perfect for Beginners!
Free Trading Education! Free Demo Acc!
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