TOP 10 Binary Options Brokers in Nigeria
Binary Options in Nigeria is a very popular financial instrument. This is due to the fact that binary options are not regulated in this country in any way, no license is required, and the entry amount starts from $5. Unfortunately, the lack of regulation means that many more and more scammers appear on the market, and the novice trader does not know which broker to choose and whom to trust. That is why we have compiled a list of the 5 best binary options brokers that provide their services in Nigeria.
Quick Pick:
Best Trading Platform: Pocket Option
Best Returns: IQ Option
Best tournaments: Binomo
Best for Beginners: Binarium
Best Mobile App: Expert Option
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Nigerian residents are lucky to be able to choose from the best brokers on the market. To be completely honest, no matter which platform you choose from this list – you will surely be satisfied. If you care about security, choose IQ Option, which has 7 regulations around the world. If you are looking for the best mobile trading platform, choose Expert Option, famous for its app. If you are looking for a broker that offers the lowest initial margin and is perfect for beginners, choose Binarium. If you want to regularly take part in numerous tournaments, choose Binomo. As you can see, the choice is very wide, and which platform you choose depends only on your needs.
IQ Option
IQ Option is a broker that needs no introduction. The platform was established in 2013 and quickly became a leader in the binary options industry. The broker was famous for being the first to start offering a modern platform. IQ Option offers top returns and the platform is full of indicators and drawing tools. Unfortunately, due to the fact that the broker is licensed in many countries, some functions have been irretrievably withdrawn. IQ Option does not offer trading signals, bonuses or cashbacks. Many competitors have such functionalities. If you care about very high returns, a modern platform and occasional tournaments, IQ Option is the perfect choice for you.
- Regulation: Yes, CySEC, FCA, CONSOB, REGAFI, AFM, CNB, CNMV
- Minimum Deposit: $10
- Minimum Trade: $1
- Bonus: None
- Payouts: 98% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes, Android & iOS
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile App
IQ Option has a very good mobile application. Some say that this is the best app available on the market at the moment. And I agree with that, but I have one minor problem. The IQ Option application is very heavy, which means that it will not work best on less efficient devices. If I were you, I would set up a demo account, download the application and see if it works well on your phone.
Available on: Android & iOS
Deposit & Withdrawal
IQ Option is famous for the fact that it carefully selects the offer for individual countries. The broker offers solutions such as cards and internet wallets. Unfortunately, it is not possible to deposit using cryptocurrencies.
Cards: Visa, Mastercard
Bank Transfer: Sofort / Klarna, Bank Transfer
E-Wallets: Skrill, Neteller
Pocket Option
Pocket Option is a relatively new platform that was established in 2017 and very quickly won the hearts of traders around the world. The broker is most popular in Europe where binary options are not readily available and Pocket Option offers easy access for everyone. The broker is famous for its ultra modern platform that includes features such as copying profitable traders, trading signals and attractive bonuses. The broker offers very high returns, but slightly lower than IQ Option.
The broker has an achievement feature that rewards traders with gems for being active on the platform. The more you deposit, trade, break records and withdraw, the more gems you get. These gems can be exchanged in the “Market” tab for cashbacks, bonuses, risk free trades and much more. Trading with this broker is a lot of fun.
- Regulation: Yes, IFMRRC
- Minimum Deposit: $50
- Minimum Trade: $1
- Bonus: Up to 50%
- Payouts: 95% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes, Android & iOS
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile App
Pocket Option, on the other hand, has a very light and easy-to-use application. Unfortunately, most of the functions that are available in the browser are not active in the mobile version. The app works quickly and efficiently.
Available on: Android & iOS
Deposit & Withdrawal
Pocket Option offers a full range of choices. If you want, you can pay the deposit with a card, internet wallet or using cryptocurrencies. There is even an option to use Coinbase as a crypto wallet. It is worth remembering that the card payment is made in an exotic currency, and this means that the bank may charge a commission for currency conversion.
Cards: Visa, Mastercard
Crypto: Coinbase, Bitcoin, Litecoin, Pax, Stellar, Binance Coin, Etherium, Bitcoin Cash, Tether TRC-20, PAXOS Standard, USD Coin, DAI, Ripple, zCash, USDK, USD Tether, True USD
E-Wallets: WebMoney, Jeton, Perfect Money, AdvCash
Expert Option
Expert Option is a platform that was established in 2014 and from the very beginning was a very serious competitor to IQ Option. Expert Option focused primarily on returns and a mobile application that revolutionized binary options trading. I will talk about the application later. The broker has a very modern and light trading platform, rich in indicators, drawing tools and a rich educational section. Unfortunately, the broker has different types of accounts, which differ depending on how much you deposit. If you decide to make the largest deposit from $ 5000, you will receive the best investment conditions in the industry. However, I assume that not everyone will want to deposit so much, so I evaluate the broker based on his basic account.
- Regulation: Yes, IFMRRC
- Minimum Deposit: $50
- Minimum Trade: $1
- Bonus: None
- Payouts: 90% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes, Android & iOS
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile App
As I mentioned before – Expert Option is the king of mobile trading. The app is light, well-designed, contains a lot of graph analysis tools and is very convenient to use in vertical mode. If you are looking for a mobile trading broker, choose Expert Option.
Available on: Android & iOS
Deposit & Withdrawal
Expert Option is one of the few brokers that can deposit using direct bank transfer and PayPal. It is worth mentioning that payment by card is only possible after verifying the account. This is due to anti-money laundering measures.
Cards: Visa, Mastercard, Maestro
Bank: Wire transfer
E-Wallets: WebMoney, PayPal, Qiwi, Yandex Money, Neteller, Skrill, UnionPay, PM, FasaPay, ePayments, EO Finace
Olymp Trade
Olymp Trade is very similar to IQ Option at first glance. The platform looks modern, offers trading signals and the possibility to participate in tournaments. There are also bonuses that work in a slightly different way than the competition. If you decide to deposit $100 and receive an additional $50 bonus, you can withdraw money at any time. Only the amount of the bonus is insolvent, but the rest is fine. Competition usually requires appropriate trading, and only then is it possible to pay out. I like this solution.
Olymp Trade offers different account types depending on how much you deposit. The Silver account starts at $ 500 and the VIP account starts at $2000. The higher the account type, the higher the returns. By default, returns are capped at 82%. In the case of the VIP account, returns are as high as 92%. If you are considering a broker teog, I would put a larger deposit in your place (over $ 500) because only then the broker can compete with other platforms in terms of investment conditions.
- Regulation: Yes, FinaCom
- Minimum Deposit: $10
- Minimum Trade: $1
- Bonus: Up to 50%
- Payouts: 92% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes, Android & iOS
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile Trading
Olymp Trade has clearly followed in Expert Option’s footsteps and the developers have designed a very similar app that works just as well. The app contains over 100 assets and 30 indicators. There is a lot to choose from.
Available on: Android & iOS
Deposit & Withdrawal
Olymp Trade primarily focuses on internet wallets and cryptocurrency payments. If you want, you can also pay the deposit by card, but remember that you will need to verify it before depositing funds.
Cards: Visa, Mastercard
Crypto: Bitcoin, Tether (trc-20), Etherium
E-Wallets: Boleto, Pix, AstroPay, Loterica, Banco do Brasil, Caixa, Bardesco, Perfect Money, Skrill, Neteller, China UnionPay
Quotex
Quotex is a fresh platform that was established in 2020, and its greatest feature is high returns and a large number of available bonuses. The minimum deposit with this broker is only $5, which makes the broker a great proposition for beginner traders. The broker boasts of signals that, in theory, should be effective up to 87%. If you look through the reviews of this broker on the internet, you will notice that Quotex has a rating of 4.6 on Trustpilot, which makes it the top rated binary options broker by the community. The broker offers numerous bonuses depending on the amount you want to deposit. If you decide to deposit over $300, you will receive a 35% bonus. Promotions appear regularly, which allow you to get much bigger bonuses.
- Regulation: No
- Minimum Deposit: $5
- Minimum Trade: $1
- Bonus: 100%
- Payouts: 90% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile App
Quotex also has a great app, but unfortunately it is only available for Android phones. If you have an iPhone, it is not possible to trade on your phone and the browser version remains. If you log in on your phone to your Qutex account in your browser, you can also conveniently trade.
Available on: Android
Deposit & Withdrawal
Until a few months ago, it was not possible to deposit by card, but fortunately it has been added. Quotex focuses primarily on cryptocurrencies due to the low transaction processing costs.
Cards: Visa / Mastercard
E-Wallets: Perfect Money, Piastrix
Crypto: Coinbase, Bitcoin, Bitcoin Cash, USD Tether, Binance Coin, Etherium, Litecoin, Dash, Dogecoin, Solana, Moreno, zCash, Shiba Inu
Binomo
Binomo is a platform that was created at a similar time to IQ Option, but Binomo focused primarily on the Indian market. Binomo is the only broker to have Category A issued by the International Finance Commission, which means that the broker offers a perfect quality of services, and deposits are properly secured. Binomo is famous for its numerous competitions that are organized every week. Some of the tournaments available are paid and some are free. I recommend using the paid ones because there is less competition and it is easier to win something.
Binomo offers bonuses that can turn out to be a trap. The broker does not allow you to cancel the bunus and withdraw money in any way. The only way to cancel the bonus is when you have not opened any position or your account balance is below $1. If you make the right turn, you can withdraw the money. Most brokers allow you to cancel the bonus at any time without any problems and withdraw money.
- Regulation: Yes, International Financial Commission
- Minimum Deposit: $10
- Minimum Trade: $1
- Bonus: Up to 75%
- Payouts: 85% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile App
The Binomo mobile app is not the most beautiful and looks closer to Pocket Option (it’s not a compliment). However, it is light and functional. You can add indicators, analyze the market and make deposits directly through the app without any problem.
Available on: Android & iOS
Deposit & Withdrawal
Binomo offers very similar deposit methods to Pocket Option, but there are far fewer cryptocurrencies on the list. Remember that if you want to withdraw money, you will need to verify your account. This is true for every broker on our list.
Cards: Maestro / Mastercard
Crypto: Tether USD, Litecoin, Bitcoin, USD Coin, Tether USD, Etherium
E-Wallets: Perfect Money, AdvCash, WebMoney, SticPay, AstroPay
Binarium
Binarium is the most experienced broker on our list because it was established in 2012, but it has never gained such publicity as IQ Option and Expert Option. In our opinion, the broker is an ideal proposition for beginner traders because it offers the possibility of an initial deposit from $ 5 and has a very extensive “Education” tab. If you are a beginner, you will surely be satisfied with the services of this broker.
It is worth noting that Binarium offers the possibility of opening an account by selecting 1 of 15 available currencies. If your bank account is in one of the currencies listed below, you will save money on currency conversion when making deposits:
US Dollar, Euro, Australian Dollar, Brazilian real, Thai Baht, Russian Ruble, Ukrainain Hryvnia, Kazakhstani tenge, Vietnamese dong, Indonesian rupiah, Indian rupee, Japanese yen, Turkish lira, Bitcoin (crypto), Litecoin (crypto)
- Regulation: No
- Minimum Deposit: $5
- Minimum Trade: $1
- Bonus: Up to 100%
- Payouts: 95% Max
- Assets: Commodities, Crypto, Forex, Indices, Stocks
- Mobile Trading: Yes
- Withdrawal Processing: 24 Hours
- Demo Account: Yes
- Nigerian Traders: Accepted
Mobile App
Binarium has an application available only on Android phones. You can pay the deposit directly using the app. Unfortunately, there are only 50 assets available in the application. Fortunately, you can add pointers and drawing tools, so analysis won’t be a problem.
Available on: Android
Deposit & Withdrawal
Binarium does not offer many deposit options, but I think that for many traders it is perfectly sufficient. Remember that you can choose 1 of 15 available account currencies, so you can save on commissions if your bank account is in the same currency as your brokerage account.
Cards: Visa, Mastercard
E-Wallets: WebMoney, Perfect Money, SticPay, FKWallet
Crypto: Bitcoin, Etherium, Litecoin, Ripple
Best Binary Options brokers in Nigeria – Conclusion
As you can see, the choice of binary options brokers in Nigeria is huge. In fact, each platform listed here is one of the best in the industry and no matter which broker you choose, you will definitely make a good choice. In my opinion, the main favorites are IQ Option due to very high returns and Pocket Option due to an incredibly extensive trading platform and a lot of functionalities. However, it should be remembered that each of the brokers has its own advantages, so I encourage you to test the binary options brokers you are interested in on a demo account.
Is binary options legal in Nigeria?
Yes, Nigeria is one of the few countries where binary options are not regulated in any way. This has advantages as well as disadvantages. The advantages include easy access to the best brokers from around the world and the downside is that you can come across multiple platforms with the sole purpose of defrauding the client. Therefore, be careful when choosing a binary options broker and be guided primarily by reliable reviews. All the brokers on our list have been thoroughly checked and you are guaranteed not to be scammed.