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5 Best Binary Options Brokers in Nigeria

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If you are looking for a simplified investment strategy, look no further than that offered by binary options brokers in Nigeria. However, it might be challenging to locate the top binary options trading platform in Nigeria.

Therefore, we have compiled a list of the best forex brokers in Nigeria that offer binary options so that you could invest in Binary Options and Digital Options from the comfort of your own home.

 

Nadex

Overview

Nadex, which is one of the best binary options brokers in Nigeria, is licensed by the Commodity Futures Trading Commission (CFTC), is the biggest binary options exchange in the United States and allows traders to speculate on currency pairs, commodities, and stock indices.

When compared to other online brokers, the platform’s user-friendliness and commission rates are quite impressive.

 

Pros and Cons

PROS CONS
Nadex is fully regulated and offers user-friendly trading platforms CFD trading is not supported
Nigerians can expect powerful trading tools There is a limited range of forex pairs
There is a range of tradable asset classes There are limited funding options

 

BinaryCent

Overview

Exchange-traded foreign currency contracts provide the backbone of the BinaryCent trading platform. BinaryCent is one of the best options for best forex brokers in Nigeria. Trading binary options with forex as the underlying asset is a little different from other trading platforms.

Since the lowest investment required by BinaryCent is merely 41 NGN, the platform is gaining popularity among traders.

 

Pros and Cons

PROS CONS
Easily accessible to traders from around the world There are no trade signals offered on the platform
There is a plethora of educational materials
BinaryCent offers 24/7 customer support

 

IQ Option

Overview

As one of the most prominent online options brokers, IQ Option is headquartered in Cyprus and is one of the best forex brokers in Nigeria with binary options. With customers in over 213 countries and 43 million registered users, they handle over 1 million deals daily.

 

Pros and Cons

PROS CONS
IQ Option has one of the best mobile apps for Nigerian traders on the go There is a limited selection of markets offered
There is a demo account offered
The app and platform are accessible and user-friendly

 

?Open a Free Trading Account Now

 

Binary.com

Overview

Because of its long history in the industry, Binary.com has a solid reputation. It was created in 1999. Across a million people all over the globe have signed up as members.

Binary.com sets itself apart from other brokers by giving you access to a wide variety of trading platforms, including the popular MT5, the innovative Binary Bot, and the versatile SmartTrader.

 

Pros and Cons

PROS CONS
Binary.com accommodates beginners and experienced traders Some offerings are not considered legal in many jurisdictions
There is a choice between different platforms
There are several rare options not allowed by other brokers

 

RaceOption

Overview

Since its founding in 2014, this binary options broker situated in the United Kingdom has processed over 10,000 transactions a day on average.

They provide outstanding CFD trading features, such as live charting and rapid trade execution, on a platform that is accessible from any computer or mobile device.

 

Pros and Cons

PROS CONS
RaceOption accepts traders from around the world and offers great liquidity There is an extremely high minimum deposit
There are several funding options offered
There are bonuses up to 100% offered

 

Conclusion

Binary options trading is a convenient method to supplement your income without taking on the standard market risk. However, Nigerians should approach with care since binary options are dangerous despite their seeming clarity.

 

FAQ

 

What are Binary Options?

Binary options provide two potential outcomes: a preset profit or losing your investment.

 

Are Binary Options Brokers Regulated?

Several market regulators oversee several binary options firms, but many brokers are unregulated.

 

Also Read: Why Forex Trading Is So Popular

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NTVOA Promotes 24hr-Online Operations On Faulty Vehicles

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The National Towing Vehicles Owners Association (NTVOA) has commenced consultation with security agencies and stakeholders in the transport logistics chain system on the best way to respond promptly  to rescue articulated vehicles parked along major roads and highways nationwide through digitalisation .
The Trade Union Congress (TUC) affiliate association said plans are already afoot to introduce an app designed to respond swiftly to brokendown  vehicles in furtherance to ensure free flow of traffic.
NTVOA said it will test-run the app in  Lagos when completed  due to the predominant and peculiar nature of traffic, noting that the technological device would take the form of “Uber”
In a chat with the National Secretary of NTVOA, Comrade Sylvester Afonughe in Ogun State, he noted that the move would be an all inclusive app through which security agencies will also be alerted  in line with the technological innovation .
He said the operation when completed will encourage faster response to vehicles with technical hitches to be evacuated from the roads.
The scribe sad aggressive campaigns and sensitization mechanism would be put in place to enable stakeholders understand how to use the app upon completion.
Afonughe, an engineer and the Business Relationship Manager, Moniepoint, affirmed that: “It looks tasking, no doubt, but that is what we are looking at as a union because we have already commenced consultation for the website which will operate like Uber or O Pay in nature.
He said the union is also resolved to key into the automation system as part of efforts to address human contact and to promote seamless operations in modern day transport technology.
“We are looking at how we can improve on our operations because it is what I single-handedly initiated under the stable of my organization, then the national can take it up from there.
“So many factors are also considered in this project because we are looking at 24 hours online real time operations because we cannot rule out night activities.

“Security is key here so these are the things we are looking at because we need to carry security agencies along because security must not be compromises when we kick start this project.

By; Nkemenyie Mcdominic, Lagos

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NIWA Provides Waterways Ambulance For Search, Rescue

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The National Inland Waterways Authority (NIWA) has introduced a new ambulance boat to serve the Lagos waters.
Disclosing this in a statement made available to our correspondent in lagos, NIWA said “The decision to introduce the new ambulance was in response to critical empowerment of the search and rescue team in Lagos, and as strategic fulfilment to suggestions made by the cream of maritime media at a recent parley with the Managing Director of NIWA, Dr. George Moghalu .
“Dr. Moghalu noted that the new craft fitted with amber lights and two 175 Horse Power engines by Yamaha, with cream colour leather interior, fitted with medical equipment, first aid boxes, communication system and stretchers, will form the fulcrum rapid response to accidents on Lagos waterways.
“Rugged and built to  ferry accident victims and those who require immediate medical attention to the nearest hospital and Medical Hold Bay, the ambulance watercraft can travel at controlled timing without fear or anxieties of being buffeted by high impact waves”, it stated.

By: Nkemenyie Mcdominic, Lagos

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CBN Raises Savings Interest To 4.2%

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Bank customers in the country are now to be paid more interest on their savings after the Central Bank of Nigeria (CBN) reviewed upward minimum interest payable to 30 per cent of the Monetary Policy Rate (MPR).
At its last meeting in July, the Monetary Policy Committee (MPC) of the CBN had raised MPR to 14 per cent due to the persistent rise in inflation rate in the country.
The upward review of interest on savings was stated in a circular signed by the CBN Director, Banking Supervision, Haruna Mustafa, and issued to all banks dated August 15, 2022.
With the new circular, banks are expected to increase interest rate on savings from 10 per cent of MPR to 30 per cent of MPR with effect from August 1, 2022.
Consequently, bank customers can now earn up to 4.2 per cent, which is 30 per cent of the 14 per cent MPR as against 1.4 per cent, which was 10 per cent of the MPR.
According to The Tide’s source, the circular states in part:  “It will be recalled that as part of the efforts to ameliorate the impact of the COVID-19 pandemic, the Central Bank of Nigeria reduced the minimum interest rates payable on local currency savings deposits from 30 per cent to 10 per cent of the Monetary Policy Rate (MPR).
“This was aimed at stimulating growth in the larger economy following the economic slowdown occasioned by the pandemic.
“However, following the return to full normalcy and considering the prevailing macroeconomic conditions, it has become necessary to effect an upward adjustment of the interest rate payable on local currency savings deposits.
“Accordingly, effective August 1, 2022, the negotiable minimum interest rate on local currency savings deposits shall be 30 per cent of MPR. This supersedes our letter dated September 1, 2020, referenced BSD/DIR/GEN/LAB/13/052 on the subject.”

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