Business
5 Best Binary Options Brokers in Nigeria

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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