A binary options broker is a company that gives you access to the markets to trade. The broker provides you with a platform with which you use to trade binary options. Such a binary trading platform maybe a website or mobile application. However, the binary options trading is a fast-growing one with countless numbers of prospective traders coming in regularly.
In order to fill this demand, so many companies have come into the space to provide binary options brokerage services. So many of these binary options brokers have introduced numerous innovative offers and services to make trading much easier and to gain market share over in numerous competitors.
|Brokers||Minimum Deposit||Minimum Investment||Maximum Returns||Trade|
|IQoption Review||Minimum Despoit$10||Minimum Investment$1||Maximum Retursnup to 95%||Get Free Account|
|Deriv.com Review||Minimum Despoit$5||Minimum Investment$5||Maximum Retursnup to 95%||Get Free Account|
|Binary.com Review||Minimum Despoit$5||Minimum Investment$5||Maximum Retursnup to 95%||Get Free Account|
|OlympTrade Review||Minimum Despoit$10||Minimum Investment$1||Maximum Retursnup to 95%||Get Free Account|
However, it must be noted that not all of these binary trading brokers are credible or worth a try; in fact, a good number of them are phonies. The level of broker scams in the binary options industry in some countries got so high that countries like the US and Japan have to totally ban binary options Similarly, tech giants Apple and Google – owners of the App Store and Play Store, respectively – took actions some years ago to heavily regulate and ban apps that facilitate binary options on their stores.
Does that mean you have to avoid binary options brokers in Nigeria? Absolutely not! With regulation becoming tighter the number of successful scams and fraud in the industry decreased significantly. What you have to do is get smarter at identifying dishonest brokers; the tips below can be good pointers.
Binary trading regulation in this sense means being registered with financial regulatory authority, notable of which are Financial Conduct Authority in the UK, European Securities and Markets Authority (ESMA), Cyprus Securities and Exchange Commission (CySEC). To be more geographically focused, this hard work is entrusted with Financial Sector Conduct Authority (FSCA) South Africa and Securities and Exchange Commission in Nigeria.
The process of choosing a broker is quite an important one that requires some levels of careful and cautious analysis. This is because whichever broker you choose can go quite a long way in determining how successful you may turn out to be in trading binary options . There are a lot of binary options brokers out there, with different offers and brokerage models. A good number of them are not credible, and maybe outright binary options scams.
As such, one must be equipped with information that will enable you to select the right binary options brokers. And there are some qualities largely common to all good brokers, as summarised below.
By all means, you should go for a regulated broker as there is a clear distinction in the world of binary options between regulated and non-regulated brokers. To be “regulated” here means the binary options broker is registered with financial regulatory authority. Government agencies that regulated binary options brokers include the UK Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA), the Cyprus Securities and Exchange Commission (CySEC) and the South African Financial Services Board (FSB). Signing up with a regulated binary options broker comes with a lot of benefits. For one, you rest assured that the broker will most likely not cheat you, as the regulator must have put in strict guidelines in place for them to comply with. Furthermore, in the event of bankruptcy or insolvency of the broker, your funds will likely be protected, or otherwise, you will at least receive some compensation.
The best binary options brokers provide quality customer support to Nigerian binary options traders. As such if you have any complaints, you can easily reach out to get them fixed.
Beyond customer service, your binary options broker of choice should provide quality brokerage service. This includes user-friendly binary options platform interface, up-to-date binary options charting and technical analysis tools, amongst others.
There are a number of features and qualities which almost all good binary options platforms share. The binary options brokers platform must support fast and efficient execution of trades. The platform must display up-to-date and accurate live prices of assets traded on it. If prices displayed lag even by a few seconds, it can lead to significant losses in the ultra-volatile world of financial markets trading. Your binary options trading platform of choice must be set-up in a way for you to be able to properly measure the risks involved in each trade you wish to execute. This can help you avoid significant binary options losses.
Some notable binary trading brokers that accept Nigerians include IQ Option Nigeria, Olymp Trade Nigeria, Deriv.com Nigeria, Binary.com Nigeria, amongst others.
Each trade you enter must be based on a reasonable basis. This reasonable basis should however arise from carefully done analysis. To be able to properly conduct analysis, you need the right tools. For technical analysis, you need binary options charts, oscillators and indicators that can help you reasonably forecast the likely movements of the price of the assets you are trading.
On the other hand, to conduct fundamental binary options analysis, you need access to live news, events and expert analysis. Your trading platform must provide you with all these and more.
While you look at the upsides in selecting a binary options platform of choice, you should also look at potential red flags that help you avoid the wrong binary options brokers. They include:
You have to research properly to ensure that your binary options trading platform of choice meets the above criteria. Once you have decided that, you can then proceed to the registration and binary options login stage.
When you sign up with a binary trading broker in Nigeria, and want to trade, using either a demo account or a live account that you have deposited into, you need a binary trading platform on which to do so. A binary options trading platform is a computer program where you get to place online binary options trades, provided by the broker. However, the binary trading platform is used for much more than just entering and exiting trades. Trading platforms now come with basic and advanced charting tools and indicators to be used for technical analysis. They can also contain news feeds and reports to be used for fundamental analysis. It should be noted that not all trading platforms are provided or owned by the broker. As such, based on ownership there are 2 basic types of trading platforms: Proprietary and Third-party.
One of the reasons why binary trading brokers in Nigeria host their platforms on third-party programs is that they are usually much more accessible than proprietary platforms. Another reason is that these third-party binary trading programs are usually filled with more trading tools and resources.
One very popular example of such third-party platforms is MetaTrader 4 (popularly called MT4), and its newer version, the MT5. Trading platforms – either proprietary or third-party – can be accessed via web traders for PC users, and mobile apps for smartphones.
There are a number of features that a binary options trading platform should have; these features will generally make your binary trading experience much easier. One required quality of a good binary options trading platform is having an array of good binary trading tools, charts and indicators. There should be Live Price and Live Updates. One indispensable feature that trading platforms must provide is live price updates.
In trading, every number counts and differences or lags in price display may be costly to your trading. Furthermore, your binary trading platform should be accessible on many fronts.
Technological advancement has made it easy for us to access the internet using multiple devices; and any automated trading software Nigeria that is worth using should follow suit. Accessibility on multiple devices will give you access to seamless binary trading, as you can tailor your trading to your lifestyle.
The term trading software is often used interchangeably with the trading platform, and rightly so. In many cases, a binary options trading platform essentially means the same as binary trading software. There may be as many binary trading software out there as there are brokers, but not all binary options trading software is worth the use. In fact, the quality and setup of a broker’s trading software should be one of the factors traders should look into when choosing a binary options broker. This is because the choice of your binary trading software can make or mar your trading. If you choose the wrong trading software, you can set yourself up for debilitating losses in the market. As such, it is recommended that you carefully select your trading software.
There are a number of factors that serve as pointers to a good binary options software; some of these factors are summarised below:
A slow binary options trading software is dangerous for your trading and can lead you to make heavy losses. The slow-to-respond trading software will likely lag in displaying prices of market instruments or slow to feed you relevant market news. This can mislead you into making wrong decisions, thereby ending up hurting your capital.
Another factor to look into in selecting your trading software is its level of security. We are in a time when cybersecurity issues and breaches are at their most alarming; and considering the fact that your trading probably involves your hard-earned capital, the software on which you trade should be adequate.
Your binary trading software should come with some good features. Such features that are indispensable include analysis tools, the latest indicators, amongst others. For instance, binary options trading software that does not come with candlestick charts is not worth using.
A demo account is simply an account provided by the binary options broker to you for free. The demo account typically contains virtual money which you can use to make trades in the markets, without any risks to you. Amongst its many numerous uses, the demo account gives newbie traders the opportunity to practise their trading skills, and experienced ones to test out new strategies. It also enables you to test a biary options broker’s platform.
Before you go for binary trading software in Nigeria, it is important that you properly research it. You can check blogs, forums and trader chatrooms for reviews of the binary options software by those who might have used it before. While we are not staying that you avoid new software, we strongly recommend that you go for trading software that has passed the test of time, and have been certified as good.
There are numerous brokers offering binary options trading services to Nigerians, but we have had to handpick those whom we believe are 4 of the very best; they are:
IQ Option is an all-inclusive trading platform that has in recent years dominated the market, especially in Europe.
IQ Option Nigeria offers Binary options Services alongside Cryptocurrencies trading, stock CFDs, Digital options and ETFs.
We can say convincingly that IQ Options trading platform has one of the most beautiful and easy-to-use user interface. If you are new to trading, you can practice with the demo account; filled $10,000 which you can replenish. The minimum deposit is $10 and you can trade with as little as $1.
One other good thing about IQ Options is its 24/7 customer support service.
Olymp Trade Nigeria is owned and managed by Saledo Global LCC with offices in St Vincent and Grenadines.
The company was established in 2014 and has ever since risen to become one of the fastest-growing trading platforms in the world.
One quite unique thing about OlympTrade is how much it invests in education of its users. There are expert analysts to cater to its clients.
Another impressive thing is that it is licensed by the International Financial Commission (FinaCom), one of the most trustworthy financial services regulators.
Deriv.com can be said to come from history. It traces its history back to the year 2000, but was bearing Binary.com for a very long time, before rebranding to Deriv in 2020. Binary.com Nigeria was a huge household name.
The purpose of the rebranding was to signify a shift from purely binary options to other forms of trading, including CFDs.
Deriv.com has a number of Platforms including DTrader, Dbot, DMT5, and SmartTrader.
Largely due to its Binary.com legacy, it has over 1.2 million active users and processes over 6 million USD in withdrawals each month.
Deriv.com Nigeria is regulated by multiple reputable agencies and just secured its FinaCom license in June, 2020.
One more unique thing about Deriv.com deposit and withdrawals can be done in cryptocurrency.
PocketOption was established in 2017 by Gembell Limited. It is based in Marshall Island and is regulated by International Financial Market Relations Regulation Center (IFMRRC).
Its has a solid user interface making it easy for users to quickly create an account to start trading. Its trading platform is available in web, desktop, android and iOS versions, you will have no problems understanding this platform as a beginner.