Trading binary options is one of the most profitable ways to make good income online.
By way of introduction, binary options trading involves speculating on the direction of prices of assets listed on global financial markets. In essence it involves betting on the movements of prices of financial instruments such as stocks, currency pairs, commodities, indices, amongst others. If you believe that prices will go up, you go for a “Buy” trade; and if the opposite is the case, you choose a “Sell” trade. You “stake” or “bet” a fixed amount for the trade; if your trade turns out right, you are paid a fixed percentage of this amount you put up. If however your trade turns out incorrect, your potential loss is limited to this amount as well.
However to be able to trade binary options, you need access to a brokerage account. There are a number of brokers that you can choose from but not all are worth recommending. However one of the most recommendable is Binary.com.
Binary.com Review Nigeria
Formerly known as BetOnMarkets.com, Binary.com is one of the earliest brokers to start offering binary options trading services. Founded in 1999, it is one of the most popular and most respected online trading platforms out there. Binary.com does more than binary options brokerage; it is also a forex broker. Its physical offices are based in Malta and Malaysia, and its trading platform is available in multiple languages, including English, French, Mandarin, German, Indonesian, Italian and Portuguese, amongst others.
There are up a little over 100,000 active traders on its platform, who conduct as much as 195 million transactions per annum.
In 2019, Binary.com generated up to $1 billion in turnover, and client withdrawal reached $140 million.
Binary.com is very much available in Nigeria, but does not feature a dedicated website for Nigeria like some other brokers.
It is regulated by the Malta Financial Services Authority – one of the very few binary options brokers regulated by the Malta FSA. It also has a license from the Financial Conduct Authority (FCA) of the UK, and is also registered with regulators in the Isle of Man.
Binary.com is likewise one of the few binary options brokers that pays up to 100% on correct trades. Binary.com allows speculation in currencies, stock indices and commodities. Binary.com’s platforms do not however feature cryptos, ETFs or individual stocks.
Binary.com Login Nigeria
There are multiple channels through which you can access Binary.com trading platform. With a PC or mobile device you can access it via the web. The web platform is known as WebTrader. For smartphone users, Binary.com has the TickTrade app available on both the Google Play Store and Apple App Store (for Android and iOS devices respectively).
Finally, there is another multi-barrier trading platform by Binary.com known as Ladders, dedicated to FX binary options trading Nigeria.
All the above are proprietary trading platforms. Binary.com trading platform is however accessible through the third-party platform, MetaTrader 5. This is a feat that is rare among binary options brokers. Still, on third-party platforms, Binary.com supports two third-party charting and technical analysis platforns, Trading View and Smart Charts.
Binary.com trading platform comes with a number of technical analysis tools, price bands and indicators. If you are a new trader or you are reluctant to do manual trading, then you will find Binary.com trading bot useful in making trading decisions. If this bot is too complicated, maybe you should check Binary Options Robot Nigeria for more options.
They also provide an education platform to teach you the basics of trading binary options Nigeria.
The Binary Bot
The Binary Bot by Binary.com is a programming tool that helps set Binary.com apart from the competition. This tool lets you create a trading app using a drag-and-drop function. You can use this tool to create as many binary options trading bots as you want. In addition to creating bots for your own use, you can make an additional profit by selling your bots in the Binary.com Shop to other traders. Every time a trader buys your bot, you get 80 percent of the sales revenue.
Binary.com Types of Trades
Binary.com offers different types of trades that traders can choose from; they include:
1) Rise/Fall Option Contract
Traders will decide if the expiry price will RISE or FALL from its current spot price.
2) Higher/Lower Option Contract
Traders will decide if prices will end up HIGHER or LOWER than a predetermined price target.
3) Touch/No Touch Option Contract
Payout is made when prices Trade TOUCH or NOT TOUCH a predetermined price target during duration of the contract.
4) In/Out Option Contract
The aim is to see if prices will be IN between or OUT of two price targets.
5) Tick Trades
Similar to 60 seconds options, traders here decide which way the market will go in 5 ticks of price movements.
Binary.com Demo Account Nigeria
One important feature of a good binary options broker is the provision of a binary options trading demo account. Binary options demo trading account is an account provided by the broker to you for free, that contains virtual money for you to use to trade. The money in the binary options trading demo account is not real, and you can never cash it out. Why do you need a demo account?
Binary options brokers provide binary options demo trading accounts because they want to give newbie traders using their platforms the opportunity to practise their trading skills, before their own actual money/capital. Binary options demo trading accounts allows you as a beginner trader to test, experiment and trade real market conditions with fake money. Thus you can make mistakes without any fear of liability.
Binary options demo trading accounts allow prospective clients of a binary options broker to test its platforms before deciding to trade with that broker. You will be able to know specific styles that are peculiar to the particular binary options broker, such as their calculation of lot sizes, allowable margin and minimum risk amount.
Finally, experienced traders may make use of demo trading accounts to test new trading strategies to ascertain if they are effective and profitable, using fake money but real market scenarios, before applying those strategies to live accounts where actual money will be on the line.
Unfortunately, Binary.com does not provide a demo account, directly; it is available only via Deriv.com.
Binary.com Minimum Deposit Nigeria
To be able to trade a live account with Binary.com, you need to deposit $5. This is by far the lowest required minimum deposit amount you find of any broker. This relatively low minimum deposit opens up trading to many brokers.
With such a low deposit amount required, it is no surprise that Binary.com don’t need lots of attractive bonuses to entice people to sign up to their binary trading Nigeria platform. However, there is a $20 welcome bonus offered to those that open an account with just $5.
Making your Deposits
To deposit you have to login into your trading account on any of the platforms provided by Binary.com. In the navigation bar (you see three dashes), you see the “Cashier” section. Clicking on it takes you to the Deposit and Withdrawal section. From then on you can then click “Deposit”. You will see a number of Deposit options. Click the one you have access to, and fill the required information. Binary.com not only lists its payment methods but also details which currencies are applicable for each method. These are summarised below:
- Bank Wire and Money Transfer – available in USD, EUR, GBP and AUD. Internet banking payment/transfer is available via USD, GBP, and EUR.
- Card Payment – debit card payment is available for USD, GBP, EUR and AUD. Supported cards include Visa and MasterCard.
- Electronic Wallets – you can pay through FasaPay, PerfectMoney, Skrill, WebMoney, Yandex, Qiwi and Neteller, amongst others. This is available for only USD payments.
- Cryptocurrencies – although recently introduced, Binary.com is one of the first binary options brokers to facilitate cryptocurrency payments. Supported coins include Ethereum, Bitcoin, Bitcoin Cash and Litecoin.
Binary.com Withdrawal Nigeria
For withdrawal, unlike what is attainable with other brokers, you can cash out all the funds in your account with Binary.com to the last dollar. With other brokers, you can only cash out all your funds if you want to close the account; usually, you have to leave some money in the account.
Withdrawal methods include the following:
- Bank transfer; note that this may take some considerable amount of time, sometimes running into days.
- Debit card; preferably one powered by either of MasterCard, Visa or UnionPay.
- Electronic Wallets: FasaPay, PerfectMoney, Skrill, WebMoney, Yandex, Qiwi and Neteller. There is surprisingly no mention of PayPal.
- Cryptocurrencies: Withdrawal is available via only Bitcoin.
How to Withdraw Money From Binary.com in Nigeria
Apart from the above options, there is a seeming faster method of withdrawing your profits from your Binary.com trading account; and that’s through MyTopExchange.com. MyTopExchange is a third-party payment processor on behalf of Binary.com. MyTopExchange is one among a number of third-party agents used by Binary.com.
The process of withdrawing via MyTopExchange is summarised below:
1) Inside your Binary.com account dashboard, click on “Cashier”.
2) Inside “Cashier” page, scroll down to “Payment Agent” and click Withdraw.
3) Inside the Payment Agent Withdrawal page, select MyTopExchange.com from the list of Payment Agents.
4) Enter the Amount in US Dollars you want to Withdraw and click “Submit”.
5) Visit www.mytopexchange.com website and Login to your account profile. If you don’t have an account already on the website, click on “Register” and follow through the registration process.
6) Inside your MyTopExchange Account dashboard, at the left hand side of your screen, click on Withdraw from Binary.com. Fill the form inside the page and clicks the Submit button.
Immediately your funds are received from Binary.com, MyTopExchange will make payment to your bank account instantly without any delay.
Is Binary.com Regulated in Nigeria?
Binary.com is not regulated in Nigeria; this means that it is not registered with any Nigerian financial authority.
Binary.com is a global binary options broker, present in over 120 countries. It also provides services to Nigerian binary options traders.
Due to its scope and reach, it is practically impossible for it to get licensed by regulators in all the countries it operates within. It can only be regulated in a handful of places, which it has sufficiently done.
In essence, there are really no issues with Binary.com not being regulated within Nigeria.
But this has some implications. It means that in case of the breach committed against Nigerian binary traders, no Nigerian institution has real authority over Binary.com. However, when you look at it, you discover that no other binary broker is regulated in Nigeria.
Is Binary.com a Scam?
First, to answer this, we have to examine the common characteristics of scam brokers. The common traits of most illegitimate brokers include:
Lack of Regulation
Most scam brokers are not regulated by any reputable financial authority in any country. As such, they are not subject to any rules and can get away with breaches of client’s trust.
Conducting checks online will reveal negative reviews of most broker-scams.
Lack of Credibility
It turns out that a lot of broker-scams don’t have a track record to boast of, for example Bitcoin Loophole App Nigeria.
You will observe that Binary.com towers above all these features. For one, it is well regulated, at least across 2 continents. It does not engage in hard selling and doesn’t promise alluring bonuses. Its reviews online are pretty good and finally, it has earned its credibility. It has been in the business of online trading since at least 1999.