7 Best Regulated Binary Options Brokers in Nigeria
The 7 Best Regulated Binary Binary Options Brokers in Nigeria revealed. We tested and verified the best regulated binary options, forex brokers, for Nigerian Traders.
This is a complete list of binary options forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is a Binary Options Broker?
- Which binary options brokers and trading platforms are best for Nigerian Traders?
- Is iq option legit in nigeria
- Our recommended $5 (2 075 NGN) low deposit binary options brokers for Nigerian Beginner Traders?
- How to compare binary options forex trading brokers against each other?
- Which brokers offer a signup bonus for first-time traders?
- Top binary apps
- Which Binary Options Brokers offer a mobile app on IOS and Android?
- Which regulated binary options brokers offer traders to trade on the MT4/MetaTrader 4 and MT5/MetaTrader 5 platforms?
And lots more…
So if you’re ready to go “all in” with the best-tested regulated binary options brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best Regulated Binary Options Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ Regulated Binary Options Broker? | 💸 Minimum Deposit (₦) | ✔️ Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open An Account |
| 1. IQ Option | Yes | 7,755 NGN | No | Yes | 👉 Open Account |
| 2. Alpari | Yes | 1,000 NGN | Yes | Yes | 👉 Open Account |
| 3. AvaTrade | Yes | 41,500 NGN | No | Yes | 👉 Open Account |
| 4. HFM | Yes | 2,000 NGN | No | No | 👉 Open Account |
| 5. Pepperstone | Yes | 60,700 NGN | No | Yes | 👉 Open Account |
| 6. FXTM | Yes | 10,000 NGN | Yes | Yes | 👉 Open Account |
| 7. FP Markets | Yes | 30,800 NGN | No | Yes | 👉 Open Account |
7 Best Regulated Binary Options Brokers in Nigeria (Updated 2023)
- IQ Option – Overall, Best Regulated Binary Options Broker in Nigeria
- Alpari – Offers more than 250 markets
- AvaTrade – Offers a Diverse Range of Financial Markets to Nigerians
- HFM – Best Broker for Beginner Traders
- Pepperstone – Best Binary Options Broker with Trading Tools
- FP Markets – Best MT4 and MT5 Trading Platform Broker
- FXTM – Best Low-Deposit Broker in Nigeria
What are binary options?
👉 Binary options are financial options that have one of two payoff alternatives. These alternatives are either a fixed sum or nothing at all if the contract is kept open until expiration. They are referred to as binary options because there is no other way to settle the trade.
1. IQ Option
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
CySEC, FCA, CNB, AFM
Trading Desk
Own Platform
Crypto
Yes
*FXGT.com has a CySec license, but it is only valid for institutional clients.
Total Pairs
Over 20
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
IQ Option is a broker with a Cyprus basis that is subject to CySEC regulation (Cyprus Securities and Exchange Commission).
One of the most popular online trading platforms since 2013, IQ Option has over 43 million registered users, more than 1 million transactions every day, and customers from more than 213 nations.
IQ Option is renowned for its comprehensive and modern trading platform. They provide more than 250 trading assets, including binary and digital options as well as CFDs on stocks, cryptocurrencies, commodities, and exchange-traded funds (ETFs).
Their digital options offer return rates of up to 900%, while their binary options pay up to 95% on successful investments.
The IQ Option platform is accessible through their trading applications or the Web (Android, iOS, Mac, and Windows). $10,000 in fictitious money is accessible in free demo accounts for practice purposes.
IQ Option’s software includes many chart layouts, financial indicators, technical analysis, and real-time notifications, among other features you would desire or anticipate.
Unique Features
There are binary options pay-outs up to 95%.
The expiry times range between 60 seconds up to one calendar month.
There are multiple multi-chart layouts, technical analysis capabilities, technical indicators, and more.
Kenyans can trade over 250 instruments including Forex, Indices, Cryptocurrencies, Commodities, CFDs on Shares, and more.
There is a minimum trade of $1 / 110 KES.
1. Alpari
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Alpari’s clients in Nigeria have access to more than 250 markets, including forex, stocks, indices, metals, and cryptocurrencies.
👉 Alpari offers the MetaTrader 4 and MetaTrader 5 platforms on its desktop, online, and mobile platforms, respectively, and on its web platform.
👉 The OptionTrader demo version is now available in the “Binary Options” area of Alpari’s website, allowing you to practice your trading skills without having to register with the broker.
👉 You may now practice your trading skills on Spread High / Low options, as well as other forms of options, without even needing to register for myAlpari.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| 📲 Social Media Platforms | • Facebook |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Forex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4) |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 1,000 Naira |
| 💳 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| 💸 Nigerian Naira-based Account? | Yes |
| ✔️ NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.4 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Alpari has Nigerian-based offices and support | There are limited tradable instruments |
| The broker is a member of the Financial Commission (FC) | There is a lack of comprehensive educational materials for novice traders |
| Offers popular forex trading platforms including proprietary trading platforms and trading apps | There are no fixed tight spread accounts |
| Trading Signals are offered through AutoChartist, one of the best third-party providers in the trading industry | The broker does not have regulation or authorization through the Financial Conduct Authority |
| PAMM Managed Accounts are offered | |
| News on the website is streamed through FxWirePro | |
| There is multilingual customer support offered | |
| Commission-free trading options provided | |
| Welcomes traders despite their trading style or trading experience | |
| Offers competitive trading conditions across trading accounts including some of the lowest spreads on leveraged trading |
Trust Score and Nigerian Market Share
🥇 Alpari has a trust score of 95% and an overall market share of more than 14%.
2. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 In 2006, AvaTrade became a leading binary options broker, earning a number of significant financial industry accolades over its tenure in the business.
👉 Today, it is a multinational corporation that provides its investors with access to a diverse range of financial markets. AvaTrade is a trading platform that caters to the needs of all traders, from the rookie to the experienced.
👉 It offers 24-hour customer service, a large selection of assets, and an easily navigable trading environment. This broker also provides a comprehensive range of educational resources as well as a number of extra features.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💳 Minimum Deposit (₦) | 41,000 Nigerian Naira equivalent to $100 |
| 📈 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, Contract for Difference (CFD), Precious Metals |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and one of the most trusted online trading brokers in the world | Variable spreads are not offered |
| There is a wide range of financial instruments that can be traded across financial markets | There is a limited choice between account types |
| There are several technical indicators, economic indicators, and other solutions for advanced traders | Inactivity fees are applied |
| There are several trading platforms to choose from | Currency conversion fees may be applied |
| There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed to | There is a limited number of base currency options offered on accounts |
| There is a multitude of social trading opportunities offered | |
| The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others. |
Trust Score and Nigerian Market Share
🥇 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.
3. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 More than 150 trading instruments, including forex, commodities, indices (stocks and futures), bonds, and CFDs on cryptocurrencies, are available to Nigerian traders with HFM.
👉 HFM’s trading accounts are available in a range of configurations, each of which includes commission-free forex trading for Nigerians.
👉 Binary options will be available to traders at HFM as a fully licensed and regulated options broker by the Cyprus Securities and Exchange Commission (CySEC).
👉 A number of analysts believe that the extraordinarily volatile nature of binary options puts investors at risk to an excessive degree. But HFM claims that binary options are easily accessible to traders of all levels of experience, even beginners.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💳 Minimum Deposit (₦) | 2,000 Nigerian Naira equivalent to $5 |
| 📈 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Well-regulated CFD and Forex broker that has a decent trust score | United States clients and some other regions are not accepted by HFM |
| The spreads offered are low and competitive | There may be restricted leverage for EU clients because of regulatory requirements |
| There are several account types to choose from with reasonable trading fees charged | There are no variable spread accounts offered |
| HFM welcomes all types of traders and trading strategies | Limited funding options offered for deposits and withdrawals |
| There is a low minimum deposit requirement and secure methods for deposits and withdrawals | |
| Suited to beginner traders and experienced traders | |
| Offers comprehensive expert trading and market analysis | |
| Offers a decent selection of educational tools and a range of trading tools |
Trust Score and Nigerian Market Share
🥇 HFM has a trust score of 83% and a Nigerian market share of 2.5%.
4. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Internationally recognized FCA and ASIC regulated broker Pepperstone has high-speed execution and an offering for novices that other ECN brokers lack.
👉 Pepperstone’s clients have access to the most cutting-edge trading tools and the most competitive spreads in the industry, thanks to the company’s longstanding partnership with the three major third-party trading platforms.
👉 Pepperstone is a fantastic alternative for Forex traders in Nigeria seeking for a low-cost and dependable ECN broker with good education and market analysis sections and a decent array of trading tools.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account. |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💰 Minimum Deposit (₦) | 60,700 Nigerian Naira |
| 💸 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 💵 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Trust Score and Nigerian Market Share
🥇 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
5. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Trading platforms like MetaTrader 4, MetaTrader 5, and Iress are available from FP Markets, which also offers raw spreads and large leverage to its clients.
👉 FP Markets provides an outstanding trading environment, with raw spreads and the option of either ECN or DMA accounts as a trading option.
👉 The MetaTrader and Iress trading platforms are suitable for both novices and experienced traders, and there is a wide range of FX, equity CFDs, futures, and cryptocurrencies to choose from.
👉 Customers will appreciate the high level of customer support, the quick sign-up process, as well as the user-friendly client interface that makes FP Markets an excellent choice for traders of all experience levels.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 📱 Trading Platform | cTrader, MT4 and MT5 |
| 💵 Minimum Deposit (₦) | 30,800 NGN |
| 💰 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker that has a high level of trustworthiness | There are no fixed spread accounts offered |
| There is a wide range of markets that can be traded across asset classes | There is no dedicated Naira account offered to Nigerian traders |
| There are powerful trading platforms supported across devices | There are withdrawal fees charged |
| Nigerian traders receive an ECN pricing model with raw and tight spreads | There are administration fees charged on the Islamic Account |
| There is guaranteed fast trade execution through the Equinix servers | |
| Commission-free trading is provided | |
| There is a dedicated Islamic account option for Muslim traders | |
| Copy-trading and automatic trading is offered | |
| There is a dedicated educational trader’s hub |
Trust Score and Nigerian Market Share
🥇 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.
6. FXTM
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Many new traders in Nigeria will find FXTM to be a fantastic option for them. FXTM includes a Micro Account with a cheap initial deposit, a great copy trading platform, and a range of learning courses in both video and written media, among other things.
👉 Beginning traders can also benefit from its daily market analysis, which helps them comprehend the real-world ramifications of news events on the options market and where trading opportunities exist.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💵 Minimum Deposit (₦) | 10,000 Naira |
| 💳 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and award-winning forex broker | Inactivity fees are charged on dormant accounts |
| There is a dedicated customer support team available | FXTM does not offer its services to United States clients |
| There are several easy and quick funding and withdrawal methods offered | |
| There are three dynamic retail investor accounts to choose from with high maximum leverage ratios | |
| Low minimum deposit requirements and commission-free trading offered | |
| Deposit fees are not charged on any of the payment methods offered and the processing times on withdrawals are quick | |
| There is a selection of educational tools offered and research tools for experienced traders | |
| There is dedicated customer support offered in multiple languages |
Trust Score and Nigerian Market Share
🥇 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.
7. GO Markets
Overall Rating
- 4.9/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC, CySec, FSC, FSA and SCA
Trading Desk
Hybrid
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 In addition to having an ECN account, GO Markets offers a reasonable choice of tradable products on both the MT4 and MT5 trading platforms, which are both well-regulated.
👉 GO Markets’ most prominent feature is the sheer volume of trading tools available to clients, which includes a VPS hosting service, Autochartist and Trading Central, as well as MT4/MT5 Genesis and A-Quant, which provides a plethora of daily trading signals.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FSA Seychelles, FSC Mauritius, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, GO+ Account |
| 📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 61,700 NGN |
| 💵 Trading Assets | • Forex CFDs • Share CFDs • Index CFDs • Metal CFDs • Commodity CFDs |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.1 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| GO Markets is a well-regulated broker with a high trust score | There is a high minimum deposit |
| GO Markets offers powerful and user-friendly trading platforms across devices | There is no Islamic account option provided for Muslim traders |
| There are commission-free trading options offered | Nigerian traders may face currency conversion fees when they deposit in Nigerian Naira |
| GO Markets offers tight spreads and competitive commissions | There are no local deposits and withdrawals offered to Nigerian traders |
| Trading Central, VPS, Myfxbook, AutoChartist, and MT4/5 Genesis is offered | There are no Nigerian Naira-denominated accounts |
| Traders have access to a-Quant tools | |
| There is a comprehensive GO Trade Academy educational portal for beginners | |
| GO Markets offers dedicated customer support |
Trust Score and Nigerian Market Share
🥇 GO Markets has a high trust score of 98% and a market share of <5% in Nigeria.
Understanding how binary options work
👉 When it comes to binary options, the assumption is a straightforward yes or no proposition: Will an underlying asset be trading above a specific price at a certain time?
👉 As a result, it is one of the most straightforward financial assets to trade, with traders placing transactions based on whether they believe the response is yes or no.
👉 Because of its simplicity, it has gained widespread acceptance among traders and newbies to the financial markets.
👉 Even though binary options appear to be simple, traders should thoroughly grasp how they function, which markets and time frames they may trade with binary options, as well as the advantages and downsides of using these products.
👉 Investing in binary options is as easy as asking a simple question: will this market be above this price at this particular point in time? If you believe it is, you buy; if you believe it is not, you sell.
👉 As a result, binary options are priced between $0 and $100, allowing you to choose how much capital you are willing to risk.
👉 Because each contract will show you the greatest amount of money you may win and the maximum amount of money you could lose, you can always make an informed decision and ensure that losses do not spiral out of hand.
👉 If your trade is a success, you will receive a $100 payout, which means your profit will be $100 less the money you spent to open the transaction, resulting in a profit of $100.
👉 If your deal does not go through, you will not receive a compensation for it. This means that you have lost your capital, but not anything else, because your risk has been limited.
👉 Binary option contracts can provide traders with fast-paced trading opportunities while also limiting their exposure to risk, making them an excellent choice for traders of all levels of experience.
👉 Maintaining focus on your trading strategy while also managing risk is critical for success. This will prevent you from putting too much money at danger and losing more money than you can afford to lose.
How to set up a binary options contract
👉 A contract for a binary option is composed of three fundamental components:
➡️ The market on which everything is built. This is the market on which you want to trade – typically brokers offer forex, stock indexes, commodities, and sporting events as trading options.
➡️ The striking price is the price at which a contract is terminated. This is the critical price level at which the market must operate. The striking price is critical to the decision-making process in binary options – in order to conduct a trade, you must determine whether you believe the underlying market will be above or below the strike price.
➡️ The date and time of the expiration. You can trade binary option contracts with durations ranging from five minutes to one week, with the shortest contracts lasting only five minutes.
👉 Traders can access four markets for binary options, namely:
➡️ Forex
➡️ Stock indices
➡️ Commodities
➡️ Events
How to choose a forex broker
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
FAQ
Is it safe to trade binary options?
Compared to other high-risk trades, trading in binary options with a broker is far safer in general. It’s simple and straightforward, with a clear understanding of how much you may expect to win or lose before making a decision. If you don’t know what you’re doing with your investments, you’re not going to lose money.
Can you win with binary options?
There are just two possible outcomes: winning or losing a certain sum of money. Additionally, there are no additional fees or commissions involved.
Is binary trading legal?
Binary options trading is legal as long as it is conducted through a legitimately regulated binary options broker.
What is the best time for binary options trading?
Trading binary options on currencies between 8 a.m. and 12 a.m. is ideal. A majority of trading takes place between 8 AM and 12 AM (Eastern Standard Time) in the United States and Europe.
Can you trade binary options 24/7?
Most binary options are traded on a 24 hour basis. There are certain times when binary options are better traded than others.
Conclusion
👉 Overall, binary options trading is a straightforward and relatively low-risk trading method that is best conducted through regulated binary options brokers in Nigeria.
Top 3 Brokers
