Binary options trading presents an exciting opportunity to earn money swiftly. In this comprehensive guide, we’ll delve into the best binary options trading platforms available to Nigerians, providing you with valuable insights to make informed decisions. Our goal is not just to showcase these platforms but to help you optimize your trading journey. Additionally, we’ll address the crucial factors that influence your success in the binary options market. Let’s get started!

What You Should Know Before Trading Binary

Before I present the list, I would like to shed light on the associated risks. As mentioned in the introduction, binary options are considered one of the swiftest and simplest methods to generate income through trading. It’s possible to turn $100 into $3,000 within just 3 minutes, as demonstrated in the video at the end of this post.

However, it’s essential to acknowledge the high-risk nature of binary options trading. The potential to lose your entire $100 investment within 3 minutes is a significant concern. Therefore, it is strongly recommended to commence with a demo account to gain experience and determine if this trading method suits you before committing your own funds.

Nonetheless, the primary concern for many individuals does not revolve around the prospect of winning or losing, but rather, they are interested in the ease of making deposits and the promptness of withdrawing profits.

Should you decide to engage in binary options trading, it is of utmost importance to select a reputable broker. This is due to the presence of numerous unscrupulous companies that accept deposits but are reluctant to process withdrawals.

Rest assured, I have conducted personal transactions involving deposits and withdrawals with seven brokers. I thoroughly tested their platforms, engaged with their customer support teams, and found them to be highly efficient.

Now, let’s proceed with the details.

Note: Most binary options trading company does not which to be addressed as binary options or options company anyone due to regulation. They prefer to be called a “fixed-time trading company”. Whatever the name is, they still function the same way.

Top 7 Binary Options Trading Company in Nigeria

1 PrimeXBT

Launched in 2018, this platform has made significant strides in the world of cryptocurrency trading. What sets it apart is its flexibility and innovative features, making it a noteworthy choice for traders. One notable feature is its acceptance of Bitcoin deposits, providing a seamless and cryptocurrency-friendly trading environment.

Moreover, the platform offers leverage of up to 100x, which can be an attractive proposition for traders seeking the potential for substantial gains. However, it’s important to remember that high leverage also comes with increased risk, and traders should exercise caution.

In a move that demonstrates adaptability and a commitment to staying at the forefront of the industry, this platform has introduced a social trading interface known as Covesting. This feature allows traders to follow and replicate the trading strategies of experienced traders, enhancing the potential for success in the market. It’s a valuable addition for both beginners and seasoned traders, creating a sense of community within the platform.

In terms of trading options, this platform offers a diverse range of choices. These include PrimeXBT Trade (CFD), Turbo Trade (Binary Options), and Covesting (Social Trading). This variety empowers traders with the flexibility to choose the trading style that aligns best with their goals and risk tolerance.

Overall, the combination of Bitcoin deposits, high leverage, the introduction of Covesting, and the array of trading options makes this platform a compelling choice for traders looking to explore the cryptocurrency market. However, it’s crucial to bear in mind the risks associated with high leverage and the volatile nature of cryptocurrency trading. Conduct thorough research and consider starting with a demo account to gain experience before committing real funds. This platform is poised to continue evolving and providing a dynamic trading experience, backed by the latest technological advancements.

The forms of Trading available on PrimeXBT include

• PrimeXBT Trade (CFD)
• Turbo Trade (Binary Options)
• Covesting (Social Trading)

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2 Pocket Option

Pocket Options, founded in 2017 by Gembell Limited and based in the Marshall Islands, stands as a regulated trading platform under the supervision of IFMRRC. The platform has gained substantial recognition in the trading community, primarily owing to its accessibility and user-friendliness.

With a robust and intuitive user interface, Pocket Options simplifies the account creation process, enabling users to commence their trading journey with ease. The trading platform is available in multiple versions, including web-based, desktop, and mobile (compatible with both Android and iOS devices). This accessibility ensures that traders can conveniently access and navigate the platform from a variety of devices, making it particularly accommodating for beginners.

A noteworthy aspect of Pocket Options is its inclusivity. It welcomes traders from diverse regions, including the United States and Canada. This global reach has contributed to its popularity as a trading platform. However, it’s essential to note that Pocket Options specializes exclusively in binary options trading, which can be both a strength and a limitation depending on your trading preferences and objectives.

Key features

1. User-Friendly Interface
2. Accessibility Across Devices (Web, Desktop, Android, iOS)
3. Global Reach (Including the USA and Canada)
4. Regulated by IFMRRC
5. Specialization in Binary Options Trading

3 Deriv (Formerly Binary.com)

Deriv, formerly known as Binary.com, is an established and highly reputable binary options company with a long history in the industry. It was originally launched in 2000 as Binary.com but underwent a rebranding in 2020 to become Deriv. This rebranding signifies the platform’s evolution beyond binary options to offer a broader spectrum of smart options trading features.

Deriv provides a range of trading options and tools, including:

1. DTrader
2. Dbot
3. DMT5
4. Smart Trader (the traditional Binary.com platform)

With over two decades of experience, Deriv has a proven track record in the industry. It boasts more than 1.2 million active users and processes over 6 million USD in withdrawals each month, demonstrating its popularity and reliability.

One of Deriv’s key strengths is its robust regulation. It has been regulated by multiple agencies in the UK since 2012, which enhances its reputation as one of the safest trading platforms available. This regulation provides an added layer of security for traders.

Additionally, Deriv supports both deposits and withdrawals in bitcoins, catering to traders who prefer to use cryptocurrency for their transactions.

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4 Spectre

Spectre stands out as a groundbreaking and innovative trading platform. It’s the first brokerless decentralized trading platform built on the  Ethereum Blockchain, offering a unique and secure trading experience.

Traditionally, when you create an account with other trading platforms, you need to deposit your funds into their accounts, placing trust in them not to misuse your money or delay your withdrawals. However, Spectre introduces a revolutionary approach where trust is no longer a concern.

Here’s how it works:

1. Full Control: With Spectre, you are in complete control of your funds at all times. This level of control is made possible by the Ethereum blockchain, which ensures transparency and security.
2. Ethereum Wallet: To get started, you open an Ethereum wallet on the Spectre platform and fund it. You can then proceed to trade directly from your wallet. As it’s your wallet, only you have access to the funds within it, even the Spectre team cannot access your wallet.
3. Trading with Ethereum Ether (ETH): Spectre allows you to trade binary options exclusively using Ethereum Ether (ETH), further enhancing the security and transparency of your transactions.
4. 24/7 Live Support: Spectre offers round-the-clock live support to address any queries or concerns you may have during your trading experience.
5. Low Minimum Deposit: The minimum deposit on Spectre is $10 in Ethereum, making it accessible to a wide range of traders. What’s particularly impressive is that you can withdraw your funds instantly whenever you choose.

Also Read: 5 Tops Exchanges to buy Ethreum Ether in Nigeria

5. Iq Option

IQ Option has established itself as an all-encompassing trading platform that has gained prominence in recent years. Initially, it began by offering Binary Options Services, but it has since expanded its offerings to encompass a wide range of trading options, including cryptocurrency trading, stock CFDs, digital options, and ETFs.

Key aspects of IQ Option:

1. Diverse Trading Options: IQ Option offers a diverse range of trading options beyond binary options, including cryptocurrencies, stock CFDs, digital options, and ETFs. This diversification provides traders with an array of opportunities to explore different asset classes.
2. User-Friendly Interface: Many users, including beginners, appreciate IQ Option’s beautiful and user-friendly trading interface. For those new to trading, there’s a demo account preloaded with $10,000, allowing for risk-free practice. To withdraw earnings, users need to open a real account with a minimum deposit of $10, and trading can start with as little as $1.
3. Efficiency with App: While the web browser-based trading room is efficient, it may experience slow loading times, especially on slower internet connections. To circumvent this issue, users are advised to download the desktop app for a more responsive experience.
4. Responsive Customer Support: IQ Option provides responsive 24/7 customer support, ensuring assistance is readily available when needed.
5. Fund Management: IQ Option offers various methods for depositing and withdrawing funds, providing flexibility and convenience for traders.

  Open a demo account

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RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

6 Expert Option

Expert Option is a binary options trading firm registered in Saint Vincent and Grenadines. It proudly carries certification from the International Financial Market Relations Regulation Centre (IFMRRC) and operates under the authorization and regulation of the Vanuatu Financial Service.

The platform boasts a user interface that’s not only straightforward but also highly commendable. In my experience, Expert Option’s user interface rivals, if not surpasses, that of IQ Option. Notably, Expert Option’s browser-based trading room loads quickly, providing a seamless experience for traders.

One distinctive feature of Expert Option is its ability to manage multiple trades efficiently. Traders can open two trades simultaneously and navigate between them without losing track of either. However, there is a limitation when it comes to trading time frames. Expert Option primarily offers trading times of 1, 2, 3, 4, and 5 minutes. This contrasts with many digital options brokers that provide a broader range of trading time frames, from as short as 5 seconds to as long as 24 hours.

Deposits and withdrawals on Expert Option are versatile, with approximately 20 methods available, depending on your country. These methods include WebMoney, Neteller, Perfect Money, Skrill, Credit/Debit card, SWIFT transfer, Yandex Money, Qiwi, SMS payments, Skrill, Fasapay, WeChat, Union Pay, and more.

From my personal experience, I find using WebMoney for deposits to be preferable. I’ve learned that it’s often best to avoid Credit/Debit card transactions since some options brokers tend to process withdrawals through the same method used for deposits, which can lead to issues with crediting naira Credit/Debit cards. Therefore, I recommend creating a WebMoney account and using instantgoldng to fund and withdraw from your WebMoney account. This approach aligns with your established ideology for effective and hassle-free transactions.

So I suggest you create a WebMoney account. You can fund and withdraw from your WebMoney account via instantgoldng.

It also has responsive customer support available 24/7 to attend to your queries.

7 Olymp Trade

Olymp Trade is owned and managed by Saledo Global LCC, situated in St. Vincent and Grenadines, a Caribbean Island in North America. The company was established in 2014 and has rapidly ascended to become one of the world’s swiftest-growing trading platforms.

Olymp Trade offers a seamless and profitable trading experience. It not only provides an opportunity to earn but also offers comprehensive education, thanks to a team of renowned analysts. Its user base continues to expand, boasting over 240,000 traders and facilitating up to 35,000,000 trades every month.

One impressive aspect is that the broker is registered under the International Financial Commission (FinaCom). This registration ensures that traders can receive monetary compensation of up to 20,000 Euros in the event of unfair treatment by Olymp Trade.

In 2020, Olymp Trade explicitly expressed a desire not to be associated with or referred to as a binary options company but rather as a fixed-time trading company. Nevertheless, the fundamental trading concept remains the same.

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Note: All the trading platforms listed below come with a replenishable demo account of up to $10,000.

The funds in the demo account cannot be withdrawn. It’s for you to practice trading on these platforms to be sure it’s for you. Once you are content with the outcome, you can then fund your account with real money to proceed.

Which is the Best of the Best?

All the platforms listed above are top-notch; they have a solid interface, very responsive and friendly customer support and easy deposit and withdrawal methods.

The differences might be in;

Age:- Deriv is over 20 years which is more than 2 times the ages of other options platforms in this list meaning it has stood the test of time when compared with the rest.

Country: Pocket Options is the only Binary option on the list that accepts USA and Canadian residents.

Safety: All the exchanges in the list have proven to be safe, secure and reputable however Spectre took it up a notch as the only option platform that lets you handle your fund.

Trading Forms: Prime XBT, Deriv and Iq Option have gone beyond Binary options to include other trading forms such as CFD, MT5 etc.

So like I said, it all depends on you. You can create an account with all of them, and try them out to know the one that suits you best. I will start with Pocket Option though. The initial deposit is more but it seems more solid.

Conclusion.

This brings us to the end of the post. I hope you enjoyed reading it.

Now its your turn to give me feedback,

Which of the trading platforms are you going to try out

Which of the Companies do you think should be added or removed from this list of top 7 binary options platforms in Nigeria?

Or maybe you have a question

Let me know right away it the comment section.

Don’t forget to share

Cheers.

PS: If you want to learn how to trade cryptocurrencies profitably, then I suggest you enrol for our cryptocurrency mastery academy.

Our students are already making a daily profit by applying the strategies they learnt from the academy.

Goto www.ctmastery.com to enrol.

Disclaimer:

Trading Binary Options carries a high level because you cannot really predict the direction of the market this can work both to your advantage and disadvantage. As a result, Binary Options may not be suitable for all investors because it is possible to lose all of your invested capital. You should never invest money that you cannot afford to lose. Before trading, please ensure to understand the risks involved.