Can You Trade Binary Options In Nigeria

Options Sites in Nigeria

As you lot may already be aware, Nigeria does not have a licensing policy relating to binary options brokers. That said, information technology is entirely legal to trade in them with the majority of offshore brokers, the exceptions being those based in Japan, Australia or the United States, barred to Nigerian citizens. As you will not receive protection from whatsoever financial potency in your own land, our recommendation is to select your broker from one which is licensed in a domain with robust regulations, examples beingness Cyprus or the U.k..

Welcome Bonuses

So many binary options brokers are swell to extend their foothold in Nigeria and yous will inevitably receive tempting offers with big welcome bonuses. While a few will be from genuine businesses, you likewise need to be aware that this is a well-known ploy for less-than-scrupulous brokers, designed to attract uninformed participants. Our advice is most certainly to proceed with caution where bonuses are offered, particularly past any unsolicited means.

Demo Accounts

All of the well-known and reliable binary options brokers are neat for you to learn how to trade carefully and safely. Subsequently all, they are seeking a long-term relationship with you, not trying to wipe out coin you want to invest. If you are new to this type of trading, nosotros highly recommend taking advantage of a complimentary demo account if information technology is available. Just be aware that sometimes they take a fourth dimension limit before you are expected to invest real money.

Great Payouts

Another ploy used past some brokers to attract new binary options traders is the apply of ad cloth suggesting you will virtually certainly receive high percentage payouts. An investment tin undoubtedly accomplish these results, just not all of the time. Good brokers will brand the potential chances of profit and loss clear to y’all at the start and a ‘dandy payout’ is i that you receive promptly when your investment has gone well.

Customer Service

Information technology may not be the first thing that springs to heed considering you are not anticipating the need for client back up. However, whether you are a new or seasoned trader, it is always good to have peace of listen and to be assured that your broker tin can hands be contacted through a multifariousness of media to respond your questions. We highly recommend that you select a broker which provides either a live chat or price-free telephone number that is (preferably) available to yous 24/7.

Nigerian Licencing

At the electric current time, Nigeria has no national or local licensing for binary options brokers. Also, in that location is no regulatory trunk inside Nigeria that covers this form of trading, then this means that while residents are legally entitled to trade in binary options with offshore brokers, they are very much responsible for their fate if things become incorrect.

The Central Bank of Nigeria does cap the value of individual transactions allowed by traders at a maximum of $10,000. It too offers express communication in terms of selecting an offshore broker accounted suitable to trade with. Brokers in the post-obit countries and licensed under the appropriate authorisation are considered ‘trustworthy’:

• Republic of cyprus (The Cyprus Securities and Commutation Committee (CySEC))
• Malta (The Markets in Fiscal Instruments Directive (Eu))
• UK (Fiscal Behave Authority (FCA))

In terms of any restrictions, Nigerian residents are non permitted to merchandise with brokers from these countries:

• Australia
• United States
• Japan

As you lot tin see, this leaves you with a great bargain of telescopic in terms of finding a broker, but nosotros do urge y’all to follow guidelines and to select one from the recommended listing, which is known to enforce regulations rigidly.