Nigeria has no binary options licensing regime, and sources disagree on whether offshore providers are merely unrecognised or actually prohibited.
Sourcing note: we could not confirm the legal position in Nigeria against a named primary instrument published by the SEC Nigeria. Verify with the regulator before acting on it.
Archive notice: this page was written in 2013, before binary options were banned for retail clients across the EEA, the UK and Australia. It is kept for reference. For the current position, see Legal status by country.
Cedar Finance Overview
Trading Instruments
Cedar Finance offers a wide variety of investment options for traders. These include Put/Call binary options, 60 seconds, option builder, one touch and open platform for trading. New entrants feel it easier to start from basic put and call options. All these trading instruments differ from one another in terms of risk, return and investment mechanism. Cedar Finance has a team of professionals who provide complete details about every product. This facilitates the investor in making the investment as per their requirements. The company has recently embedded some features, including roll over and double up. These features allow the trader to double the profit on expiry or extend the expiry date respectively.Cedar Finance Software
Cedar Finance is a web based trading platform. There is no need to download any software or advance web application. Trading through cedar finance is a simple two step process of registration and deposit of funds. A person january start trading as soon as the funds are transferred.Deposit and Withdrawal
The process of withdrawal is as easy as the deposit of funds. Traders january deposit funds through credit cards, debits cards or wire transfer. The former method is free of cost; however, a minimal bank processing fee is charged in case of wire transfers. Withdrawal of funds january take up to 10 days, 3 business days to process the request and 5-7 days for funds transfer.Bonus and VIP Program
The bonus policy of cedar finance is very lucrative for its new and existing customers. It offers welcome bonus of up to $5000 for its new customers. As part of the Cedar Finance's promotions program, all the clients are rewarded with bonus and one time trading credits. Moreover, company has multiple bonus promotion programs offering up to 75% bonus, depending upon the type of account. Bronze Account holders january get up to 30%, silver account holders 50% and gold users january earn up to 75% bonus.Customer Support
Customer support is one of the main reasons behind the increasing popularity of Cedar Finance. It offers live customer support service in 12 different languages. This support service is provided through several means of communication, such as Skype, emails, phone call or live chat. The customer support agents are available 24 hours a day and 7 days a week. Moreover, new traders are provided with a Cedar Finance step-by-step guide, which serves as a complete tutorial for the novice trader. The handbook contains complete guidelines in terms of basic and advance trading tactics.Pros
- Diverse Asset Range
- Customer support service in 12 languages
- Live stream of financial news from Reuters
- Bonus program for existing account holders
- Welcome bonus for new traders
- Pre determined payout
- Step by step guide of new traders
- Traders january earn up to 500% return using one touch option
Cons
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Funding and withdrawals in Nigeria
Local rails here are local bank transfer, card and crypto; CBN limits on foreign card spending affect funding. Deposit method decides whether money can come back out: card payments carry a chargeback route with a time limit, transfers to an offshore entity generally do not. Confirm the withdrawal method, minimum, fee and stated processing time in writing before funding an account. Profits are generally taxable, with FIRS the relevant authority.
Brokers accepting Nigerian clients
Ranked by our published methodology, which weights licensing at 35% — on an unsupervised counterparty every other quality is contingent. Ratings are derived from the sub-scores, not assigned.
| # | Broker | Rating | Entity holding your funds | Min. deposit | Payout | |
|---|---|---|---|---|---|---|
| 1 | Deriv | 7.9 | Deriv (BVI) Ltd / Deriv (V) Ltd | $5 | up to ~95% on synthetics | Visit |
| 2 | IQ Option | 5.1 | IQ Option Ltd (international) — unregulated | $10 | up to ~95% | Visit |
| 3 | Pocket Option | 4.7 | Gembell Limited (Comoros) | $5 | up to ~92% | Visit |
| 4 | Quotex | 4.6 | Awesomo Ltd — unregulated | $10 | up to ~98% | Visit |
| Regulated alternative — does not offer binary options | ||||||
| — | Exness | 8.8 | FSCA (South Africa) — ODP · FSP 51024 | $10 | n/a — CFDs and FX only | Visit |
Advertiser disclosure: buttons marked ad are affiliate links and earn us a commission if you open an account. The others do not. The ranking is derived from the published sub-scores either way, which is why the highest-rated provider here is not the one that pays us.
Risk warning: binary options are high-risk speculative instruments and most retail accounts lose money. Nothing on this page is investment advice or a recommendation to trade.