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 2012, 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.
Promotion and deposit bonuses
Please be aware that the CySec prohibits brokers to offer deposit bonuses starting from 2021. Thus OptionFair will not longer be able to offer any bonuses.Software and Trading Platform
The OptionFair software works very smoothly and without interruptions. It's a web based platform and you don't have to make a annoying download. That's also the reason why you won't have trouble trading with Mac or Linux PCs. Binary Options are perfect for mobile trading. At OptionFair this is very easy. There's a mobile website for iPhone, iPad and Android devices and you won't have trouble signing up and start your first trade. You cannot only monitor your trading activities but also open new positions. When big news are coming in and you'd like to buy an option - nothing easier thatn that with OptionFair. Just take your smartphone, login to the mobile website and pick the option you want to trade with.Options Trading at OptionFair
You will get up to 85% profit for options that expire in the money. VIP accounts even get up to 89% (see below). These profit opportunities make this broker very competitive and is amongst the brokers with the best payout. OptionFair was also the first broker that introduced so called touch options and range options besides the standard high/low options. All traders with limited time can profit from very short options with 60 seconds expiration time. This way you can trade a lot of options within a short period of time. The "Early Closure" feature is also very interesting. You can close options at least 5 minutes before expiration, giving you the chance to take risk free profits for options in the money and don't lose your whole investment with options out of the money. Minimum deposit at OptionFair is $200 and the minimum option size is $25. This way also traders with limited trading capital can start trading. The maximum option size is a superb $1.000 making this broker very attractive to high volume traders.OptionFair VIP Program
OptionFair would not be one of the market leaders without an astonishing VIP program. When you deposit at least $6.000 you will get a Gold account with own VIP support and better payouts of at least 87%. When you can deposit at least $.10.000 then you will even be able to profit from up to 89%.Customer Support and Deposit Options
The easiest and most comfortable way to get in touch with support is the live-chat. Obviously also inquiries through email or phone will handled quickly. You can deposit and withdraw using wire transfer and credit cards. On top of that you can also make use of ewallets such as Skrill (Moneybookers), Liberty Reserve or MoneyGram. Even depositing with Western Union is possible.Our summary
OptionFair is one of the top brokers in the industry and there are good reasons for that. You won't make a mistake when you go with this broker as there are really no major disadvantages or flaws. You can make use of plenty of different deposit options, customer support is quick and solves problems properly. The platform is innovative, easy to handle and allows you to trade lots of different options.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.