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.
TraderXP Overview
Trading Instruments
Whether you are a risk averse investor or a risk tolerant investor, TraderXP caters to your every investment need. It offers a comprehensive bouquet of assets and other financial products. It provides a platform to invest in listed stocks, indices, major currencies of the world, commodities and derivative instruments. As on today, TraderXP facilitates trade in 12 currencies, 20 world indices, 53 assets and 4 types of commodities.Software
TraderXP is a 100% web based trading platform. Users are not required to download advance software or trading applications. Internet access is the only requirement to get registered with the company. The website is well designed, and provides easy and intuitive navigation. It addresses all the needs of a trader, ranging from basic knowledge of financial products to updated market happenings.Deposit and Withdrawal
TraderXP is preferred by traders all over the world because of its simple and quick ways of transactions. Deposits and withdrawals can be made through several methods including credit cards, money bookers and wire transfer. The company is well known among international traders due to its convenient transaction methods that address the money transfer regulations of different nations. For example, Scandanavian traders can deposit via the Nordea Netbank, users of Middle East and North Africa can transfer money through CashU and Dutch traders are allowed to use iDeal.Bonus and VIP Program
TraderXP offers many opportunities for you to earn additional profit. Encourage your friend to register with TraderXP. As soon as he gets enrolled, you will get a $50 bonus. The company is involved in several partnerships and affiliations. This results in timely promotional and bonus offers from the partner companies. TraderXP is very popular for its affiliate programs that increase your exposure to high profile traders.Customer Support
TraderXP offers customer and technical support via live chat, emails, and telephone in more than 10 languages. It sets itself apart by assigning a personal agent to every trader. These personal brokers are assigned on the basis on trader’s level of knowledge and expertise in the industry. Click ‘Contact us’ and you will find local numbers of more than 15 states. The feedback form is embedded with the option of selecting department. This will take your query directly to the concerned department and results in a quick and efficient response.Pros
- Updated market reviews
- Free traders e-guide
- 50% welcome bonus
- Free demo account
- Expert financial consultancy for new traders
- Flexible trade with roll over and double ups
Cons
- Less benefits and facilities for VIP members
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.