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 2014, 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.
YesOption Overview
Option Trading at YesOption
YesOption was the first to offer both binary options and traditional forex trading from the same platform/account. Traders have the choice of High/Low, In/Out, Touch/No Touch and Short Term Options (1 min, 2 min and 5 min) as well as High Yield Options, which can generate returns of up to 310%. Clients can also profit at YesOption via traditional forex trading with 100:1 Leverage and key features such as Stop Loss and Take Profit. Having both forex and binary options from the same account/platform ensures that traders can profit in the short, medium and long term.Software
YesOption uses the superior Techfinancials platform, which has more features than its main rival SpotOption and is considered much more user friendly. The platform itself is vibrant, easy to navigate and possesses great features such as advanced charting tools and streaming financial news feeds. Requiring no download, the YesOption platform has it all – news, charts and a user-friendly interface that appeals to both novice and experienced traders.Deposits and Withdrawals
YesOption offer the usual depositing methods – credit/debit cards, wire transfer and e-wallets including Moneybookers and PayPal. YesOption are one of the few platforms to utilize PayPal and this definitely helps stand YesOption out from other brokers. Every account holder gets one free withdrawal and depending on what account the client has, the client can either get unlimited free withdrawals or one free withdrawal a month. Another strong point for YesOption is the speed of the withdrawals. Instead of taking the usual 4/5 working days to process a withdrawal, at YesOption the processing time is only 2/3 working days. There is no minimum withdrawal amount for credit/debit cards, PayPal and MoneyBookers, whilst there is $100 minimum amount for wire transfer withdrawals.Bonus and VIP Program
YesOption demonstrate their innovation and forward thinking in the bonuses and promotions they offer. Depending on deposit levels, new traders can take advantage of up to 100% deposit bonus, 2 weeks free trading signals, free one-to-one coaching sessions with a senior analyst, risk free trades and even iPads. There are three different accounts - standard, gold and platinum, each packed with their own exclusive features. The platinum account is YesOption’s VIP account and holders receive unrestricted access to a team of senior analysts who provide advice, guidance and award winning technical analysis.Service and Customer Support
YesOption offer fast and professional support in English, Arabic, German and Russian via email, telephone and a Live Chat facility. There are local numbers in 6 different countries with further language support planned, although support is only available 24/5.Experience with YesOption
You can see that YesOption is a platform that was devised by traders for traders, by the number of features, benefits and tools available. As well as being innovative in offering forex and binary options together, high returns, excellent bonuses and a comprehensive education academy have helped make YesOption the fastest growing platform of 2021.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.