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.
A bank transfer is simple and everybody made at least one transfer in the last few weeks or months. It's a classical payment method that is also very popular among binar option traders that move a lot of money. Making a deposit of $10.000 is a question of trust. And usually you trust your own bank most because you can go to their branch office and ask what's wrong when there are problems with a transfer. This is not the case with Paypal, Skrill or credit cards. And even though a bank transfer takes a few days, it's still very popular and that's why almost every Binary Option Broker is offering this deposit option.
Binary Option Brokers with Bank Transfer
Even though a bank transfer has a few disadvantages, it's still a very popular deposit method and is supported by virtually every Binary Option Broker. It's hard to find a broker where you can't make a deposit through bank transfer. The following table shows our recommendations when it comes to selecting the right broker for your bank transfer:When to deposit with a bank transfer
There's no doubt: a bank transfer is not for everybody. Imagine you want to start trading with $50 and you can't wait to get started. In this case it would be awful if you make a bank transfer and had to wait three days until this small amount of money reaches your trading account. Nobody wants to wait this long to just try out Binary Option Trading. In this case you should use credit cards or Skrill. With these deposit options you will have your funds available instantly and can start trading immediately.But there are also traders that are happy to make a bank transfer and can't even imagine to use another option. These traders are professionals or traders with a lot of money they want to invest. Would you like to move $20.000 with your credit card or an eWallet? Not me. In this case I'd only make a bank transfer and can get sure that my bank processes this transaction properly.
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.