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.
In times of crises there is always a massive shift of assets towards safety. Many investors regard gold as the save haven and the key for a secure portfolio against inflation. In fact the value of gold has been very stable for a long time now. For example: You could buy a tailor-made suit for 1 ounce of gold 100 years ago. You can still buy a tailor-made suit for 1 ounce of gold today.
Binary options are perfect to invest in gold because they are so easy to use. It's very simple to get going and you don't have to learn the complicated terminology and principals of the futures market (gold is normally traded with futures). You don't need a massive amount of trading capital either and you can start with as little as $100. What you need is a good feeling for the market and the price development.
The market for gold
The historically reported production of gold is more than 160.000 tons. The “US Geological Society” estimates that the reserves are about 55.000 tons today.
The industrial significance of gold is not nearly as important as the industrial significance of silver. Only 12% of the annual production is used for industrial goods and about one third is used for barrels and coins. The traditional demand from jewelery production is more than 50%.
About 30 years ago, the demand for gold was very high in Northern America and Europe. However, now there is much more demand from the Far East, especially from countries like India and China. In the beginning of 2021, there was a huge decrease in demand in India because the duties on imports were doubled by the Indian government but experts expect the demand to increase again in the long run.
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.