The most common piece of advice from Nigerian Forex millionaires is to minimize losses is to proceed with heed and using low leverage. With low leverage, there is a lower risk of detrimental losses and ultimately bankruptcy. Overall, success within this field is a very nuanced thing. It is not merely monetary, it is also perseverance.

It is a long-term process, not a one-off financial boost. Additionally, Forex trading in Nigeria and anywhere else in the world can be incredibly volatile, so it is important to enter the field with a clear head, an understanding of the risks, and a bit of research done ahead of time.

Also, as can be demonstrated by a majority of successful Forex traders that become well-known, giving back can be key to personal fulfillment.

Those who are the most praised for their successes are also those who put effort into giving back to their communities and their countries, trying to help share the knowledge and success they have gained. As we all know, life is not a zero-sum game. Instead, it is a process that is made valuable by the people we share it with. So if you do ever get the opportunity to call yourself a success case, do not forget your roots and your fellow humans who could gain from your valuable knowledge and extensive experience.

Giorgi has been a Trader for 5 years now. He has experience in trading Forex, stocks, and cryptocurrencies. His insight on news and brokers has been refining for the past 3 years. His close connection to the markets enables him to write amazing copy for all of his readers.

Stay up to date with the financial markets everywhere you go. Start trading now. Home - Trade Insider - The Most Successful Forex Traders in Nigeria.

Trade Insider. by Giorgi Mikhelidze on October 7, Top 3 Successful Nigerian Forex Traders Uche Paragon Ajidahun Afioluwa Blessing Ezeako Uche Paragon Uche Paragon began his Forex trading career with a mere internet search in Essentially, Forex was more of a stepping stone on his way to Overall, he has interacted with various different pursuits in the financials fields that have resulted in lucrative financial payout, making him one of the most successful Forex traders in Nigeria.

Ajidahun Afioluwa Similar to most other successful and determined Forex traders, Ajidahun Afioluwa did not get rich quickly or easily. Trade with zero fees and VPS! Start with XM. com now. Comments 0 comment s Click here to cancel reply. Leave a comment. Get the most recent news at your inbox Stay up to date with the financial markets everywhere you go. Get next at your mailbox. TOP FOREX AND CFD BROKERS. Register Read review. Try Forex. Com Trade with a US-friendly Forex broker on advanced platforms for free.

TOP STOCK BROKERS. View BROKER. RECENT ARTICLES. Why Offering MacOS-Friendly Software Is Crucial For Retail FX Brokers? How did the Russian Ukrainian war impact the military stocks? Emma Mitchell. Top 5 Covid Stocks That Are Good To Buy Right Now.

We will discuss all the rules and regulations that the citizens need to follow for a safe investment and ethical investing. Binary options are not that easy to trade with. Thus the government advises its citizens to trade only if they are sure about all the necessities from the broker. In addition, the regulations highlight the steps the traders and brokers should follow before they start trading.

To start experimenting and learning the basics of trading, you can sign-up on Quotex and start trading without losing any money. Binary options are short-term trading contracts with limited risks. If you are a new trader, then start experimenting with binary options for a safer side.

One can make good profits by monitoring the short movements of the commodity, index, or asset. In the case of binary sections, you need to make your call soon ; in some cases, it might be less than a minute.

Most of the trading considering the binary options is happening online through digital platforms. If you want to start trading, you need to add a little amount to your account and an extra amount to buy the asset, index, etc. The minimum amount will change according to the platform you are dealing with. Once you place a trade, you cannot withdraw, and your money is locked depending on the contract period.

You need to confirm the initial sum you deposited and a record of profit or loss during the trading; it is necessary to map down an effective strategy during trading. Yes, binary options are completely legal in Nigeria , but the Government has certain regulations that the trader and broker must follow before and while trading. Here is a detailed description of the updated regulations and legalities issued to their traders and brokers by the Government of Nigeria.

Do not miss the terms and conditions of the binary options before you start trading in Nigeria. It will ensure your safety while trading in the market. The broker that you are dealing with must be straightforward and transparent. Whenever a trader logs in on a digital trading platform, a lengthy document that you need to read before you click I accept appears on the screen.

You cannot afford to skip the reading process , as it might be harmful to your stand if something terrible happens while trading.

It might also lead you to some future obligations that you might not want. The broker also mentions the conditions where rights protect them. If the trader does not understand any parts of the terms and conditions, they should always contact customer support instead of skipping the reading part and accepting it all. For a transparent and straightforward trading experience, the brokers are encouraged to go through education centers for Nigerian traders to gain all the possible knowledge.

Moreover, it helps the Nigerian traders to clarify their doubts from someone qualified. The Nigerian traders can use the FAQ section of the broker or online broker platform or use customer su pport to get their knowledge on point. In addition, the trader can reach out to the broker through an email, phone call, or live chat.

This information is usually available on the platform itself. There are various education centers for Nigerian traders that provide excellent knowledge about binary options. In addition, they can get access to various materials online for making better trading decisions.

They will learn about various terminologies and topics before they start trading; it is suggested to minimize the risk of losing money. Each trader is supposed to go through the process of KYC or Know Your Customer policy.

It is necessary for safe trading and to avoid any type of hacking or scams. The brokers need to put out a set of requirements from their customers to know who their customers are. Many traders hate providing the KYC , but the broker needs to ensure that all the safety criteria for trading are met. It minimizes the possibility of somebody else taking away your profits or trading through your money.

Here is the list of minimum requirements for a KYC :. If the trader cannot provide the broker with the above documents, they are not eligible for trading in binary options on any online trading platform. If you are a Nigerian citizen, investing through offshore, online business is not very complex but risky.

Here is the link to decoding an imposter website. This is a major regulation that the citizens of Nigeria need to follow. Choosing the online broker carefully after checking all the necessary details will help you in retaining your money. Choosing the right broker might be a tough job. It is because traders adapting Binary options trading in Nigeria are pretty much impatient to run a thorough, in-depth analysis on the broker platforms.

Therefore, to help you save the effort and to help you prevent mistakes of choosing the right broker, here are the three top broker firms offering Binary options trading in Nigeria:. The top name within the list of binary brokers is Quotex. It is a platform that started in and has taken the world by storm. io is offering binary options trading to most of the countries across the globe, and Nigeria is one of them. In fact, Quotex. io is operating under the regulation of IFMRRC and has optimal features within the platform for Nigerian traders.

With the recent devaluing of the Naira then you may be urgently seeking new ways of investing your funds, and Binary Options trading is certainly going to enable you to have a plethora of different ways of investing those funds on a wide range of different trading opportunities.

Make sure you spend as much time as is needed researching the world of Binary Options trading, for whilst it may not be suitable to all investors there is no getting away from the fact that there can be and are some huge potential profits to be made 24 hours a day, and with if you are seeking a steady source of additional income it is worth researching whether Binary Options trading is going to be appealing and attractive to you.

You can of course open a demo trading account at any of our Nigerian trader friendly Binary Options Brokers, and by opening up an account you will be able to see for yourself in real time, whether Binary Options trading is something you would like to do at a later time in a real money trading environment, and if so then you will have no problems when out sign up and become a real money trader at any of our reviewed and approved Binary Options Brokers.

Home Brokers Trading Binary Options Low Risk Companies Banking Benefits of Investing FAQ.

Home » Guide » Binary Options in Nigeria. Given the present rate of population increase, Nigeria is predicted to have a larger population than the US by Access to trading platforms like those of binary options brokers can boost the economy as the citizens would also have a passive source of income.

We have compiled a step-by-step guide for our fellow new traders who want to become established binary traders in Nigeria.

This guide will refer to the top three brokers who allow traders from Nigeria to make a trade. For further information, please visit their sites.

There are plenty of binary brokers in Nigeria to choose from on the internet. Though, one should only go with those which are regulated. io is at the top of the list of binary brokers.

Nigeria is one of the majority of nations on the planet to use Quotex to trade binary options. In actuality, Quotex.

io is governed by the IFMRRC and has features on the site that are ideal for Nigerian traders. Users may easily and quickly register an account to begin trading thanks to its intuitive user interface. The fact that this broker admits traders from around the world, including the USA and Canada, is one of the reasons it has become so well-known. However, one drawback is that it only provides trading in binary options.

The fact that Pocket Option admits traders from around the world, including the USA and Canada, is one of the reasons it has become so well-known.

So is one drawback that it only provides trading in binary options. Focus Option is a CFD and binary options broker that provides access to the forex, cryptocurrency, commodities, index, and stock markets. But first, decide if you want to start a trading account right now. There is no need to download any software because Focus Option has its own internal web trading platform.

The trading platform works with every browser and operating system, including Windows Our experts discovered a variety of helpful features while utilizing the web trading platform, including:. Like any other digital account, you have signup with the broker, either with a Google profile or Facebook.

You can start with a basic version if you are new to the game. However, if you know how trade-in binary options in Nigeria work, you can go for their premium accounts. It is in the best interest of all reputable and well-known binary options companies for you to develop careful and secure trading habits. Rather, they want to establish a long-term relationship with you. If you are new to this sort of trading, we strongly advise using a free binary options demo account if it is offered.

Just be aware that there may be a deadline before you are required to invest actual money. Each broker has a different range of assets they allow you to trade. Additionally, commodities like oil, gold, and silver are frequently provided. Many binary brokers also allow you to trade individual stocks and other securities.

Though the platform will offer not all stocks, you can generally select from 25 to well-known stocks, like Google and Apple.

Every trading platform displays the asset lists properly, and most brokers also post their complete asset listings online. Binary trading in cryptocurrencies is also extremely popular. Cryptocurrencies are well-liked binary assets because of their volatility. The most widely traded coins are still Bitcoin and Ethereum. However, some brokers list 50 or more other coins. One can trade almost anything with binary, including stocks, currencies, indices, and commodities.

From the price of natural gas to the stock price of Google, you can wager on anything. Choose an asset that delivers promising returns and one you are familiar with. You must strike a balance between price movement and binary options trading volume. Even while making more trades increases your chance of making more money, making fewer, more precise trades is preferable. Additionally, choose a time that goes well with your trading style. Size does matter in the game of binary options. The potential return increases with your investment.

On the other hand, keep in mind that your entire investment is at risk. Therefore, you need an efficient money management strategy that will let you execute enough transactions while yet guarding against losing all of your money. There are a few steps you must do while trading binary options to conduct a profitable trade:.

The first step is clearly understanding what you want to achieve. Before entering a trade, you must be aware of your objectives and investment goals. There are a variety of brokers available, so you must conduct thorough research to select one that is reliable and provides the services you require.

The moment of truth! If your predictions worked in your favor, you would earn a certain profit on your deposit, or you will end up paying for losses. It is easy to trade dozens of times a day across any worldwide market because the time frame might be as brief as 60 seconds. If your forecast is accurate, you will typically stand to gain between 70 and 95 percent of your investment. Because of its remarkable expansion, binary options may already be familiar, even if you are not a market trader or financial expert.

Binary options trading is nothing more than a type of investment. It is a financial product where you stake a certain sum of money on a specific asset. But, to be clear, this does not imply that everybody who trades will always make money; on the opposite.

Nigerian citizens may trade stocks and foreign currencies as long as they follow the rules and regulations that apply to their industry. Surprisingly, forex trading in Nigeria is not strictly controlled like in many other countries, such as the USA. This might be partly related to the fact that it is still a relatively new phenomenon progressively gaining popularity among citizens.

Brokers must adhere to certain rules to trade on behalf of their clients, and forex trading in Nigeria is governed by the Central Bank of Nigeria.

Additionally, since trade profits are subject to taxation in the nation, they must be declared as such to stay out of trouble with the law. Parallel to that, some rules must be followed when trading stocks in Nigeria, and getting started is said to take just two days. Opening a trading or brokerage account, opening a Central Securities Clearing System CSCS account, and obtaining a Clearing House Number are the stages CHN. The Nigerian Stock Exchange NSE , which allegedly has about listed companies, can be used to invest in and conduct trading after this procedure is finished, and the necessary documentation is submitted.

It is significant to note that, despite the growing popularity of stock trading, one must be aware of a number of trading and transaction costs. To safeguard the local currency, which continues to function in an economy with a fixed exchange rate, the Central Bank of Nigeria has put in place monetary constraints.

Every Nigerian citizen must self-declare their yearly income and pay the appropriate amount of Personal Income Tax, which is determined on a sliding scale. Binary options are included in the category of trading-related income. Always make careful to keep complete records of all trading activity, even losses, since The Federal Inland Revenue could at any moment require them.

Additionally, you will be required to pay Capital Gains Tax on any profits unless binary options trading is your only source of income. In Nigeria, only MasterCard and VISA-issued cards are available as credit or debit cards. As a result, the only cards one may use to deposit and withdraw money are those issued by local banks and have token security. In contrast to withdrawals, which can take up to two days to process, deposits are processed immediately.

On binary options platforms, one cannot use local currency-denominated cards online. Nigerian binary options traders can use any means open, including bank wiring from domestic accounts.

With some limitations, Nigerian binary options traders can also use digital wallets like Skrill, Neteller, and Payza. Only local currency may process Skrill withdrawals made with a local bank account in mind. You may withdraw only Euros from an overseas Skrill account for deposit into a domestic bank account.

Just like a coin, even binary Options have a good and bad side. Here are some Pros and Cons you need to know:. Generally, we can refer to them as standard con artists or fraudsters.

They pose a serious threat to the entire binary options trading industry. Because, and we are sure you will agree, it is extremely offensive to know that you have consistently been defrauded. We must regrettably acknowledge that there are more and more rogue brokers on the market daily, including scams like MyBoption, Metainvesting, Daily Trades, ScalaTrade, etc.

The list might go on forever. The issue, though, is that certain long-standing market participants have begun to commit fraud against their loyal customers. Consequently, you should be extremely careful when selecting a broker to deal with. However, we advise our readers to go through the rules and regulations of the broker before giving in to the luring amount.

Read all of the terms and conditions carefully before investing huge capital. Trading with a broker in binary options in Nigeria is much safer than other high-risk trades.

There are only two outcomes: winning or losing a specific amount of money. Show all posts. Write a comment abort. Save my name, email, and website in this browser for the next time I comment. Are Binary Options Legal in Kenya or Not?

Trading here is seamless and lucrative, Olymp Trade does not only offering you lot a gamble to earn but will also teach how to. Top stocks discussed at Wall Street Bets. Successful binary options traders in Nigeria and elsewhere only focus on a few strategies and see that they work, rather than hopping from one strategy to the next profitable one. Nearly every individual who partakes in Forex trading do so with the understanding that even with the right knowledge, there is a chance that you can lose it all. What happens is that they take your money and then that will be all. Ideally, it is always said that binary options is a better form of derivative trading because it allows you to know beforehand what you are earning and what you are set to lose. Generally, we can refer to them as standard con artists or fraudsters.

Categories:

• Forex
• Forex Brokers
• Binary Options online
• Forex Bitcoin
• Binary Options