In the European Economy Area, binary and digital options are only offered and advertised to professional traders. If you are not a professional trader, you can not trade binary and digital options.

Does OlympTrade broker accept Nigerian traders? Is it legal?

olymp trade brokerOlympTrade is one of the best options brokers, with an amazing trading platform. Since its launch in 2014, it has been recognized for its security, reliability and the ease in which clients access trading and educational material.

It is also a good platform suitable for newbies due to its user-friendly, modern and intuitive demo account. In addition, it allows traders with small amounts of funds to participate in options, because to start trading you only need $10. That’s good, isn’t it? A lot of people from Nigeria contacted us asking for help and with a lot of questions about Olymp Trade broker. So… we decided to prepare this article, we hope that it will answer all of your questions.

If you were wondering if it’s possible to trade with this broker, how to verify your account or how to deposit, you should definitely read this article.

Is it ok (legal) to trade options in Nigeria?

binary options in nigeria

One of the most common questions in the minds of Nigerians when it comes to options trading is the issue of legality; is options trading legal in Nigeria? We have a good response for you, dear traders. The answer to this question is that Options trading is legal in Nigeria.

However, the main regulatory body for stock exchange in Nigeria, the Nigerian Securities and Exchange Commission (SEC is yet to come up with sufficient framework to regulate online trading like options or Forex trading. Regulations are sometimes nonsense or “too much”. But on the other hand, we support the regulations, because it put away bad brokerage companies and makes the whole market a much safer place.

But this does not make online trading illegal in Nigeria. It is just that the authorities are still working on the necessary framework of how to regulate the industry. Actually, Nigeria has some big money making options traders and options are very popular among Nigerians. It’s a way how you can make money online. But that’s just in case you are willing to spend hours of learning to be a good profitable trader.

Benefits of options trading

Maybe you are wondering why you should trade options and not forex?

  1. pros of binary optionsOption trading returns are in the form of payouts which are as a percentage of the original investment. For example, if you invest $10 with 82 % return on investment, using the standard account of Olymptrade and the option expires when you are “in the money” (successful trade),  you receive an additional 82% of the invested $10 plus your $10. So, in total tour funds will be $18.2. You made a profit of $8.2.
  2. Trading options is much simpler to understand compared to other forms of online trading like Forex trading, futures trading, shares trading, etc…
  3. Also, if your trade losses, you can only lose the invested amount in the trade rather than all the funds in your account as is the case with forex trading.
  4. You always know how much can you earn and how much can you lose.
  5. You don’t need that much money to start. With broker IQ Option or Olymp Trade broker, you can start with a couple of dollars. But for example, if you want to trade commodity futures you will need a couple of thousands of dollars.

If you want to know more information about the comparison between option trading and forex trading, read this article – Options VS Forex Trading.

Why choose OlympTrade broker?

Choosing a broker is crucial for your online trading experience. The broker determines the number of profits you shall make depending on their payouts. You also want a broker where your investments will be safe. You sure don‘t want to lose your money to scams. So always, before you will invest in any broker, check the reviews and opinions of the traders on the internet.

Olymptrade is one of the best options brokers at the trading market right now. The broker accepts traders from Nigeria. Though not regulated by Nigerian Securities and Exchange Commission (SEC), it is regulated by the International Financial Commission and you can rest assured that your funds are secure with them.

Broker Bonus Min Deposit Payout Review Open Account
Olymp Trade Review – Is it SCAM or LEGIT broker?
FREE DEMO ACCOUNT $ 10 82 % for Standard, 90 % for VIP accounts* Review Trade Now!

How to deposit and withdraw money from olymptrade

Broker OlympTrade has two types of trading accounts; the standard account and the VIP account. For the standard account, the minimum required a deposit is $10, while for the VIP account, the minimum required a deposit is $2000. The minimum withdrawal amount is $10.

OlympTrade offers a wide range of options through which you can deposit or withdraw your money. These include Visa cards, AstroPay cards, Skrill, ePayments, Neteller, Bitcoin, QIWI wallet, WebMoney, Yandex, and FasaPay. Time of the withdraw depends on the method. Bank transfers usually take about 2-5 days and e-wallets and cards are usually instant.

Account verification for Nigerian Traders

olymptrade verificationOnce you register with OlympTrade, you will have to verify your account. You will not be allowed to withdraw funds unless your account is verified.

In most cases, the verification is done during the first withdrawal.  When you request a withdrawal for the first time with an unverified account, you shall receive an electronic letter through your email asking you to submit documents for account verification.

The documents required include: a photo of you holding your passport/ID card, a photo/scan of your ID card or passport,  and a photo/scan of bank card used (in case you deposited funds using a bank card option), or a photo or screenshot of your electronic wallet (in case you deposited funds using an electronic payment option). These verification documents should be sent via email that you have received after registration. You should also indicate the email address that you used to register for your account.

The verification process takes a maximum of 5 working days. If the submitted documents are okay, your account will be verified and you shall be notified via email. On the other hand,  if there is something that needs clarification the support will ask you to resubmit better documents. Maybe it sounds complicated to you, but don’t worry. After registration, you will receive all the information in your email account that you used for registration.

Conclusion

If you want to start options trading in Nigeria, OlympTrade is one of the best brokers you will find on the market. Everything from its payouts to the security of your funds is tailored towards giving you an excellent trading experience. If you don’t find OlympTrade broker attractive for you, maybe IQ Option will suit better for you. But… be careful, because trading is not that easy as it may look like and it carries a high level of risk. You should never invest more money that you can afford to lose.

If you have questions about OlympTrade or about options in Nigeria, let us know and we will try to help you. 

Broker Bonus Min Deposit Payout Review Open Account
Olymp Trade Review – Is it SCAM or LEGIT broker?
FREE DEMO ACCOUNT $ 10 82 % for Standard, 90 % for VIP accounts* Review Trade Now!
Does OlympTrade broker accept Nigerian traders? Is it legal?
4.2 (84%) 45 vote[s]

Author

J. Pro

More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn't very successfull with dropshipping on Amazon and other ways of making money online, and I'd only earn a few hundreds of dollars in years. But then binary options caught my attention with it's simplicity. Now I'm glad it did because it really is worth it. More posts by this author

50 Responses to “Does OlympTrade broker accept Nigerian traders? Is it legal?”

  1. The connection with the server has been lost.Connection

    this what i received any time i tried to open my account. and i found it difficult to download the app on my laptop, can you send me the link so that i can download it on my laptop?

  2. At the moment majority of we Nigerian possess NIMS slip issued by the Federal Republic Of Nigeria to be used pending when the plastic ID will be issued which normally takes some years. NIMS slip should be accepted because it is an official document in Nigeria. For those of you that have been verified with NIMS slip please do well to let us know.

  3. i am sorry for those of u that is depositing in olymptrade, its a scam, if u read the comments, the admin only reply those that want to deposit and leave those that are complaining. use ur brain

  4. I deposited money and it was shown to me that transaction successful….av waited for an hour now but the money have not appear in my real account

  5. I have an account already and I don’t have problem funding the account, but i want to be using my demo account for practice and i dont know how to about it. please how can trade on this platform

  6. I deposited with bitcoin $30 to my olymp trade account I didn’t got any money or transactions safe on my account everything is empty please is this company a scam I can’t get back my bitcoin $30 and my payment didn’t reflect this is totally scam I lost my bitcoin with your scam trick I wish I follow my first thought about this trading with your company. I need my bitcoin back please asap

  7. Sir please
    While I tried funding my account I only saw something where there wrote address and asked me to write down an otp code…
    But the number they showed me is a strange number, I don’t know how I can get the code to complete d process of depositing..

    1. Dear Abrahamn, first you will need to know the reason WHY the proof of identity was not accepted. Then you need to act according to what they tell you. Maybe just sent them low quality image, maybe you need to use a different identity card.

  8. I am in Nigeria and I am using visa bank card but I am unable to deposit money into my live account. They only send error even after sending the one time password (OTP)numbers I will still see error. Why can’t I fund my live account from Nigeria? Error Error is all I see. I have tried many times.

    1. Hi Martins, to answer your question, I am afraid OlympTrade won’t accept that as a proof of identity. However, you can try and let us know if it worked or not. Worst case scenario is they disapprove it and tell you to upload a new one.

  9. i downloaded the application on goggle play store.i did my registration after that i received message on my email that my email has being confirmed but my phone number is yet to be confirmed.please how do i go about with other verifications.

  10. please i want to know if i deposit with naira(nigeria currency), will my asset selection stilll be in naira or euro dollar (other currencies) etc.

    Also will my payout be in naira or other currency. please reply me am confussed.

  11. Hello. Thanks for the article, really helped.
    Here’s my question “Will olymp trade accept the Nigerian NIMC slip as the means of ID since it takes years to get the real card.

    1. Dear Testimony, to be honest, I do not know. I have never heard of this issue. Can you try that and let us know here in the comments whether it worked? Thanks!!

  12. Please I need more explanation as to deposit money. Educate me as to your account Number And also which Bank am I sending money to even though I have master card I am lost as to your processes. Thanks

    1. Dear Linus, go to the platform, sign in to your account and click the DEPOSIT button. Then choose MasterCard, fill in your card’s details and you should be good to go. Deposits made from cards usually take a few minutes to appear in your account.

  13. Hello sir, i couldnt deposit wt my mastercard. Pls which e wallet is good for Nigerian. Especially one that can pay out cash to my bank when i need

  14. I’ve been trying to fund my olymp trade account through neteller because I’m afraid to release my card details to olymp trade. Is it safe to use my card?

    1. Eugene, can you tell us whats wrong? Do you get an error message you could send us so we know what the problem is? Also, where are you from?

    2. Can one use driving license for the verification for the withdrawal. Again when you withdraw hope they will credit your account in Naira

    1. Dear Rechy, I am not sure what you mean. Your trading account with OlympTrade can be used for both binary and forex trading. Is there anything else you might want an answer to? Can you ask a bit more specific question? Thanks!

      1. Am afraid to deposit money to my real account because I don’t know if I will convert it to dollar before depositing

    1. Dear Michael, where are you from? Do you have a Visa or MasterCard debit/credit card you could use? It’s the simples way to get your deposit through.

      1. I want to deposit with my master card but I couldn’t see the option and I’m from Nigeria

  15. I want to participate fully but my fear is 419(cheats) is too much in Nigeria. I fear loosing my money to 419 group.

      1. Thank you for clarification.Client can verify his account only after making deposit. After making deposit we can enable documents upload option on your profile page.Only active live account can be verified.

        THIS WAS FROM THIER LIVE CHART SO WHAT CAN U SAY ABOUT IT
        ??????

        1. I am sorry Mr Ude, but I am not from Nigeria originally. The company seems to have different policies for different countries (probably according to the local laws and regulations). I was asked to verify my identity before depositing. But it was a long time ago, too – so it might have changed. Thanks for your clarification.

  16. have register since but u have not received any message from my email and i want to verify my account before i deposit fund

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