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.

How to trade binary options with IQ Option in Nigeria. Is it Legal?

iqoption in nigeriaAs we all know, binary options are financial instruments that are designed to allow the buyer to get a high payout or deduction on their investment, depending on if the option expires in the money or not. binary options are known as a relatively easy way, how to make money online. But, be careful. It’s not that easy as it may look like.

There’s been an upsurge in interest within the online trading community in Nigeria towards binary options and this trend has seen the Nigerian traders seeking answers to numerous questions. Top on that list are questions bothering around the legality of binary options, the credibility of brokers, withdrawal options, and lots of others.

We hope, that this article will answer all your questions bothering around binary options trading in Nigeria, and we hope you’ll find be successful in trading. Let’s go!

Is it possible to make money trading binary options in Nigeria?

trading binary options in nigeria

I should start by saying that making money trading binary options in Nigeria is legal and there is an interesting opportunity for anyone with the right know-how. But, it’s very important to understand, that there are many fraudulent projects around binary options, so you should always be aware of these scams.

Most common are online frauds perpetrated by fake and unregulated binary options brokers is a major threat for Nigerians, so it is advisable to only do business with an honest, tested and regulated brokers like the IQ Option broker is.

BrokerBonusMin DepositPayoutReviewOpen Account
IQ Option Review – Is it SCAM or LEGIT broker?
FREE DEMO ACCOUNT$ 10Up to 100 % (in case of correct prediction)!*ReviewTrade Now!
*in case of correct prediction

It is important understanding that Nigeria has no binary options brokers registered in the country, those who do, rely on the services of overseas/offshore brokers. IQ Option is one such online trading platform that operates in Nigeria and offers traders an amazing trading experience.

With IQ Option broker, understanding trading binary options becomes easier, largely as a result of its easy-to-use trading platform, which is really amazing and I dare to say, it’s one of the best trading platforms in the market. In my life, I tested more than 30+ trading platforms and this is definitely the best one. A minimum deposit for trading is an amount of $10, and you can kick start trading with as little as $1. Isn’t it amazing?

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

Now you know, that you are able to trading binary options in Nigeria. With mentioned IQ Option broker, but it’s legal? Is it allowed?

We’ve got good news for you! Currently, there are no rules forbidding binary Options trading or even banning its outright trading in Nigeria. Seemingly, it is the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) that have the power to set up a regulatory framework for trading binary options.

At the moment, the absence of rules overseeing online binary options trading in Nigeria does not make it an illegal business. Traders in Nigeria can be sure, that they are not breaking any law.

The Central Bank of Nigeria has in place some restrictions that are meant to protect the local currency from its fixed exchange rate policy. There’s a ban on transfers that exceed $10,000 per transaction, while withdrawals that exceed $10,000 can be flagged and withheld by the receiving Nigerian bank until satisfying proof of source of funding is provided. binary options traders in Nigeria should take note of this.

Do brokers in Nigeria need any license?

No – they don’t. As we mentioned about, there are no binary options brokers registered in Nigeria, however, the country has a welcoming market for it. Nigerian traders with offshore brokers that are licensed/regulated overseas. So you don’t need to look for a broker with Nigerian trading license, or something like that.

Investors can set up a binary options trading account by just completing the very basic registration required and account verification, which is a matter of a couple of minutes.

Why are binary options good?

why to trade binary optionsBinary options are a really interesting financial instrument, that low-skilled trader can understand quickly.

Interestingly, you get to know the risk and reward before entering a trade, which is obviously a huge advantage. There can only be two outcomes with binary options: Gain or lose. Traders just need to make a decision if an asset (shares, commodity, forex, crypto) going up or comes down? 

You can choose from many and many assets for trading and also from many ways, how you can trade. Do you want to trade forex? Forex options? Or cryptocurrencies? With mentioned IQ Option broker the possibilities are unlimited. 

How to start trading with IQ Option in Nigeria?

iqoption demo As mentioned above, IQ Option gives traders access to a wide range of assets such as CFDs, ETFs, Stocks, Forex and Cryptocurrencies, asides Binary Options. With over 20 million account holders from across different countries, IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySec), therefore they’re one of the best choices for would-be traders.

To trade Binary Options with IQ Option, you need to start by signing up an account, which can be done via Facebook, Google or by simply registering using an email address. Then you need to verify your account, and that’s it.

Right after registration (without verification), you can use their demo account with a free $10000 demo money, where you can get to know the platform or test some of your strategies. Or you can just fund your real account and start live trading with as little as $1. It’s very easy, isn’t it? More info about the registration process you will find our iqoption review.

BrokerBonusMin DepositPayoutReviewOpen Account
IQ Option Review – Is it SCAM or LEGIT broker?
FREE DEMO ACCOUNT$ 10Up to 100 % (in case of correct prediction)!*ReviewTrade Now!
*in case of correct prediction

How to deposit and withdraw money with IQOption?

To make a deposit or withdraw money from IQ Option is a matter of a few clicks. Really. For depositing or withdrawing the money you can use these methods: 

  • Visa/Master Card (debit or Credit card)
  • Bitcoin
  • Neteller
  • Skill
  • WebMoney
  • Bank Wire

As we mentioned above, the minimum deposit amount is $10.

To withdraw your money, you first need to make a verification of documents i.e. driver’s license, national ID or a passport.

Tip: Withdrawals need to be done via the same method/type, you did a deposit.

Available withdrawal/deposit methods for traders in Nigeria are cards issued by MasterCard and VISA, wire transfers, while digital wallets such as Skrill, Neteller, cryptocurrencies and Payza are also available to Nigerian binary options traders with some form of restrictions.

For actual and updated information you can just log in to the IQ Option platform and check available deposit and withdraw methods or you can read our iqoption review.

Can I trust IQ Option?

We can’t say that the IQ broker is 100% safe, because some people have a bad experience with this broker, and some have an amazing experience, so we don’t wanna talk for all the people. But we trust IQ Option and we are trading there for a couple of years.

For us, the broker is good because: 

  • They are licensed in the European Union.
  • They’ve been around since 2013 (long term company)
  • Looking around the internet you’ll find a small number of complaints about them scamming anyone.
  • IQ Option is an official partner with Aton Martin Racing since 2016.
  • IQ Option has received 14 awards of excellence from reputable bodies.
  • There are more than 20 million registered traders. That’s a quite big number.


IQ Option is a good broker for any Nigerian binary options traders who want to earn money by online stock trading. It’s a platform that allows users to engage the market with confidence by adding great features that are highly enhanced to offer some of the best trading experience.

At this point, I would like also to mention IQOption mobile app, which gives users greater flexibility when trading on-the-go. The app has a clean graphical interface, with charting options that are same with those found on standard platforms, and you’ll also get a push notification on top of this. There are no exemptions, as both Android and IOS users can enjoy the same feel.

Are you not impressed by the IQ Option broker? What about to try Olymp Trade broker? Find out more about this broker in our article – How to Trade Binary Options in Nigeria with Olymptrade.

If you have any questions about trading binary options in Nigeria or about the IQ Option broker, let us know below in comments. Thank you.

More information about IQ Option broker:


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

4 Responses to “How to trade binary options with IQ Option in Nigeria. Is it Legal?”

  1. I have tried using my Visa or MasterCard card to make a deposit but not successful. I made a mistake signing in netteller account. So what will I do to make a payment in iq option

  2. l am happy to discover lQ Option broker. l want to get linked with its registration . l want to invest with lQ Option. How do l get registered ?

  3. Morning , very good write up u have here. Please i neef a contact of any nigeria trader living in lagos to train me up

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