The 5 best Binary Options brokers and platforms in Benin – Comparisons

See the best 5 Binary Options brokers in Benin:

Broker:
Regulation:
Yield & Assets:
Advantages:
The offer:
5.0/5
12345
IFMRRC
Return: 95%+
100+ Markets
  • Accepts international clients
  • Min. deposit $10
  • $10,000 demo
  • Professional platform
  • High profit up to 95%
  • Fast withdrawals
Live-account from $10
  Visit broker

(Risk warning: Trading is risky)

5/5
12345
CySEC
Return: 94%+
300+ Markets
  • $10 minimum deposit
  • Free demo account
  • High return up to 94%
  • The platform is easy to use
  • 24/7 support
Live-account from $10
  Visit broker

(Risk warning: Trading is risky)

5.0/5
12345
IFMRRC
Return: 90%+
100+ Markets
  • Accepts international clients
  • High payouts
  • Professional platform
  • Fast deposits/withdrawals
  • Free demo account
Live-account from $50
  Visit broker

(Risk warning: Trading is risky)

4.8/5
12345
Financial Commission
Return: 90%+
50+ Markets
  • Low minimum deposit $10
  • Easy platform to use
  • $1,000 demo account
  • Fast payouts
  • Free bonus
Live-account from $10
  Visit broker

(Risk warning: Trading is risky)

5.0/5
12345
Financial Commission
Return: 90%+
100+ Markets
  • Professional platform
  • Free demo account
  • $10 minimum deposit
  • Webinars and education
  • High payouts
Live-account from $10
  Visit broker

(Risk warning: Trading is risky)

Broker:
Regulation:
IFMRRC
Yield & Assets:
Return: 95%+
100+ Markets
Advantages:
  • Accepts international clients
  • Min. deposit $10
  • $10,000 demo
  • Professional platform
  • High profit up to 95%
  • Fast withdrawals
The offer:
Broker:
Regulation:
CySEC
Yield & Assets:
Return: 94%+
300+ Markets
Advantages:
  • $10 minimum deposit
  • Free demo account
  • High return up to 94%
  • The platform is easy to use
  • 24/7 support
The offer:
Broker:
Regulation:
IFMRRC
Yield & Assets:
Return: 90%+
100+ Markets
Advantages:
  • Accepts international clients
  • High payouts
  • Professional platform
  • Fast deposits/withdrawals
  • Free demo account
The offer:
Broker:
Regulation:
Financial Commission
Yield & Assets:
Return: 90%+
50+ Markets
Advantages:
  • Low minimum deposit $10
  • Easy platform to use
  • $1,000 demo account
  • Fast payouts
  • Free bonus
The offer:
Broker:
Regulation:
Financial Commission
Yield & Assets:
Return: 90%+
100+ Markets
Advantages:
  • Professional platform
  • Free demo account
  • $10 minimum deposit
  • Webinars and education
  • High payouts
The offer:

Traders in the Republic of Benin are beginning to trade Binary Options because of how swift it is. Many people from Benin also don’t know what Binary Options mean. Binary Options are a form of option with consistent results in which you guess the outcome. Beninese may sometimes find it difficult deciding on the right broker to work with. This article contains all you need to know about trading binary options. 

Benin

The 5 Best Binary Options brokers you should consider trading on in Benin include the following:

  1. Quotex
  2. IQ Option
  3. Pocket Option
  4. Binomo
  5. Olymp Trade

List of the 5 best Binary brokers in Benin

Generally, there are many suitable brokers all over the world. With so many options, it’s hard to keep an overview. Therefore, we have chosen the best ones for you. So, let’s find out more about the best binary brokers in Benin.

#1. Quotex

Awesomo owns the brokerage firm – Quotex. The company started operating in 2019 in Seychelles to provide Binary Options tools for its clients. Many traders prefer Quotex because of its simplicity and the feature that allows you to customize the chart.

quotex broker

Yes, Quotex does have a demo account, if you are wondering. The brokerage firm is regulated, so traders have a sense of security as they trade. Quotex is not only restricted to a web version. Traders can access the platform from the screen of their phones as long as they have the app.

Depositing money and withdrawing is straightforward, thanks to the payment methods provided for the clients by the firm.

Features:

Get a free deposit bonus of 50% at Quotex with our promotion code “bobroker50

You can only use this bonus code by signing up via our website.

➨ The best broker: Sign up for your free Quotex bonus!

(Risk warning: Trading involves risks)

#2. IQ Option

IQ Option is a Binary Options broker which has its office in Cyprus. The brokerage company started operation in 2013, offering just Binary Options tools to its clients before an improvement in its technology in 2016, then it included forex. Anyway, brokers’ clients are secure by trading on the platform because it is under regulation.

iq option broker

IQ Option traders must make the initial deposit of $10 to use the trading tools available. It has a practice account that new traders can use before using their real account. This practice account has a balance of $10000 available at the user’s disposal

The interactive and customizable platform makes it all the more unique. Traders can customize the trading map to take any form and have a color different from the default color. Trading can be done using a smartphone or computer.

➥ Sign up with IQ Option for free

(Risk warning: You capital can be at risk)

Features:

➥ Sign up with IQ Option for free

(Risk warning: You capital can be at risk)

#3. Pocket Option

Pocket Options started operation in 2017. The mission of the brokerage company is to provide clients on its platform with the best trading experience. Pocket Option traders can start trading with the initial deposit of $50. Traders can place a trade with a minimum of $1. If you are looking to join Pocket Option, registration is easy.

Pocket Option website

Pocket Option has an MT5 platform. The good thing about MetaTrader 5 is that it provides traders with more trading tools and a better trading experience. The MT5 platform has a practice account that clients on it can use.

Pocket Option traders have security transacting on the broker platform because it has a license to operate Binary Options. Smartphone users and computer users can make use of the platform.

➥ Sign up with Pocket Option for free

(Risk warning: You capital can be at risk)

Features:

  • Initial deposit: $50
  • Instruments: Forex, currency pairs, commodities 
  • Platform: MetaTrader 5
  • Support: 24/7
  • Leverage: 1:100
  • Bonus: Welcome, trader’s union, cash return, promo code
➥ Sign up with Pocket Option for free

(Risk warning: You capital can be at risk)

#4. Binomo

Binomo brokerage firm started operating in 2014 to provide trading tools for its clients. The registration process is simple if you want to start trading on the broker today. Proceed to the website or download the app from your store.

binomo

With the initial deposit of $10, traders can start trading on Binomo’s platform. Traders can even place trades with just $1. Its platform is easy to trade with. Traders can even navigate through the platform without the need for a guide. The buttons are clearly stated for traders to know when and where to click.

Binomo is not only available on computers. It can also be used on your smartphone.

➥ Sign up with Binomo for free

(Risk warning: You capital can be at risk)

Features:

  • Initial deposit: $10
  • Instruments: OTCs, gold, metals
  • Platform: Binomo 
  • Support: 24 hours/7 days
  • Leverage: 0
  • Bonus: Welcome, cash return, promo code
➥ Sign up with Binomo for free

(Risk warning: You capital can be at risk)

#5. Olymp Trade

Olymp Trade has been headquartered in St. Vincent & the Grenadines since 2014. The brokerage company provides tradable tools for clients to use for transactions on its platform. As a trader on Olymp Trade, you can start trade with a minimum of $1. Registering on the broker platform with any device you use is simple.

olymp trade

Olymp Trade offers a practice account to the traders. By practice account, this means that there is a demo account that is like the real account. The broker’s platform is unique and technologically improved in several ways to help traders get the best out of their trading experience.

➥ Sign up with Olymp Trade for free

(Risk warning: You capital can be at risk)

Features:

  • Initial deposit: $10
  • Instruments: OTC, stocks, metals
  • Platform: Binomo 
  • Support: 24/7
  • Leverage: 1:500 
  • Bonus: Zero bonus
➥ Sign up with Olymp Trade for free

(Risk warning: You capital can be at risk)

How to sign up for Binary Options in Benin

Opening an account for the Republic of Benin trader on any broker of your choice is simple. When you get the mobile app or are on the broker’s website because you do not yet have an account, click on register to start the process. 

quotex login homepage

After clicking on the register, you will input your email address, name, phone number, and the country you are trading from, Benin. When you are through with filling all the fields, you can then proceed by clicking the signup button. A dialogue box will pop up on your screen, telling you to go to your email for verification.

i

You can proceed back to the brokers’ platform upon verifying your mail address. You will be asked to submit a proof of identity and residency on the platform for your account to be created and ready for Binary trading. When you provide the two documents, it will take a day for the account to be successfully created.

documents

You can check back on the broker platform to know if your account has successfully been formed. You can begin trading with the live or demo account if it has. But if it hasn’t, you will need to check where the problem is. Maybe the pictures of the documents you snapped are not clear enough.

Is Binary Options trading legal in Benin?

Yes, Binary Options are legal in the Republic of Benin. Many Benin traders trade Binary Options in one broker or the other. The fact that Binary Options brokers do not have any regulatory body in the country does not mean that Benin traders cannot trade on any Binary Options platform.

As a trader in Benin, you should trade with brokers licensed by official licensing bodies. This is the only form of security for you. If you trade on a local broker who has no authority supervising it, it can be a scam. But if you trade on the above brokers mentioned, you can be sure that it is legal to trade with them in the Benin Republic.

Financial regulations in Benin

The Benin Republic is one of the French-speaking countries in Africa. The country has commercial banks and other money-providing institutions. All of which help the country to grow its economy and money flow. 

Benin is a member state of the Banque Central Etats de l’Afrique de l’Ouest which has 7 other members. The country is a member of this bank with other members because of the need to create a union for the same cash and economy as the member states. It is the financial regulator in the country.

Regulate

This bank is in charge of the distribution of cash, controlling other financial institutions, and foreign exchange policies in the country. As long as any liquid business is concerned in the country, it must be under the regulation of the BCEAO.

There is no financial regulator that governs Binary Options in the country. Any local broker is not recognized by any financial authority, including the BCEAO. This is why traders should not trade with local brokers even though they might not be a scam. Benin traders should trade with international-based licensed brokers for their security.

Trade securely

How to deposit funds for Binary Options trading

To credit your account to the Binary Options broker you are trading on, you need to select the most convenient payment method. The payment method provided by the broker to help you deposit cash for trading into your account.

quotex payment methods

Bank transfer is a payment method that allows traders to fund their accounts through their banks. Your bank will send you a token pin for you to enter into the broker. Once the token has been confirmed, the money should reflect on your broker’s account.

There are also methods to deposit with cards and your e-wallet. Cards involve using your debit or credit card. Some brokers accept gift cards as a means through which you can credit your Binary Options trading account. 

The broker you are trading on has an initial deposit amount you can make before trading with the assets on its platform. Trying to make deposits lower than the initial amount will not be allowed. You can only make deposits from exactly the initial deposit or higher than it.

quotex minimum deposit

How to withdraw

Withdrawing your profit made after trading is one of the easiest things to do. There is usually plain text on your phone screen that says – withdrawal. Immediately after you click on it, you can select the place you want your money to be paid.

mastercard deposit and withdrawal

You can select the payment to be done into your bank. This means your money will be withdrawn from the brokers’ account and sent straight into your bank account. This method usually takes time to process. You will surely get an alert when the money drops into your account.

Withdrawal money

If you don’t choose to withdraw the money into your account, you can do so into an e-wallet if you have any. Take note that there might be a withdrawal fee when you want to withdraw both into your bank or e-wallet. Whether there will be a withdrawal fee depends on your trading broker.

How to trade Binary Options

As a new Benin trader, you might not know how to trade Binary Options. For that purpose, this section will serve as a guide to help you know how you can start trading Binary Options tools. You will learn how trading Binary Options works with just a few steps.

Step #1: Look how market trends work

Market trends in Binary Options are quite different from any other digital market you must have seen. Binary Options market trends move quickly. If you don’t take your time to see how it works, there’s a high probability that most trades you open will end up in a loss.

Choose and predict the trade

To succeed in Binary Options trading, you should take note of the market trends carefully.

Step #2: Market selection

Market selection is based on two major ways. Traders easily select a market based on the time or their interest. Below is an explanation of what this means:

  • Trade duration
quotex expiration time

You can select a market based on how long you want the trade to last. Take this example: a trader selects a particular market because he wants it to last for two days. You should select a market-style that you are good with.

  • Personal interest
research

In this market selection style, a trader chooses a market because they are interested in a Binary Options tool. The tool can be any tradable item on the platform. For example, selecting a market because of your interest in OTCs.

Step #3: Select a price and the contract closure

strike price

This means you select an amount you want to trade with by either buying or selling. If you buy at any point, it means that you predict that the market trends will go high. But if you are selling, then it means that you predict market trends will drop. Once you select the price, you can choose how long you want the contract to last.

Step #4: Place Trade

order mask

By clicking the confirm button, you will place a trade.

Step #5: Exit placed trade or wait till it ends

Close a trade

Depending on how the trade is going. You may decide to wait till the contract ends, or you can leave before it ends. This is why it is necessary to watch how the Binary Options market trend is going whenever you place a trade.

Conclusion: Binary Options brokers are available in Benin

Binary Options with just a few steps is easy to trade in the Benin Republic. This is why Benin traders flock to Binary Options brokers.

Benin

To assure your security as a trader, it is important to ensure the broker you are trading on is under regulation. There are many scammers in the digital market, so to avoid this, make sure you trade on a regulated broker like the ones in the article.

About the author

I am an experienced Binary Options trader for more than 10 years. Mainly, I trade 60 second-trades at a very high hit rate.

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