Is Binomo Legal in Nigeria? – Review for Nigerian Traders

Nigeria is a federal republic located on the African west coast. With a count of 36 states, it is amongst the most populous countries in the continent of Africa. 

Nigeria is considered a lower-middle-income economy. It has a well-developed financial sector, and the Nigerian Exchange Group Plc is a leading market making it the largest economy in Africa. 

This expansion has led the citizens of Nigeria to try their hand on other investment platforms as well. As a result, binary options trading is becoming popular among them.

Trading in the binary options is simple yet very profitable if you place your bet on the right asset at the right time. According to the trade type of the platform, predict whether the price of your chosen asset will rise or fall within the expiration time. 

You will get a return or profit for every correct prediction, but in the opposite case, where you fail the prediction, you’ll lose the money invested. Despite the risk involved, binary options trading platforms are getting new subscribers every day. 

Binary Trading in Nigeria

Trading of binary options is legal in Nigeria. No rule or regulation prohibits the use of these trading platforms, and Nigerians can enjoy the experience of investing money in binary trading.

Nigerian traders can trade with offshore brokers in many territories, excluding Japan, Australia, and the USA. 

Before putting your money on the line, be careful in picking the platform. There are some points which you cannot disregard:

  • Regulation 

Although many brokers are not regulated or certified and are doing great in the financial industry, the risk involved is relatively high. The brokerage firm that has regulation shows its authenticity. 

While it is not mandatory to choose a regulated platform, it is highly advised to go for one as they guarantee the safety of your funds.

  • Terminal Design 

The platform must not be too complicated to understand. The design and structure of the terminal must be easy to navigate. Many brokers provide numerous graphical and trading tools to help you analyze in a better way. 

  • Maximum Payouts and High Yields

Before selecting a platform, look for the returns and payout offered by them. Avoid those platforms that have less than 75% payoffs. 

  • The Security

The protection of the platform is essential. Encryption of your data and personal information is important in order to prevent any scam and secure your investment. 

  • Customer Staff 

Another thing to check carefully is the assistance and the level of services provided by them. You should be able to reach them without any difficulty so that you can solve the problem immediately. 

What is Binomo?

Many brokers are legally active in Nigeria, but only a few of them pass the quality check. Among them is a St. Vincent and the Grenadines-based firm named Binomo. 

Binomo is an offshore broker who has been operating since 2014 in the financial industry under the company Dolphin Corporation. This ‘client-oriented platform is ideal for all traders and is trusted by its users. 

Is Binomo Legal in Nigeria?

Binomo has obtained ‘A’ category regulation from the International Financial Commission (IFC). Also, Verify My Trade has certified this platform as well. 

In 2018, Binomo entered the Asian and African market with the chance to expand its firm. 

In Nigeria, using this platform is legal and safe. It is one of the top-rated brokers in the Nigerian industry, and many traders are making their way to Binomo.

Regulation in Nigeria 

There is no authority that regulates the binary options in Nigeria. The traders can trade freely with offshore brokers without any restriction.

The Securities and Exchange Commission of Nigeria is responsible for regulating the country’s stock and bond market. It carries no role in maintaining or controlling the binary options.

To protect the local currency, the Central Bank of Nigeria places some restrictions on the outflow of money and exchange. As per the law, you cannot allocate more than $10,000 in a single transaction. In the withdrawal, any value surpassing $10,000 will be kept in remission unless the source of the funds is approved.

Regulation of Binomo

Binomo is registered in Saint Vincent and the Grenadines. It is regulated by the IFC and is Certified by many individual financial regulators. 

It has won various awards, including the IAIR Award and FE Awards. The quality of service is high, and all the certificates and verifications make it more reliable. 

Can I Use Binomo in Nigeria?

Binomo does offer its services in Africa, including South Africa and Nigeria. You can use this trading platform from Nigeria via desktops, tablets, and smartphones. 

How to Use Binomo in Nigeria?

Binomo can be accessed easily by going to their official website and registering yourself as a user. Signing up is an easy process and can be done through Facebook or Google account as well.

Pay extra care in choosing the currency type because that can’t be reformed or changed afterward. Add the genuine information as the customer’s identity verification is necessary when withdrawing a large sum. For any false information, you can run into trouble. 

Review of The Binomo Trading Platform 

Binomo is an international broker who is providing its services in 133 countries around the globe. Lacs of people daily uses this platform to execute their trades and earn profit. 

Binomo has a proprietary terminal that is continuously updated. The platform offers you the ‘high/low’ trade type and has up to 45 assets. This high technology platform is optimized with the best graphical tools, which make trading easier to perform. In addition to it, you can perform technical analysis on the seconds and minutes timeframe.

Specifications of Binomo

#1 Assets and Trade

Binomo offers you more than 40 assets. With the Gold and VIP account, you will get an extended version of it. The most traded asset on Binomo is the EUR/USD currency pair. 

The assets are as follows: 

  • Currency pairs
  • Cryptocurrency
  • Indices
  • Commodities
  • Precious Metal 
  • Stocks 

#2 Different Types of Accounts in Binomo

The platform has four different types of accounts to settle your requirements. The advantage of having choices in accounts is that you have the upper hand in picking what is best for you.

Many brokers do not offer such a service, and traders of every level have to use the same account. But with Binomo, you can go for an account according to your level of expertise and need. There is one practice account and 3 real accounts. 

  • Demo Account

The demo account is a practicing account used solely for polishing your trading abilities. This account is stocked with virtual money worth $1000 and can be restocked anytime. 

This account is suitable for both beginners and pros. Newcomers can start to learn basics while the experts can observe and compare the features with different platforms.

  • Standard Account

This is the most basic account, which requires a minimum deposit of only $10. The standard account has a fixed income of up to 85%, and the withdrawals will be processed within 3 days.

Participating in standard tournaments can grant you more profits, and with numerous other facilities, you can get additional bonuses. 

  • Gold Account

The gold account gives you extra features with a minimum deposit of $500. Here additional assets and bonuses combined with insurance on your investments are provided. 

Analytical support staff with a personal manager will guide you and help to execute the trading. You can learn more tips and tricks from the manager. The withdrawals are fast, and you can win returns up to 90%. 

It will grant up to 5% loss compensation for your unsuccessful trades. The help desk will be active 24/7 for your aid.

  • VIP Account 

The VIP account is managed with a minimum deposit of $1000 and provides every feature Binomo offers. The yield is high, the assets are numerous, the loss compensation is raised from 5% to 10%, and the platform is fully customizable.

The VIP tournaments are a better place to earn more. The insurance and cashback make the platform less risky. All in all, this account is the best place to achieve more with less loss. 

#3 Mobile App

Mobile trading apps help make the trading experience better. With hands-on investment, you can execute trades anytime.

Binomo has launched its mobile app for its subscribers with the same desktop features so that you won’t miss even the smallest of opportunities to seize the profit.

#4 Tournaments 

The tournaments of the platform are one of the best features, which are organized on a regular basis. These contests will provide an opening for you to compete against the other traders and win the prize money. 

The entry fees vary according to the prize amount and the duration of the tournaments. The leaderboard shows the trader’s name and the amount won by them to ensure transparency.

#5 Security 

Security has to be guaranteed in the online trading platforms. Without this feature, you can be a victim of cyber scams. 

The platform protects all your data and information with its Secure Sockets Layer or SSL protocol. This ensures that your funds are saved, and the withdrawals can be carried on without any hassle. 

#6 Deposits 

Binomo has added different payment methods for its Nigerian Traders. Besides international payment methods like VISA, Master Card, Perfect Money, and Skrill, it also has Nigerian payment systems.

You can use local banks and their internet banking systems like Zenith Bank, Guaranty Trust Bank, and Access Bank. Other than these the digital methods like Payza and Neteller are quite popular in Nigeria.

To add the funds to your Binomo trading account-

  • First, go to the home page of Binomo or open your profile. 
  • Second, click on the deposit button.
  • Choose the payment method according to your convenience.
  • Select your region and enter the amount.
  • After adding the required information, follow the commands shown on the screen.
  • After completing them, you will get a confirmation message.

The minimum required amount is $10 for a deposit, and there is no extra fee for transactions.

#7 Withdrawals

You can use all the methods available for adding funds to your account for the withdrawal as well. 

You can only withdraw money through the same source used for depositing. This is done to avoid any foul play.

Extracting the funds to your bank or digital account is as easy as adding them to your Binomo account. The withdrawal process proceeds within 3-5 days in the standard account, 24 hours in the gold account, and 4-5 hours in the VIP account. 

The process is uncomplicated and very easy to follow-

  • Go to the ‘cashier’ section, which is present on your profile menu.
  • Choose ‘withdrawal‘ and enter the amount you want to extract.
  • Request the withdrawal. According to your account type and withdrawal source, the request will progress. 

#8 Training for The Users

Binomo is known for its advanced yet straightforward terminal suitable for beginners. The platform has emphasized a lot on training newcomers with no trading skills.  

Other than the demo account, which is free and unlimited, there are many different educational features available.  

  • Training with the Experts

With the gold and VIP account, you will get a one-on-one session with a pro trader. They will mentor you and give you a technical analysis of your account combined with tips and strategies.

  • The Educational Section

On the platform itself, there are many ready-to-use tricks. Those who do not have any personal mentors can use these self-directed training options. From tutorials to demo accounts, you can hone your abilities.

Further, many FAQs and other information are given on the side panel of the terminal.

#9 Bonuses

After registering on the platform, you can enjoy numerous bonuses. The first deposit can get you up to 25% of the welcome bonus, and after that, depending on the amount of your deposit value, you will be credited with different bonuses.

The values of bonuses during deposits are different in each account type. The VIP account offers up to 200%, the gold account offers up to 150%, and the standard account up to 100%.  

The bonuses can be received in the real trading accounts only and not on the demo account.

#10 The Support Staffs 

It is extremely necessary to select a broker that has reliable and cooperative support staff. This ensures peace of mind that they will effectively answer your questions and queries.

Binomo has a laudable assistance team. They work 24/7 and will help you through any problem related to your trading account. It is easy to reach out to customer care through various means.

In the live chat, you will be answered within minutes. The response is swift. You can also email them or reach out to their social media accounts. 

All the information about their address and email id is present on their official website.

Can I Withdraw Money from Binomo in Nigeria?

The withdrawal process is easy and fast. Nigerians can use various international methods as well as other local sources to withdraw their money. 

  • Cards 

Nigerians can use only VISA and MasterCards for international payment as the cards with a local currency are not acceptable in binary options trading. 

  • Digital Wallets 

The use of Skrill, Pyaza, and Neteller is prominent in Nigeria. You can withdraw your funds using these methods, but there are some restrictions to them. Carefully read all the limitations before using these methods.

  • Bank Wires

The option to use bank wires from the local Nigerian banks is available to all citizens. You can use your bank account to make the transfer via credit wire. 

Cryptocurrency Trading for Nigerians

Binomo does not have a huge collection of cryptocurrencies. Bitcoin, Litecoin, and cryptocurrency IDX are some of the very popular on the platform.

Bitcoin is the top-running cryptocurrency globally, but on Binomo, IDX is the famous and most traded one. IDX is not present on other platforms because it is an internal synthetic round-the-clock asset of Binomo.

Cryptocurrency IDX is available to trade 24/7 and gives a high percentage of profits, usually between 70-85%. It is the arithmetic mean of the quotes of four famous cryptos that are Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Zcash (ZCH).

The short-term trading on IDX is effective with many more exclusive benefits.

Tax Payments for Nigerians 

The citizens of Nigeria are compelled to state their annual incomes. According to the Federal Inland Revenue Service Board, the Nigerians must pay tax on their incomes. 

Earning from the trading accounts comes under this obligation as well. These incomes are considered as the capital gain profit, and the excise is levied accordingly.

The Federal Inland Revenue can ask for the proofs and documents of your trading transactions; therefore, always maintain the accurate reports of the same to prevent yourself from any further penalization.

Conclusion 

Nigeria is considered the ‘Giant of Africa’ because of its population and its economic impact on the whole continent. Around 60% of the Nigerian prefer a high standard of living and are always searching for new ways to make an extra income.

Following the trend, they are investing in binary options brokers. They are popular in Nigeria due to their low investment policies and high returns. They don’t have any licensing authority, and therefore its citizens trade using offshore brokers.

Find a broker with every possible facility and a good reputation is essential to get a high return. The Binomo trading platform offers you many great incentives and is one of the best trading terminals in the industry.

Suitable for beginners and clients who prefer short-term trading, this platform has established standing in the Nigerian financial market.

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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