Yes, binary options trading is legal in Burkina Faso.
Binary options trading is a legal and regulated activity in Burkina Faso, allowing individuals to engage in this form of financial trading within a structured framework. The oversight of financial markets, including binary options, falls under the jurisdiction of the Regional Council for Public Savings and Financial Markets (CREPMF).
In this article, we’ll be elaborating on some basic and easy steps new traders can take when looking to trade in binary options for the first time.
Key facts on binary options trading in Burkina Faso
- Trading in Burkina Faso is regulated by CREPMF, ensuring that financial activities comply with regional standards.
- Traders can use the reputable brokers recommended in this guide or look for a legitimate local broker.
- The West African CFA franc (XOF) is the local currency.
A Step-by-Step Guide to Trading Binary Options in Burkina Faso
This step-by-step guide is made to be easy to understand and relevant for traders who are looking to trade binary options in Burkina Faso. As there are no specific regulations that prevent traders or brokers from offering binary options, it is better to use one of the reputable brokers recommended in this guide, as they are recognised by experts and used by millions of traders worldwide.
1. Pick an available broker that offers services in Burkina Faso
100+ Markets
- Min. deposit $10
- $10,000 Demo
- Fast Execution
- High Profit up to 95%
- Fast Withdrawals
- Free Signals
100+ Markets
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
300+ Markets
- $10 Minimum Deposit
- Free Demo Account
- High Return Up To 100% (in case of a correct prediction)
- The Platform Is Easy To Use
- 24/7 Support
100+ Markets
- Min. deposit $10
- $10,000 Demo
- Fast Execution
- High Profit up to 95%
- Fast Withdrawals
- Free Signals
from $10
(Risk warning: Trading is risky)
100+ Markets
- Welcomes International Clients
- Offers High Payouts: 90% – 97%+
- Professional-grade Platform
- Swift Deposit Process
- Enables Social Trading
- Provides Free Bonus Incentives
from $ 5
(Risk warning: Trading is risky)
300+ Markets
- $10 Minimum Deposit
- Free Demo Account
- High Return Up To 100% (in case of a correct prediction)
- The Platform Is Easy To Use
- 24/7 Support
from $10
(Risk warning: Trading is risky)
Not analyzing a broker and not doing proper research can sometimes lead to havoc and severe losses. The binary trading market is profound, and numerous brokers provide services. It is the trader’s responsibility to select a genuine and registered broker before making investments.
Due to the vast expansion of binary trade, the market is flooded with fake brokers. Hence, it is always advised by us that traders must always research and acquire proper knowledge about the broker’s authenticity.
Quotex
Quotex is a modern and legal platform that provides more than 400 assets, making it one of the most popular platforms worldwide. An innovative platform that provides a convenient trading interface and precise signals that help traders trade more successfully, Quotex is considered one of the most user-friendly platforms for new traders.
Through this article, we have taken the initiative to elaborate on some of its features that will provide you with the necessary information to make a decision accordingly:
- Traders can start trading with a minimum investment of $10.
- There are various modes of payment that you can easily make on this platform. Ranging from cards and cryptocurrencies to banks and e-platforms.
- Every time a trader registers for a new live account and makes their first deposit of $100 or more, an additional bonus of 30% will be provided to you. (Note: the bonus cannot be withdrawn).
(Risk Warning: Your capital can be at risk.)
Pocket Option
Pocket Option offers binary options trading services and is one of the most reliable brokers in the current market. This online trading broker provides its traders with the best trading tools and is currently regulated by MISA.
Pocket Option is known for its leading tools, technical indicators, and other trading tools from which binary traders can benefit. This platform is easy to understand and beneficial for both beginners and experienced traders.
Other than that, Pocket Option trading also benefits its traders.
- Open to all international traders with flexible trading options
- Over 20,000 active users daily
- Minimum deposit: $5
- User-friendly sign-up suitable for all trader levels
(Risk Warning: Your capital can be at risk.)
IQ Option
IQ Option is a legal trading platform. IQ Option is an online brokerage company headquartered in St. Vincent and the Grenadines. IQ Option originally offered only binary options when it was created in 2013. IQ Option is a powerful online trading platform that provides analytical tools that allow you to seize investment opportunities and make informed risk decisions in real-time.
Traders also have enough payment methods to choose when they want to fund their trading accounts. If you are new to binary options, try the IQ Option demo account. It is a safe and secure online broker for investors.
Features:
- Initial deposit at IQ Option: $10
- Instruments: OTC, currency pairs, EFT
- Platform: IQ Option mobile app
- 24/7 customer service and support
- Leverage available is 1:500
- There is no bonus available to users
(Risk warning: You capital can be at risk)
2. Sign up for a trading account
We have simplified the signing-up process by elaborating on a few basic steps.
- Make sure which broker you want to go for and select the broker of your preference.
- Visit the official website of your chosen broker.
- Click on the signup button that can be seen on the web page
- Next, the trader needs to provide all the required details that will be asked of you.
- The final step involves you cross-checking all the details and tapping on the ‘submit’ tab.
(Risk Warning: Your capital can be at risk.)
3. Use a demo trading account
Before using actual money and engaging in live trading, starting trading with the broker’s demo account is recommended. By using a demo account to practise, you may get more knowledgeable about various trading strategies and become more accustomed to the platform’s features, all of which will increase your chances of success when you trade with real money.
You may practise trading on different assets, become familiar with the platform, and try out new strategies in a risk-free environment with a demo account. It’s a very good tool.
4. Pick an asset to trade
From the asset list, traders may select an asset that appeals to them. The tradeable assets that are available to you are indicated by white highlights. Click on an asset to exchange it. Trading of many assets at once is possible. Click the “+” button to the assets area’s left.
(Risk Warning: Your capital can be at risk.)
5. Make a proper analysis
Analyze the chart and find signals and exit points according to your trading strategy. Use the tools and features offered by the platform to find support and resistance levels that the price usually bounces off from and make sure that the price movement ticks all of your boxes.
6. Place your trade
A trade can be made with as little as $1.We advise beginning with small sums in trades to gauge your comfort level and how you perform in actual market situations. You can progressively raise your investment amount in every transaction as you develop expertise and confidence in your trading.
Make a prediction after analyzing the chart’s price movement analysis. Select the “Up” (Green) button if you think prices will go up, or the “Down” (Red) button in if you think prices will go down.
7. Wait for the results
Check if your prediction was accurate after the trade closed. If your forecast is correct, your balance will rise by the amount you invested plus the asset’s earnings. If you make a wrong prediction, you won’t get your money back. To continue making money regularly, traders should keep track of their actions and modify their trading approach as necessary.
(Risk Warning: Your capital can be at risk.)
Payment Methods for Traders in Burkina Faso
Traders of Burkina Faso have multiple options when they want to transfer funds or invest in the underlying assets. Mostly all brokers who work in Burkina Faso provide basic payment methods which Burkina Faso traders can use to trade binary options. Here in this article, we’ll provide some of the most reliable and easy-to-use sources to make your payments.
Bank transfers
Bank transfers are the easiest and most cost-effective modes of payment. As the most traditional method for funding trading accounts, almost all brokes should offer this as a payment option to traders. Burkina Faso Traders can fund their live trading accounts through easy bank transfers.
Electronic wallet
The electronic wallet, also popularly known as an e-wallet, is another common payment method.Many electronic wallet options are available to Burkina Faso traders to fund their accounts and have become a leading payment method in countries all over the globe.
Electronic wallets typically provide a fast and efficient way to fund trading accounts and allow traders to trade binary options as quickly as possible. More often than not, funding accounts from e-wallets are usually just as fast as depositing funds using bank transfers.
Card Payments
Burkina Faso traders can easily use their bank-linked cards to make large deposits and withdrawals on binary trading options. As one of the oldest transaction methods, debit and credit cards are the easiest payment modes.
How Do I Deposit and Withdraw?
The process is simple; the traders can easily deposit through one of the payment methods we’ve mentioned above. Depositing any amount of funds is usually free and requires no extra charges. Funds can take some time to arrive in your trading account and it will also be recorded in the trading account’s funding history.
The withdrawal process is also simple, though every broker has different methods to withdraw funds. The trader must be careful about the hidden charges that are often deducted as brokers often charge a small fee for withdrawals.
Pros and Cons of Binary Options Trading in Burkina Faso
- The platform is very basic, and it’s easily understandable for the trader. Traders at all levels find it easy to begin trading binary options.
- A binary option is a venture that offers high payout percentages.
- The success rate of trades and how profitable a trader can be is largely dependent on the trader’s skill set; this means that traders who are able to analyze the market well and remain disciplined would likely be profitable in the long run.
- There are many unregulated and illegal brokers that could put your funds at risk if traders use them unknowingly.
- A detailed market analysis needs to be done before every trade, which often becomes excessively time-consuming and can make traders frustrated.
- A trader often has to remain calm and trade logically even when their trades don’t go the way they want to.
Risks of Binary Options Trading in Burkina Faso
As a guideline, traders are recommended to risk less than 1%of their total investment per trade. The risks involved with binary trading options are minor but not unavoidable.
Unfortunately, many traders who venture into binary options see it as a way to get money quickly and are misled by how easy it is to place trades without being aware of the work behind each trade. This can cause them to lose money quickly and be disappointed that binary options is not a quick get rich scheme.
- Often, the trader has to wait for the trade to expire and for the results to be announced. Plus, traders have to spend time analyzing the market before placing the trades, and, likely, binary trading can often be time-consuming for the trader.
- One of the riskiest factors is that the binary trading market is often not regulated; there are all sorts of brokers and traders available on this platform and no regulations prohibit or protect traders when trading binary options.
Conclusion: Binary Options trading is available in Burkina Faso
Binary options trading is available in Burkina Faso. Traders who want to trade there should keep in mind that while binary options trading might be one of the easiest and fastest modes of making a great fortune, but it can quickly become an addiction and a way to lose money quickly if traders are not careful. Hence, traders are always warned to be vigilant while investing in assets and brokers without prior analysis.
Frequently Asked Questions (FAQs)
Does binary options trading offer traders in Burkina Faso a quick way to make money?
Yes, binary trading options are one such form of trading where the returns are high, and it is certainly one of the easiest ways of making money. However, traders should be aware of the risks involved and be disciplined in trading.
Where can I trade binary options in Burkina Faso?
Traders are recommended to use one of the brokers we have mentioned in this article. However, if a trader prefers to trade with a local or different broker, they should conduct their own research and ensure that the broker is reputable and reliable first.
Are binary options trading risky in B urkina Faso?
Yes, it certainly is risky to trade binary in Burkina Faso. Risks are always a part of trading and the profits may not cover taxes, daily expenses and transaction costs. In fact, many experts and financial advisors think that the risks far outweigh the potential gains.
