Nigeria has been one of the major economies in Africa, diverse with everything from financial, communications, stock exchange, legal, transport and natural resources in abundance. However, like many of its neighbours, Nigeria has been experiencing an increased inflation rate from November 2018, directly affecting the cost of food. As the valuer of Nigeria’s currency dips, it seems as if Nigeria’s citizens are starting to resort to trading alternatives such as binary options trading to make more of a profit.
Nigeria’s Economic Woes
As the country tackles an ongoing economic crisis, Nigeria’s policy makers are looking to take a tight monetary stance. Much of the crisis can be attributed partly to the spending for the upcoming election in the country, scheduled to be held sometime in February 2019. This coupled with the national budget disbursements has given rise to inflation in the country, which in turn has affected prices of bread, cereals, milk, cheese, yam and other food items.
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Binary Options Trading in Nigeria
A huge chunk of Nigeria’s citizens is employed in the oil and agricultural sector, which are the two major sectors of the country’s economy and earners of foreign exchange. However, due to the ongoing economic turmoil, many citizens have started exploring options to earn some passive income. Binary Options Trading has thus gained popularity in Nigeria over the last couple of years, alongside forex and cryptocurrency trading.
How to Choose A Binary Options Broker in Nigeria?
Binary Options, which has become a lucrative form of trading on a global level, has seen a surge of popularity in the trading sector of the company. However, Nigeria does not have any locally based binary options brokers and thus must rely on brokers based off-shore. Reliability is a huge factor for Nigeria’s citizens when trading with off-shore brokers. There are certain factors that may be used to make a better judgement in this case.
- Regulation: Always choose a broker which is regulated by a major regulatory body. Examples include the FCA and CySEC.
- Instruments Offered: Take a look at the types of instruments offered. Most Online brokers offer options such as call/put, along with boundary and touch/no touch options.
- Currency Pairs and Spreads: This depends on the type of binary options trading you want to conduct. For example, European style binary options brokers, do not generally assign spreads to currency assets.
Considering IQ Option:
Since no binary options broker is based in Nigeria, citizens look to offshore alternatives and one reputed name that comes up is IQ Option. Based in Cyprus, it is owned by IQ Option Europe Ltd and is licensed under Cysec.
IQ Option has a lot of advantages such as:
- Easy User Interface
- Up to 91% Pay-outs for correct predictions
- Demo Account Available
IQ Option offers trading in binary options, along with digital options, foreign exchange, CFDs and even cryptocurrencies, offering Nigerians a comprehensive platform for trading online.
IQ Option has also recently introduced AstroPay as a new payment gateway, extended to certain countries including Nigeria. The AstroPay card is a virtual prepaid card, used to make deposits and withdrawals online. It is known for its instantaneity, confidentiality and security on a global level.
For more informations about IQ Option please visit https://www.iqoptionmag.com