Due to technology advancements and many other reasons that we’ll look at in this review, more and more traders in Africa are jumping into binary options platforms every day. We’ll get to see just how much their involvement in the trading sector has exceptionally grown.
Trading platforms are making tremendous efforts to reach the African continent. Not only are they working on improving their various platforms with new features and regular updates, they’ve also invested a lot in providing better and efficient services that were otherwise a frivolous thing in the past. Over the years the fruits are visible, and platforms are now receiving more membership sign-ups than ever before.
Choosing Your Trading Platform
That said, there are a plethora of binary options trading platforms out there and closing in on the best one could be a horrendous decision. The importance of choosing the right platform for your trading urges is fundamentally the footstool of your business in the trading sector. A risky one as such, but if tackled carefully could be the best business you’ve ever undertaken.
Before choosing a trading platform, make sure to take as much time as possible before finally coming up with your decision. You can start by finding reviews online from trusted comparision & review sites and even watch videos or tutorials of various trading platforms. It will help you understand the elements of the different trading platforms and concluding which one of them to pick will be easier for you.
Doing all this background checks not only helps you to avoid losing your investments, but also saves you from an unprecedented fall personally. Fraud cases in the trading sector are widespread and traders, expert and beginners alike, lose thousands if not millions of their money. The fraudsters are sometimes very luring, and many tend to fall into their traps because of lack of understanding of the industry or pure, simple ignorance from them.
The only thing that these scams miss out on is their regulation certification, which isn’t hard to miss once you’ve done your research. However, this isn’t to say that all unregulated trading platforms are frauds. Some platforms are better in the sector than even the regulated ones.
This conditions will take time in choosing the right binary options platform is of uttermost importance. Not only does it make you very wise in the industry but also it sets you at a sound footing from the start.
Binary Options in Africa
In recent years, more African countries are adopting binary options platforms as the knowledge of the industry sprouts to the edges of the world. A study conducted in 2016 revealed that four countries in Africa topped the first deposit sources in trading platforms worldwide. These countries were South Africa, Zambia, Ghana, and Kenya each having a higher deposit streak than the other in that order.
The previous year had almost similar statistics with three African countries topping the list. They included Nigeria, Zambia, and South Africa, also in the same order. These statistics have depict great trading potential in Africa. More binary trading platforms are investing more in their services and products to reach the potential prospects.
South Africa is the only country with binary options regulations put in place. Binary options are considered “illegal” in the other countries which are preferably a disclaimer for both the trading platforms and the infinite potential of traders. Trading still goes on in most of the states, and some governments are working on coming up with statutory regulations for binary options.
How to Compare Trading Services and Platforms
Before choosing a binary options platform, always consider the following:
- Is there service well attributed to where you are?
- Their reputation from your research.
- The minimum amount of deposit.
- Whether the platform is regulated or not.
- If they provide a Demo Account.
- Do they provide free video tutorials, strategies, signals, ebooks or any other educational materials?
- If there’s a bonus for a new trader account. Remember to check the terms and conditions that apply.
- How you can withdraw your money.
- If the platform has an app or not (trading online is still okay, but a mobile application provides you with more portability).
- The minimum trade amount or size required for you to trade.
- Options offered for your trading process. Could include Ladder, Pairs, Touch, Boundary, etc.
- Are there additional tools? (e.g., MT4, NANO.MT4, MT5, Early closure)
- Percentage cuts on payouts.
- Their customer service. Check if they cover your location and how can they be reached.
5 Tips to Choose a Binary Options Broker or Trading Platform
It can be quite a hefty load when it comes to narrowing down the best binary options trading platform. That said, here are five tips to help you make your decision:
Demo Account
Demo accounts are used to lure traders into a platform, but their benefits tend to favor the trader more than the platforms. By trying different demo accounts, you can see which one works for you and which one doesn’t. More so, most of them come with loads of virtual money to start. Use the free deposit to have a better insight of which platform gives the best payout and the ones that are not good at it.
Deposits
At the initial stages of trading, it is best to start with a small amount of investment then gradually climb up as you trade. Before signing up for a platform, be sure to check the minimum deposit fee needed and match it to your budget. This will help you budget yourself better from the start.
Trade Figures
Trade figures are the amounts that you set to trade on a platform. Each platform has a different number tagged to this amount with most of them ranging from $1 to 25 dollars as the minimal trading figure. For a beginner, it is better to choose a platform that has a low trading plan so that you’d lower your risks.
Withdrawals
After you trade, and you win, you’d want to withdraw your earnings, right? Always check for the means of retreat that a platform provides and confirm that they are accessible in your area. Many of the platforms partner with international money transfer companies but being that they are so many, choose a platform that has more partnerships with companies that are close to you.
Bonuses and Allowances
Trading platforms sometimes give their members bonuses as well as allowances as an effort to maintain a constant interaction with them. For that reason only, verifying which companies provide the best gifts and benefits, e.g. withdrawal discounts will be in your favor in the long run.
PS: You can learn about them from demo accounts.
Regulation Matters
As mentioned earlier, the regulation of binary options platforms is one of the prioritized factors to be considered. These regulations are primarily used to protect the trader from any unique problems in the future.
European countries take this matter very seriously as many issues arise with some of these platforms. Therefore, the regulations impacted there are stringent and measured if met. African nations also have their own arrangements for regulators positioned to license and regulate the binary options platforms.
Below is a list of some of the regulators commonly known worldwide and work in Africa:
- FCA – Financial Conduct Authority (based in the UK)
- CySec – The Cyprus Securities and Exchange Commission (Cyprus and the EU)
- ASIC – Australia Securities and Investment Commission (Australia)
- CFTC – Commodity Futures Trading Commission (US)
- IFSC – International Financial Services Commission (Belize)
- FSB – Financial Services Board (South Africa)
Always check if the binary options platform you chose is regulated by either one of these regulators or any that is relevant and reputable to most countries. If not, remember the risk of using a scam platform is much higher than you think.
Top 6 Trading Platforms in Africa
IQ Option
IQ Option was founded in 2012 and has made tremendous progress in the past seven years. Regulated by CySec, it prides itself of about ten languages for its service including English, German, Arabic, and Italian among others.
The platform offers digital options, forex trading, CFDs and even cryptocurrency as trading options. Each service is available on their website, mobile application and their downloadable software for both MAC and PC.
Tools provided include the stop losses or take profit levels, which are tools that are not commonly found in standard trading platforms. IQ Option offers free educational materials to answer any questions you might have and also 24/7 customer support
There’s currently no MT4 integration, but the Revolutionary Proprietary Platform used by IQ Option is refreshing. You can change the view to either line, area, candlestick or bar and analyze your trading with many features including 18 different intervals, multiple graphs and multiple indicators that are all frequently updated.
The minimum deposit is $20 for Forex and $10 for options while the minimum trade starts at only $1. Withdrawal fees depend on the type account with a minimum being $10 up to a maximum of $10,000. Whether you’re trading from Kenya, South Africa or Nigeria, your money will be saved in USD.
Payment methods include Neteller, Skrill, WebMoney, Visa, Mastercard, PoliPayments and Wire Transfer.
Join IQ Option today and enjoy one of the most user friendly trading platforms!
FinmaxFX
Finmax FX is undisputed leader in currency trading.
The financial company appeared on the market a few years ago, but managed to become one of the leaders in binary options trading & Forex.
Binary.com
It Pioneered in 1999 as “Betonmarkets.com” but rebranded as Binary.com in 2013. The platform is under regulation by five regulators including the Gambling Commission in Malta. That alone oozes trust.
It has an incredible reputation in the trading sector even though it doesn’t accept clients from Japan, USA, Costa Rica, and Hong Kong. However, its trading services are available in Africa. On the platform, it is possible to trade in all currencies, markets, stocks, and indices globally.
The trading platform is their own Binary.com Proprietary Platform which is quite reputable compared to other trading platforms out there. The platform is available online on their website and can also be downloaded as an app for Android or iOS and is available 24/7, even on weekends.
Binary.com doesn’t charge on deposits or withdrawals and allows a bare minimum of $1 up to a maximum of $50,000 for a single payout. The minimum deposit is $5, and the minimum trade starts from $1. Currencies available are USD, GBP, AUD, and EUR. A free demo account is also open with an initial $10,000 for your consideration.
Payment methods include Western Union, Bitcoin, Neteller, InternetBanking, Skrill, Visa, Eco, Fasapay, UnionPay, Mastercard and WebMoney that are all accessible in Nigeria, South Africa, Kenya, Zambia, and other African countries.
Binary.com is probably the best regulated binary options broker. Five regulators? This is the place to be if you are doubting binary options trading platforms in Africa.
Olymp Trade
With over $180 million in trading turnovers monthly, Olymp Trade is one of the biggest names in this sector. It was kick-started in 2014 and had since then received praises and many awards for its top notch service. Although it is under regulations by FinaCOM, it is recognized in Africa and internationally.
The trading platform includes MT4 and various other trading platforms integrated into a very well designed interface that is easy to understand and use for beginners or experts alike. The options on the platform include an Up/Down option button that can be an advantage depending on your trading skills.
Unlimited access to tutorials and educational materials are available in case you need to learn how to use the platform. You can also learn tips and tricks how to invest profitably.
A $10,000 free demo account is also available if you are ready to give Olymp Trade a try.
The minimum amount of deposit is $10 from which you get a 100% bonus while the minimum investment is $1 with returns of up to 92%.
There are various payment methods available for withdrawal. Its bank cards are Visa and MasterCard. Electronic payments are payments, Qiwi wallet, Yandex, Webmoney, Neteller, Skrill and Fasapay.
Join the biggest trading platform in Africa, Olymp Trade!
24Option
Created in 2011, 24Option is under regulation by Cysec and is quite popular in many European countries. Although it’s faced many controversies, the platform has still maintained its standing in the trading sector.
Services include stocks, indices, forex, cryptocurrencies, and commodities and can all be accessible once you create an account on the platform.
24Option has very many platforms on in its interface, including MT4, and brilliant design to go along with it. The most compelling buttons would be the Buy and Sell buttons which are quite hard to miss. Additionally, the features are top-notch along with fantastic follow-up charts.
A demo account is also available with a whopping €100,000 serviced amount provided as initial virtual funds.
Deposit packages are available for your choosing. Allowances and bonuses, which fluctuate according to your place of origin, are also available. In regulated countries bonuses are usually not allowed.
Withdrawals is available during the business hours of Cyprus, and no fees for the first withdrawal. Nevertheless, Platinum and Gold members get discounts on their withdrawal transactions.
Payment methods include Skrill, wire transfer, OKPAY, Neteller and other alternative card payment methods that are accessible in your respective African country.
We can guarantee a worthwhile trading experience on the platform when you join.
ExpertOption
ExpertOption began in 2014 and prides some assets that include binary options, cryptocurrencies, stocks, commodities, and indices, to mention a few.
The company is under regulation by the Vanuatu Financial Service Commission and licensed by the Financial Market Relations Regulation Center.
However, their services are not allowed in Sudan, Australia, USA, Japan, Canada, Switzerland, Puerto Rico, Israel, and New Zealand, but you are still able to cut across all the markets in these countries.
ExpertOption has its customer support available 24/7 with different translators in their center that are eloquent in English, Hindi, and Thai.
The demo account is quite efficient, and one can trade anonymously before you finally try and give it a chance which will then require your verification. The amount given is $10,000.
The binary options broker provides a range of account types that aren’t quite like any other platform out there. Each level depends on the amount of deposit you are willing to invest.
The minimum deposit is set to $50 while the maximum is at $3000. The amount is due to transactional processes that come with the account. Withdrawals are also quite easy to do with the minimum amount being $10.
Payment methods include Neteller, Qiwi Wallet, Skrill, Payweb, WebMoney, Visa, UnionPay, Mastercard, and Yandex Money.
The platform lives up to its expectations for all its traders. Signing up for ExpertOption can be your life changer.
Should You Use Multiple Platforms?
Using multiple broker or platforms can be advantageous while choosing the best binary options broker. With demo accounts, you can familiarize yourself with different platforms giving you an opportunity to make your decision process easier.
Also, signing up in different brokers that have bonus inclusions means you get to receive many offers that come in with your trades or upon sign up. Just remember to read the terms and conditions carefully for all the platforms before signing up for any of them.
The most prestigious advantage would be that you can reduce your risk at very high rates because having different accounts means you can trade in all of them which concurrently, if lucky, increases your financial growth while also saving you from issues that may affect any of the platforms.
Last but not least, access to several different brokers broadens your trading options and diversifies risks. You’re therefore able to choose the best platform to place a particular trade, CFDs, forex or binary options, quickly from the various ones you’ve signed up. Different platforms are better at one or more services than another.
Conclusion
Numbers don’t lie, and the number of Africans from different countries like Kenya, South Africa, Zambia, Nigeria, Ghana and many others joining the financial sector is growing by the day. Join any one of the platforms, especially IQ Options, and Binary.com, and become a potential trader yourself. Each has a free demo account and educational materials available, so you only need to start learning and finally start earning.