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Africa is traditionally divided into five major regions: Northern Africa, Western Africa, Eastern Africa, Central Africa and Southern Africa. African traders have turned their lives around by trading binary options. With the introduction of binary trading in Africa, traders have found a new source of making money. Of course, there are conventional types of trading. However, traders in Africa are making money quickly with the help of binary options.
Many traders still need to be familiar with trading binary options in Africa. This trading guide will seek to answer all questions that might arise in the mind of African traders. But first, let us begin with a guide to help you trade binaries.
How to trade Binary options in Africa? A step-by-step guide
What you will read in this Post
Binary trading in Africa is possible as in any other corner of the world. Traders in Africa can get started with binary options trading just as soon they find themselves a reliable broker.
#1 Pick a broker that offers services in Africa
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
250+ Markets
- Crypto options
- Multiple payment methods
- High profit up to 88%+
- User-friendly interface
- Personal support
- Fast registration
100+ Markets
- Min. deposit $10
- $10,000 demo
- Professional platform
- High profit up to 95%
- Fast withdrawals
- Signals
from $10
(Risk warning: Trading is risky)
100+ Markets
- Accepts international clients
- High payouts 95%+
- Professional platform
- Fast deposits
- Social Trading
- Free bonuses
from $50
(Risk warning: Trading is risky)
250+ Markets
- Crypto options
- Multiple payment methods
- High profit up to 88%+
- User-friendly interface
- Personal support
- Fast registration
from $ 10
(Risk warning: Your capital can be at risk)
Binary options trading has a high market share. So, naturally, many brokers extend services to traders in Africa and elsewhere to trade these options. However, it can be challenging for any trader to trust all the binary options brokers.
| Good to know! |
| Most brokers are not regulated, and some might not offer genuine services to traders. Therefore, a trader in Africa should rely on a broker widely known for its great reputation. |
Three brokers that extend their services in Africa have all traders’ trust in them. They are
Quotex
The binary options trading platform, Quotex, is widely known for its excellent services. The large clientele of Quotex speaks volumes for itself. Traders can enjoy several features on this trading platform that they cannot enjoy elsewhere. Some of its features include the following.
- Quotex offers traders access to all the major trading tools and technical indicators. This binary options trading platform also allows them to start trading with a low minimum deposit.
- Traders can sign up for leading trading platforms that Quotex offers. Besides, it also allows traders to choose an account type depending on their trading experience.
- Users can also avail themselves of several offers and bonuses on this binary options trading platform.
- Traders can access the ease of making deposits and withdrawals.
So, if you are new to binary options in Africa, you can initiate your trading journey with Quotex. This broker is known to offer great experiences to beginners.
(Risk Warning: Your capital can be at risk.)
Pocket Option
Just as Quotex is reliable, Pocket Option also extends great services to traders. Traders can enjoy trading on this platform by accessing its easy-to-use features. Besides, Pocket Option also offers a mobile trading application for traders to trade on the go.
Pocket Option has numerous benefits, making it a go-to platform for many African traders. These features are as follows.
- Traders can sign up for a Pocket Option live trading account without any hassle.
- The demo account that Pocket Option offers traders is available for 30 days.
- Traders can enjoy earning profits by using its leading tools and technical indicators.
- Pocket Option has a low minimum deposit amount. So, even beginners can join Pocket Option.
- It offers educational resources and also updates its trading platform from time to time.
So, Pocket Option can be an African trader’s second-best pick. This broker has convenient features to make your trading experience worth it.
(Risk Warning: Your capital can be at risk.)
Focus Option
Traders in Africa also have access to Focus Option. Focus Option operates in Africa to offer traders the best services. They can enjoy trading by using all features that make their experience lively.
Some other benefits that African traders can avail themselves of while using the Focus Option include the following.
- Traders can sign up for Focus Option live trading accounts with a very low amount.
- They can use the available tools and technical indicators on Focus Option.
- The online trading platform is available in multiple languages across multiple nations.
- Traders find it easy to deposit and withdraw money from their Focus Option live trading account.
Focus Option offers great services and is an ideal trading platform for most African traders. After thoroughly analyzing all the features brokers offer, a trader can pick one that best fits his needs. Then, he can sign up for a live trading account.
(Risk Warning: Your capital can be at risk.)
#2 Sign up for a trading account
Signing up for a trading account is the most crucial step in trading binary options. Of course, a trader in Africa and elsewhere would need a binary options trading account to place his trades.
Once you have chosen your broker among the three brokers, you can finally sign up for a trading account. To signup,
- A trader can visit the broker’s web page or open the mobile application if downloaded.
- Now, a trader can see the ‘signup’ option on the page.
- Click on this option and enter the details that the broker requires.
- Finally, choose to ‘submit’ your information, and your trading account will be ready.
#3 Use a demo trading account
Using a demo or a live trading account is the third step to trading binary options. The demo account should be your go-to option if you wish to test the trading platform or learn how to trade.
Besides helping you learn how to place trades, a demo account is also helpful in learning various fund and risk management skills.
On the other hand, a live trading account comes in handy for traders who are ready to place their trades. Trading through a live trading account involves the use of real funds.
#4 Pick an underlying asset to trade
Finally, you can choose an underlying asset famous among the binary options traders in Africa. Before choosing an underlying asset, a trader must properly analyze the market. It will help him find which asset is performing the best in the African market.
After choosing an underlying asset, you can proceed with the analysis.
#5 Make a proper analysis
Now, a trader would need to make a proper analysis before he decides to place his trade. The African market is highly volatile and offers great opportunities for traders to make money for binary options. However, if a trader makes one decision wrong, he could lose money.
Therefore, we reiterate making money through binary options trading is possible only with a proper analysis.
| Good to know! |
| You can use the available technical tools and indicators to analyze properly. Besides, following news and trends is also a key to winning trades. |
#6 Place your trade
Finally, after analysis, a trader is ready to place his trade. To place a trade, you can choose your favorite underlying asset, its strike price, and its expiry time.
(Risk Warning: Your capital can be at risk.)
#7 Wait for the result
Now, the eventual outcome of binary trading will reveal itself after the expiry of a trade. The underlying asset’s price will increase or decrease when your trade expires. The outcome should match a trader’s proposition to win a trade.
With these 7 simple steps, an African trader can trade binary options. However, since binary trading is slightly new for African traders, let us dig into a few more binary concepts.
What is a Binary Option?
A binary option is an option in derivative trading that has only two outcomes. The outcomes are a win or a loss. Traders who trade binary options make a proposition about an asset’s price. They bet whether the underlying asset they are trading will rise or fall in value.
If the result of the option is by their proposition, a trader wins the money. However, if it does not match the trader’s bet, he gets nothing.
So, binary trading has serious risks, which is why several nations do not allow their investors to trade binary options. African traders might wonder whether the binary option is legal on their land. Let’s find it out.
Is Binary Trading legal in Africa?
Africa is one nation that is growing well in terms of monetary growth. It owes to its economic environment, which is becoming stronger every day. Investors in South Africa can also trade binary options, among other instruments, in its economic environment.
| Good to know! |
| Most nations in Africa have lenient policies for binary options trading. Thus, binary trading is legal in Africa. The regulating bodies of various African nations keep an eye out for the brokers who offer services to traders. Even though they might not regulate it, they oversee that everything happens legally. |
So, African traders can choose a binary options broker and start trading binary options.
Payment methods for traders in Africa
African traders can use several payment methods for trading binary options. Traders need payment methods to fund their trading accounts or withdraw funds from them.
The available payment methods for traders in Africa include
Bank transfers
Traders have always used their bank accounts to deposit and withdraw funds from their trading accounts. The traders in Africa have this payment method at their disposal.
Cryptocurrency
Traders can also use cryptocurrency to fund their trading accounts with brokers that operate in Africa.
Cards
Your debit and credit cards can help you deposit and withdraw funds from your trading accounts.
Electronic wallets
Electronic wallets such as Skrill, Neteller, Fasapay, etc., are important payment methods for African traders.
(Risk Warning: Your capital can be at risk.)
How do you deposit and withdraw?
Traders can use a step-by-step process to deposit or withdraw funds from their trading accounts with African brokers.
Deposit process
- Visit the broker’s website or open the app on your phone.
- Enter your trading account’s login credentials.
- Click on the ‘add funds’ or ‘deposit funds’ option.
- Enter amount
- Choose a payment method
- Validate your payment
After validating your payment, your broker will credit the amount to your live account’s balance.
Withdrawal process
After making profits on binary options trade, you can withdraw your profit in the following manner.
- Enter your trading account and click on the ‘withdraw funds’ option.
- Enter the amount
- Choose a payment method
- Submit your request
Now, traders can expect the brokers to process their withdrawals within 8-24 hours. Once processed, you will receive your withdrawal’s duration will depend upon the payment method you chose.
Pros and cons of Binary Options trading in Africa
Binary options trading in Africa has numerous pros and cons.
The Pros of Binary Trading are:
- African traders don’t have much trouble learning to trade binary options. They are easy.
- The internet is full of information on how to trade binary options.
- Traders in Africa have several binary options trading platforms at their disposal.
- They can enjoy trading at their own pace with a low minimum deposit amount.
- Most binary brokers allow traders to use a demo account to learn.
The Cons of Binary Trading are:
- Binary trading accompanies heavy losses for traders.
- Traders trading binary options have a tough time if they land with a scam broker.
- Binary options trading involves traders keeping a huge amount of patience.
- It takes more time to learn binary options trading than any trader could think.
Risks of trading Binary Options in Africa
Binary options trading in Africa or elsewhere is never free of risk. Some risks that it involves are as under.
- Binary options traders might find themselves in a never-ending loop of making losses.
- Binary trading requires a lot of trading analysis if a trader wants to win his trades.
- Traders might sometimes fall for the trap of scam brokers. Thus, they lose their money.
- The traders might lose more money than they could make with binary options trading.
Conclusion: Binary Options trading is available in Africa
Binary options in African trading are possible for any trader who wishes to make quick money. However, the good practice for trading binary options is to choose a broker that offers genuine services. For example, traders can choose Quotex, Pocket Option, or Focus Option. Besides, traders should also analyze if they are keen on winning their binary trades.
(Risk Warning: Your capital can be at risk.)
Frequently Asked Questions (FAQs) about Binary Options in Africa:
Do African nations allow binary options trading?
Yes, most African nations allow binary trading. You can trade binary options in Africa by choosing a reliable binary options broker in Africa. Then, you can sign up for a trading account and begin your binary trading journey.
Is binary trading banned for African traders?
No, binary options trading is not banned for African traders. Several binary options brokers operate in the African region and allow investors to sign up for a trading account. For instance, Pocket Option, Focus Option, and Quotex operate in Africa and offer great services.
Can I become an African millionaire with binary trading?
Yes! You can become an African millionaire with binary trading if you follow the right ways. First, conduct a lot of research and use the technical indicators to analyze properly. Then, placing a trade after a proper analysis will widen your chances of earning profits and allow you to become a millionaire.
