Is Olymp Trade legal in Nigeria?
Is Olymp Trade legal in Nigeria and does it work in Nigeria? – When you are asking these questions then you are right on this page. At the moment Olymp Trade is the most expanding online broker for investments in the world. The company is well-known internationally and offers a huge range of markets to trade. I will show you how it works in Nigeria and I will find out if there are any restrictions for your country. Inform yourself in the next sections.
Olymp Trade is 100% legal in Nigeria
Through my research, I come to the conclusion that Olymp Trade is 100% legal in Nigeria. There are no restrictions from the government or other authoritarian regulators. The Securities and Exchange Commission in Nigeria does not forbid such activities or online brokers like Olymp Trade.
Olymp Trade offers to trade options or forex for Nigerian traders. These products are international allowed and not forbidden. In addition, Olymp Trade is a regulated and legal company that manages different offices worldwide. At the moment the broker is not regulated by a Nigerian authority but maybe we will see in the future such collaborations.
What can Olymp Trade offer Nigerian Traders?
As mentioned before Olymp Trade accept international trader and gives them access to more than 200 markets and assets. For start trading you can use a free demo account or start with only 10$ real money. All funds for Nigerian traders are in USD. You do not need a lot of money to start trading on this platform. Trades can be made with only 1$.
Olymp Trade is regulated by the International Financial Commission and a very safe platform. For example you can activate the 2 factor authentification to secure your account. The return of investment (yield) for trading options can be up to 92% and depends on the market conditions. In addition to this very good trading conditions a support 24/7 for Nigerian traders is available in English.
Facts about Olymp Trade:
- Nigerian traders are accepted
- Regulated and legal company
- Free demo account for practise
- Minimum deposit 10$
- More than 200 markets
- Return of investment up to 92%
- Support 24/7 for Nigerian traders
How to earn money with Options Trading?
In the following section, I will give you a quick overview of how to trade with Olymp Trade. You can trade different options with a high yield of up to 92%+. That means you can invest 10$ in one trade and if you make the right forecast of the market you will get 19.20$ in return. 9.20$ is the profit and the 10$ is your investment amount.
It is possible to trade options in different time frames. This financial product is easy to understand and I will explain it to you. Digital Options are limited by time, profit, and loss. So before you start trading you already know what is the possible outcome of a trade. There are only two options. You can win or lose a trade.
Be aware that the return of investment (yield) is depending on the market and the stock exchange times. You have to find out when are the regular trading hours of your market to get the highest yield as possible. In addition, the yield can variate if you choose a different time horizon of your trade.
Details you have to know about options trading:
- Asset profitability (yield)
- Expiry time
- Investment amount
- Buy or sell
First of all, you have to analyze the market for a trading idea. If you know in which direction the market will move you can place the trade. For finding the best trading idea you can have a look at the Olymp Trade education center. There you will find different strategies, helpful videos, and tutorials for trading.
How to trade and make a profit:
- Make a forecast of the market movement
- Choose your investment amount
- Choose the expiry time of the trade
- Choose buy (call) or sell (put) for your option
- Wait for the result
- At the end of the expiry time, the price has to be above or below your entry point (strike price)
- Win a high yield of up to 92% or lose the investment amount
In conclusion, it is very easy to trade these type of options on the platform. You can use the free demo account to practice and learn about trading. For successful trading you need a higher win rate than 50%. This is possible by using analysis and strategies to trade the market.
Most traders are trading via mobile phones in Nigeria. Olymp Trade offers a mobile app for any device. You can use an Android or Apple (iOS) device for trading. There are not so many differences between the mobile app and desktop trading. You will see the same functions.
For example, you can use more than 20 different indicators and 4 chart types for the analysis. You will get direct access to market news and special strategies for traders.
The mobile app is very important for trading because you can check the markets at any time you want. If you got a running position you can check the position. Besides, you can trade political and fundamental news which affecting the market with high volatility.
How to open an account in Nigeria?
You can open your trading account very fast by using the account form below. Olymp Trade just needs your real personal data, email, and phone number. If you created the account you can fullfill all your data in the account dashboard. I recommend verifying your email and phone number first before you start with real money trading.
Do I need verify my account with documents?
Olymp Trade does not need any documents from you but the broker can ask for them if you make withdrawals. It is a normal process because the broker have to be sure that your identity is checked. They may ask you about your passport or proof of your address.
How to deposit and withdrawal money on Olymp Trade from Nigeria?
Olymp Trade offers different payment methods for Nigerian traders. You can capitalize on your account within seconds and do very fast withdrawals. The available payment methods are credit cards, Bitcoin, Neteller, Skrill, WebMoney, online banking, fasapay, and some more.
The account balance for Nigerian traders is USD. So if you got a Naira (NGN) account or credit card there will be an automatic conversion of the currency. The minimum deposit and withdrawal are 10$. Every type of trade can start with Olymp Trade because these amounts are very small.
Deposits and withdrawals are working without any fees. There are no hidden costs for you and you can do a deposit and withdrawal as often you want. Furthermore, the deposits are made instants and withdrawals are made within 1 – 3 business days but often in less than 5 hours.
Facts about the deposit and withdrawal:
Get a free deposit bonus
Olymp Trade offers a free deposit bonus for each client. You can double your deposited money. The maximal bonus is 100%. That means you can trade with more money as you deposited in your trading account. But there are some restrictions for you. You can not withdraw the bonus. The bonus only allows you to make more profit. You can withdraw the profit but not the bonus. This sounds really fair to me.
Conclusion: Olymp Trade is legal in Nigeria
Olymp Trade is the most known broker for making money online in Nigeria. There are no restrictions or bans for trading with Olymp Trade in Nigeria. It is a fully legal and legit company.
Generally, Olymp Trade is fully regulated and a registered company as you can see on their webpage. The broker accepts international clients and gives them very good conditions to trade options and forex.
Traders can start with the free demo account or with only 10$ deposit. There are no deposit limits and you can make a lot of money if you trade a successful strategy. All the functions on the trading platform present me with a professional portfolio that is accurate for an analysis of the markets. In conclusion, Olymp Trade is a recommended online broker for trading the financial markets and legal in Nigeria.
If you are searching for a reliable broker you should choose Olymp Trade. The conditions are better than the most other competitors.