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There are a number of ways to profit from global financial markets – currencies, stocks, commodities, ETFs, cryptocurrencies and indices. But as average retail traders we cannot have access to most of them. For instance, purchasing gold – in reasonable quantities – is quite expensive. As a retail trader, it is almost impossible to purchase crude oil. Even if you do, there is the storage problem. Shorting of stocks also is mainly a game for the large funds managers.
Does that mean we cannot participate and profit from the markets? Absolutely not! Technology advances are making it possible for us to speculate on the price movements of these financial assets without actually owning them. These innovations are called “derivatives” and popular among them is binary options. Trading binary options simply entails betting on the direction of prices of financial assets such as currencies, commodities and stocks, amongst others. For this you get a fixed payout when your “bet” goes right, and you lose a fixed amount as well if it goes the other way.
To, however, be able to trade binary options, you need a broker. Although there are several brokers that offer binary options trading, the importance of going for one which is credible and trusted cannot be overstated; and one of such is IQ Options.
IQ Options Overview
Present across at least 4 continents, IQ Option is one of the most recognised names in the binary options brokerage industry, boasting about 52 million traders on its platform. With headquarters in Cyprus and outlets spread globally, it is regulated by the Cyprus Securities and Exchange Commission (CySEC) and also registered with the European Services and Markets Authority (ESMA). As a testament to the quality of its services, IQ Option has bagged numerous industry awards from reputable institutions, some of which are the Best Binary Options Broker Europe award by the prestigious Global Banking and Finance Review; Fast Growing Binary Options Brand by Global Brands Magazine and Most Innovative Binary Options Broker by ShowFX World, amongst many others.
IQ Options Services
IQ Option provides an array of quality services to its clients. These services are hereby discussed.
IQ Option Markets
With IQ Option, you have access to trade a number of markets including currencies, commodities, stock indices, amongst others. It is worth noting that IQ Option has a vast collection of individual stocks on its platform. IQ Option also provides Over-the-counter (OTC) digital options that are tradable on weekends.
IQ Option Account Types
Just like most binary options brokers, with IQ Option, you also have a variety of account types to choose from. There is the Real account and the VIP account.
1. Real Account
Although it is not officially named so, the “Real” account is the basic live account that you get to open with IQ Options. The minimum deposit required to get started here is $10, and the minimum trade size is $1.
Perks that come with this live account include access to weekly trading tournaments where traders can win bonuses from IQ Option (however, they are only available to traders outside the EU). You also have access to 24/7 customer support.
2. VIP Account
To clinch this account type, you need at least a deposit of $1900 into your trading account. Benefits that come with a VIP account include access to personal account managers, personal sessions with experts from IQ Option and extra educational resources.
However, due to ESMA regulations, this account type is only available for traders outside the European Union.
IQ Option Deposit and Withdrawal
As can be seen above, the minimum amount to deposit with IQ Option is dependent on which of the accounts you choose. However the least is 10 GBP/EUR/USD. You can make deposits through bank wire transfer; credit or debit cards powered by any of MasterCard, Visa or Maestro; and e-wallets such as Neteller, Skrill, Payguru, WebMoney, amongst others.
To make withdrawals though, you need to leave at least $2 in your trading account. Withdrawal channels are also the same as listed above.
IQ Option Mobile Application
You can access IQ Option’s trading platform through the web (on PC) and via mobile applications. IQ Option’s mobile apps are one of the best in the industry, as shown in the number of awards that IQ Option has clinched for them. IQ Option has clinched the Most Innovative Binary Options Platform by IFM Awards; the Best Technology Application by Web Marketing Association, and The Intelligent Trading app for Binary Options by Mobile Star Awards. IQ Option reports that over 295,000 trades are conducted daily on its mobile platforms, and it currently has over 6 million users. The mobile apps are available for Android (and downloadable on the Google Play Store) as well as iOS devices (accessible on the App Store).
For a trader making use of IQ Option’s mobile app for the first time, the description below provides a guide.
Upon downloading, you will be required to register. The default registration option is via an email and password. However, just below the page, there is the option to sign in through either of your social accounts, whether Facebook or Google. If you choose the email method, you will have to verify your email immediately. For the social accounts option, you can do the verification later.
Upon opening the IQ Option app, you will be confronted with the charts. For those opening for the first time, you will see the EUR/USD chart, bearing the fact that it is the most traded forex pair. Note that you are automatically given a $10,000 demo account which can be replenished. At the top of the charts, you have the icons of markets you are currently following. The “+” sign leads you to where you can add more markets. Upon clicking each new market, you will be shown an introductory video to teach you how that particular market is traded.
At the upper right corner is your live account current balance, which is presumably $0.00. Next to it is a “DEPOSIT” sign. On the right bar, you have icons telling you the current time in the markets, based on your local time-zone. Below it is the INVEST sign which shows the amount you have selected to risk per trade. The default is $1 which is the minimum allowable. Below it are 2 big signs bearing “CALL” in green colour and “PUT” in red. CALL simply means Buy and PUT means Sell. At the bottom of the charts, you have icons for customising your charts and setting your preferred chart type and timeframe.
On the top of the left bar is an icon with 3 thick lines. It opens up to your account profile where you can make settings to personal information. Below it are icons for Deposit, Withdrawal, trading history, Settings, Support, and Terms and Conditions.
Below the Profile icon is a “Bag” icon which signifies your trading Portfolio. It shows all your trades – both closed and ongoing.
- Market Analysis
Below is a Calendar-like icon that stands for Market Analysis. Here you have access to real-time market-moving news globally.
- Price Movement
Below the Market Analysis icon is a bell-like icon that leads to Moves and Alerts. The “Moves” show you assets that have experienced significant market movements. The “Alerts” side allows you to set notifications for when prices reaching a particular point.
- Video Tutorial
Next is the video-like icon that opens you to educational resources covering trading basics, CFD trading, fundamental and technical analysis as well as market news.
The message-like button stands for chats. In this case, you have a live chat where you can communicate with customer service 24/7. Then there are trading rooms – English Chat, and Forex, Stocks and Crypto chats. However, these are not widely available. Instead, you must hit up to $300 trading turnover before you will be able to chat in any of them. However, you can view the chats of the eligible traders.
Trading binary options becomes much more pleasant and hassle-free when you trade with the right platform. The IQ Option Mobile trading app is one of such right options.