What Is IQ Option & Can I trust this broker?
IQ Options Review & Summary
IQ Option is an online trading platform that was founded in 2013 and is a leading trading platform in South Africa. The platform started out as a binary options broker; A binary option essentially means that the payoff is either a fixed amount or none at all.
Traders would bet on whether the graph would increase or decrease and make monetary gains based on whether their guess was correct. IQ Option’s platform is still suitable for binary options but has since evolved and now offers Contracts for Difference on stocks, Forex, ETFs, cryptocurrency, and commodities. Forex Market Trading options include diverse currency pairs, including EUR/USD, EUR/GBP, JPY/GBP,
When there is a pay-off, it’s typically not much. There are reviews from people who have made substantial amounts of money based on cryptocurrency mining, but it’s definitely not a get rich quick scheme. People mine for various reasons, such as to earn some extra money or earn money that isn’t regulated by the government
and many more pairs. There are over 50 well-known companies for which members can trade shares of stock. Bitcoin and Ripple are just a couple of the available cryptocurrency assets available through IQ Option. Popular available commodities include oil, gold, and silver. Within these several trading domains that IQ Option hosts, members will have a customized platform with data relevant to their trades. In sum, IQ Option includes a wide variety of trading options on its platform to meet almost any investor’s needs, which makes it an appealing choice for one’s trading needs. This article will serve as our IQ Option review; is it worth considering if you’re in the market for a trading platform?
Unfamiliarity can raise skepticism, and if you aren’t familiar with IQ Option, you may be asking yourself, “is IQ Option legit?” In short, yes. In 2017, 2018, and 2019 IQ Option has won the Most Trusted Broker award. IQ Option is a regulated broker under the Cyprus Securities Exchange Commission and is a compliant broker with MiFID. There are over 40 million current members on IQ Option who receive up to 20,000 euros in protection through the Compensation Scheme for which IQ Option is a member. IQ Option processes over 1 million transactions per day and consistently improves its platform and has high-security standards in place to prevent issues associated with data breaches and hackers. The only downside of this platform is that there are country restrictions that limit accessibility worldwide. Traders located in the United States, Canada, Syria, Iran, Sudan, Turkey, Belgium, France, Australia, Japan, and Canada are not eligible to use the IQ Option platform.
IQ Options Fees
Mining is an important part of cryptocurrency because it’s a decentralized process, meaning the transaction logs are held in different locations. If you think about a standard bank, all of your debit card transactions are in a central location, so it’s centralized.
Cryptocurrency doesn’t work like this; instead, there are transaction records scattered across nodes within what’s called a blockchain, which can make it hard to keep track of. However, having cryptocurrency as a decentralized monetary system allows for transparency and prevents corruption, so it is becoming such a popular form of currency. Miners help organize the system and make sure the transactions are valid, and nothing sketchy is going on. As a reward for their efforts, miners earn some cryptocurrency in the process of validating.
IQ Option works as a platform for members to conduct trades. The trading costs and fees are minimal, which makes it an attractive option for many. There are no deposit or withdrawal fees. Some commission is charged on particular cryptocurrency trades, but the commission is small at 2.9%. Also, if your account is inactive for more than 90 days, then IQ Option will deduct $10 a month from the account. When traders keep investments overnight, there will be a .1% – .5% swap fee that increases if there are positions held over a weekend.
IQ Options Login & Account Opening
Familiarizing yourself with a new platform can be daunting, so we’ve outlined some of the most essential tips and pointers for you to succeed in IQ Option trading. Before diving into step one, we recommend that you take the time to learn about IQ Option’s platform, and you are doing that now, but we encourage you to do additional research as well.
IQ Options homepage is an excellent primary resource to see what frequently asked questions members have and what successes or challenges they’ve had. You may also wish to visit IQ Option’s social media page to see what people are saying. Understanding potential challenges before engaging in step one can help you come up
with a plan on how you’ll utilize the free demo account and make sure that you understand how they navigate the challenges before creating that live account.
To get started with IQ Option, you’ll need to register for a free account. It’s easy and will only take you a few minutes to complete this step. Once you’ve registered for the account, IQ Option provides a free demo account for members to practice before they invest real money into the market. A couple of neat features of the forex demo account is that you don’t have to enter personal information to use it, and you can use it as long as you’d like. Other platforms typically limit how long you can utilize the demo account before they require that you switch over, so the unlimited (and free option) that IQ Option offers is generous and can reduce stress for those who are beginners.
The demo account is not real and allows members to familiarize themselves with the platform and options using a fake amount of $10,000 that won’t result in any real loss or gain. We recommend that you play around with this free demo account to learn your IQ Option strategy and become comfortable with all of the options. The platform includes an abundance of charting tools to help you plan, so you’ll want to play around with all of the features before depositing any real money.
The demo account (and live account) can be used on your mobile device or computer. To initiate deals and investments, you’ll enter the “trade room.” We’d like to offer several suggestions as you begin your practice. Balance is everything with the trading industry. You must be mindful that you are at risk of losing money when trading with your live account. Learning strategies can be challenging, so be patient with yourself. We suggest that during practice, you experiment with more risky moves at first and then learn from trial and error to perfect your strategy. You quite literally have nothing to lose during this phase, so it’s okay to play around. As you feel that you are getting closer and closer to the point of transferring to a live account, practice discipline, and don’t risk too much in a single trade.
As you begin, you may second guess yourself and fear pressing that magical trade button; fear is normal and okay! It can be easy, and dare I say, addictive, to invest and watch the earnings grow, but cultivating that discipline will make the whole process easier. You must face the fact that you will likely lose some money, it’s inevitable, but honing your trading skills can also be incredibly beneficial. Take a deep breath and have fun! Also, as a final word of advice, if you ever feel that the stress of trading is becoming too much, it’s okay to take some steps back or take a break
Deposit & Withdrawal
Once you feel comfortable with the forex demo account, you can switch over to a live account and start trading. The IQ Option minimum deposit is $10, which makes it accessible to all levels of traders, and there is no deposit fee. Whether you’re a novice who is curious or a professional who wants to invest big, IQ Option can meet your needs. IQ Option boasts on their website that they have over 250 instruments to help you develop a well-defined strategy to meet your investment needs, so have fun!
Once you’ve had your fun and are ready to withdraw your funds, you’ll need to make a withdrawal request. Once the request is made, the funds will be deducted from your IQ Option account and transferred to the card you put on file or your e-wallet.
While there is no minimum for the amount you withdraw from your account, IQ Option states that you must contact their support team if you wish to withdraw an amount less than $2. The process of withdrawing funds takes about one business day but can take up to ten business days, depending on your bank or credit card company.
It appears so! The reviews are mixed. Some users claim the platform is a scam and they haven’t made any earnings in weeks, whereas others report earnings and trust within the platform. The variation in reviews may depend on one’s understanding of mining. If one is expecting to get rich quickly based on cryptocurrency mining, then they are sadly mistaken. Also, cryptocurrency mining, as we stated above, is tough and kind of boils down to luck. We say if you try the demo and feel comfortable with the platform, go for it! There isn’t a ton of information on this platform’s trading side, so it’s hard to give an IQ Mining review on this piece.
Typically with trading, as we’ve stated before, you want to look for some certifications and broker regulations to feel good about the platform, and I haven’t found any. Still, this platform does offer two types of financial gain opportunities. The platform also has an SSL certificate on the website, meaning it’s encrypted and your information can’t be hacked. The extra level of protection is reassuring.
IQ Options Trading Platform Overview
IQ Option in South Africa is an attractive trading option for traders who have diverse trading needs. One perk of the IQ Option platform is that trading is open 24/7. Another perk is the multiple account options based on individual needs: a demo account (discussed more below), a standard trading account, or a VIP account. Both the Standard Trading account and VIP account are live accounts, and they differ based on the deposit amount and trading volume. Those who wish to deposit at least $1,900 and have trading volumes of over $15,000 would benefit from the VIP account. Additional perks of the VIP account is that members will receive trading promotions, receive an additional 3% return, monthly reports on trading activity, and a personal manager to assist with any questions or issues on demand.
