IQ Option Review
Today we are going to give a short guide about binary options broker IQ Option. This particular broker was chosen because it is pretty attractive for beginners thanks to its minimum deposit, multiple assets, educational resources etc.
IQ Option General Information
IQ Option binary options broker appeared not so long ago, to be precise only 3 years ago and is registered at Seychelles. Despite the fact that the company is relatively new to the options trading market, it has already reached unbelievable results and trader’s trust.
Of course, at the very beginning, when the IQ Option was just introduced to the market it aroused some kind of mistrust which is absolutely clear as it doesn’t have a European license. Nevertheless, it is not a big disadvantage as the majority of popular brokers were without licenses too until certain period of time which means that IQ Option has all chances to get the license.
The main advantages of the broker are simplicity, quick platform and availability of a big number of instruments.
The company is only 3 years old but it has already got some awards, for example, “the most innovative binary options broker” which was presented at an international conference called “ShowFX World” held in Russia.
IQ Option Registration, Payments and Withdrawals
To begin working with a broker, it will not take more than 5 minutes. To start trading, it is more than enough to pass the registration process having filled a special application form. After that, all you need to do is just to enter your account and add funds to it. As soon as this manipulation is done, you are absolutely ready for binary trading.
Adding funds can be done with the help of a few ways which include bank cards and accounts, wire transfer, electronic wallet / e-purse etc. The money will be on account immediately which is another positive side of IQ Option broker.
The process of withdrawing is as simple as payments and consequently can be done using the same above-mentioned methods. NOTE*** Before withdrawing any sums of money, every trader should pass through verification process. But what is verification? – it is a proving of documents to a broker that would confirm trader’s identity. IQ Option binary options broker is very strict at this point as it is already a matter of security. In order to keep the clients calm and not worried about the safety of their funds, the company requires these documents (scanned copies of a passport, driver’s license etc).
IQ Option Deposit
One more big plus of this particular options trading broker is its minimum deposit which is only $10. This fact demonstrates that IQ Option thinks about traders who might not have enough funds to make big investments and who are not sure or hesitate about the broker’s reliability.
Having invested only $10, you have a chance to trade using all available instruments. Moreover, minimum investment is only $1 which gives more opportunities for both beginning and more experienced traders. There is only one recommendation considering such a minimum bet – to have at least $50 on a deposit.
IQ Option Trading Platform
Binary options broker IQ Option trading platform is extremely simple yet effective. It will not take much time to understand how it works. All you need to do is to select your favorite asset, expiration time, price direction, investment size and open a trade.
Apart from being simple, comfortable and effective, IQ option platform has one more plus – a possibility to trade at the weekends. This is a distinctive feature to receive profits for beginners because exactly at the days off the volatility on the market is weak and consequently price fluctuations decrease.
IQ Types of Options and Basic Assets
The broker provides all necessary basic assets which are nowadays available at the majority of other brokers. They include: currency pairs, shares, indexes and commodities; all of them make about 70 available basic assets. It is more than enough for a successful binary trading.
Another IQ Option pro is the presence of bitcoin index – this certain index is very rare as it is relatively new to the market and that’s why very few brokers can provide it to their customers.
IQ Option offers two types of options. The first one is a standard or classic option High/Low and the second one is Turbo option.
Standard options represent the “high or low” principle where a trader should make a prediction on a chosen asset and determine whether the price will be higher or lower than the strike-price at the moment of expiration. Speaking about Turbo options, here one can say that they are similar to standard ones. The only difference is the expiration time. The expiration time of standard options is from 15 minutes and till the end of the day whereas expiration time of Turbo options lasts from 30 seconds to 6-8 minutes. Many traders make money only due to short-term options because they give an opportunity to earn a daily income in just one or two hours.
A chance to receive profits after only 1 minute is of course very tempting yet beginning traders are not recommended to use Turbo options at the beginning of their binary trading career. The reason for that is very simple – the trade is opened only 60 seconds and this time is not enough to determine the price movement. Of course it is not forbidden to try to trade binary options with such a short expiration time but always remember about the potential possible risks. The Minimum investment is the same $1. If you hesitate, then you are welcome to test and practice your skills and knowledge with a demo-account provided by the broker.
IQ Option Demo account
Demo-account is a great resource for beginning traders to take a crack at binary trading. In order to get an access to a demo-account there is no need to add funds to an account. Traders receive virtual money with the help of which they can open trades. Of course traders can use all available instruments to get the highest virtual income, opportunity to use two types of options (Turbo and High/Low). Remember, there are no limits.
When opening a demo-account with IQ Option binary options broker, you get $1000 on your account. This money is virtual, meaning that there are no chances to withdraw it even considering the fact that you earned a big amount of money. This money is a way to teach traders/investors learn option trading strategies, get experience, skills and improve knowledge about options trading.
But every product has its pros and cons and an IQ Option demo-account is not an exception. Its main disadvantage is a psychological character. But what does a psychological character mean? In simple words, there is a very little difference between a demo and trading account except the money which are virtual in case with a demo-account. This is a considerable minus for trader when opening trades. Because of the fact that the money is not real, a trader’s attitude to it is not very serious which sometimes has an impact on a real account. At times, traders think that it all a game and it is hard for them to get used to a real trading account.
The second con is also related to the trading psychology. When trading with the help of demo-accounts, traders don’t follow the rules of risk and money management. As a result it effects the trading on a real account and money can be lost.
Therefore, remember that demo-accounts were created especially for learning purposes. Binary options trading is a serious and responsible process that’s why trading with real money will make you more concentrated and focused as nobody wishes to lose funds.
IQ Option Education
Apart from a demo-account, IQ Option broker offers its clients special video materials for self-education. They contain all necessary information regarding binary trading. This information is definitely useful for traders of all levels.
Educational resources consist of two parts:
- The first part is completely devoted to binary options theme. It describes the main idea and principles of the trading process as well as pros and cons, comparison with other financial instruments etc. In this first part, traders can get basic knowledge about binary options and after that decide whether this kind of making money is suitable for them or not.
- The second part of video materials is devoted to the market analysis. Also it contains tips and tricks on how and with the help of what instruments traders can predict the market movement. A lot of attention is paid to technical analysis because exactly this type of analysis is suitable for short-term options. In simple words, you will find all basic instruments of technical analysis due to which it will be possible to start trading at that same moment.
In a section of professional trading, you will see answers to questions regarding risk and money management. Each and every trader should know how to manage both risks and funds. Not following these rules, might lead to difficulties with options trading. Apart from risk and money management questions, there is also information about trading psychology.
Having passed all these steps, you are ready to get to know about IQ Option trading strategies and systems. They can be used for both short and long-term options. The types of strategies are multiple and therefore everyone has an opportunity to make a decision after careful and accurate testing.
And one more section is called “Analytics”. Here you will find all educational materials of the main indicators that can be successfully used when trading on a financial market and binary options.
IQ Option Trading Strategies
Speaking about trading strategies that can be used in work with IQ Option broker their number is pretty big. Besides the concepts that the company offers as a part of its educational course, it is also possible to use a wide range of other interesting systems.
For instance, for options which expire at the end of the month, traders can use even some aspects of fundamental analysis as such options are mid-term. So why not use analytical skills and predict the right decisions on interest rate?
For short-term options, such strategies as channel trading is perfect. They can be used independently and with the help of indicators at the same time.
The broker itself recommends and advises to use News trading strategies.
All in all, having researched IQ Option binary options broker, one can make the following conclusion:
- IQ Option is definitely something new on the binary options market;
- Availability of a demo-account is a huge plus for traders;
- Perfect for beginning traders;
- Is highly recommended during the options trading educational process;
- IQ Option is a unique product that gives an opportunity to test all available option trading strategies and systems without charging any fee;
- Has the lowest minimum deposit of $10 and minimum trade- $1. Of course with such investments, traders will not get very high income, but will receive so needed experience and possibility to learn how to work with a trading account in line with risk and money management. And this step is the most significant to a prominent career of a professional trader;
- Customer service is at its highest level. Technical support is contacted by the most popular means of communication: Skype or e-mail. All the questions are answered very fast and without any delays. Russian speaking support is a pro for all Russian speaking people;
- As for the cons, here we should mention the absence of the license and company’s young age. Yet it has a license from the Center of regulations of financial markets which is enough for Russian market. Yet it would be a great advantage for international traders to see some European licenses.
IQ Option broker is obviously a good choice for novices with its multiple free features, instruments, educational materials, option trading strategies and systems etc.