Published: June 13, 2020 | Updated: October 15, 2020 | Posted by: Moneymax | Personal Finance
Nowadays, you don’t need a broker to trade in the stock market. Thanks to technological advancements, you can now buy and sell stocks online by yourself. You also don’t have to be an expert to trade using online platforms because they are now more user-friendly, and offer various tools and training materials. With online trading platforms, you can buy and sell stocks anytime, anywhere.
Interested in stock trading? One of the platforms you should explore is IQ Option. Learn how IQ Option works, the different tools it offers, and how you can start trading online.
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IQ Option is an online trading platform that allows traders to bid on various financial instruments such as stocks, foreign exchange (forex), binary options, commodities, exchange-traded funds (ETFs), and cryptocurrencies. It is one of the fastest growing online trading brands in the world with over 48,000 registered users and more than one million transactions a day.
Founded in 2013, IQ Option is based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). IQ Option caters to traders from over 213 countries, including Malaysia, Singapore, India, and the Philippines.
Here are the various assets you can trade using IQ Option:
IQ Option originally started as a binary options broker, but they now let clients trade CFDs.
This financial instrument pays out a set return for your correct market prediction on an asset’s price, within a specific timeframe. You may be able to get up to 95% with this option, but an unsuccessful prediction will result in investment losses. The minimum investment for trading binary options is $1 with no brokerage fee. The expiry times range from 60 seconds until the end of the month.
Contract for Difference is a popular form of trading where you buy and sell contracts for the difference using an online provider. You have to predict the direction of the price development and open a deal based on your prediction. The outcome also depends on the direction you chose and the actual movement of the price. The payout for this trading option can go as high as 900% and the minimum investment is just $1. The expiry time ranges from 60 seconds to 15 minutes.
IQ Option offers three account types—Practice Account, Real Account, and VIP Account.
With this type of IQ Option account, you will receive $10,000 of free practice money so you can learn more about the platform. You can’t withdraw the money, but you can use it for trading in all instruments. A practice account can help you experiment with various assets, trading time, and investment amounts. You can also top-up your practice account as there is no limit for using the fund.
This a standard IQ Option account you can use for trading with real funds and withdrawals. You can still access your practice balance with this type of account. Feel free to switch between your Practice and Real Account whenever you want.
A VIP Account comes with additional IQ Option features such as a personal account manager, training materials, higher profitability rates, and exclusive offers. To get a VIP account, you have to $1,900 or an equivalent amount (around 95,000 in peso) in different currencies.
Signing up for IQ Option is free. Here’s a step-by-step guide on how to use the online trading platform.
Before you can deposit funds to your account, you need to verify your account by providing photo identification. Accomplish this step first.
Once your account is verified, you can deposit funds to your IQ Option using the following payment methods:
The minimum deposit for an IQ Option Real Account is $10 or PHP 500. There is no processing fee for depositing funds.
To withdraw your money, you need to use the same payment method you used to deposit funds. The minimum amount you can withdraw is $2 (PHP 100) and it takes three business days to process your request. A small fee may be charged, depending on your payment method.
Ready to trade? You can use either your Practice or Real Account to start trading as they both have the same features. Use your Practice Account with virtual funds to improve your trading skills. When you’re ready, use your Real Account to trade with real money.
To start trading, go to the traderoom and choose the account you want to use. The chart is in the center, while the buy and sell boxes are on the right-hand side. You can also see your balance at the top along with the assets you are trading.
Use the drop-down menu at the top left of the chart to choose which assets to trade. Just provide the amount of the asset you want to buy and submit your order.
The desktop view of IQ Option is similar to the mobile version. It has the same features and you can also adjust the leverage, investment, and price.
IQ Option offers various order types and indicators to help you trade. These features can help you create strategies and minimize your losses.
Here are some of the order types and indicators you can use in the online trading platform:
IQ Option is a great online trading platform for both newbie and expert traders. It is intuitive and offers various training materials and tools that can help with your trading journey. How much you earn from trading in IQ Option depends on your strategy, skills, and the amount you invest. You can use the practice account with the virtual funds to learn more about how the platform works. Once you’re ready, fund your account and start trading using your real account.
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.