Detailed Description of the Mobile Application for Online Trading IQ Broker
In most countries today, the Philippines inclusive, there has been an upsurge in online trading participation. While newbies might find this new career path somewhat interesting, choosing the right binary options app isn't the most straightforward task.
The subsequent paragraphs aim to give a foundation of the inner workings of binary trading in the Philippines and how the IQ Option app comes into the mix.
Binary Options: What Do They Mean in the Online Trading World?
Binary options trading are fast-paced and straightforward financial instruments. All investors have to do is make an educated guess on what path the market will follow.
Although binary options accord investors the luxury of speculation, it's worth noting that there are risks involved, like other investment types. However, unlike traditional variations, binary options possess varying payouts, fees, structure, and investment processes.
Since it's pretty much easy to understand, binary options are growing favorites amongst low-skilled traders.
When traders make accurate market direction wagers based on pure speculation, they get a fixed return irrespective of whether a financial instrument increases or decreases. However, when a premise is incorrect, the total investment placed on that guess is lost.
With so many broker apps at the fore, the IQ Option download app can perform binary options and other online trading forms without any hassles. Without further ado, let's take a look at the intricacies of this online trading app.
Short Description About the IQ Option App
IQ Option is an online trading platform where individuals perform trades on a vast array of financial instruments, such as cryptocurrencies, stocks, forex, and, as we've mentioned earlier, binary options.
That said, this online trading site, released in 2013, is operated by IQ Option LTD. Since its launch, IQ Option has enjoyed a meteoric rise as it now has almost 20 million registered, active accounts.
Since they're fully compliant, they can sell their services without hitches in many jurisdictions worldwide. That said, let's take a peek at some of their offerings.
Trade Options on IQ Option
On the IQ Option platform, users have many trade alternatives. Albeit majoring in binary options during its formative stages, this online broker for trading now grants patrons access to trade Contracts For Difference (CFDs) on cryptocurrencies, stocks, Exchange Traded Funds (ETFs), forex, and other digital trading variations.
Here, users can place trades from the ambits of over 170 companies. For the most part, these companies aren't your regular corporations as they have listings under the NYSE (New York Stock Exchange).
With this digital currency gaining traction globally, IQ Option is looking to cash into this market. This platform offers the top cryptocurrencies, ranging from Bitcoin, Ripple, Zcash, Litecoin, Ethereum, Monero, Dash, IOTA, and many more.
- Exchange-Traded Funds.
Although they are relatively new on the IQ Option platform, this financial instrument effectively tracks indices, commodities, and other priced assets.
Somewhat reminiscent of stock trading, users have to pick and place trades from the 4288 (increasing every passing day) options available without any reservations.
While forex and other jurisdictions is known as FX trading, you can find this long-standing financial instrument on IQ Option. Here, this online software accords seamless access to over 180 currency pairs.
With this development, users can make trades using their preferred currencies with relative ease.
As the name suggests, the IQ Option features other trading forms like assets, commodities, currencies, and other market indices. On the IQ Option platform, there isn't a scarcity of these options as users can make picks from the millions available.
On this online broker platform, there are two types of accounts:
- Demo Account.
- Live Account.
IQ Option, towing a similar path with other forex app competitors, features a demo account for users. However, it's crucial to note that the offerings present on an IQ Option demo account stand out from the pile.
Why? Unlike the competition, there's no expiry date associated with their demo accounts. Now, newbies to IQ Option can ground themselves on those delicate details needed to make breakthroughs in online trading.
A newly opened demo account comes preloaded with $10,000 in virtual funds. Peradventure, you exhaust the virtual cash, replenishing it is hassle-free, and you can keep making trades and practicing new strategies.
Another significant advantage of demo accounts is that users can open one for free without inputting personal information. With this nifty add-on, individuals can rest assured that third-party entities don't compromise their privacy.
After gaining mastery with a demo account, users can now earn real money with live accounts. However, you'll need to make a $10 deposit (conversion rates apply).
That said, there are two live account variations to choose from:
- Real Account.
- VIP Account.
Probably the most common live account form, users will have to make a $10 minimum deposit. Here, there aren't any trade restrictions as brokers have access to more than 70 assets. That said, withdrawal requests are processed within 24 hours.
If you're in this class, you stand a chance to participate in different trading contests. However, while these competitions are available to Philippine residents, they aren't available to EU-based brokers.
Not only does this account form have a naming scheme, but VIP accounts also come with some top notch features that follow suit. In order to be eligible for VIP status, you need to meet certain conditions for depositing funds and monthly turnover. Up-to-date information can be obtained from the support service after registration.
While you get actual account offerings, VIP customers have access to a personal manager that's always on the ground to proffer solutions to nagging issues.
Also, these accounts receive monthly reports. However, it's vital to note that these reports aren't just the usual forms as IQ Option analysts themselves draft them.
How to Play the Application Correctly: A Step-By-Step Guide for Beginners
Unlike previous beliefs, you don't need a broker by your side at all times to guide you through trades. Thanks to the constant evolution of technology, you can now buy and sell stocks and other financial instruments on IQ Option without encountering any difficulties.
All you need is a willing mind and an internet-enabled mobile device. To play this application correctly, you'll have to know the basics of:
- Deposits and withdrawals.
- Making trades successfully.
- Order types and indicators.
To enjoy the offerings of IQ Option, you'll have to go through the registration process. That said, it's nothing stringent as there are multiple ways to register, including sign-ups from Facebook, Google, or via your email address. After you're done, you'll have to input a password to proceed.
Depending on your preference, you can either tow the path of a demo account that's filled with virtual funds ($10,000) or deposit money into a real account to embark on live trading. Typically, you should receive a notification regardless of account type.
Since IQ Option is an independent platform void of any external control, it’s clutter-free and navigation plus trade placement is as easy as it gets. On this brokerage platform, icons are well placed and legible. So, with a tap of a button or a simple scroll, you're acclimated with menus crucial to your trading journey.
Deposits and Withdrawals
To place trades for real money, you'll have to make a $10 deposit. However, users shouldn't worry about any extra charges as IQ Option doesn't feature any. That said, there's a need to undergo the verification process before making deposits.
While this process differs from jurisdiction to jurisdiction, you might have to input details such as a working phone number, personal information, and photo identification (a government-issued identity card should work the trick here).
After you've been successfully verified, you can now deposit into your IQ Option account. Philippine residents can make deposits through:
- Credit and debit cards.
For withdrawals, on the other hand, you'll have to use the same deposit payment medium. However, deposits will feature certain charges depending on your payment alternative.
Trading on IQ Option
For starters, you won't need an in-depth rule book to go about trading on IQ Option as this platform is easy to use, even if you're a newbie.
There's a massive chart in the middle and a "Buy" and "Sell" box on the right side of your trades page. Here, you should also have a clear view of your account balance and the assets you're holding.
Using the drop-down box featured on the chart's right side, you can choose what financial instrument you'd like to trade.
Instruments include forex, cryptocurrencies, indices, and ETFs. Click on any one that tickles your fancy, search for assets that feature high volatility, and commence trading.
Everything on the IQ Option desktop site ranging from the visuals to placing orders, is uniform with the mobile app. Now, let's look at some order types present on the IQ Option platform.
While numerous order types are on display, you might need to choose one that accentuates your investment strategy. Order types available on IQ Option includes:
- Multiple Orders.
Allows you to increase your level of risk and Return on Investment (RoI). People with a wealth of experience are ideally suited for this order type as it features high stakes.
That said, if it's utilized properly, you stand a chance to garner huge profits.
- Stop-Loss Orders.
From the naming scheme, you should have an idea of what this order type entails. For context, stop-loss orders help you minimize losses as the platform automatically closes a trade deal after the set loss amount has been reached.
- Take Profit Orders.
Take-profit orders are the complete opposite of stop-loss orders.
Here, you'll draft a profit amount you're looking to attain, and the trade automatically closes after getting to that point.
- Trailing Stop Orders.
With this set of orders, you can set a stop price of your choosing. When there's a fluctuation in trade prices, it moves towards your preset value automatically.
Unlike MetaTrader4 (MT4) and MetaTrader5 (MT5) that require a trader to download indicators manually, IQ Option has a vast array of preloaded indicators present.
With these indicators, you can spot trading trends and buy assets sure to yield substantial profit margins in the long run. They include:
- Moving Averages (MAs).
- The Moving Average Convergence Divergence (MACD).
- The Parabolic SAR.
- The Awesome Oscillator.
- Bollinger Bands.
- Volume Indicators.
- The Alligator Indicator.
- The Relative Strength Index.
- The Stochastic Oscillator Indicators.
- The Average True Range.
- The Average Discretional Movement Index.
- A Fractal.
- Commodity Channel Index.
It's worth noting that although you can use these indicators independently, traders, at some point, might need to incorporate more than one to achieve significant financial rewards and insights.
Most Popular Optional Models for In-App Play
While IQ Option is a worthy contender in the online trading industry as it features excellent and convenient services, there are still other online trading apps worth mentioning, including:
- TD Ameritrade.
Although there isn't a promotion to point to at the moment, TD Ameritrade is a quality online trading platform that accentuates the needs of new and professional investors.
Featuring customer support prompt in issue resolution, TD Ameritrade offers cost-free financial instruments such as online stock, ETFs, and a wide array of mutual funds.
Robinhood has a mix of free stocks, cryptocurrency trades, and ETFs. However, it's worth noting that this online trading platform doesn't feature mutual funds and bonds.
While some investors might count this as a setback, it isn't as they rank high for cryptocurrency trading and limiting costs across the board.
- Zacks Trade.
This trading platform is for investors who crave the services of an actual broker to offer support bordering on complex market intricacies.
That said, trades on the Zacks platform will set you back financially than other competitors.
- Fidelity Investments.
Saving the best for last, users on Fidelity investments have access to more than 3,000 charge-free mutual funds. Also, with excellent research tools, making a break in the stock market is feasible.
That said, Fidelity is also known for its stellar customer support service and a mobile app that's user-friendly.
Does IQ Option Give Real Money?
Yes, IQ Option gives real money when you've placed a successful withdrawal request on your account. However, demo accounts are excluded from this offer as the funds available are just for practice.
Is It Safe to Invest in IQ Option?
Investing in IQ Option is safe as it's regulated by the Cyprus Securities and Exchange Commission (CySEC). On this platform, you can get your ROI without any hassles.
How Long Does IQ Option Withdrawals Take?
The IQ Option trading platform takes 24 hours to process withdrawals. However, the number of days it might take to reach your account is dependent on your preferred payment method.
Is IQ Option Good for Beginners?
Yes, IQ Option is perfect for both beginners and experts alike. With different charting tools available on this online trading platform, it's possible to garner huge profits even though you're new to the scene.