I have received a lot of requests from my friends on Whatsapp to do an IQ Option review, a true testament that IQ Option has become one of the best brokers for online traders in Kenya.
I attribute this broker’s popularity in Kenya to the fact that they accept Mpesa as a means to deposit and withdraw money into your trading account. This makes it very easy for any Kenyan wishing to invest in online trading to get started. I also have a list of other forex brokers that accept Mpesa here.
But I digress. Let’s get to the gist of the article.
IQ Option Review- Who is IQ Option, Anyway?
IQ Option started as a binary options trading platform but has quickly evolved to include other financial instruments in its portfolio. You can now trade forex, CFDs, Stocks, EFTs, and even cryptocurrencies on the platform. However, for the sake of today’s discussion, we will concentrate on how well IQ Option performs as a binary options trading platform.
Can IQ Option Be Trusted?
IQ Option has been in the industry for the last 7 years, making it one of the longest serving binary options broker out there. This is reason enough to trust the company with your money. Most scam binary option brokers don’t last more than a few months in the market. The fact that IQ option has survived in the market for 7 years is proof enough that it pays.
Once reputed companies such as Banc De Binary, TradeRush, and 99Binary could not last more than a couple of years in the industry.
Others like Iron Trade start getting bad press in only a few months of existence. In this one regard, IQ Option has performed extraordinary well. You can open an account and start trading with IQ option with the solid assurance that your money is safe.
Additionally, IQ option is authorized to offer its services to clients in the European Economic Area (EEA). The EEA authorization does not come easy for binary options brokers. A company has to be way above suspicion to get this authorization. The fact that IQ Option is authorized to serve clients in the EEA makes it one of the most trustworthy binary options broker out there.
Digital and Binary Options on IQ Option
IQ Option offers two types of options on their binary options trading platform, namely Digital Options and Binary Options. You can start trading both options with an investment as low as $1 or 100 Kenya shillings, in local currency.
Digital Options let you bet on the extent to which the price of a commodity will rise or fall within a given time frame. For instance, you may place your bet on the price of Bitcoin hitting $8000 in the next 15 minutes.
If the price of the asset strikes the threshold you had predicted, you get a payout as high as 900% on your initial investment. On the other hand, if the price of the asset does not hit your predicted threshold, you lose the amount of money you had staked on that prediction.
Digital options have a predetermined time frame that works in 5 minute intervals up to 15 minutes.
On IQ Option, Binary Options type of options works like on any other platform. You will have to determine the direction of an asset’s price direction within a certain time frame, typically from one minute to the end of the month. Correct prediction (in-the-money) prediction will net you 95% profit while an incorrect prediction (out-of-the-money) prediction leads to the loss of the invested amount.
How to Deposit Money into Your IQ Option Using Mpesa In Kenya
IQ Option Minimum Deposit
The most common factor when it comes to opening a binary trading account for people is the Binary Options Minimum Deposit. People will always look for places to invest the least amount of money into something and this is just as true when it comes to the binary options trading industry as anywhere else.
The minimum deposit at IQ Option is 10 USD.
Binary Options are new, relatively unheard of and as such, many people feel the need to test out the brokers and trading itself with a Binary Options Minimum Deposit that won’t break the bank. Take a look below at a list of the brokers we’ve researched who offer some of the lower rates in the binary options industry.
As more brokers appear on the scene, more of them continue to lower their Binary Options Minimum Deposit in attempts to compete with each other and when there is competition among the brokers, there is a chance for your to find a good deal.
How to Always Win on IQ Option
You’re probably wondering whether you can trade binary options on IQ Option and turn a profit. This site has tons of resources and articles all focused on answering that one big question.
The answer lies in investing a little time into researching a couple of assets and getting a feel for how IQ Option works and how trades are executed. Luckily, you can start by opening a demo/practice account to get a feel of the platform. I will wait while you rush to IQ Option and open a demo account.
Okay, now that you have your demo account at IQ Option, let us break this down not into how to trade binary options but rather, what you need to trade binary options successfully. Aside from a binary broker, there are some characteristics and ideals that the most successful traders share.
In the financial world, the most crucial and fundamental aspect of the entire industry is timing. Timing involves knowing when is the most opportune time to make a financial decision and get into a position (trade).
There are countless things that affect timing and to be a good trader, you need to have a basic understanding of this. News releases and market data are two of the most important things to understand and accept as having a crucial and deciding role in the price of an asset.
Look at oil futures for example. Would you want to be just getting into an oil CALL or PUT without realizing that weekly supply data is due out any second? Of course you wouldn’t. In this example timing and knowing what news will affect the asset you are looking to trade can mean the difference between turning a profit or ending up with an offside position.
Timing is not all news related however.
There are just some times during the day where you really shouldn’t be trading. The highest v0lume and thus the highest volatility are seen in the first 45 minutes after the market opens and the last 45 minutes of the session leading up to the close.
These are times where assets, commodities and indices themselves are volatile and subject to severe and swift price fluctuations as retail investors, large brokers and huge hedge-funds get into and out of positions.
You can trade during these times of course but just be aware that the rest of the world is trading during these times as well and when there is a lot of volume (number of trades being executed) there is a lot of volatility.
If you want to know how to trade binary you must learn how timing plays into your decisions.
This is the most difficult principle for new binary option traders and those learning how to trade binary to grasp. In addition to timing you must be patient and wait for the asset prices and charts to offer the best chances for you to make successful trades.
Some of the best traders in the world will sit there staring at their screens for 8 hours a day without making a single trade. Then right when it seems they can’t wait any longer, an opportunity presents itself and all of the technical indicators line up.
You need to be the silent assassin.
You need to let the trades come to you.
New binary traders often deposit money into their IQ Option accounts and blow out their entire bankroll in the first hour. What do they all have in common? They’ve placed over a dozen trades on a dozen different assets in an attempt to make a quick buck. This won’t work. You need to be patient, watch the charts and understand what factors are at work in determining an asset’s trading price and short term direction.
This is yet another crucial piece of the puzzle for those learning how to trade binary options. You need to be aware of the risks and understand what the risks mean.
Fortunately with binary options, the process allows for a great deal of control over risk. You get to determine how much each trade is worth, what the payout will be, when the trade expires and what asset to trade. You do have a lot of control over the process.
What you need to hone in on though are the external factors, the emotions that turn good financial decisions into bad ones. Slow and steady wins the race when learning how to trade binary options and it is absolutely true in the world of trading.