A Comprehensive IQ Option Review
Online brokers have seen a changing environment in the last few years, of which the best of the best have risen to the surface and greeted those searching for online trading.
The IQ Option broker sits high on the list of these top platforms, offering its clients a wide range of trading options, tools and much more beyond this.
The best way to understand this offer is to look at it step by step. Let us start by understanding the available forms that this platform can take for the traders of Nigeria. This serves to demonstrate not just the reach that this platform has but the willingness it has undertaken to provide this service to its clients.
From there we can discuss just what is IQ Option and what it means for its users once they sign in.
Ways of Trading with IQ Option in Nigeria
To get started with this online trading platform users need to decide on whether they are willing to trade through their browser or download an application for pc or mobile. The benefit of downloading the application is that it will provide a smoother access to the marketplace. This includes operating on slower computer systems as well as slower internet speeds, both of which gain from downloading the application.
Should traders of Nigeria decide to download the apk then they have several options on how to use these ahead of them. The first of these is whether or not to download it onto a desktop or a mobile platform. Each of these options has their own set of legit perks, the majority of which relate to the system they are based on. An example of this is that the mobile platform is inherently easier to access for shorter term trades and multiple options.
Of course, most mobile screens are fairly small and as such provide limited space when navigating the app. While in most circumstances this will not be a problem, there are situations that can see this negatively impacting the scene. Should this be a problem, users can easily switch and login to a desktop or laptop variation of the same app but with more space to display the necessary charts and trades. Once they have done a good IQ Option review themselves, they will be able to better understand what they require.
It is clear that the decision here rests solely on personal preference and how users plan on engaging with the marketplace. It is worthwhile experimenting with each of these options to find those that worked best for the strategy one wants to go with.
Exploring the Trade Room
The visual side of the platform compliments the financial instruments involved. We've discussed accessing the trade room and the multiple ways that IQ Option broker provides for their clients but now it is time to discover how to use all of this. Once clients have accessed the trade room through their chosen method, they will be greeted by a very vivid and open layout. This will include several drop-down menus that have lists of financial instruments, tools, chart layouts and more.
Likely the section that will receive the most attention is that of the financial instruments. These are essentially the different sections of the marketplace and hold the most value for traders. Each of these have diverse setups and consists of dissimilar arrays of assets. Let us briefly explore some of the possible instruments.
- Stock indices. When the layman thinks of the stock market they will likely be thinking of this financial instrument. This is because this consists of the most popular singular assets around the world. The task here for traders is simply to buy and sell stocks. This means, selecting the preferred asset, picking the correct time to buy or so and then going about this action. The underlying process of this instrument is simple enough, however, it is by no means a simple endeavour. Understanding when to buy and when to sell is the difference between making a profit and making a loss.
- Foreign Exchange. Here is another very popular financial instrument that has seen only increased activity amongst online brokers. This comprises currencies from around the world, grouped into various pairs and then traded against each other. Unlike with the stock market, there is not one singular asset but two comparative ones. This means that it is not the value alone that determines the result of any investments but rather the relative exchange between the two pairs.
- CFDs. This is a unique instrument that essentially works by calculating the difference in price between entry and exit values of certain assets without actually calculating their underlying value. This means that there is no actual buying or selling but rather trading on the price changes the assets undergo. These have definite advantages over simply trading on the specific asset.
- Crypto Options. One of the newer financial instruments is that of crypto currencies. These digital currencies have seen remarkable growth and interest over the last decade. The thing that makes these currencies so interesting is that they are not attached to any specific values like that of any normal stable currency. They are also not traded in pairs and rather operate in a similar fashion to the stock market. Due to the unique nature of these currencies, there are also certain rules and stipulations revolving around this instrument. It is worth looking further at these.
- Binary and Digital. Perhaps IQ options biggest claim to fame is that of their very popular binary and digital options. These are unique trading circumstances that result in only one of two outcomes. Essentially, users will be presented with this scenario that could go one of two ways and then tasked with predicting the possible result. If correct, they walk away with the return relative to their initial investment, if wrong they lose that investment.
These trades are very dependent on the timeframes involved and can range from anywhere between a minute to a month. Once the time has elapsed, the trade is completed, and the outcome determined. It is both the speed and the simplicity of these trades that have seen them grow so popular over the years.
Each of these instruments have unique aspects to them and as such a specific approach to building a strategy for them.
Tools of the Trade
Possibly the best bonus of using these well-versed trading platforms is that they provide enough resources to properly develop strategies. For IQ Option, even the simple layout of the trade room constitutes one such tool. This is due to the fact that they use a very clear and precise charting system that demonstrates the changes in the market. Not only this, but the flexibility of this display and the amount that users can edit only enhances this delivery.
One such aspect which users will very quickly notice is that of the various layout options. Through this menu, traders can determine how many charts are displayed at any one time and with this operate multiple trades at the same time. With the click of a button users can zoom in and out of each of these selected trades and observe the different markets simultaneously.
Joining these many charting options there is also a list of graphical tools to help navigate these various charts. These can help traders estimate possible headings of some of the values they are trading on. Couple this with the varieties of tutorials and webinars offered through this platform and traders are looking at the grounds for a very competent trading strategy.
Discussing strategy without mentioning the available demo version of this platform would be a crime. The reason for this, is that this demo provides free, unlimited trading with all the bells and whistles this platform offers. So, in terms of developing strategies this is an invaluable tool that can be used to practice and perfect these chosen procedures.
This demo account consists of a refillable $10,000 amount and best of all users can switch between the demo and the real money version with just a click of a button.
Anyone who has ever dealt with online programmes or forums has very quickly noticed the benefits of having support staff available in case of emergencies.
Not only do they help with any problems that users may encounter but they also monitor and protect those same users before any incidents may occur. This 24/7 team provides not just safe support but also trading assistance, offering advice on strategies, the market and more.
When it comes to trading online, the available price ranges are vitally important. This refers to the minimum deposits that traders can make as well as the lowest possible investments available here. With IQ Option, the lowest available deposit is just $10, and the lowest investment starts at just $1. Compared to other online trading platforms this is one of the lower available limits.
On the other end of the scale, this platform rewards long term users that have deposited beyond a certain point. These traders will gain access to the VIP account through this gain even more options especially regarding supporting webinars and tutorials. These are held for the VIP traders because they will cater to more complex and diverse strategies regarding the market.
Since we have discussed the deposit involved, it is imperative we also consider the available deposit payment methods. Any good online trading platform will offer as many of these as possible so that users around the world can gain access, make deposits and of course withdrawals. With IQ Option, there are a variety of the very top payment service providers.
This will cover the vast majority of users around the world for all their payment requirements.
Fees and Hidden Costs
While the download and initial access of this platform are entirely free, there are of course certain costs attached to certain activities. Primarily, the costs attached to IQ Options various activities are few and far between. It is important however, to understand where these fees rest and what they do.
- Swap fees. Traditionally, the market operates during a certain time frame each day, closing in the evenings and over the weekend. For those trading within these hours there are no problems, however, should the trades be held across these off time periods then additional costs will be added. This is because the platform is providing a service to the traders holding these values and positions until trading resumes and the market opens again.
- Spread. Likely the most common fee the traders will encounter on the IQ Option platform is that of spreads. These are essentially the difference between bid price and sell price and provide a minimal amount of return to the system for each of these trades placed. The upside here is that the spread will usually be listed alongside the chosen asset, so traders won't be surprised when encountering these fees.
- Withdrawal costs. As is often the case with any form of online engagement, there are costs involved when withdrawing any profits. These vary however, depending on which payment services the traders use or if they go direct to certain bank accounts. Some of these can even skirt the additional costs entirely.
- Dormant account fees. This is a rather unique additional cost that only applies to accounts that have been dormant for over 90 days. It also only applies if there are any lingering amounts left in these accounts. The reason for this charge is to clear up any unnecessary and lingering accounts that are no longer active but could still be skewing statistical results because there isn’t an auto close feature.
With all the variety and benefits involved with IQ Option, there are no better trading platforms so readily available. The wide range of financial instruments and minimum deposits and fees makes this a trading option that is hard to compete with.