There are a number of ways to profit from global financial markets – currencies, stocks, commodities, ETFs, cryptocurrencies and indices. But as average retail traders we can’t have access to most of them. For instance, purchasing Gold – in reasonable quantities – is quite expensive. As a retail trader, it is almost impossible to purchase crude oil; even if you do, there is the storage problem. Shorting stocks is mainly a game for large fund managers.
Does that mean we can’t participate and profit from the markets? Absolutely not! Technology advances are making it possible for us to speculate on the price movements of these financial assets without actually owning them.
These innovations are called “derivatives” and popular among them is binary options. Trading binary options simply entails betting on the direction of prices of financial assets such as currencies, commodities and stocks, amongst others; for this you get a fixed payout when your “bet” goes right, and you lose a fixed amount as well if it goes the other way.
To however be able to trade binary options, you need a broker. Although there are several brokers that offer binary options trading, the importance of going for one which is credible and trusted cannot be over-stated; and one of such is IQ Option.
Present across at least 4 continents, IQ Option is one of the most recognised names in the binary options brokerage industry, boasting about 52 million active traders on its platform.
Although IQ Option has its physical headquarter offices located in Cyprus; it has a number of outlets spread and scattered all over the globe. As a recognized broker, it is regulated by the Cyprus Securities and Exchange Commission (CySEC) and also registered with the European Services and Markets Authority (ESMA).
It is an understatement that IQ Option is a credible broker. All you have to do to confirm this claim is to conduct some check online, as to the perception of IQ Option by people who already make use of it. To do this you can take different approaches:
1) Forums and chat rooms: One good place where you can find persons who have used IQ Option, and who can give good reviews about it are Forums and chatrooms related to trading in general, most especially binary options trading. To find these forum and chatrooms, you can go on Google and search, “Forums + Binary Options” or “Forums + Trading.”
You can however narrow your search down and be very specific, by typing, “Forums + IQ Optios.”
2) The Blog Reviews
There are a lot of blogs dedicated specifically to reviewing different services as it relates to trading. There are some specifically dedicated to binary options trading and to reviewing binary options brokers.
The authors of these blogs are usually expert reviewers and their reviews of a broker can be safely relied upon.
3) App Stores
IQ Option has mobile apps available on both the Google Play Store for devices powered by the Android OS, and the Apple App Store for iOS devices. There are chiefly two ways through which you can check the reviews of a binary options trading app (this time, the IQ Option app) on the app Stores. First, there is a Rating; this is simply the score that the app has over a total of 5.0. This score is determined by user’s rating and thus is very credible. On both app Stores, IQ Optios maintains a rating of over 4.0, which is very decent.
Furthermore, you can go to the Reviews section where users actually tell of their experience with the app, and the complaints or issues they may have with it.
IQ Option Awards
As a testament to the quality of its services, IQ Option has bagged numerous industry awards from reputable institutions, some of which are the Best Binary Options Broker Europe award by the prestigious Global Banking and Finance Review; Fast Growing Binary Options Brand by Global Brands Magazine and Most Innovative Binary Options Broker by ShowFX World, amongst many others.
IQ Option Markets
With IQ Option, you have access to trade a number of markets including currencies, commodities, stock indices, amongst others. It is worth noting that IQ Option has a vast collection of individual stocks on its platform.
Normally, you cannot trade binary options on weekends because most of the underlying markets which they represent will be closed. That is, the financial instruments – stocks, Commodities, indices are not available. So you cannot trade the binary options upon which they are based.
However, IQ Option, staying true to its culture of quality delivery, provides Over-the-counter (OTC) digital options that are tradable on the weekends.
IQ Investment Kenya
Just like most binary options brokers, with IQ Option, you also have a variety of account types to choose from. Normally, there is the Demo Account which you get for free when you undergo the registration. The IQ Option demo account is given when you open an account.
Then there is the Live Account. This is the account where you have to commit your actual capital. However, when signing up to use the Live Account, there are multiple options that are available to you. There is the Real account and the VIP account; each comes with its own pecks. You may be wondering why there are different.
1) Real Account
Although it is not officially named so, the “Real” account is the basic live account that you get to open with IQ Option. The minimum deposit required to get started here is $10, and minimum you can commit for each trade you open with this account is $1. It is recommended that you go for this type of account if you are just getting started with binary options trading in general and IQ Option in particular.
Perks that come with this live account include access to weekly trading tournaments where traders can win bonuses from IQ Option (however, they are only available to traders outside the EU); you also have access to 24/7 customer support.
2) VIP Account
To clinch this account type, you need at least a deposit of $1900 into their trading account.
Apart from those listed in the “Real” account, benefits that come with a VIP account include access to personal account managers, personal sessions with experts from IQ Option as well as extra educational resources.
IQ Option Trading Platform
You can access IQ Option’s trading platform through the web (on PC) and via mobile applications.
Trading charts. Upon opening the IQ Option app, you are confronted with the charts; for those opening for the first time, you see the EUR/USD chart, bearing the fact that it is the most traded forex pair. Note that you are automatically given a $10,000 demo account which can be replenished.
At the top of the charts, you have the icons of markets you are currently following. The “+” sign leads you to where you can add more markets. Upon clicking each new market, you are shown an introductory video to teach you how that particular market is traded.
At the upper right corner is your live account current balance, which is presumably $0.00. Next to it is a “DEPOSIT” sign.
On the right bar, you have icons telling you that current time in the markets, based on your local time-zone. Below it is the INVEST sign which shows the amount you have selected to risk per trade. The default is $1 which is the minimum allowable.
Below it are 2 big signs bearing “CALL” in green colour and “PUT” in red. CALL simply means Buy and PUT means to Sell.
At the bottom of the charts, you have icons for customizing your chart, setting your preferred chart type and timeframe.
Profile. On the top of the left bar is an icon with 3 thick lines. It opens up to your account profile where you can make settings to personal information; below it are icons for Deposit, Withdrawal, trading history, Settings, Support, and Terms and Conditions.
Portfolio. Below the Profile icon is a “Bag” icon which signifies your trading Portfolio. It shows all your trades – both closed and ongoing.
Market analysis. Below is a Calendar-like icon that stands for Market Analysis. Here you have access to real-time market-moving news globally.
Price movement. Below the Market Analysis icon is a bell-like icon that leads to Moves and Alerts. The “Moves” show you assets that have experienced significant market movements. The “Alerts” side allows you to set notifications for prices reaching a particular point.
Video tutorials. Next is the video-like icon that opens you to educational resources covering trading basics, CFD trading, fundamental and technical analysis as well as market news.
Chats. The message-like button stands for chats. In this case, you have a live chat where you can communicate with customer service 24/7. Then there are trading rooms – English Chat, and Forex, Stocks and Crypto chats. However these are not widely available; you must hit up to $300 trading turnover before you can be able to chat in any of them. However, you can view the chats of the eligible traders.
IQ Option Demo
One of the most important features of any good binary options broker is providing its traders with a demo trading account. IQ Option in Kenya – keeping to its standard as a trustworthy broker – provides its traders with binary options demo trading account.
The importance of a demo account to a trader’s trading trajectory cannot be overemphasized.
By way of introduction, a demo account is a type of trading account that is filled with virtual money.
This account is provided by a broker to traders using its platform. With a demo account, you can make trades and do almost every other thing that you do when using a live trading account. However, you cannot withdraw the fund or whatever profits you make with the account.
Nevertheless, as you will see, a trading demo account is a must-have.
Listed below are ways in which the demo account has proven invaluable:
1) To Practice Trading Skills
For newbie traders, the demo trading account gives you the opportunity to put to practice whatever trading skills you might have learnt.
Here, you are trading real-life market situations but with fake money, without any risks coming whatsoever on your part.
2) To Test a Trading Platform
Before you sign up with a particular broker and commit your capital to it, you may want to test such a broker out.
There is no better way to do so than with a demo account. With a demo account, you get to know how a trading works with the broker; the instruments that you can get to trade with the broker; or whatever currency your trading account will be denominated in. With these, you can easily decide if the broker is worth it or not.
As such, it is recommended that before you register with OlympTrade, you first use its demo account for some time.
3) To Test a Strategy or System
Even as an experienced trader, you will still very much be in need of a demo account. From time to time, you will develop or come across new trading strategies, but you will need to test their effectiveness or profitability before you commit them to your live account. Your demo trading account gives you the best opportunity to do so without incurring any risks.
IQ Option Kenya provides traders that do business with it with an automatic $10,000 demo account that they get when they sign up.
The good thing about the demo account provided by IQ Option is that it is refillable and replenishable. That is, if you deplete the account to any amount, and wish to start again, you can just go to the refill settings in your IQ Option trading platform either on PC or mobile, and your demo account will be back to $10,000.
Replenishing the Demo Account
If you want to replenish your demo account, you can follow these steps:
1) Click on the balance that your demo account is currently at.
2) Click the ‘Top Up’ button.
Before you do this, make sure that you have less than $10 000, otherwise you will not be able to top the balance up.
However, it has been said that it is possible to get a demo account with IQ Option that is more than $10,000. This is however a special package and to get access to such type of account you need to contact the IQ Option Support Team.
IQ Option Minimum Deposit in Kenya
As we said earlier, the amount you can commit as a minimum deposit to your IQ Option binary options trading account in Kenya is dependent on the type of account that you want to open. There are two types of live accounts namely: the “Real”, ‘normal’ account and the VIP account.
The Real account is what you get when you deposit a minimum of $10 into your binary options trading account.
The VIP account, on the other hand, requires a minimum deposit of $1900.
In essence, if you can make do with the pecks that come with the Real account, then make a deposit of between $10 and $1,899.
However, if you need the benefits that come with the VIP account, then you need to come up with $1900.
IQ Option Withdrawal Kenya
Before talking about withdrawal, you have to note that the channel through which you deposit into your IQ Option binary options trading account is also the same channel through which you will withdraw your profits when the time comes.
So when making deposits through any channel, consider whether it is the same channel through which you will use to make withdrawals.
This is quite understandable; the binary options brokers such as IQ Option are really doing their best to protect you against frauds ad cyber-theft, and as such will try to get a uniform, verified channel through which you conduct your deposit and withdrawal transactions.
As can be seen above, the minimum amount to deposit with IQ Option is dependent on which of the accounts you choose. However the least you can deposit no matter the deposit channel is 10 GBP/EUR/USD.
You can make deposits through the following channels:
1) Bank wire transfer: only available in some countries.
2) Credit or debit cards especially those powered by any of MasterCard, Visa or Maestro.
3) Electronic wallets such as Neteller, Skrill, Payguru, WebMoney, and others.
To make withdrawals, you need to leave at least $2 in your trading account. Withdrawal channels are also the same as listed above.
If you leave less than $2 balance in your account, it might get closed.
IQ Option Kenya Contact Details
IQ Option as a broker is still in the business of expanding its operations across the globe; and is setting up locations in strategic locations across continents.
For now, in Africa, they only have contact details for South Africa, and can be reached via +27 87 550 21 61.
Email: [email protected]
Does IQ Option Work in Kenya?
IQ Option works everywhere in the world where binary options are not banned, and Kenya is not one of those countries. Thus, it works perfectly well in Kenya.
IQ Option Mobile Trading
For a trader making use of IQ Option’s mobile app for the first time, the description below provides a guide.
IQ Option’s mobile apps are one of the best in the industry, as shown in the number of awards that IQ Option has clinched for it. IQ Option has clinched the Most Innovative Binary Options Platform by the IFM Awards; the Best Technology Application by the Web Marketing Association, and The Intelligent Trading app for Binary Options by the Mobile Star Awards.
IQ Option reports that over 295,000 trades are conducted daily on its mobile platforms, and it currently has over 6 million users.
The mobile apps are available for Android (and downloadable on the Google Play Store) as well as iOS devices (accessible on the App Store).
Upon downloading, you are required to register. The default registration option is via email and password; however, just below the page, there is the option to sign in through either of your social accounts with Facebook or Google.
If you choose the email method, you have to verify your email immediately. For the social accounts option, you can do the verification later.
Is IQ Option Safe in Kenya?
Binary Options is very much legal in Kenya. The Kenyan Capital Markets Authority (CMA) in 2016 released guidelines guiding the trading of derivatives in general.
So far however there is no formal licensing or regulatory law still in place.
Yes, IQ Option is safe. The company is one of the biggest and most successful binary options brokers you can find in the industry with over 40 million traders registered on its platform. It is regulated by the Cyprus Securities and Exchange Commission (CySEC) as well as the Financial Services Authority (FSA) of Seychelles.
Best time to trade IQ Option Kenya
The best time to trade binary options on IQ Option is dependent on the underlying assets you want to trade. If you are a currency trader or stock trader, there are times that are very well suited to these Instruments. Same for cryptocurrencies, indices and commodities.
IQ Option Robot
IQ Option developed a trading robot known as IQBot. The robot is distributed free of charge and can trade on both live and real accounts. To make use of it, you can download it for your device – there are versions for your PC which works best on the Chrome and Opera browsers. For the mobile phone version, it is only available in the form of an app on the Google Play Store. Thus, iOS users cannot use it. Unfortunately, IQ Option Robot is no longer available.