" Experiences in binary"
My first time trading was with IQ Option.
I had literally no experience with trading options, or any other form of stocks, or using Forex beforehand, and was eager to find about ways to get some extra money into the pocket.
The first question I asked the flashing “24/7” support guy was: “If I call with an investment of 10$ and get it right, can I actually get the 84% return and transfer it back into my account?”. He immediately answered “Yes.”, and that answer resonated with me, thing about how much money I could make.
So I skipped the Demo Account and put my first 30$ into the game. Needles to say, I lost them all.
So I’ve started reading on Investopedia, Investing and other numerous forums which gave advice on Binary Options. I was amazed about how vast the domain is, and how hard it actually is to predict the movement.
However, there are some elements that captured my attention, and since I don’t use other brokers, I hope this will be useful:
- IQ Option is the only platform where you can deposit as little as 10$ to start with.
As a college student, I didn’t have much money to invest, so 10$ seemed like a reasonable amount. The other platforms only allowed to invest 100$ or more, which is at least 10 times more than IQ Option.
- When the outcome of a transaction is too predictable, you might not be able to put/call if you’re not fast enough.
Market makers are those who cover a potential discrepancy if the losing side invested more money than the winning side. In IQ Option, they can cover up to 7000$ for each call/put option for each deadline (which is one minute). So there is a maximum of 7000$ people can put or call for each minute. If too many call or put, you may not be able to do it yourself because the value would exceed 7k.
- You can only withdraw to your bank account if the last payment was made using that bank account.
If, let’s say, you deposited 100$ using your bank account, lost them, and then again deposited 100$ using Skrill, you cannot withdraw the 100$ into your bank account.
- They have really nice tutorial videos.
Even if it only explains the basics, they are really good to start with, as otherwise you would have to lurk for something similar on the internet.
- Their demo account can be used indefinitely.
The demo account starts with 1000$, and you can freely use it even without depositing any money, and you can top it up back to 1000$ for free.
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GENERAL RISK WARNING: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.” --------------------------------------------------------------------------------------------------------------------------------
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GENERAL RISK WARNING: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.” --------------------------------------------------------------------------------------------------------------------------------
