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Founded in 2013, IQ Option is one of the fastest growing online trading platforms. In the UK alone, there are over 20 million customers using IQ Option to trade forex, cryptocurrencies and options. If you are considering joining them, IQ Option demo account is a great place to start. To help grasp all of its pros and cons, here we covered:
There is a bewildering array of platforms available for traders, and many offer demo accounts for their customers to try before investing real capital. While these demo accounts are well worth investigating, time constraints make it impossible to try them all, so it makes sense to limit these options by considering first the reputation the different trading platforms enjoy. IQ Option is a relatively new platform and there are many more established companies you may also be considering.
Finding an IQ Option review to read and comparing it with the reviews of other traders may help. However, it is also worth looking at the awards given to trading companies by respected bodies. A variety of awards, particularly if they are recent, would imply that the company is solid. The key awards IQ option received include:
These awards indicate IQ Option's platform is worth a closer look, and a demo account is a good way to gain a feel for the platform.
Upon signing up to a demo account, customers are given $1,000 of virtual capital with which to trade. Digital options are one of the simplest methods to trade commodities, stocks and currencies. With sound strategies, there is a good likelihood of making a profit. Nevertheless, there are also many common mistakes for the new trader to make, so the demo account works in a similar fashion to the real one, allowing the user to experience the technical analysis charts just as on the real platform. The quotes are real, giving an experience as close as possible to the real thing. Even experienced traders will often return to a demo account to try out a new strategy before risking it with real capital. IQ Option offers support to its virtual clients, just as to those using real capital, with a dedicated team of experts available while using the demo account.
While many trading platforms offer demo accounts, many companies have little information available on their websites with further details of what the account involves and how it works. IQ Option, by comparison, provides plenty of detail, conveying the impression that they regard the IQ Option Practice Account highly and value the input it gives to their trading platform. The demo account is a risk-free way of trading. The minimum deposit for trading with IQ Option is anyway low, at just $10, but it is not even necessary to deposit that to start trading on the demo account.
There are plenty of advantages to using a demo account. Traders will gain valuable knowledge of the market and the platform without any risk to their capital. Time spent may be extensive but it is a useful training tool, allowing skills to be honed and strategies tested. With different platforms having their own features, it is a useful way to see if the platform is the right one for you, and it is even recommended that experienced traders set up a demo account when changing platform.
However, it is important to remember that demo accounts have limitations. Success in a demo account may not lead to instant success in the real markets. One of the key differences is the psychological impact caused by the movement of the market. Responding to a loss of real capital is likely to be different from the response if the loss is virtual. The demo experience comes close to replicating the real market, but it is not an exact copy.
For example, the demo accounts offer a large amount of capital with which to trade. In the case of the IQ Option Practice Account, it is $1,000. However, the new trader is most unlikely to have such funds at their disposal. The virtual market also does not allow for features such as slippage and expedited transactions, which would be a common feature of the real markets.
The key is to treat IQ Option Demo Account as a training program with different stages. Start by familiarizing with different tools and techniques. Learning how to place the trades and how to place a stop order when necessary are key skills, which would cost money if that knowledge was not present when trading with real money. However, once you are familiar with the platform, it is worth making some adjustments to your trading to more closely replicate the real market. These can include the following methods:
While it may not initially appear to be one of the most important features of a trading platform, a good demo account can set you up for successful trading once you start with real capital. Compared to some other demo accounts, the IQ Option Demo Account has a number of advantages:
Once you have opened a real account, it is straightforward to switch between the real IQ Option account and your demo account, so you can continue to keep all the advantages of the demo account to test new strategies. Taking the leap from trading on the IQ Option Practice Account to trading for real can be a big one, particularly for new traders. When you sign up to IQ Option, you will gain access to a large number of resources to help you hone your skills. These include video tutorials, articles, webinars and e-books. The website also posts regular blog articles, enabling you to easily keep up to date with new trends and events that may affect your trading.
The website is easy to use, with a category of FAQs to readily answer many of your concerns. Customer services can be reached by phone 24/7, with dedicated numbers for different countries. Additionally, you can contact IQ Option by email or live chat from the live chat icons on the website or app. It is often recommended that new trader start trading with micro lots, as a bridge between a demo account and the full experience. This involves real money but at an amount that is affordable to lose. However, at the time of writing, IQ Option does not offer micro lots.
When trading, although there can never be any guarantees of profits, the experience will be smoother and you stand a greater chance of success by choosing what you consider the best forex broker. Although not as long established as some trading platforms, IQ Option has quickly built up a positive reputation, particularly as they branched out into forex trading, CFDs, ETFs and cryptocurrencies. Even with deposits as low as $10, their spreads on forex and CFD products are some of the best in the industry. Offering services in over 178 countries around the world, they continue to go from strength to strength.
An interesting feature of the company is that they do not use a mainstream trading platform like MT4, but keep to their own in-house developed platform. As this is an attractive interface, this is not necessarily a disadvantage, although features such as charting and analysis options are not as developed as they could be. Based in Cyprus, the company gained a CySec licence in 2014, with the number 247/14. It is registered with many of Europe’s other regulatory bodies, including the UK’s FCA.
Toll-free regional phone numbers make the company easy to contact from anywhere in the world and it is even possible for clients to email the CEO and CAO directly. Deposits at IQ Option start as low as $10, while the maximum daily deposit can be up to $1,000,000. IQ Option aims to appeal to both the small and the large trader.
Demo accounts are an ideal way to test the market while honing abilities and experimenting with new strategies. The IQ Option Demo Account is one of the best examples of these practice accounts. Unlike many brokers who set up a demo but then pay it little attention, IQ Option rightly regards their demo account as one of their key strengths. With no time constraints, you can spend as long as you need on the demo account before deciding whether to move on to a real account.
However, it is worth investigating the real accounts before spending time on the demo. IQ Option is a fast-growing company with much to recommend them. There are limitations, such as the inability to trade with micro lots, and quirks such as their determination to stick with their own in-house platform. However, as long as you are aware of these, setting up a demo account is highly recommended for both the new trader and for the more experienced trader who is considering switching to IQ Options.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .