I have received a lot of requests from Kenyans on WhatsApp and Twitter to do a detailed 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.
Is IQ Option Legit in Kenya?
u003cstrongu003eYes. IQ Option is a legit trading platform. The platform has been operating for several years and has a large user base. u003c/strongu003eIt offers a range of trading instruments, and 24/7 customer support, and has implemented security measures to protect user data. We evaluated IQ Option across several categories, including trust and stability, and it scored high in these areas. We consider it safe and recommend it for both advanced and beginner traders in Kenya.
IQ Option is a digital trading platform that allows customers to trade CFDs on a variety of financial instruments and assets such as Binary Options, Stocks, Forex, and Cryptocurrencies. The platform was launched in 2013, and it has since then grown in popularity, with an estimated 40 million registered users.
Some of the key features of IQ Option include:
- A user-friendly interface that is suitable for traders of all levels
- A wide range of educational resources, including webinars, video tutorials, and trading guides
- A range of financial instruments and assets to trade, including Binary Options, Forex, stocks, and cryptocurrencies
- Competitive trading fees and spreads
- Low minimum deposit: The minimum deposit required to open an account with IQ Option is only $10, which is quite low compared to other brokers.
- Strong customer support: IQ Option has a strong customer support team that is available 24/7 via live chat, email, and phone.
Your Capital Might be at Risk
|🗓️ Year Founded
|👥 Registered Users
|💰 Minimum Deposit
|💼 Trading Assets
|Forex, Commodities, Crypto, EFTs, Options
|🔔 Demo Accounts
IQ Option is a Good Platform for Trading
IQ Option is recognized for its top-notch user interface, which is considered one of the best in the industry. It offers a proprietary trading platform that is user-friendly and suitable for both beginners and experienced traders.
The platform provides four different layouts (line, candlestick, area, and bar) for chart viewing and includes technical analysis features.
IQ Option provides a wide range of financial instruments, including binary options, Contracts for Difference (CFDs) on stocks, cryptocurrencies, forex, Exchange Traded Funds (ETFs), and digital options. This is a broader selection compared to some competitors like Pocket Option, which does not offer ETFs and stock trading.
Trading Tools and Features
IQ Option offers a robust set of trading tools and features, including a demo account with a renewable supply of virtual funds, which is considered one of the best in the industry.
Pocket Option and IQ Option both provide social and copy trading options, but IQ Option is noted for its advanced charting tools and technical indicators.
Fees and Minimum Deposits
IQ Option has a minimum deposit requirement of $10, which is competitive within the industry. The platform also offers low commission-free trading costs. When comparing fees, it’s important to look at the specific trading activity and requirements, as fee structures can vary between platforms.
IQ Option Account Opening
IQ Option offers four types of accounts:
- Real Account
- VIP Account
- Islamic Account,
- and Demo Account.
The Real and VIP accounts are live trading accounts, while the Islamic account is designed to comply with Sharia law. The Demo account is a practice account with virtual funds, ideal for beginners or those wanting to test new trading strategies.
Opening an account with IQ Option is straightforward and fully digital. All Kenyan residents are eligible to open an account, but they must meet the minimum deposit requirement.
The account opening process involves clicking on the “Sign Up” button at the top of the page and following the registration steps. Once registered, traders are directed to a demo account with a balance of 10,000 USD.
To open a real account, you need to provide at least two identification documents for identity verification. IQ Option accepts all government-issued identification documents such as a national ID card or driving license. The minimum deposit required to open a real account is $10.
✅ IQ Option Accepts M-Pesa in Kenya and the minimum deposit is only $10.
Here is a brief overview of each type of asset available for trading at IQ Option:
- Binary options: These are financial instruments that allow you to predict whether the price of an asset will go up or down over a specific time period.
- Stocks: You can trade shares of individual companies listed on major stock exchanges around the world.
- Forex: This refers to the foreign exchange market, where you can trade different currencies against each other.
- ETFs: An ETF, or exchange-traded fund, is a type of investment vehicle that tracks a basket of assets, such as stocks, bonds, or commodities.
- Commodities: These are physical goods that are traded on financial markets, such as oil, gold, and agricultural products.
- Cryptocurrencies: IQ Option offers the ability to trade a range of cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and others.
#1. Trading Binary Options on IQ Option
Binary Options are the easiest financial instruments to trade. They are easier than forex and stocks. But you need a reliable platform to realize profits from the trading, which is what IQ Option offers.
The way binary options works, you speculate on whether the price of an asset will go up or down within a give time frame, usually 15 seconds to 15 minutes. If you speculate the correct direction of the asset, you get paid up to 900% of your investment.
There are two types of “binary” options investment offered on IQ Option, namely digital options and binary options.
With Digital Options, you speculate on the extent of the price change of an asset (rather than just the general direction of the asset’s price). If the asset’s price reaches your speculated price, you stand to earn as much as 900% of your invested capital.
On the other hand, if an asset does not get to the price you speculated, you stand to lose all of the money you had stacked on that trade. It therefore helps to trade with risk management strategies in mind.
The best risk management strategy out there states that you should never risk more than 3% of your capital on a single trade. If your capital stands at $100, only risk 3 USD on a trade. That’s how all successful traders trade.
Traditional Binary Options
Traditional binary options trading on IQ Option will offer up to up to 100% payout on your invested capital in case of a correct prediction. That means, if you staked $100 on a trade, the return can be $200 in case the trade goes your way..
To trade traditional binary options on IQ Option, you only need to predict the way an asset’s price will move (up or down) within a specific time frame, usually 1-30 days minutes. If by the expiration time the price stands in the way you predicted (in-the money), you earn up to 100% profit.
Your Capital Might Be at Risk
#2. Trading Stocks on IQ Option
You can also make money on IQ Option by trading stocks of top companies such as Microsoft, Apple, Amazon, and Facebook. There’s a total of over 180 stocks that you can trade on IQ Option.
Stocks on IQ Option are traded in the form of CFDs (Contract for Differences), which means that instead of actually owning the stock, you are trading the price movements of the underlying stock.
Here’s an example of how CFDs on IQ Option work: If you think that Facebook stock will be going up, you buy the stock (going long.) If you think the stock price will be going down in the near short-term, you sell the stock (going short). In both cases, f you’re right, you stand to make money.
One of the features of trading CFDs on stocks as opposed to actual stocks is that you can use leverage. Additionally, CFDs allow you to trade from both up and down movements of a stock.
Your Capital Might be at Risk
#3. Trading Forex on IQ Option
You can also make money on IQ Option by trading forex. Like every other forex broker, IQ Option offers a platform that you can use to invest in the online forex market. There are over 30 currency pairs available for trading at IQ Option. These include all the majors and a few crosses.
For beginner forex traders in Kenya, we recommend trading the EUR/USD as it’s one of the most profitable and liquid currency pairs in the world.
And just in case you were wondering whether or why you should invest in the online forex market, here’s a reason to: The online forex market is the biggest, most liquid financial market in the world with a daily turnover of about $7 trillion.
#4. Trading Cryptocurrency CFDs
Have you ever thought of trading Bitcoin and other cryptocurrencies and profiting from all the craze surrounding them? Well, worry no more.
IQ Option lets you invest in cryptocurrencies in the form of CFDs. There are over 10 tradeable cryptocurrencies on IQ Option including Bitcoin, Ethereum, Ripple, and ZCash.
Just like with other CFDs, you can speculate on the price movement of cryptos and get to profit whether the asset is going up or down. And as opposed to trading the actual cryptos, you do not have a lot of money to control big trades on IQ Option. This is because IQ Option offers leverage on cryptocurrencies.
You can also choose to buy cryptocurrencies on the IQ Option platform without using leverage. This is our most preferred way for cryptocurrencies that are priced below 1 USD. The advantage of this type of trading is that there’s no leverage applied to the trade. You can therefore visualize your profits (or losses more clearly).
IQ Option Kenya Detailed Review
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.
Your Capital Might be at Risk
Is IQ Option Legal in Kenya?
Yes. IQ Option is totally legal in Kenya. u003cta linkid=u002218013u0022 href=u0022https://kenyaforexfirm.co.ke/goto/iq-option/u0022u003eIQ Optionu003c/tau003e is a digital trading platform that allows customers to trade a variety of financial instruments and assets. It is a legitimate platform that is regulated by various financial authorities around the world.u003cbru003eu003cbru003eThe digital trading platform operates in accordance with relevant laws and regulations.u003cbru003eu003cbru003eSimply put, no one will come knocking on your door demanding to know why you’re trading on IQ Option in Kenya. So, go ahead and u003cta linkid=u002219477u0022 href=u0022https://kenyaforexfirm.co.ke/goto/iq-option-pwa/u0022u003eopen an accountu003c/tau003e.
Does IQ Option Accept Mpesa?
Yes, IQ Option does accept MPesa as a payment method. M-Pesa is a mobile phone-based money transfer service. It allows users to send and receive payments using cell phones. It is a popular payment method among traders in Kenya, as it is fast, convenient, and secure.u003cbru003eu003cbru003eTo make a deposit to your IQ Option account using Mpesa, you will need to have an Mpesa account and sufficient funds available in it. Simply log in to your IQ Option account and select M-Pesa as the payment method, and then follow the prompts to complete the transaction.u003cbru003eu003cbru003eThe other options that are available for deposits and withdrawals at IQ Option include Neteller and credit/debit cards.
How to Withdraw From IQ Option to M-Pesa
Withdrawing funds from IQ Option in Kenya is a straightforward process, but it’s important to understand the steps and requirements to ensure a smooth transaction. Here’s a guide to help you navigate the withdrawal process:
Before You Withdraw
- Verify Your Account: Ensure your account is fully verified with the necessary identification documents, as this is a requirement for secure transactions.
- Check Withdrawal Methods: IQ Option offers various withdrawal methods, including bank transfer, credit/debit cards, e-wallets, and mobile payment systems like M-Pesa. However, availability may vary by location, so confirm the methods available to you.
- Understand Fees and Limits: Be aware of any withdrawal fees or limits. IQ Option has a minimum withdrawal amount of $2 and allows one free withdrawal per calendar month. A fixed 2% fee applies to subsequent withdrawals, with a maximum of $25 or equivalent.
Steps to Withdraw Money to M-Pesa
- Log into IQ Option: Access your account on the IQ Option platform.
- Navigate to Withdraw Funds: Click on the “Withdraw Funds” button, typically found on the right side of the screen or within the user menu.
- Select Withdrawal Method: Choose M-Pesa as your preferred withdrawal method. If M-Pesa is not available, you’ll need to select an alternative method.
- Enter Withdrawal Amount: Specify the amount you wish to withdraw. Ensure it meets the minimum threshold and does not exceed any limits you may have on your account.
- Confirm the Transaction: Follow the prompts to confirm your withdrawal. You may need to enter additional details such as your M-Pesa number.
After You Withdraw Your Money
- Processing Time: Withdrawal times can vary. Bank cards may take a few hours up to 9 business days, e-wallets up to 24 hours, and bank transfers 3-5 business days.
- Check Status: You can check the status of your withdrawal in your IQ Option account to see when the funds have been processed.
- Receive Funds: Once processed, the funds should be credited to your M-Pesa account or whichever withdrawal method you’ve chosen.
Tips and Considerations
- First Withdrawal to Bank Card: IQ Option requires clients to make withdrawals to bank cards first before e-wallets or cash transfers if you’ve deposited using a bank card.
- Withdrawal Frequency: You can make several withdrawal requests in one day, but remember the potential fees for multiple withdrawals within the same month.
- Inactive Accounts: Be mindful of inactivity fees. IQ Option charges a fee for accounts inactive for 90 days, so consider withdrawing funds if you plan to take a break from trading.
Digital and Binary Options on IQ Option
IQ Option offers two types of options on its 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 invest 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 trade speculating 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 invested on that trade.
Digital options have a predetermined time frame that works in 5 minute intervals up to one month.
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.
IQ Option Investment Tips
You’re probably wondering whether you can make real money with IQ Option in Kenya. 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.
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
Is IQ Option a Scam?
No. IQ Option is not a scam. It is a legit online trading platform that was founded in 2013. It offers a wide range of assets to trade, including binary options, stocks, forex, and cryptocurrencies. It’s one of the most popular trading platforms globally, with a large customer base across different continents.