IQ Option in Indonesia – Is it legal or not?
IQ Option Indonesia is a credible broker that will help you achieve your binary option trading dreams. Binary option is increasingly becoming the most popular way to trade the global markets. It involves you betting on the direction you believe the price of a financial asset will move after a particular time.
With binary options, you can make stakes on the directions that you believe a particular financial instrument will move once the expiry period elapses. Binary options can be very profitable. If the trade you entered did go as expected, you will make as much as 85% of the amount you put up. But we should also note that it can be equally risky. If the trade does not go in your favour, you may lose 100% of your capital.
IQ Option Indonesia
To be able to trade binary options, you need a broker. The broker is a company that provides a platform upon which you make binary options trades. Without this platform, you cannot make any trades. There are a lot of brokers you will find online. But some are not worth trading with. Some are outright scams and phonies, and will hurt your trading. Thus the need for you to go for a trusted broker.
One of such trusted brokers is IQ Option. IQ Option is present in most continents of the world, including in Indonesia.
IQ Option Indonesia Regulation
One of the most important factors you have to look out for in any binary options broker is that it must be regulated. IQ Option, as a broker, is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles. There are also no regulations in Indonesia so far that outlaw binary options trading. As a result, as a trader in Indonesia, you are allowed to trade binary options.
Furthermore, IQ Option is not directly registered or regulated by any government authority in Indonesia. This is, however, nothing to be alarmed about. IQ Option is certified as a credible broker as you will see in its reviews.
The IQ Option Trading Platform
One of the most important features of IQ Option is its trading platforms. IQ Option provides quality trading platforms that are accessible via mobile application and the web. Using the trading Platforms is quite straightforward. For a trader making use of IQ Option’s mobile app for the first time, there are many steps you have to go through.
Upon downloading, you are required to register. The default registration option is via an email and password. However, just below the page, there is the option to sign in through either of your social account with Facebook or Google. If you choose the email method, you have to verify your email immediately. For the social media account option, you can do the verification later.
Upon doing all of these, you can then launch the app and start using. Note that you can only use the mobile app in landscape mode.
Contents of the App/Trading Platform
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 because it is the most traded forex pair. Note that you are automatically given a $10,000 demo account which you can replenish over and over again.
At the top of the charts, you have the icons of the 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 for now may be $0.00. Next to it is a “DEPOSIT” sign.
On the right bar, you have icons telling what the current time in the markets is 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 you are allowed to risk per trade. 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.
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.
Below the Profile icon is a “Bag” icon which signifies your trading Portfolio. It shows all your trades – both the ones that you have closed and ongoing ones.
Below is a Calendar-like icon that stands for Market Analysis. Here you have access to real-time market-moving news globally.
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.
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.
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 chat in any of them. However, you can view the chats of the eligible traders.
IQ Option demo account
One of the most important features of any good binary option broker is providing its traders with a demo trading account. IQ Option in Indonesia provides its traders with a binary options demo trading account.
Importance of a Demo Account
Listed below are ways in which the demo account has proven invaluable:
- 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.
- 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 first. There is no better way to do so than with a demo account. With a demo account, you get to know how 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.
Thus, it is recommended that before you register with OlympTrade, you first use its demo account for some time.
- 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 Indonesia 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 Options trading platform either on PC or mobile, and your demo account will be back to $10,000.
IQ Option minimum deposit in Indonesia
The amount you can commit as the minimum deposit to your IQ Option binary options trading account in Indonesia 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 perks 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.
To deposit funds and start trading with a live account, you have a number of options to do so. You can make use of accepted credit or debit cards (especially those powered by MasterCard and Visa), E-wallets and Cryptocurrencies.
Conclusion on IQ Option Indonesia
IQ Option is one of the best brokers you can find amongst the wide variety of binary option brokers out there. Thus, it is a good decision to trade with IQ Option Indonesia.