Is IQ Option legal in Pakistan or not?
What is about IQ Option in Pakistan? Is it legal or not? – Yes, it is a fully legal business there. IQ Option is a regulated company from Europe which accepts international customers. Traders from Pakistan are welcome. They can invest in the financial markets from $ 1 per trade to earning a high yield. IQ Option operates since 2013 from Cyprus and is known as a secure online broker.
IQ Option Pakistan? Let’s talk about IQ Option itself first. Established in 2013, it started out as a binary options broker but later added other markets like Stocks, Forex, ETFs, Commodities, and Cryptocurrencies. IQ Option has attracted a lot of traders since. Over $380 million worth of trades are processed monthly with more than $10m monthly withdrawals.
The broker has received countless positive reviews from its customers.
Quick facts for Pakistan traders:
- IQ Option is legal in Pakistan
- It is a regulated business from Europe
- Active since 2013
- Accepts international clients
- Very user-friendly trading platform for investments
(Risk Warning: Your capital can be at risk)
Markets Available on IQ Option in Pakistan
The instruments traded on IQ Option are as below:
- CFDs On Cryptocurrencies
- CFDs On Stocks
- CFDs On Forex
- Options (Binary Options & Digital Options)
- ETFs (Exchange Traded Funds)
The tradable assets breakdown:
Below we break down all the assets available for trading on IQ Option:
Currently, there are 28 cryptos traded as Cryptocurrency CFDs on IQ Option, including;
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Stellar (XLM)
- Ripple (XRP)
- Bitcoin Gold (BTG)
- Litecoin (LTC)
- Dash (DASH) etc.
Also, maximum leverage of 1:100 for cryptocurrencies is available.
CFDs on Forex
There are currently 49 trading pairs on IQ Option. The major pairs include;
- GBP/JPY, etc
On IQ Option, currencies have a minimum trade value of $ 1. The maximum leverage is up to 1:1000. The fees are very low. You will not pay any commissions while trading. The spreads are starting from 0.0 pips and depending on the market situation.
CFDs on stocks
Trading Stock CFDs is similar to trading CFDs of Forex and Cryptos but in this case, you are trading the gain and loss of companies like Microsoft, Facebook, Chevron, Coca-Cola, etc. There are currently 170 assets in stocks to choose from. The maximum leverage is 1:20.
There are two types of options on this trading platform: binary option and digital options and over 72 assets to choose from:
This is the most popular type of option as well as what IQ option was known for at its inception. You can profit up to 95% for payout, in as little as 60 seconds if the trade goes your way but lose all if it goes otherwise. To trade binary options, you are required to put up at least $1 per each trade.
This is an option that speculates on the extent of price changes of cryptocurrencies, indices, commodities, and stocks. Profit could be as high as 900%. The risk is also very high and could lead to the loss of your funds in a flash.
Exchange-Traded Funds (ETFs)
An ETF is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur.
There are about 25 ETFs to trade on IQ Option.
(Risk Warning: Your capital can be at risk)
IQ Option in Pakistan – What is special about it?
IQ Option accepts users from countries spread all over the world including Nigeria, South Africa, Singapore, Philippines, Malaysia, India, and, of course, our own Pakistan. However, it does not accept users from many countries. These include the USA, Japan, and Israel.
This is mainly due to the regulations and restrictions by the governments of these countries concerning binary options trading. However, in Pakistan, IQ Option is very much available and not illegal.
Is IQ Option therefore legal and safe?
IQ Option offers services to traders in over 150 countries across almost all continents. One of those countries is Pakistan. It is regulated by some of the most credible broker regulators in the derivatives regulation space.
IQ Option trading platforms
Rather than opt-in for a standard trading platform like the MT4, IQ Option has chosen to provide its clients with a proprietary platform designed specifically to cater to their trading needs. The same platform is used for CFDs and for binary options trading. Well designed to be user-friendly, it features charts which are a great help for traders wishing to monitor the conditions in the markets. Margin trading is also now available with certain instruments.
In addition, the platform comes with a wide selection of trading tools that are typically not found on any binary trading platform. Some of the advanced trading tools that we can see are the popular technical indicators such as Moving averages, Bollinger Bands, MACD, and RSI. The company often adds new features to the platform to offer traders more flexibility. One such feature is the ‘position top-up’. This allows a trader to hold an open trade if it is approaching a stop loss. It gives the trader more scope to allow trades to recover before being closed. It offers traders new risk management or trading strategy options.
For traders that are unable to remain at their trading terminal for any prolonged period of time, they can install the mobile trading app that IQ Option provides, free-of-charge. The mobile trading app was designed specifically for smartphones and mobile devices using the Android and iOS operating systems. Amongst other things, it allows traders to check their account status and keep updated with all the developments in the market as well as to execute trades.
IQ Option is responsive across all devices. To make trading easier and faster, IQ Option App can be downloaded to your computer, Android and iOS. This is crowned by enormous language support of up to 15 languages.
Unlike most CFDs and binary brokers, IQ Option has only chosen to offer 3 types of trading accounts, a standard trading account, a VIP account, and a demo account. To open a standard account, only a minimum deposit of $10 is required. As for the VIP trading account, you need to place a minimum deposit of $1900 (or currency equivalent) – but hit a trading volume of $15000.
Both types of trading account entitle the trader to participate in the IQ Option’s weekly trading competitions. However, the VIP account will entitle the account holder to additional trading benefits like free participation in the trading promotions, 3% additional returns, and the service of a personal manager.
Demo account for Pakistan traders:
Like many brokers, IQ Option offers a free demo account that includes $10,000 in virtual money. There is no limit on how long you can use the demo account. This offers you the ability to test different trading strategies and to get familiar with the platform before investing real money. If you run out of virtual funds in your demo account, you can have them replenished so you can continue practicing.
You don’t have to register or give out your personal information to access the IQ Option demo. This is not always the case with other brokers, as a lot of companies require you to provide at least an email address in order to gain access to their demo account. We highly recommend using the demo account first before your depositing any money.
Deposit methods in Pakistan
To make deposits into your trading account, your options include Visa/Master Card (Debit or Credit card), Bitcoin, Neteller, Skrill, and WebMoney. The minimum amount that can be deposited at once is $10.
- Credit cards
- Bank transfers
- E-wallets (Neteller, Skill, ADVcash, and more)
Withdrawal methods in Pakistan
Also, if you want to make withdrawals, you have exactly the same methods. Withdrawals through an e-wallet like Neteller, Skrill, and Webmoney take 1-3 working days while bank transfers take 1-9 working days. The good thing is that you can track this process, from when your withdrawal request was submitted to when it is processed and released to you.
IQ Option Pakistan trading costs And fees
IQ Option Pakistan is quite transparent with its fees and costs. Some of the costs they charge include:
- Spreads – The difference between buy and sell prices. This is often variable and will depend on volatility, liquidity, and even the time of the day. The spreads are very low and starting from 0.0 pips.
- Swap Fees – These are fees applied for positions held overnight. Charges vary from 0.1% to 0.5% and will be higher when positions are held over the weekend.
- Withdrawal Fees – There are no fees on the majority of payment service providers, but bank transfers do attract a charge of $31 (or currency equivalent).
- Commission – On certain cryptocurrency trades, a commission of 2.9% will be charged. This charge does not apply to any other asset.
Registration in Pakistan:
Registration is quite simple. There are 3 ways to sign up on IQ Option:
- Via Your Email Address: simply enter your name, email address and choose a password. Then visit your email to verify your account via the link that will be sent.
- Via Your Facebook Account: All you have to do is a link directly to your Facebook page and continue.
- Via Your Google Account: same as above, all you have to do is to link directly to your Google account via your browser and continue from there.
You can withdraw your deposited amount without further registration. However, to withdraw your profit, you will need to provide a government-issued ID (Driver’s License, Passport). But if you stay in the EU, IQ Option requires you to provide your ID Card and Proof of residency after your first deposit.
Conclusion on IQ Option in Pakistan: Legit business
As we discussed in our article, IQ Option is fully legal in Pakistan. It is a first-class brokerage service for investing in the financial markets. This broker has customers in more than 100 different countries. It is a safe and secure business from Europe since 2013. Overall, the trading conditions are quite good. You can profit from high leverage and low trading fees. Also, the minimum deposit is very low at $ 10 in Pakistan. We recommend trying the demo account first.
(Risk Warning: Your capital can be at risk)