Unbiased Full Review of IQ Option in Kenya

iq option kenya review
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Introduction

IQ Option is a forex brokerage company that was developed under the IQ Option Europe Company. IQ Option has become a popular platform; it offers its traders the highest trading payout amongst the leading binary options firms.

In this IQ Option review, we take a look at the main features and services offered by this broker. They have specifically designed the platform for their traders’ needs. Read below our IQ Option Kenya review to know more about the platform.

What are binary options?

A binary option is a financial option that comes with one of two payoff options; a fixed amount or nothing at all. They depend on the outcome of a “yes or no” proposition. Binary options set a fixed payout and loss amount.

A binary option automatically exercises; meaning the gain or loss on the trade is automatically credited or debited to the trader’s account when the option expires. That means that the buyer of a binary option will either receive a payout or lose their entire investment in the trade there is nothing in between. In this binary option, a lot of risks are involved.

a review of iq option in kenya

Ultimate IQ Option Review

1)     IQ Option trading accounts types

IQ Option strives to provide its clients with the best trading experience possible. IQ Option Kenya review believes that every trader should start with a demo account in order to gain valuable experience and knowledge.

After you have fully understood the IQ Option in Kenya and the risks involved, you are ready to proceed with a real account. These are:

a)     IQ Option Practice Account.

The demo account is really handy whether you are new to trading or just trying trading strategies, the IQ Option in Kenya demo account has all the features and tradable instruments of the real account. The demo is free which allows you to enjoy all the real account features. Other benefits include no deposit, no telephone details, and no credit information.

b)    IQ Option Real Account.

This account offers traders the experience of real trading allowing more than 70 assets to choose from. You can now trade with numerous types of options such as; digital options or cryptocurrencies.

Traders using real accounts are able to participate in tournaments and use the live chat support function, and after opening a real account you can still access your practice account.

Is IQ Option legit? Yes because when you have had enough and do not want to continue you can withdraw your money from your training account. Your earned money will be transferred to your bank card within a few minutes but the processing time depends on the withdrawal method.

c)     VIP Account.

This type of account is designed for people who want to trade with serious money. With a VIP account, you are able to enjoy a number of perks unavailable to other traders. Some of the VIP advantages are:

·        Personal account managers- they are available to assist the VIP account holders with their account if it has issues

·        Free tournament participation

·        Higher profitable rates

·        Personal tutoring

Practice AccountReal AccountVIP Account
All tradeable instrumentsYesYesYes
Live supportNoYesYes
Free tournament participation NoYesYes
Personal account managerNoNoYes
Higher profitability ratesNo NoYes

2)     IQ Option Review – Mobile Platform

IQ Option mobile platform was created for those who stay connected at every moment and are ready to feel a rush of unforgettable emotion everywhere. You can find the mobile application on Google Play or AppStore. The app covers all details, laying it out in a friendly manner so that no mistake takes place.

3)     IQ Option Review – Broker fee and Taxes

Investing your money with a broker is not free. Depending on the type of investment and the firms you deal with you may have to pay commissions, brokerage fees, or mutual fund costs.

The commission is the fee paid to a broker to execute a trade, is based on the number of shares, bonds, options, or their dollar value. If you pay a broker, to collect the interest on your investments, you can claim what you pay as a tax deduction.

You can deduct your broker commission tax as an allowed expense from your tax return. In order to deduct expenses, you need to keep track of them using a spreadsheet during the tax year.

4)     IQ Option Review – Bonuses and Promotions

IQ Option bonus depends on the amount you invest. Some brokers may offer you a “welcome bonus”. Bonuses will come with terms and conditions; we highly recommend you get familiar with the requirements before signing. However, be sure to read the terms and conditions to learn how much is required for withdrawal.

They are plenty of promotional videos that are found online, with the IQ Option Kenya review it is said that the platform invites users to watch free educational demons by real-life traders which allows you to gain experience and tips from the professionals. Once you have built up your confidence with trading, you can enter competitions and compete with other traders for guaranteed prices.

5)     IQ Option Review: Customer Support

There are two main methods of contacting this broker. You can either call them or send them an email. They are also available on Twitter, Facebook, and Instagram they use these platforms to promote their website and offer tips on your first trade.

With IQ Option Kenya Review, they have a YouTube channel where you can find videos that help users and show beginners how easy it is to trade. With different customer support contact, they want their users to know that they are never alone during their trading and they are always available to help.

IQ option review

6)     IQ Option License and Regulations

IQ Option is a trustworthy broker with an updated license from relevant financial regulatory authorities. The IQ Option license ensures the broker works according to the set regulations with clients. As a Kenyan citizen IQ Option Kenya review allows you to have total freedom of choice, but we recommend you select from those licensed under one of the more strict authorities for your protection.

How to Register / Open Account for IQ Option

To start a trading IQ Option’ platform you need to sign up and register for an account. The registration is quite simple and you need to provide your full name and email address and you are good to go. IQ Option will send a verification link to the email you provide, go to the email and click on the link you will be directed to the platform to sign.

By this far you must know that they are three types of account you can choose from; the demo, real account, and VIP.

The Pros and Cons of IQ Option

Pros

  • Regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • An easy and convenient method of opening an account.
  • Wide range of trading instruments
  • No deposit and withdrawal fees

Cons

  • Does not provide MT4 and MT5 trading platforms
  • Time-consuming withdrawal process
  • Does not provide negative balance protection
  • It is not available in some countries like; US, Japan, Canada, Australia, and other countries.

Can IQ Option Be Used in Kenya?

Yes, the investment website IQ Option can be used in Kenya. Cities like Mombasa and Nairobi have the largest investors. The IQ Option Kenyan review operation is quite simple; the way of operating is done by selecting the value to be negotiated, the amount to be invested, and the address of the same.

The IQ Option platform in Kenya supports both classical binary options and turbo options as well. According to the IQ Option Kenya review, trading Kenya is fully licensed and regulated by the Capital Markets Authority.

Do They Have A Demo Account?

Yes, they do have demo accounts. If you are new to currency trading demo accounts help you to practice at your own pace. Choose a demo account that works well for you. Demo account you can test trading strategies until you have got the confidence to go live. The good thing about the demo is that it has unlimited usage. A demo account works for beginners and even experienced traders.

Is It Easy to Lose Money On IQ Option?

It is very easy to lose money on IQ Option if you rarely follow through on your trading plans. One of the other reasons why people lose money is because they try too many trading strategies. Inconsistency also can make you lose your money without even knowing.

Sometimes your broker can be the reason you are losing your money, they are many brokers with the wrong reputation. Some can manipulate the prices and lock withdrawals so you have to be keen. Do not be greedy from the beginning, start small, invest and see how it goes. Deepen your knowledge. You should also understand that trading requires patience.

After it is All Said and Done

IQ Option is one of the best trading platforms that you can sign with for trading with binary options. IQ Option is committed to providing its customers with a high level of customer service and support when needed. The feeling of security is backed up by licensing and regulation from CYSEC.

Want to Start Trading? Here is our List of Recommended Forex Brokers

Broker NameMinimum DepositSpreadsRegulationWebsite
Fx Pesa5$ 0.01CMAOpen Account
Scope Markets20$ Spreads from 1.2 CMAOpen Account
Exness10$ From 0.0 CySEC and FCA Open Account
Hot Forex5$ From 0.0 FCA, DFSA, FSCA and FSA Open Account
Pepper StoneNoneECN spreads from 0 pips for EUR/USDFCA, ASIC and DFSAOpen Account
FXTM50$ 0.1 on ECN accounts and 0.5 on Standard accounts CySEC and FSC Open Account
Table of our recommended Forex Brokers in Kenya

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