IQ OPTION MINIMUM DEPOSIT - ALL TO KNOW ABOUT IT
What is a Minimum Deposit?
When opening a real money (live) trading account with an online broker, there is always a minimum amount of money you need to deposit to get started. This is called a minimum deposit.
Minimum deposits vary from broker to broker. Here are some of the factors that determine the value of a broker’s minimum deposit
1. Minimum Trade Size in Terms of Margin Required
A minimum deposit needs to be more than the margin required to open the smallest position which is available on the platform. For example, the smallest forex trade you can place is typically a micro lot which is 1,000 units of a currency pair.
On the USD/JPY, for example, a 1,000 unit trade has a notional value of $1,000. A trader who has 1:100 leverage available will need at least $10 to open a 1 micro lot trade on the USD/JPY. In this case, the minimum deposit ideally needs to be considerably more than $10 because an open trade will occupy $10 plus some additional margin to support a potential floating loss.
*The smallest forex trade with IQ Option requires only $1 to open.
Another thing to keep in mind is that brokers often have certain stop out levels that prevent traders to engage all of their margin in open trades. This implies that a trader’s account needs to be funded with enough money to stay clear of the stop out level while maintaining any open positions.
2. The Trading Account’s Base Currency
A trader can often choose the currency in which his trading account is denominated. Or to be more specific, he may have a choice between a few different base currencies. This can also play a role in the value of the minimum deposit.
3. Broker Preferences
Different brokers have different objectives and business strategies. Every broker establishes the ideal minimum deposit amount that suits its objectives, financial instruments, leverage, trading conditions, and business plan.
IQ Option’s Minimum Deposit
With IQ Option the minimum trade size is only $1. This makes it possible for IQ Option to have a really low minimum deposit of only $10. Of course, the U.S. dollar is not the only option for an account currency and most traders have a choice of at least 3 different account currencies. The account currencies which are available to you depends on your nationality. Here are some of the account currencies and the minimum deposit amount for each of them:
|United States Dollar||10|
|Indonesian Rupiah||100 000|
|Viatnamese Dong||200 000|
|South African Rand||150|
As you can see in this table, many traders can deposit and trade with their local currencies. In most cases, the minimum deposit, when converted, is close to $10. Most traders can choose between the U.S. dollar, British pound, euro, or their local currency if it is available.