IQ Option Review South Africa 2021 - Start trading with IQ Option in South Africa
South Africa is one of the major places for online trading. So, there is a wide selection of online brokers for you to choose from. As the number of traders and investors in South Africa is increasing, the race of the best brokers is also becoming more competitive. Whether you are trading stocks, forex, or options, you need a decent and regulated broker. IQ Option is one of the top brokers in South Africa right now which is extremely popular among traders and investors all around the world.
IQ Option South Africa Broker Details
IQ Option South Africa is a universal online trading platform. It is a modern broker that has a detailed and intuitive interface, free training materials, technical support in 20 languages, and several additional opportunities. It is a well-known, and at the same time, a safe service that is not only used by the traders of South Africa but also more than 15 million people across the world.
Traders can trade on IQ Option South Africa from different devices, such as computers and smartphones. The registration process is compulsory if you want to use the platform. You need to fill in your name and email during registration. Social networks can also be used to login.
IQ Option is a fully regulated broker and holds licenses from important financial authorities. Here are some important facts about the broker stated in the table below:
|IQ Option Details for South Africa|
|Regulations||FSA (Seychelles Financial Services Authority)|
|Platforms||WebTrader, Desktop & Mobile Trading App|
|Leverage||Up to 1:400|
|Minimum Deposit||$10/180 ZAR|
|Minimum Investment||1 ZAR|
|Can you deposit in ZAR?||Yes|
|Headquarters||Cyprus and St Vincent & Grenadines|
|Instruments Available||Options, Forex, Stocks, ETFs, Commodities, Indices, Cryptocurrencies|
|Support||Telephone support and LiveChat service|
One of the many reasons that IQ Option is so popular is because the broker offers one of the lowest minimum deposits in the market. You only need to deposit $10 in your account to start trading. This is an extremely low amount compared to other brokers because some brokers have minimum deposits starting from $100.
Background of IQ Option in South Africa
IQ Option was established by a Russian named Dmitry Zaretsky in 2013. It started its journey with binary options as trading products. However, these days, the broker is known for Forex and stock trading as well, with several other assets listed. The broker is available to traders from over 30 countries, including the countries in South Africa. It is also a regulated broker, which means that traders of South Africa are legally allows trading on this broker. Regulations make sure that the broker follows strict financial rules to provide protection and security to the traders’ money.
How To Open An Account On IQ Option In South Africa?
It is easy to open a trading account with IQ Option. It only takes minutes. You need to provide some personal details to open an account. Follow these steps:
- Visit the official website of IQ Option.
- Click on the “Sign Up” icon on the right side of the page.
- Enter your first name and last name.
- Next, insert your email id.
- Now, you have to come up with a password.
- Finally, click on the box and accept the Terms & Conditions.
Once it is completed, you can log in to the platform. Apart from opening a trading account, you can also sign up for the free IQ Option demo account. This demo account is free to use that comes with $10,000 of virtual funds so you can practice trading. It offers all features of a real account. By using it, you can check if the platforms work and if trading is a good choice for you. You can switch between the demo and real accounts anytime by using the “Switch account” button on the platform.
How To Deposit Money In South Africa?
You can use the demo account on the trading platform of IQ Option to learn and gain experience in trading. Once you decide to use the real balance on a real account, you need to make a deposit first. To make a deposit on IQ Option, you need to follow these steps:
- Visit the official website of IQ Option.
- Sign into your account by entering your credentials.
- Click on the big green button saying “Deposit”.
- Select from one of the payment methods available.
There are multiple different methods to make a deposit in South Africa. So, you can choose the one most convenient for you.
First, you may opt for a credit or debit card to deposit, such as Visa, Mastercard, and Maestro. Bank card deposit is instant, so the money is credited to your amount almost immediately. You can also use prepaid cards and Astropay card. If you want to make a direct wire transfer, it is also possible. You can make the transfer from one of these banks: ABSA, FNB, Capitec, Needbank, Investec, and Standard. Another way to deposit money into your account is using e-wallets such as Skrill, Neteller, Webmoney, or AdvCash. Once the money is deposited in the e-wallet account, you can transfer it from here to your IQ Option account.
Both e-wallet and wire transfer deposits are instant, so you will not have to wait to use your real balance. The minimum deposit amount is 180 ZAR in South Africa. You do not have to pay any fee for deposits on the platform.
For more informations about how to deposit and new payment methods for South Africa you might be interested in the article: New Payment Methods for South Africa
IQ Option Withdrawal In South Africa
The way you withdraw your money from IQ Option depends on your deposit method. If you had deposited with a bank card, then you have to withdraw an amount equivalent to the amount of deposit in the last 90 days, back to the card. This process can take a bit longer than you expect, depending on your bank. IQ Option transfers the money to your bank immediately. However, it may take up to 3 weeks for the bank to transfer money to your bank account. If it has been over 90 days since the last deposit, you will have to withdraw the rest of funds to e-wallets or via wire transfer. Keep in mind that Astropay cards do not receive refunds. So, if you deposit with these cards, you will also have to choose one between wire transfer and e-wallets.
If you had deposited with an e-wallet, you will be able to withdraw all funds back to the same e-wallet straight away. If you made it through wire transfer, you can withdraw back through wire transfer as well. Withdrawals through wire transfer and e-wallets take up to 3 business days to credit generally. Like deposits, withdrawals on IQ Option do not require you to pay a fee. The minimum withdrawal amount depends on the payment method, as mentioned in the table below:
|Payment Method Minimum Amount|
|Perfect Money||30 ZAR|
How to trade with IQ Option?
Now that you know all about deposits and withdrawals on IQ Option, you are ready to trade on the platform from your real balance. You can switch from the practice balance to the real balance and vice versa by clicking on the balance in the trade room simply. There are numerous instruments you can choose from, such as binary options, digital options, forex, cryptos, and more. The trade room provides video tutorials where you can find mini lessons about each instruments, various patterns and indicators. You may browse the platform and blog for more useful materials. If you are stuck with anything, contact the support team.
You can trade several instruments on the trading platform of IQ Option, such as:
IQ Option provides 27 forex pairs for the traders in South Africa. Some of the popular currency pair varieties the traders can trade are USD, EUR, JPY, and EUR. It is important to follow the warnings mentioned on the website and only invest what you can afford to lose. Nothing can be said with 100% surety in the financial market as the price movement can take place in a completely different direction than the one you had predicted. For forex trading, IQ Option offers leverage as high as x500 (T&Cs apply). Traders of South Africa are provided with the benefit of using tools like take profit and stop loss. While trading forex, traders can participate in the tournaments organised by IQ Option to receive rewards like free participation in a paid contest. However, traders may take a bit more risk to make it to the next level. The broker provides tighter spreads to attract more traders.
IQ Option provides numerous stocks for the traders of South Africa to trade it. You can choose to invest in stocks of tech giants such as Google, Facebook, Amazon, Netflix, and more. Overall, traders can invest in the best-performing companies listed on NYSE and NASDAQ. The broker offers leverage up to x10 to its stock traders (T&Cs apply).
IQ Option allows ETFs trading on its trading platform. An exchange traded fund is a kind of trading instrument that combines a collection of securities. Traders can buy and sell ETFs just like regular stocks, which makes it a convenient and flexible instrument. As it is essentially a basket, ETF combines both risky and less risky assets, which allows for more diversification. So, it is the ideal solution for traders who want to diversify their portfolio without spending a large amount on acquitting numerous stocks.
IQ Option is one of the best brokers for binary options trading. The minimum deposit for binary options is $10 at IQ Option and the minimum investment is as low as $1. Traders are provided with at least 68 options at their disposal for trading. The expiry period may range between 60 seconds and 1 month when you are trading binary options on IQ Option. You do not need to pay any brokerage fees but there are chances of receiving up to 95% returns. The amount is credited to account when it is a successful investment. Since binary options trades end in asset or nothing, there are very low chances to lose more than the trader can afford to lose. However, binary option trading also has its own risks. You must time the market accurately to win the trades. The broker offers charts and trading tools to make the trader’s job easier and it also helps the trader to place a Put or Call option.
A digital option is a new trading tool introduced by IQ Option. It combines both features of classic and binary options. Digital options offer an opportunity to trade various instruments. The risks of each deal and the profitability depend on a strike price chosen manually, which is its main distinctive feature.
IQ Option allows cryptocurrency trading on its trading platform in South Africa. Even though the cryptocurrency brokers are not licensed under institutions such as FSB, it is legal in South Africa to trade cryptocurrencies. Since IQ Option is registered at CySEC, it is a trustworthy broker. The broker offers 15 cryptocurrencies for trading, including Bitcoin, Litecoin, Ethereum, and more. Clients that want to invest in cryptocurrency trading can use leverage up to x10, (T&Cs apply). IQ Option provides line, bar, and candlestick charts to the clients for free so they can analyse the market. The platform also allows you to check out the current price of the crypto coin you are trading. It is important to monitor the cryptocurrency market constantly while trading because the market is extremely volatile and keeps changing all the time.
- Is IQ Option legit in South Africa?
The broker operates as IQ Option Ltd in South Africa and it is regulated by the FSA. This regulation means that the broker must verify the identity and account info of its clients to protect them against fraud. So, IQ Option is legit and secure to trade with in South Africa.
- Is IQ Option A Good Broker In South Africa?
IQ Option offers a wide range of assets including Forex CFDs and Binary Options. Clients can use the broker with a minimum deposit of $10 only. Moreover, it provides a user-friendly interface and well-developed app. Thus, IQ Option is considered one of the best brokers in South Africa.