Last Updated on Dec 20, 2019 by James W
The Forex trading market is one of the most heavily traded markets in the world, with traders amassing huge personal fortunes from successful trades.
However, successful trading involves a lot of different factors, including the trader’s skills, understanding and experience of the whole forex market. Online Trading sites offer forex trading for almost everyone with a stable internet connection. However, not every trading platform is suitable for traders, especially the novice ones.
About the Forex Market:
The global Forex market is estimated to be somewhere around the $5.3 Billion USD mark, being traded daily between Governments, Banks, and Other financial institutions around the world.
Currencies are usually traded in pairs with the EUR/USD pair being the most heavily traded. Along with both the Euro and the United States dollar, other major national currencies such as The Japanese YEN (JPY), Swiss franc (CHF), the Canadian Dollar (CAD) and the British Pound (GBP) traded daily in large volumes.
IQ Option as a Suitable Online Forex Broker:
With so many online brokerage sites in the world today, it is quite natural to get confused when a trader decides. Some of these brokerage sites have also been exposed as frauds and Ponzi schemes in the past, so diligence on the part of the trader is required. IQ Option, which is a reputable binary options broker has introduced separate trading services for forex brokers as well. Using IQ option for Forex has some notable advantages, which are stated below.
Advantages of Forex Trading with IQ Option:
IQ Option is a Cyprus based online brokerage platform, offering a mix of binary options, forex, CFD and cryptocurrency trading to its customers. Operating in more than 160 countries worldwide, it has carved up quite a reputation in the global online trading community. Founded back in 2013, the platform now boasts more than 17 million active users worldwide. To know more about IQ Option, you can check https://www.iqoptionmag.com/
A lot of the success in Forex depends on how traders react in different situations in the forex market. IQ Option has introduced features which makes it easier to understand, especially for novice traders to get a grip on the market.
- Buying in Lots: At IQ Option, Forex traders do not have to buy in fixed lots, with the ability to choose the value they want. This is done, to avoid confusing or complicated calculations, allowing traders to accurately calculate their own risk management.
This feature however is not available with most online trading platforms offering forex in lots or parts of a lot. For small investors who have a maximum of $250 to $1000 in their accounts, they have some difficulty while trading in lots, with each lot valued at almost $100,000. For instance, calculating 0.05 of a lot can be very tricky, forcing traders to enter incorrect values which increase their chances of being at risk.
- Take Profit and Stop Loss Functions: Trading on IQ Option is much simpler because of their “Take Profit and Stop Loss” function. It allows traders to choose values that they want to close on either gains or losses. Traders can choose how much they want to win, or how much they are willing to lose. Traders can choose how the exact amount of gain that they desire from a trade. This is not the case with other online brokerage platforms, which treat Stop Loss and Take Profit functions in terms of a fixed asset price.
- Safety: At IQ Option, several measures have been taken to protect traders against major losses. Traders have a fixed amount of money beforehand so that the maximum amount of losses are restricted to that level. This allows traders the safety and security they need, as losses would be limited to the amount wagered.
Other trading platforms may or may not have such a function, which may lead to the total compromise of a trader’s funds.
Other Benefits of Forex Trading at IQ Option:
IQ Option has taken a lot of measures to stand out from the numerous other online brokerage sites offering the same trading facilities. Some of them are listed below:
- IQ Option provides its users with a FOREX signals system, allowing traders to make successful trades on the platform. Such signals are available for free or at very reasonable prices.
- Traders have the option of trading in manual mode, which is the most used mode in Forex trading.
- IQ Option also provides their users with ample educational resources, focused on providing traders with the do’s and don’ts of Forex trading.
- IQ Option strictly prohibits the use of Forex trading bots on their platform and ensures that regular inspections are made. This is done to provide their users with a safe and fair-trading space where no trader would have an unfair advantage.
With so many online platforms, offering similar services to online traders, it becomes more crucial than ever to make the right decision to protect against sudden risk as well as fraudulent activities.