I happened to bump into this application called “IQ Option” when surfing the internet. It is an application for trading binary options. Having some basic knowledge about binary options, I decided to download on my phone and give it a try.
What is Binary Option?
Binary options are a simple way to trade price fluctuations in multiple global markets. – Investopedia
When you launch the application, the follow screen will show up.
Before you can start trading, you have to top up cash to your account. Click on Deposit button.
There are a few options available.You can top up using your credit card (Visa/Mastercard), Neteller, Skrill, WebMoney. I choose to top up using credit card since that is the payment mode I am most familiar with.
I topped up US$250. 29% bonus money is added together to my trading account.
But wait, there is a catch here, you have to make a minimum trade amount of $1500(either profits or losses) before you can cash out your earnings. I managed to hit the trading amount within 3 days.
If you wish to practice before doing actual trading, you can toggle to practice mode whereby they give you virtual money of $1000 to practice trading.
Here is how the trading screen looks like. You can choose option type Turbo or Binary followed by the currency pairs you wish to trade.
Turbo is like a high speed trading option whereby once you make a Call or Put option, the option expires in 1 minute and you either win or lose within that minute.
Binary mode is slower. You make a Call or Put option, the option expires in 15 minutes. So you check back 15 minutes later to see if you predicted the uptrend or downtrend accurately.
Trading binary options is highly addictive whereby the currency fluctuation is very volatile. You can win big in minutes and lose it all within that few minutes.
There are times whereby my total balance reached $400 and there are times where I lose until $100.
Having said the above, I managed to cash out my original investments of $250 while leaving my remaining profits to continue playing the game.
Traders who are interested, you can check it out here!