When trading from Nigeria, it is paramount that you trade with an online platform or broker that favours you. There are many factors to consider when choosing an online broker but the major ones are the ease with which you can make deposits, carry out your trades and withdraw your earnings. This guide on using the IQ Option trading platform in Nigeria is written to educate you on the backstory of this broker, how to sign up and start trading on the platform.
This is a list of showing what is covered in this guide
IQ Option as a Company
IQ Option is an online trading platform that gives traders the opportunity to trade a variety of financial instruments and assets such as Binary Options, Stocks, CFDs, ETFs, Digital Options, Forex, and Cryptocurrencies.
IQ Option was founded in 2013 and the company has been on the rise since then. Between 2013 and 2019, the company managed to acquire 50 million registered accounts and currently processes over 3 million trades per day. The trading volume handled by IQ Option is $380 million per month and about $11 million is paid out to users on the platform on a monthly basis.
IQ Option is also based in Cyprus and regulated in the EU by the Cyprus Securities and Exchange Commission (CySec), the company is fully compliant with the legislation put forward by the commission and fully authorized to sell their products to clients in a number of jurisdictions.
|Minimum Deposit||$10 (₦3,700)|
|Minimum Trading Amount||$1 (₦370)|
|Asset Coverage||CFDs, ETFs, Forex, Cryptocurrency, Stocks, Indices, Commodities|
|Visit IQ Option||Visit IQ Option|
Get Started with IQ Option
This broker has been hand-picked by us as the best binary options broker to trade with as a Nigerian trader.
Assets you can trade on IQ Option from Nigeria
- Binary Options
IQ option started off strictly providing traders the opportunity to trade binary options. If you’re a newbie and would like to know how binary options are traded, our guide on binary options will be a good place to start.
The Forex market enables you to make a profit by trading one fiat currency against the other. IQ Option gives you access to 188 currency trading pairs with one of the best spreads available as compared to other brokers.
- Digital Options
Digital Options is a trading instrument that allows you to speculate on the extent of the price change, rather than just on the general price direction. If the price of the underlying asset is to reach the threshold selected by the trader (known as the ‘strike price’), the payout may get as high as 900%. However, an unsuccessful trade will result in a loss of investment. A distinguishing feature of Digital Options is a predetermined expiration time that works in 5-minute intervals.
If you’re into trading cryptocurrencies, IQ Option offers up to 12 cryptocurrencies for you to trade with. With IQ Option, you can trade Bitcoin, Ethereum, Litecoin, Ripple, Monero, and more right from Nigeria.
- ETFs ( Exchange Traded Funds)
ETFs are investment funds that can be traded on stock exchanges, much like individual stocks are traded. A single ETF can hold numerous assets like a selection of commodities, interest rate instruments, bonds, currencies, stocks, etc. An ETF is basically just a basket of securities that can be traded as one single financial instrument.
IQ Option has 25 different ETFs available on its trading platform, although more ETF instruments are likely to be added soon. These ETFs cover various market sectors and financial instruments, including metals, semiconductors, energy, futures volatility, utilities, emerging markets, technology, global stock indices, and more.
- CFDs ( Contract For Difference)
When trading CFDs, you’re speculating on financial markets like shares, forex, indices, and commodities without having to take ownership of the underlying assets. Trading CFDs enable you to speculate on price movements of assets in either direction.
An example of how to trade CFD is buying a share CFD for a publicly-traded company like Google if you believe the company’s actual shares will go up in price. This way, you can make a profit when you sell the CFD at a higher price.
Types of Accounts You Can Open on IQ Option
- Demo Account
It’s not the norm for reputable online trading platforms to offer a demo account for practicing trading techniques. It’s a smart move to open a demo account before going to open a live account because of how risky binary options trading can be if you have little to no experience.
IQ Option demo account comes with a free virtual $10,000 in funding for you to engage in demo trades in a live market like environment. This affords you the opportunity to make mistakes as you learn without losing real money.
- Live Account
A live or real account is where you carry out actual trades that can make you real profit or loss depending on the outcomes of your trade. The IQ Option platform is easy to use and well equipped with all the tools you need to make real-time trading decisions.
To get started with a live account, you simply need to make a minimum deposit of $10 (₦3,700) and you can invest as low as $1 (₦370) on a single trade.
- VIP Account
A VIP IQ Option account is a live account with a sizable deposit in terms of funding. In order to become a VIP account holder, you need to deposit $3000 for trading purposes on your live account.
VIP accounts come with a personal manager who is always ready to assist you with any issue you may have on the platform. The VIP account also comes with a monthly report on trading records, which is performed by the platform’s analysts.
Using the IQ Option Platform in Nigeria
As a Nigerian Trader, you want to familiarize yourself with how IQ Options work as an online trading platform. This section will cover how you can sign up, verify your identity and trade on the platform. Here’s the breakdown:
How to Sign Up on IQ Option
- Visit the IQ Option Website and click on sign up. You can sign up using your email or one of your social media accounts.
- For email sign-ups, you’ll receive a confirmation email. Click on the link to confirm your email address or do so with the code you’ll be provided.
- You will be directed to the deposit page thereafter.
How to Make a Deposit
- If you’re not directed to the deposit page by default, you can log in, click on the profile icon and click on the deposit button.
- The two main options for making deposits are the credit cards and e-wallets options. There are a variety of e-wallets like Skrill, Neteller, and WebMoney. You can choose the credit or debit card option to make deposits through your ATM card. If you have an e-wallet account like Skrill, you can use that too.
How to Verify your Account
- From the same profile dropdown, you can access the verification page. When you get to the verification page, you will see 3 verification process. The first is email verification, followed by phone verification and then your personal data.
- The email verification should be done by now if you registered with an email address. For the phone verification, you have to enter your phone number and you’ll be sent a verification code to conclude your phone verification process.
- For the personal data section, simply enter your name, date of birth and address.
How to use IQ Option for Trading
To start trading, click the trade now button and you’ll be directed to a page where you would select if you want to trade using the demo or live account.
Trading binary options is very straight forward. From the image below, you can see your deposited balance at the top right corner. The Higher or Lower button is what you click when you want to take a position. If you anticipate the price of your traded asset to be higher as at the time shown on the box labeled C, you choose higher. If you anticipate the price to go lower, you choose lower. The box labeled A shows that the asset traded is currency (Forex). It shows the Euro being traded against the Swiss Franc and the dropdown arrow in front of EUR/CHF is what you click to see a list of options to trade from. You can decide to trade cryptocurrencies, commodities and any of the other assets initially listed in an earlier section of this guide. The D labeled box is where you enter the amount to be used for a particular trade. E shows you the profit you stand to gain.
To make the explanation for the labeled areas more succinct:
- A – This shows the assets being traded.
- B – This shows your balance or how much of your deposit isn’t currently being traded.
- C – Shows the next expiry time for your ongoing binary option trade.
- D – This is where you choose the amount to be invested in a trade.
- E – This shows your expected profit on a trade.
How to Make a Withdrawal
Withdrawing your money from IQ Option in Nigeria can be done by clicking on the “Withdraw Funds” menu listed under the profile icon dropdown. When on the page for withdrawing your funds, you are presented with the various options available for the withdrawal.
The options available are
- Credit/Debit Card
- Perfect Money
From the list above, you know you can withdraw your funds via credit/debit cards or e-wallet. The best option is the e-wallet option. You can only withdraw whatever amount you deposited via your card to your account. T
his means if you use your ATM or debit card to deposit x amount to your IQ option account, you can only withdraw X amount back. To withdraw any amount more than that (which is what you would do when you make a profit), you need to have an e-wallet account then withdraw the amount to that e-wallet account. You can then transfer from the e-wallet to your own bank account. This form of withdrawal is also the fastest.
An important notice is the need to verify your identity before completing a withdrawal. To pass the verification process, you will be kindly asked to upload these documents on the platform
- A photo of your ID (passport, driver’s license, national ID card, residence permit, refugee identity certificate, refugee travel passport, voter ID).
- If you used a bank card for depositing money, upload a copy of both sides of your card (or cards if you used more than one to deposit) here. Remember to hide your CVV number and keep visible the first 6 and the last 4 digits of your card number only.
- If you use an e-wallet to deposit funds, you only need to send a scan of your ID.
The average number of days it takes for your withdrawal to be completed is between 1 and 3 days. If you have problems completing your withdrawal after 15 days of request, send a mail to customer support. The support email is email@example.com
Is IQ Option Safe?
The simple answer is yes, IQ Option is a safe trading platform. IQ option is a regulated company that has been around for quite some time now and they take their online platform very serious. The sensitive information you provide on their website have been encrypted such that it is not vulnerable to hackers or any party that may want to illegally access your data.
We recommend that you open an account with IQ option today if you haven’t done that already and we wish you the best of luck as you rake in millions trading binary options, forex, commodities or cryptocurrencies.
Click here to compare this broker against other brokers serving Nigeria.