How to Trade Bitcoin on IQ Option
As Bitcoin is becoming more widely known in 2018, demand for Bitcoin exchanges/brokers is rising. Many tech-savvy people tend to use exchanges, as it allows them full ownership of their crypto and low fees, but brokers such as IQ Option are also becoming very popular.
This guide will go through how to start trading Bitcoin/cryptocurrency on IQ Option.
We posted a related guide on eToro risks here. A lot of these risks are also relevant to IQ Option, so we recommend looking at this if you're new to crypto (it explains the pros/cons of exchanges vs brokers like IQ Option).
If you want to support us, use out affiliate link to sign up to IQ Option here.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
Pros/Cons of IQ Option vs eToro
Both eToro and IQ Option are becoming very popular in 2018. Many features are similar, such as the ability to trade on a test account with fake money (referred to as a 'Practice Account' on IQ Option); but there are differences. Below are some pros of each.
IQ Option Pros:
- eToro currently offers 9 cryptocurrencies, and IQ Option offers 15.
- eToro removed stop-loss functionality in late December 2017, IQ Option still offers stop-losses.
- IQ Option looks to be more chart-based, offering for example an overlay of stop-losses on price charts; whereas eToro is more tabular, where data tends to be displayed on tables (IQ Option also offers tabular data via a button at the top of the 'Open Positions' section).
- Fees are generally confusing quite on both eToro and IQ Option, but IQ Option seems to have the higher fees (as both platforms charge a spread, but IQ Option also charges an extra fee when opening orders).
- Although charts are very useful, just viewing open orders is
How to signup on IQ Option?
To start, you need to signup on IQ Option's website. There are several things to be aware of when signing up:
- 'IQ Option Europe Ltd' is registered at Cyprus, and is regulated by CySEC. 'IQ Option Ltd' is registered at Seychelles, this entity is not regulated. See their website for more information on regulation.
- Some security software like Malwarebytes seems to block the IQ Option website. If you encounter this you may need to whitelist IQ Option-related urls.
How to Deposit/Withdraw Money on IQ Option?
Similar to eToro, depositing money on IQ Option is very quick. Once you're logged in, click on 'Deposit' in the top right. At this point you'll be prompted to deposit to your 'Practice Account' or 'Real Account'. Your Practice account is fake money that you can use for testing, you can deposit more money here at any point if you run out. To top up your Real Account click on 'Top Up Your Account'.
You'll now be prompted for how much you want to deposit and to select a payment method. Methods like card payments should be deposited to your account immediately (you may need to provide some sort of account verification first, it's generally a good idea to do this even if you're not - as you may need it when withdrawing). Select your desired payment method and click 'Pay'.
A few things to note about deposits:
- If you deposit a certain amount you can gain 'VIP', which claims to offer benefits like 'Increased profitability', 'Account manager', 'Personal tutoring' and 'Support 24/7'. If you're very new to crypto, it may be better to deposit a smaller amount - as cryptocurrency trading should be considered high-risk in general. Only deposit a larger amount if you can afford to lose that amount.
- Unlike eToro, IQ Option seems to support deposits in crypto. Currently we don't see this on our test account, but when hovering on an option to 'Enable 3D-Secure protection', a help box suggests this may be added soon/temporarily disabled. If you plan to deposit crypto and withdraw it later on, make sure you read this help box - if you don't you may be forced to withdraw in fiat.
To withdraw money, click the arrow to the left of your balance to load a dropdown - and select 'Withdraw Funds'. This will load another page where you can select the withdrawal method you want.
How to Buy/Sell Crypto on IQ Option?
If you want to buy a cryptocurrency like Bitcoin, first you need to click 'Open New Asset' (on desktop this is displayed at the top as a + icon). Then select 'Crypto' in the dropdown this loads, and select the coin you want to buy/sell.
Next, in the menu on the right you'll see 'BUY' and 'SELL' buttons. Keep in mind the 'SELL' button doesn't sell coins that you currently hold, it would open a short position with loaned money from IQ Option (where you'd earn money if the price goes down). Avoid this button if you're very new to crypto. Generally if you just want to buy some Bitcoin and sell it when the price has gone up, you'd click 'BUY' in this sidebar to open a 'position' in that coin, then when you want to sell it - you'd select 'OPEN POSITIONS' on the left menu, click the cog icon next to the relevant coin, and click 'Close'. This would sell the coins you hold - whereas the 'SELL' button on the far right would open a sell position using loaned money.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.
DISCLAIMER: This site cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. Anything Crypto is UK-based and not regulated by the FCA (Financial Conduct Authority). The group of individuals writing these guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas presented are our analysis, learning & opinions on a range of cryptocurrency topics. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can't afford to lose - you should be prepared to sustain a total loss of all invested money.
This website is monetised through affiliate links. Where used, we will disclose this and make no attempt to hide it. We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these. Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it.
March 11th, 2018
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Written by the Anything Crypto team
We first discovered Bitcoin in late 2016, and wanted to get everyone around us involved. But no one seemed to know what it was! We made this website to try and fix this, to get everyone up-to-speed!
Never invest money you can't afford to lose.
All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. We encourage you to consult your own legal & financial advisors before making any cryptocurrency-related purchase.