Trading forex with IQ Option: an overview

The IQ Forex trading market involves buying and selling currency pairs, i.e. trading different currencies against each other. Your profit or loss will be determined by the difference between the price when you buy and when you sell.

From the very basics to the actual steps on the platform, this IQ Option tutorial will guide you through the basics of trading Forex.

Learn about currency pairs

Over 20 different Forex pairs are available at IQ Option. Forex pairs represent one type of currency against another type of currency. In a pair of currencies (for instance, EUR in EUR/USD), the base currency is the first currency. A unit of the second currency (quote) is equal to one unit of the base currency.

Currency pairs by category

Do you need a hint on what currency pairs to trade? Click here to read about the best performing currency pairs for 2021.

Creating an account and verifying it

For those who have not yet registered with IQ Option, there is a quick and easy registration process. Simply sign up using your email address or a social login account.

After registering, you will have access to the demo account. You will need to furnish some documents in order to verify your account if you plan to make real trades on the real market. To learn how to complete the verification process and unlock the full functionality of the IQ Option platform, read our article on verification.

Add funds to your account

You can now deposit money into your account and try out your first Forex deal. The minimum deposit at IQ Option is $10 or its equivalent in the currency of your account.

A deposit can be made by pressing the Deposit button in the upper right corner of the Traderoom, selecting a payment method, specifying the amount, and pressing Continue. Click here to read how to make a deposit.

Know when to trade

What are the reasons for timing? As the Forex market operates in different time zones, there are different trading sessions. Trading dynamics and volatility may differ during different trading sessions.

Trading sessions are divided into four categories: Pacific, Asian, European, and American. Traders who start their trading days between 1pm and 10pm GMT+1 will be right on time to trade USD and CAD during the American session. It is therefore recommended to pay attention to the timing depending on the currency pair you trade. Check out our article on choosing the best time to trade for more information.

Specify how much to invest

In the panel on the right, choose the amount you wish to invest. A dollar is sufficient.

Decide on the multiplier

The Multiplier (aka leverage) feature allows you to trade with more money than you have on hand. If you trade Forex with IQ Option, the multiplier can go up to x1000, meaning you can trade up to x1000 more than you actually invested.

If you want to choose a multiplier for your position, click Multiplier and select an option from the list. If you use a multiplier higher than 1, you will not only increase your potential profit, but also increase your potential loss.

 

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