Did you know that IQ Option offers traders an opportunity to test their strategies, get real trading experience and compete with others to win real money? IQ Option tournaments challenge traders to use their skills to see who can achieve the best possible results and dominate the leaderboard. Here’s what you need to know about these events to get your trading to the next level.
Key rules of the IQ Option tournaments
The main goal of the traders participating in the tournaments is to increase their tournament balance. Those traders who achieve the highest results by the end of the competition become the winners and get prizes. Here are the main things to keep in mind when entering the IQ Option tournaments.
- To join a tournament, traders have to pay the entry fee. The amount can differ depending on the event. Usually, the entry fee is around $2-4. To finish the registration for a tournament, the entry fee is deducted from a trader’s real account. If the currency of a trader’s account is not USD, the fee amount is converted according to the platform’s internal currency rate. Sometimes IQ Option also holds free tournaments, so keep an eye out for announcements in the traderoom or via email.
- Every participant starts with the same tournament balance (equal for everyone). Depending on the tournament, it may range from $100 to $1,000 or even $10,000. This is a separate balance that can only be used during the tournament and cannot be withdrawn.
- Similarly to regular trading on the real account, the minimum trade amount in the tournament is $1.
- After the conclusion of the tournament, the prize pool is distributed among the winners. The prize money is credited to their real balance. Then, they can withdraw these funds from the platform or invest in future deals.
*Note that the availability of tournaments is subject to the conditions the broker can offer at the moment.
How to register for a trading tournament?
You can always check out the list of available tournaments on the official website or in the IQ Option traderoom.
To register for an upcoming tournament, go to the ‘Tournaments’ section of the traderoom. There, you’ll find the ongoing tournaments, as well as the past and future competitions. You can use the web browser, the mobile browser or the desktop app, as well as an Android app to sign up for a tournament. It’s not possible to register via the iOS mobile app at the moment.
Just click on the tournament to see the information about the dates, the prize pool and entry fees. There is also the ‘Leaderboard’ tab, where you can check the current ranking for a chosen tournament.
Once you’ve read the tournament descriptions and have chosen a competition, click on the ‘Join the tournament’ button and pay the entry fee. When the tournament begins, you’ll be able to use the special trading balance to make deals and compete for the prizes.
You can trade with the tournament balance via your web browser, as well as the desktop or mobile apps.
How to win a trading tournament?
Traders may apply different strategies and approaches in an attempt to win a tournament. While there is no one right way of trading during a competition, there are a few helpful tips you can consider including in your trading routine.
Make a plan
It’s important to think of some personal rules for participating in a tournament and try to follow them most of the time. This can help avoid emotional trading decisions that could lead to losses and disappointment. For instance, how many trades do you keep open at the same time? Do you use stop-loss and take-profit features? Which strategies do you use? Answer these questions and check yourself regularly to stay focused on your goals.
Analyse the charts
Even though trading tournaments usually last only a few days, there is still plenty of time to use technical tools for market analysis. You can choose from 100+ indicators and other instruments on the IQ Option platform to catch trends and spot trading opportunities. If you aren’t familiar with chart analysis, have a look at this material to get started: 6 Price Action Candlestick Patterns for Every Trader.
Keep in simple and have fun
While you can choose any strategy for trading during the tournaments, it might be a good idea to stick to more basic, tried-and-tested approaches. However, if you get inspired and decide to experiment or try new tools, feel free to do that. These tournaments are a great platform to test your trading skills and get practical experience.
Now let’s answer some popular questions from traders regrading the IQ Option tournaments.
Which assets can I trade during the tournament?
Only binary and digital options are available for trading during the tournaments, as indicated in the tournaments’ descriptions on the platform.
What happens if I lose all the money from the tournament account?
If you run out of funds to trade, you can click the rebuy button on the upper-right side of the screen. By doing this, you can top up the tournament account balance to the same amount of money you started with, and keep trading to win the final prize. You can use the rebuy option as many times as you need, as long as your tournament balance is below the initial amount.
Can I participate in several tournaments at the same time?
Yes, you can! Just make sure you’re using only one trading account.
Which trading strategy should I use?
This is totally up to you! However, since trading tournaments usually don’t last more than a few days, long-term trading strategies might be less effective. Luckily, there are plenty of short-term trading methods you can consider, such as day trading or scalping.
Can I withdraw the tournament balance?
No, you can only withdraw the prize money that you win. The tournament balance can just be used for participating in the competition.
Ready to try your luck and join the upcoming IQ Option tournaments? Then head over to traderoom and get ready to give it your best effort!
