IQ Option Tournament
IQ Option is a widely popular binary options trading platform trusted by users all around the globe. A big reason so many people prefer IQ Option is its myriad of beneficial features that enhance one's forex experience, making trading convenient and suitable for both expert and amateur traders.
An excellent example would be the tournaments IQ Option holds for all its traders to participate. The objective of every trading contest is to earn the most amount of profit with the funds allocated. Not only do tournaments help you know where you stand when matched up to other traders, but they are also a fantastic way of earning extra money if you’re confident in your analytical and decision-making skills.
You can partake in these trading contests for as low as $2 or even for free during special events. Participating allows you the chance to win cash prizes based on how well you perform.
Are you interested in learning more? Read on to find out all the details you need to know before participating in an IQ Option tournament.
What is an IQ Option Tournament?
An IQ Option tournament is a contest between participating traders to see who earns the highest profit within a specified time period. Each tournament has a prize pool and an ending date. Once the trading contest ends, the prize pool is distributed amongst the top winners.
The platform has introduced this feature to engage traders and make their experience on IQ Option more exciting and indulging. Not only is it a fantastic way to earn extra money, but traders also get the opportunity to polish their forex trading skills with minimal risks since tournaments have allocated funds to use for trading.
IQ Option provides you with a separate tournament account from which you can earn large profits to win. The transactions taken in this account don't affect your real funds at all. In case you don't succeed, your only possible loss is the entry fee you pay. It's sort of like using a demo IQ Option account but with the opportunity of getting prizes.
If you’re unable to access your tournament account, likely, the trading contest hasn't started yet. Double-check the starting time to see if that's the case or if it's a serious glitch.
You’re allowed to trade any asset under Binary and Digital options with the distributed tournament funds through the account. Your goal is to maximise your earnings and climb the leader board.
There are various types of contests that IQ Option holds, with different rules, prizes, duration, and entry fees. Before participating, you need to figure out which tournament suits you the best and increases your chances of winning. Here are examples of previously held IQ Option tournaments:
1. Salary in a Day
Exactly as its name suggests, this contest requires the traders to earn the most profit in the span of a day. The entry fee is $4, and the capital provided is $100. The winner of the last Salary in a Day tournament won $960 by earning a whopping $33,997.96 in the limited time.
2. 72 Hours
This tournament gives the traders 3 days and has an entry fee of $2. With a prize pool of $5000, the top fifteen traders can earn from $50 to $1100.
3. Weekend Treat
Over the weekend, traders can participate in the competition for a small two-dollar fee. The top 5 winners are all awarded $300 for their efforts, using up the $1500 prize pool.
4. IQ Launch
For seven days, traders compete to earn the most profit on their allocated capital for the $10,000 prize pool, distributed between the top 30. The number one trader gets $567 for their efforts.
These four are the most common tournaments held by the platform, but you should keep an eye out for special contests like the monthly tournament that takes place throughout the month, having a prize pool of $25,000. In April 2022, the highest-earning trader had a balance of $10,180,193.12 and won $1417.5 for his talent.
If you're thinking along the lines of 'wouldn't they earn more if they traded in their real account?', then know that although that is possible, people are more likely to earn a higher amount in tournaments. This is because there is no risk of loss while trading on a separate account, giving traders the freedom to make large transactions without worry.
Therefore, high profits in tournaments may not translate to real accounts. If you're an expert in earning profit in demo accounts, IQ Option tournaments are perfect for you.
With that said, are you interested in participating? Let's move on to know how.
How to Participate in IQ Option Tournaments?
To participate in an IQ Option tournament, you need to complete the following steps:
Keep an eye on the leaderboard and how well you're progressing compared to the other traders. Also, note the tournament ending date and grind accordingly to rise up the ranks.
IQ Option Tournaments Rules
Like any other contest, IQ Option tournaments also have rules that must be followed. These basic regulations have been listed below:
1. Traders Must Pay the Participation Fee
Every trader wanting to participate in a tournament must pay the fee required to enter. Some IQ Option tournaments are free, while most mandate around two to four dollars, depending on their duration and prize pool. Around 75 per cent of the entry fee is contributed to the tournament's prize pool.
2. Traders Cannot Withdraw Tournament Money
In the beginning, IQ Option will allocate a tournament balance for every trader. This amount will be equal for all participants, that is, a standard hundred dollars for all tournaments taking place on the platform. This money will be credited for the traders to use in the tournament, not to withdraw.
3. Participants Can Trade in Binary or Digital Options
The main goal of all tournaments is to increase the tournament balance as much as possible. To do so, participants can freely trade all assets in binary or digital options. However, no other trading instrument is allowed. Both options involve an all or nothing type of payout, enabling the aspirants to show their skills in reading charts.
4. Winners Will be Decided by Tournament Balance
Since the objective of the competition is to maximise the tournament balance in the time given, it's only natural that the winners will be the traders with the highest amount of money generated. In other words, the traders at the top in terms of tournament balance will win.
5. Prize Pool Will be Distributed According to the Rules
Every tournament has a fixed number of winners stated in the rules. The prize pool is divided between these top traders only. If the law states the winners are the top 30 participants, only they are eligible to get the prize money according to the pre-defined allocations.
6. The Amount Won Can Be Withdrawn
Once the tournament ends, the winners will have their prize money credited to their real balance within an hour. From there, traders may choose to withdraw the money from IQ Option or use it as capital for their next trade on IQ Option's trading platform.
Following these operating rules requires no extra effort from your end and is disclosed so traders can comprehend how the system works.
How Can I Collect a Prize in a Tournament?
If you have won a prize in a tournament, the money will be automatically deposited into your real account by the platform. For the most part, the transaction is instant, but sometimes it can take a few minutes or an hour. But rest assured, you don't have to take any separate actions.
If you're confused about how the prize pool is distributed, here is a table showcasing the allotment of the IQ Launch tournaments. The prize pool of $10,000 is spread across the top 30 winners this way:
The entry fee for this trading competition is $4, which means that even if you win last place, you will earn 26 times more than your, so to speak, investment.
Some tournaments like the Weekend Retreat give the same amount to the top winners, so make sure you go through the details of the competition you wish to participate in.
FAQ About IQ Option Tournament
Yes. With the 'Rebuy' feature, you can refill your IQ Option tournament balance. However, a participant can only use the 'Rebuy' option if:
- It's used at the beginning to double the trader's tournament balance, or
- Their balance is lower than the original tournament balance.
For most tournaments, you will be charged the same amount for the 'Rebuy' as the entry fee. This means that if the entry fee for the contest is $4, then the 'Rebuy' will cost $4. You can click on the 'Rebuy' button next to your balance on the tournament account to avail of the feature.
There is no limit to how often you use the feature, as long as the tournament balance is below the initial amount.
During tournaments, you can trade any assets in binary and digital options using the available funds.
To give aspiring traders a rundown, binary options trading involves one of two payoff options—either a fixed monetary amount or nothing at all. The outcome depends entirely on a yes/no proposition relating to whether the price of an asset will go up or down from a specified amount after a period of time.
For example, say you've bought a binary option for $40 on the speculation that the price will go up from where it currently is. If after the option expires, the price goes up, you earn a profit. If it goes below the strike rate, you lose your investment of $40.
Digital options trading is quite similar, except that it involves a strike price set by the trader themselves. Where in binary options, the prediction need only indicate the direction of the price, in digital options, the amount of price change also matters.
Every tournament has a leader board posted to keep a score of how the traders perform. You can keep checking your position and how your competitors are doing through this feature.
When the tournament hasn't started, the leader board is still displayed with top traders chosen at random. This shows the participants how much they can win by partaking in the contest.
Once the competition begins and trading starts, the list will rearrange itself according to the balance in their tournament accounts.
To win an IQ Option tournament, you need proper knowledge of the two instruments allowed, binary and digital options. Learn about them in-depth, find a robust trading strategy, and practice your mastery over them.
To aid you in your learning journey, IQ Option has numerous educational videos for traders to study more about how to trade and use their platform efficiently. Moreover, the platform also has a blog for you to enlighten yourself on online forex trading etiquettes and strategies.
Trading on your real account won't give you the proper experience as you would constantly have potential risks in mind. Thus, you should use IQ Option's demo account feature to freely try out new strategies without worrying about any losses. This is the best way to practice since tournaments also involve risk-free trading.
After all, the more risk a transaction bears, the better the payout.