Chelsea fan Stephen had long wanted to get involved in online trading, but had always been hesitant given the risks involved.
Living on the outskirts of Lagos and a passionate footballer, Stephen was confident in his planning and had done his research on trading. Some of his friends had been working the markets for some time - and had enjoyed good success. But he wasn't sure about taking the plunge given what he'd seen online regarding the complicated interfaces some brokers provide. He really didn't want to risk his hard earned money while also learning about how everything works.
However, upon hearing about IQ Option's free demo and practice account, Stephen was eager to test the water. Knowing IQ Option offers their users a free practice account of $10,000 to trade with - in real time - was just the nudge he needed to finally sign up and enter the world of online trading.
Studying the interface, Stephen could see there were deep resources available to him in the form of video tutorials and blogs, both instructional and informational, which he could always tap into when needed.
Adding more assurance for Stephen was IQ Option's minimum $10 deposit to start real trades. Though, he told himself, like any preseason, practice makes perfect. Stephen had decided he'd make several 'friendly' trades using the practice account's money before entering real competition. He knew, like any good manager, he'd have to learn about all the tools available to him. Being able to explore the interface of IQ Option, learning how to use the various tools available - and all with no-risk 'practice money' - was exactly what Stephen had been seeking.
Reinforcing Stephen's decision to choose IQ Option was learning that their interface had been created with the beginner in mind. The goal of IQ Option is to make trading very simple. Beginners are expected become familiar with the platform in a few minutes.
The sign-up process on IQ Option was straightforward, which includes the choice of using it on desktop or mobile. Stephen was quickly inside the trading room and selected the practice account option, where $10,000 was waiting for him to experiment and learn with. The big positive is that the practice account is unlimited. Stephen could lose the demo money, but still have it replenished when needed - all on his personal account.
Stephen could now do virtual money transactions without losing real money. This way he could neither lose money nor make a profit. Instead, everything was there for him to learn about trading in a better way.
Binary Options was what was presented first to Stephen, though there is also Forex, Stocks, Crypto, Commodites, Indices and ETFs available. But after checking one of the many available online tutorials via IQ Option, Stephen realised getting started with Binary Options was the best way to dip his toe in the water. He'd get the chance to learn how IQ Option's interface worked in a simple and easy trading method.
Via one of the many available video tutorials, after assimilating himself with the different charts and analysis, Stephen was ready to make his first practice trade.
Choosing Binary Options, Stephen learned he had to make the right forecast of the market movement by predicting the rise and fall of the asset price he'd select. Basically, Binary Options trading is about making predictions on whether an underlying asset is going to go up or down. In this trading, there are only two outcomes: you either win or lose.
Following the candlestick charts and using the analysis tools, Stephen began to familiarise himself with Binary Option trading in a no-risk environment. And after enjoying some success, Stephen began to explore the other options available in the trading room.
Check back next time as Stephen explores IQ Option's Trading Room further - with the practice account - as he prepares to make his first real trades.
This article's story and characters are fictitious. Certain long-standing institutions and agencies are mentioned, but the characters involved are wholly imaginary.
