In most countries outside the European Economic Area, IQ Option holds trading tournaments in which you can win real cash. Today, we will cover what are the rules of IQ Option tournaments and what strategies you can implement to get off on the right foot.
Can I enter IQ Option tournaments for Free?
Some tournaments can be entered free of charge and are funded by the broker. However, most tournaments require you to put the entry fee. This fee differs from a tournament to tournament. However, generally speaking, the tournament entry fee ranges somewhere between $2 to $20. The bigger the entry fee is (and the more traders enter a tournament), the bigger is the prize pool which you can possibly win.
(When trading with real money, your capital is at risk.)
What are the IQ Option tournament rules?
The rules are pretty simple. Everyone starts with the same conditions, which means everyone has an equal chance to win the tournament. Once the tournament kicks in and starts, you are given $100 (or another amount which is the same for every other trader who entered the tournament). With these funds, you try your best to outperform other traders who participate in the tournament. Some trading tournaments can last for a day while others for a week or two (possible for even more). Once the tournament ends and you win, your winnings will be transferred to your real account. When participating in these tournaments, you are allowed to trade all assets from the binary options tab.
Does it matter where do I live if I want to enter IQ Option tournaments?
Yes, it does. If you are based in the European Economic Area, you cannot participate in the IQ Option tournaments. However, traders from other parts of the world like South Africa, Thailand, India, Brazil and many others are welcome to join the fight!
How does the rebuy function work?
Some tournaments allow you to use the rebuy function. For instance, if a tournament allows rebuys and your starting balance is $100, you can click “Rebuy” next to the balance and you will have $200 on your account. There is no limit on how many rebuys you can buy during a tournament, but only if the current balance and the profit from open positions is less than the starting balance. At the start of the tournament, you can reload once. All the rebuys that traders buy are added to the tournament prize pool.
IQ Option leaderboard
To check what is your current position in a tournament you have to check the leaderboard of a tournament you entered. Before tournaments begin, top traders are selected at random (just like in the second screenshot above). However, as soon as a tournament starts, positions of traders in a leaderboard change in accordance with what is their tournament account balance.
IQ Option tournament strategies and tips
- Participate only in tournaments that haven’t started yet. You do not want to enter a tournament that has been running already for a couple of days as most traders will already have a huge lead by that time.
- Check the leaderboard. Make sure you know what is your position in the leaderboard. This will help you make a more educated decision on whether you need to take more risk to get a paid position in the leaderboard.
- Always check the duration of a tournament you are entering. Based on this information adjust your strategy. If a tournament lasts only for a day you might have to be more aggressive with your trades than if it lasts for a couple of weeks.
When trading with real money, your capital is at risk.