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Is It Possible To Trade Binary Options on Mobile Devices?
One of the most sought after trading in the financial market these days is the binary options trading. Speed is very important for a binary options trader. If you were told that you could carry out binary options trading from anywhere or at any time you want to, how would you be feeling?
Is it really possible to trade Binary Options on smartphones / mobile devices? There is no doubt that you would be thrilled to bits by hearing this as you need not have to stay in front of your desktop computer anymore.
The domination of the internet has made this possible and now you can carry out online binary options trading through your mobile devices. You can use your Android Smartphone or tablet, iPhone or iPad, Blackberry, Windows Phone and Symbian devices to trade in binary options.
With mobile binary options trading, you just need to be online on your device to trade at any place and at any time. Just like the different apps that you come across on your phones, you just need to install the binary trading apps to trade with options on your mobile while on the go.
Mobile binary option trading is the in thing these days because of the convenience and easy trading options that it offers. You just need to choose the best mobile brokers that offer all their platforms to carry out mobile trading using the popular mobile devices like Blackberry, Android and iPhone.
As the modern day mobile devices are very popular, most of the powerful mobile brokers will be having their platform to be compatible with these devices. You should choose a good broker who offers a platform that is compatible with your mobile operating system so that you do not face any hassles while trading on your mobile. Choose the best mobile binary option trading app to get started with trading from your mobile device.
Brokers that offer Mobile Trading
|Broker||Min. Deposit||Max Returns||User Rating||Review|
|£5||75% Pro Account + 10% CB||89%
How to Trade with Apps
Most mobile applications provide a full range of trading options. So the majority of markets and expiry time scales will be available. Binary options brokers have also tried to ensure that the trading platforms remain simple and easy to use on mobile devices, just as they are online. Many firms offer ‘one touch’ trading which can work just as easily on a mobile device. This means trading anytime, anywhere is a real possibility for busy traders. Assuming the relevant markets are open of course.
The leading brokers all provide mobile apps. They are generally available via the usual sources;
- Google Play store for android devices
- iTunes App store
- Direct download from the broker website
The applications are free to clients. Some brokers have taken more care and attention with their applications than others – the quality of each app is covered in our broker reviews. Many trading apps utilise the touch screen capabilities of the various handsets and tablets, and other have created charts and views purely for use on mobile devices.
One weakness which the majority of binary trading apps share is that the account management features are occasionally not available and some of the features provided on the full website are not available of the app. This is a common feature with mobile applications, as they need to be trimmed down versions of the full product in order to run effectively on tablets and mobile devices.
Some brokers do have some excellent features that set them apart from rivals – those that are able to make them available to mobile users as well, really offer the best of both worlds to their clients.
What Do The Best Applications Provide?
At a minimum, trading apps provide the ability to trade – anything less would be rather pointless. Some brokers however, have gone beyond the bare minimum and created tools and functions specifically for binary trading via a mobile platform. Some provide up to the minute financial news via the app. This can be very helpful.
There are also apps that provide up to date charts and pricing to mobile devices. The key here is to ensure the data is readable and usable and it is this attention to detail that separates some broker apps from others. Read our individual reviews to see in depth analysis of each broker’s app.
The financial markets react immediately to news and events, so the right broker, with the right mobile application, can make a big difference to the profitability of any binary options trader.
Who Has the Highest Rated App?
…according to those users who have already downloaded it?
Almost every binary options broker now offers their trading platform via a mobile application. Brokers are well aware that traders want, and need, to trade anywhere, at anytime. The applications have been developed across every platform and device as demand for mobile trading grows – but the quality of the applications on offer does vary.
Some brokers have clearly spent a great deal of time, money and effort into developing a feature rich and intuitive application. One which not only allows trading via clear, easy to use screens – but also gives users the ability to maintain their account or even research future trades. Some have even made sure their applications are optimised for particular devices, or operating systems – making full use of technologies only available to certain makes and models.
Other brokers have created applications with very little ambition in mind, almost treating any mobile trading offering as a “tick in the box”. While each mobile application is included in our full in-depth reviews, another way of judging the mobile trading facilities at each broker is to compare the user feedback each application has received – and see what existing users think of the mobile applications.
For our mobile app research, we have collated the user ratings awarded to the applications as quoted on the play store information pages – so our data is based on android users only. The information was gathered during October 2020.
In addition to listing the current rating, we have also illustrated the number of reviews the application received. We have presented the “top 10” in graphical form (click on the image to enlarge it) – but the raw numbers are presented below. We based the top 10 on the number of reviews, rather than the rating, as a low number of reviews could skew the ratings, and would not be as reliable as a larger amount of feedback.
Which mobile application is “best”?
On pure ratings, the Anyoption app comes out well on top. A rating of 4.8 is a terrific endorsement from users. It is also interesting to note the ratings across the board – 3.8 is the lowest score, suggesting that all of the trading applications have been relatively well received.
IQ Option’s mobile app has received a huge number of reviews – almost 10 times the next largest. This possibly reflects the fact that the low minimum deposit requirements at IQ attract a large number of traders. Whatever the root cause, 20,000 reviews certainly provide a thorough spread of opinions, so their rating of 3.8 can be considered a very reliable reflection of the application.
Likewise, popular brands like 24Option and IG index also have well over 2,000 reviews each – again, more than enough to give their overall rating an air of reliability. At 4.0 and 3.9 respectively, both applications provide their large user base with a robust, functional application.
Some applications had not yet received enough reviews to give a robust user rating – we set our minimum at 150. We have however, included those applications in the table given below.
Here are the figures in full, listed in order of rating;
TRADING BINARY OPTIONS WITH IQ OPTION
When it comes to binary options trading, IQ Option is a well-known and established broker. With a solid options trading platform and other essential features, IQ gives you the best opportunity to stay ahead of the pack. Continue reading to find out what binary options are, how to trade it with IQ Option, and which features you can enjoy with this broker.
Binary Options are only available to non-EU clients and certain EU clients who have professional accounts with IQ Option.
Min. Deposit $10 Min. Investment $1 Profit up to 95%* Free Demo account
*Amount is credited to account in case of successful investment
What are Binary Options?
A binary option enables traders to speculate on the price movement of a particular asset and invest a certain amount of money:
- which is either lost completely in the case of a losing trade,
- or is multiplied by a certain profit factor in the case of a winning trade.
Let’s use a EUR/USD forex binary option contract with a payout of 90% as an example. A trader can either speculate on a rise in the price of this currency pair, or on the price to fall. The trader needs to decide on the following:
- Whether the price is likely to rise or fall.
- When to enter the trade.The strike price (price at which to enter the trade).
- How much to invest in the trade.
- The expiration time of the option.
When the trader has determined all of these points, he or she can enter the trade and simply wait until expiration to know what the result is. (IQ Option’s binary options can also be sold up to a certain point before the expiration time, though). If the trader believes that the price will rise, he buys a call option and in case a lower price is anticipated, a put option can be bought. In IQ Option’s trading terminal, the call option button is green and reads ‘Higher’ while the put option button is red and reads ‘Lower’. Look at this screenshot:
Let’s examine a particular scenario to better grasp the technical details of how a binary option can be traded. In this example of an option trade on the EUR/USD, we will use the following parameters:
- Strike price at 1.16500.
- Expiration time: 5 minutes after the option contract is entered.
- Payout: 90% of the invested amount.
- A call option is bought by a trader who expects the price of the EUR/USD to rise and be above 1.16500 (the strike price) at the time when the option expires.
- An investment of $10 is made in this trade.
So when the trader buys this call option one of the following will happen:
- If the price is at 1.16500 when the option expires, the trader will neither lose his investment of $10 or gain anything, because the price at the time of expiration is the same as the strike price.
- If the price trades above 1.16500 when the expiration time is reached, the trader will gain 90% ($9) on top of the amount ($10) he invested. So when the option expires, the trader will still have his initial investment of $10 plus an extra $9, which means he has made a profit of $9.
- If the price trades below 1.16500 when the expiration time is reached, the trader will lose his initial investment of $10.
- The trader may, for whatever reason, choose to exit the options trade prematurely. This will limit his profit potential on the particular trade, as the payout (in case a profit is realized) at that time will be less than the maximum payout which may be achieved in case the price is above the strike price at the time of expiration. Of course, in the case that a premature exit from a binary option results in a loss, the loss may in certain cases be less than the maximum loss which could be incurred if the option expired out of the money (below the strike price).
Now that we’ve covered some basics of trading binary options, let’s look at how to trade it with IQ Option, specifically.
How to Trade Binary Options With IQ Option
Trading binary options with IQ Option can be done by doing the following:
1. After opening a live or demo account with IQ Option, open the web or desktop version of IQ Option’s trading platform:
2. Click on the ‘plus’ button next to the current trading instrument to open a new chart. This brings you to a list of instruments in which binary options are available:
3. From the list of binary options, open charts for those instruments you want to trade.
4. On the right side of the platform, choose the investment amount and expiration time, and then click on the ‘HIGHER’ or ‘LOWER’ button to confirm a ‘call’ or ‘put’ option, respectively. Look at this screenshot:
The profitability percentage is the percentage of the invested amount which will be credited to your account for a successful trade. The percentage in this screenshot is *71%, which means that a trader who invests $10 in a successful trade will retain this $10 and gain an additional $7.10 as soon as the binary option expires. If the trader loses the trade, he will lose the $10 he invested.
*Amount to be credited to the account for a successful trade.
Binary Option Instruments Offered by IQ Option
With IQ Option, clients can trade binary options from the following asset classes: forex (about 34 pairs), stocks and stock indices (about 24), and commodities (gold and silver). Traders can also enjoy weekend trading with OTC (over the counter) binary options which are available when the markets for regular binary options are closed. Only a few forex pairs are available to trade with OTC binary options.
Minimum Deposit and Trade Size
The minimum deposit at IQ Option is $10 and the minimum deal size is $1.
The payout percentages of the different binary options vary, depending on the time of the day, the expiration time, the spread and transaction costs of the underlying instrument, the instrument’s liquidity (which may also impact it’s spread), and some other factors. The maximum payout percentage (on certain instruments) is about 90% to 95%, but this may vary from time to time.
IQ Option’s Trading Platform
Although IQ Option offers numerous other tradable instruments besides different option contracts, it is actually well-known for offering excellent infrastructure for trading options, including binary options, of course.
An integral part of a great option broker’s infrastructure, is its trading platform. The platform needs to be reliable and robust. Besides this, it also needs to be easy-to-use and responsive enough to process orders in a timely fashion. Then, of course, the platform needs to have the necessary charts, technical indicators, and other features which make trading as convenient and accurate as possible. Let’s take a closer look at some of the features available in IQ Option’s trading platform:
1. Charts and Technical Indicators
Technical analysis on different trading instruments can be done accurately and efficiently with IQ Option’s charting package. Whether you like to use moving averages, oscillators, or even Ichimoku Cloud, these indicators (and many others) are freely available in the trading platform itself.
A FEW OF THE INDICATORS AVAILABLE IN IQ OPTION’S TRADING PLATFORM.
2. Other Platform Features (On the left side of the platform)
Other items in IQ Option’s platform include the following:
- Total Portfolio (Here you can see a list of all your open positions).
- Trading History (A list of all closed trades)
- Chats and Support (Chat with fellow traders or IQ Option support representatives).
- Leaderboard (See how other traders are faring. This is based on winning trades only)
- Market Analysis (Get live news and market updates here).
- Tournaments (Get information about IQ Option’s trading tournaments here).
- Video Tutorials (Learn more about the markets here).
- Help (Ask a question or view frequently asked questions in this section).
3. More Platform Features
With IQ Option’s trading platform, traders can trade binary options (and other instruments) directly on the charts they’re looking at. There is no need to open a separate order entry box or anything like that. This makes trade execution really convenient.
Traders can also choose between different chart types (for example candlestick charts, Heikin-Ashi charts, line charts, bar charts, etc.), apply different timeframes, and use graphical tools to draw lines and other features on their charts.
IQ Option’s Regulation / Licence
IQ Option Europe Ltd. is registered at Cyprus, and is regulated by CySEC. IQ Option Ltd. is registered at St. Vincent and the Grenadines and this entity is not regulated.
IQ Option’s Mobile App
Traders who would like to specifically trade binary options, on mobile devices, can do it on Android and iOS devices with the IQ Option progressive Web App (PWA).
Google Play and the App Store do not have apps available for trading binary options with IQ Option.
For more information about trading binary options with the mobile PWA App, please read our Article IQ Option PWA.
A great feature of IQ Option, is its free demo account which has all the features and tradable assets of a real money account. Also, traders with real money accounts can switch between their real and demo accounts by simply selecting the account they want (from the drop-down menu) at the top of the trading platform. Here is a screenshot:
TAP ON THE ARROW NEXT TO THE ACCOUNT BALANCE TO SWITCH BETWEEN LIVE AND DEMO ACCOUNTS.
IQ Option makes trading tournaments available to non-EU clients and certain EU clients who have pro trading accounts with IQ Option. With each tournament, only binary options can be traded. Each participant gets a tournament trading account with a virtual balance of, for example, $100; with an entry fee of $20 (also just an example). The initial virtual account balance, entry fee, prize pool and structure, and duration of the tournament vary.
Participants compete for a prize pool which is divided between the top traders (usually between 1 and 30) with the most money in their tournament accounts at the end of the tournament. Contestants can open binary option trades with any portion of the available funds in their tournament accounts. They can also use the ‘rebuy’ tool which allows them to top up their virtual tournament trading accounts with the value of the initial balance in case the balance falls below the value of the initial balance. This rebuy tool can be used an unlimited number of times during each tournament but each rebuy will cost the same amount as the initial entry fee.
IQ Option’s support team is on standby to assist clients 24 hours a day, 7 days a week, via live chat, telephone, or email.
It shouldn’t be surprising that IQ Option has received quite a number of awards. These have been awarded to IQ Option for its outstanding trading apps, its commitment to quality and excellence, its efficiency, impeccable design, and other attributes. Although IQ Option offers much more than just binary options, many of its awards have been for services and infrastructure related to binary options.
IQ OPTION HAS OFTEN RECEIVED AWARDS FOR ITS TRADING APPS, CUSTOMER SATISFACTION, AND OTHER GOOD ATTRIBUTES.
IQ Option is a solid broker with good trading apps, especially for trading binary options. It offers a wide range of binary option assets and also has digital options, forex pairs, stock CFDs, commodity CFDs, cryptocurrency CFDs, and ETFs available.
IQ Option’s trading app (desktop, online, or mobile) is equipped with all the tools that a trader may need, and to execute trades with this user-oriented app is a pleasure.
Perfect For Beginners!
Free Demo Account!
Free Trading Education!
Get Your Sign-Up Bonus Now!
Good Choice For Experienced Traders! 2nd place in the ranking!