Binary options trading in india has grown as a viable method for global traders to make some profits. With the rise of online trading in general due to increased internet connectivity around the world, a growing number of traders from countries like India are enticed towards binary options trading. However, with that being said, there are still a large number of people who are either unaware of binary options or do not know whether they are legal or not. The following is a guide for interested Indian traders who want to come on board binary options trading and be a part of the global hype.
Understanding Binary Options
Before we start with the guide, it’s important, to sum up, what binary options trading means. It refers to a form of all or nothing where the payment is a fixed compensation upon expiry of the option on money or nothing within an expiration period. Because of this yes or no probability, it is known as binary. Since the whole process is automatic, the trader does not have the power to buy or sell the asset. Instead, the trader is only predicting the direction of the price movement.
Determining the legality of binary options in India
First and foremost, traders have to understand the legal status of binary options trading in India. The short answer would be that they are unregulated and not illegal. The Reserve bank of India has outlawed forex trading but has not implemented any special rules limiting binary options trading in the country. This means it unregulated, meaning that there are not laws or regulations to deal with the issue. As a result, traders in India are free to access binary options trading. But since no India-based business entities have licenses to offer binary options trading, traders must sign up with a reliable, off-shore broker or trading bot.
Starting the Binary Options trading process
Initiating binary options trading is a simple and straightforward process. Depending on the options broker the trader chooses, they would first have to open an account following a simple sign up process. Once inside the platform, traders can choose the asset they want to trade on and the amount they want to put in. Once selected, the trader has to pick one of two outcomes for the trade. If the trader’s prediction is correct, they get a return based on the investment. If the prediction is wrong, the investment is lost.
Picking The Right Broker And Trading App
The first thing a trader has to do when selecting an appropriate binary options broker is to make a list of features that they want. This can range from wanting all the possible assets to diversify their investment, or they can look forward to a demi account that would allow them to practice until they get better. Additionally, while some traders prefer hand-on customer support and trading advice during their experience others are more focused on the types of deposit and withdrawal methods and limits. Many people also prefer mobility and prefer brokers that offer apps for their phone devices or tablets. Thus the decision should be taken after considering all the other factors.
IQ Option is a good example of a regulated, offshore broker that comes under the regulation of CySec or Cyprus Securities and Exchange Commission. It is one of the very few brokers that meet all the above considerations. With an intuitive and user-friendly UI, multilingual and responsive support and numerous deposit and withdrawal methods, it is one of the most well-known brokers available to Indian citizens. It provides live news feeds on the changing market, and also free indicators that let traders track and predict markets. IQ Option also has separate apps for PC, Mac, Android, iOS and an APK. Novice traders will find IQ Option even more enticing and safe as it has low minimum deposits and a low minimum trade.
IQ Option provides a free demo account for novices to practice. It is provided with unlimited virtual funds which can be used to practice on the market, without the fear of losing any money. One can sign up for a free demo account here.
Advantages of trading Binary options with IQ Option for Indian traders
Trading using IQ Options has numerous advantages for Indian traders.
Some of them are mentioned in brief below.
- IQ Option’s regulations allow it to provide trading services in other countries.
- An Indian trader can make money at any time as the broker operates on a 24/7 basis.
- IQ Option provides their website in local Indian languages, along with convenient usability.
- All user payment data and other transaction data are encrypted using industry-standard security protocols, reducing the chance of hacking.
- IQ Option’s low entry threshold allows Indian users to begin trading just by depositing $10 and putting a minimum bet of $1.
- IQ Option provides separate Apps built especially for Android and iOS devices.
- Indian traders have access to more than 300 options for trading including binary options, trading raw materials, currencies, cryptocurrencies like Bitcoin and even stocks of major companies.
- IQ Option provides convenient deposit and withdrawal methods. For deposits, one can use credit cards, cryptocurrency wallets and electronic payment systems.
- Fast payouts: Withdrawal requests are processed within a few hours to a day. However, a verification process is required for the first time Indian users making requests.
As internet connectivity is expanding in a fast space throughout India, it gives more opportunities to Indian clients for accessing profitable trading methods like binary options. Indeed it is one of the best ways to profit off an asset without holding or acquiring the asset in question.