The IQ Option tournament is one of the features that makes the platform stand out.. These pit traders against each other competing to earn a piece of the prize money. Besides being fun to participate in, IQ Option tournaments allow you to test your trading skills. They're also a great way to make tons of cash prizes with a little investment.
What is IQ Option tournament?
IQ Option will regularly announce upcoming tournaments on its website. You can also get information regarding upcoming tournaments through your trading interface. Simply click on the “Tournaments” feature on the left of your trading interface. Tournaments will run for 1 day to 1 month. The entry fee ranges between $2 to $20 depending on the duration and the prize pool.
You can only trade options in IQ Option tournaments.
To join, you'll be required to invest an entry fee. A percentage of this fee – typically between 60% and 80% is placed into the prize pool.
Once, you're registered, IQ Option will create a special tournament account with a fixed amount. All tournament participants will get the same amount to trade with. Your primary goal is to grow your account balance over the tournament period.
How the IQ Option tournament works
At the start of the tournament, IQ Option creates a special leaderboard. This can be viewed by all tournament participants. Its main purpose is to show who's made how much money in their tournament account. It also promotes transparency.
Prizes in IQ Option tournament
IQ Option also states how the prize pool will be distributed. For example, among the first 10 participants. Your goal, therefore, is to be ranked among the first 10 participants. The person who makes the most money on their tournament account gets the largest share of the prize pool. However, this amount isn't fixed. How much you'll be awarded depends on how much you've made in your account.
IQ Option allows unlimited rebuys. A rebuy is simply a deposit made to your tournament account using real money. For example, if the tournament account has $100, you can rebuy it by depositing $100 from your real account. Your tournament account balance will therefore be $200. The rebuy amount is added to the prize pool.
Note that rebuys are only permitted if the current balance and profit from open positions are less than the starting balance.
If you're among the winners, your prize money will be automatically deposited into your real account.
The educational value of IQ Option tournaments
IQ Option is constantly looking after the development of the platform. IQ Option tournaments are one proof of this. For a trader, this kind of competition can be great training. Of course, the essence of the competition is always to strive for victory, and these rarely come as a gift. It is necessary to prepare solidly for each competition. To choose a strategy, to dedicate an appropriate amount of time to trading. IQ Option tournaments are therefore a great place to improve your skills. It is also a solid training of discipline.
If you decide to enter the competition, I have a little advice at the end. When fighting for the podium, focus on your own performance and not the performance of the other players. Those on the podium can swap places several times during the competition and in spectacular fashion. A lot of players risk a lot to get high positions, but this often ends up in a landslide and a drop in position. It is better to rise slowly and systematically to the top than to fly high with a result and then fall to the bottom of the table.
That's it about IQ Option tournaments. Have you participated in any tournament on the platform? How did you perform? Kindly share your views in the comments section below.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose
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