One of the features that makes IQ Option stand out is their tournaments. 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.
How IQ Option tournaments work
IQ Option will regularly announce upcoming tournaments on their 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.
At the start of the tournament, IQ Option creates a special leaderboard. This can be viewed by all tournament participants. It's main purpose is to show who's made how much money in their tournament account. It also promotes transparency.
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 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 is less than the starting balance.
If you're among the winners, your prize money will be automatically deposited to your real account.
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.
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