IQ Option demo account functionality: open in Singapore
The Forex market is a rapidly growing investing instrument that attracts more and more capital but such an industry is really merciless towards newcomers.
Statistics show that about 80% of beginners lose their assets; that’s why some typical and widespread mistakes should be understood before entering the sphere.
Top basic mistakes of newcomers entering the Forex market
Most beginners make the following widespread mistakes and lose their assets as a consequence:
1. Chaotic marketing.
The majority of new entries have no trade system while marketing without any particular plan and strategies; this inevitably leads to losses. Market participants are highly recommended to discover the industry, understand trading strategies and then work out their personal plan of marketing.
2. Violating of money management principles.
Both beginners and experienced market participants are recommended to control their capital appropriately. This includes introducing particular limits; removing those limits leads to losses in the majority of cases. For instance, if you plan to make deals for the amount of $100 monthly, no matter how profitable a deal seems to you, follow those limits strictly.
3. Uncontrolled emotions.
Trading demands the ability to stay calm no matter what is happening. A cool head is among the keys to success while emotional trading leads to making the mistakes indicated above.
Some market participants strive to trade constantly using different instruments. Even experienced investors select a particular option to make a more profound analysis of the rates of change.
5. Reliance on the industry experts.
On one hand, it helps to understand the new market and peculiarities of its functioning, but on the other hand, to achieve success, you need to have a personal plan and viewpoint based on the knowledge obtained.
Besides, every newcomer must understand the trading legislature peculiarities of a particular jurisdiction.
Trading regulation by the Singaporean government
Singapore is a rapidly developing country that occupies the 36th place according to GDP and expects to become the world center of investments and FX trading.
The MAS (Monetary Authority of Singapore) controls the industry and is empowered to offer licenses for brokers but on the other hand, foreign licensed companies are welcomed to provide services to Singaporeans as well.
The Singapore dollar is the official currency of the country and was introduced in 1973. The international index of the currency is SGD. In 1973, 1 SGD was equal to 0.4 USD while in 2019, one Singapore dollar costs 0.73 USD. Its rate increased almost twice which is connected with the rapid growth of the economy at the end of the XX century.
The SGD/USD pair is in demand among the Forex market participants because of being characterized by understandable trends.
Singapore occupies the 5th place according to FX market activity taking 5% of the total turnover. That is the second highest part among Asian countries (after Japan).
Individuals are free to enter the market. The only demand lies in following the national taxation policy.
Rates depend on the annual profit. For earnings of less than 20 000 SGD ($14 000) per year, taxes are not levied. When annual income is between 20 000 to 30 000 Singaporean dollars (14 000 – 21 000 USD), individuals are obliged to pay 2% taxes. This is the minimum tax while the maximal tax rate is 20% for those who earn more than 320 000 Singaporean dollars ($230 000) per year.
Opening a demo account: main pros of such option
Some brokers offer their clients a training account to start with, this excludes any risks because users get virtual money and are free to spend them for deals.
The IQ Option demo account will prepare newcomers for the marketing process.
We offer real market conditions and multiple instruments to test strategies and understand the industry functioning in general. The interface of our platform is rather simple and convenient; that’s why it is considered to be one of the most user-friendly platforms.
Available instruments for marketing
After opening an IQ Option demo version, every user gets 10 000 virtual USD that can be spent for making deals.
The first steps of every investor are inevitably connected with losses but our users can refill their training account and take as much time as they need for free. No limitations or special requirements are imposed.
A practice account is offered in virtual United States dollars while you are free to select the currency for your real account. Keep in mind that the currency cannot be changed afterwards.
Using a demo account, you are able to select various assets for trading:
- binary and digital options to promise high profitability in short period;
- 57 currency pairs with up to 500% of profit that are sorted by popularity;
- stocks of well-known world companies that are categorized by the industry;
- popular cryptocurrencies;
The leverage level varies from x3 to x1500 to allow practising different strategies and understanding the market more profoundly.
All of the rate changes are displayed instantly on a chart while a user may select different time periods to be shown (from 30 minutes to 2 years) in order to make more precise prognoses.
In total a portfolio of active and pending investments are contained while opening trading history; a user then gets a list of made deals with the indicated statistics of profits and losses.
When making a deal, a user is free to select the amount (minimal is one dollar), multiplier and auto close.
Informational support of market participants
To make the marketing process the most profitable, investors are suggested to get as much information as possible.
Upon opening an IQ Option demo account, numerous instruments are offered for beginners.
Chats and support
Investors are invited to different chats where they are able to discuss marketing and other issues with participants. A user may also contact the support chat anytime he needs. Finally, there exists the option of idea suggesting. Users are welcome to make the platform more user-friendly and convenient for them.
Upon opening the ‘leaderboard’ menu, you will see the most successive users worldwide or in a particular country. The list of investors who earned the largest profits over recent weeks is displayed in this menu.
Such a menu provides forecasts, a calendar of the most prominent industry events and news referring to the market. That’s how market participants get all the necessary information for analyzing the sphere.
Users can ask a question or look through general questions concerning the platform functioning.
Upon opening an IQ Option online demo, users can partake in tournaments. Some of them can be entered for free. Others impose some entry fees.
Every user is able to make the platform personal, even in the case of using a demo account.
In the bottom right-hand corner, you can click on settings where the following variants are suggested:
- time zone (select your time zone to make the trading the most convenient);
- color scheme (blue, white, grey and black themes are available);
- interface scale (from 80 to 120%);
- interface language (Chinese and English are among the most widespread languages in Singapore, and they are offered for selection);
Furthermore, trading, privacy and other settings can be personalized as well for each particular user.
Extended functionality using the platform apps
Upon downloading the IQ Option demo app, an investor obtains much more functionality than using the online version.
The following additional functions are offered:
- The online version displays only one chart on your screen while the app maintains up to nine charts displayed simultaneously for review. They have the full functionality, therefore, a user is able to open charts for different assets, or for one asset, while selecting different periods of time.
- Video tutorials are useful for newcomers and this option is available for applications only.
- Moreover, by using apps, you need not waste time waiting for your browser to open and the website to load each time.
- Our company designed our app using the most recent technology, therefore applications are 5 times faster than the online version.
Opening a demo account: step-by-step requirements
The process of a demo account opening is rather simple and Singaporean investors are suggested to undergo the following steps:
- Open our Singapore website (http://iqoption.sg/).
- The window of registration is placed on the right.
- Insert your basic personal information which includes your first and last names, email and password.
- Check the box to agree to the terms and conditions.
- Pick stat trading for opening a demo account.
- Confirm your email and you will be redirected to the trade room where your first deals can be made instantly, just to test the functionality.
IQ Option demo sign up takes an investor just 3-5 minutes but if you face any problems, you are welcome to call our customer support.
Recommendations for real marketing starting
When using a demo account, traders always have the opportunity to start real marketing.
In order not to lose your capitals, our company suggests devoting some time to understanding trends, functions and pitfalls. Practice your skills on different types of assets and follow the basic requirements for newcomers.
When you are ready for real marketing, click ‘Deposit’ in the upper right-hand corner of your trade room and pick the most preferable method. After depositing funds, you are available to make real deals but a user may switch between his two accounts anytime.