Tournaments are one of the IQ Option’s outstanding features that lets you compete with other traders and win cash prizes (up to thousands of dollars) while honing your trading skills and the ability to make qualified decisions under pressure at the same time. Some of the tournaments are held regularly, such as Salary in a Day or Weekend Treat, and some are announced in connection to some special events, such as Halloween tournaments. And the best part? Generally, there’s always a tournament that is free to join but the prize is real money. The only downside of IQ Option tournaments is that they aren’t available to traders from Europe, so there’s no way to participate if you are residing in the EU.
IQ Option tournaments – how they work
Each trader participating in the tournament gets a special tournament account balance with the same amount of virtual funds. This way, everybody has an equal chance of winning and nobody risks real funds. If you participate in several tournaments at once, you will have several tournament balances as well. After the tournament starts, you are free to trade using your tournament balance on any of the options assets. The goal of the tournament is to accumulate as many funds on the tournament balance as much as possible. Traders with the highest virtual balance at the end of the tournament will win and share the prize pool. Your progress can always be seen on the leaderboard – shows your current place and balance as well as places and balances of top traders. If you are a lucky (and hard-working) winner, the prize money will be automatically added to your real account balance.
IQ Option tournament rules
How to join IQ Option tournaments
You can join IQ Option tournaments by using a desktop application or IQ Option website. In the app, simply click on the Tournaments button in the left panel, then click on the preferred tournament and, lastly, on the Join the tournament button. If the tournament is not free to join, the entry fee will be deducted from your balance. Alternatively, visit the IQ Option website, namely the Tournaments section, choose the tournament you would like to join and click the Registration button.
Which IQ Option tournament to choose
More often than not, you will find several ongoing tournaments on the IQ Option platform and it may become difficult to choose the tournament to concentrate your efforts on. So what to keep in mind to make the right choice?
- First of all, you have to decide which is better for you – to enter a free tournament for a chance to win a moderate amount of money or to pay a small fee to compete for a piece of a much bigger prize pool.
- Secondly, pay attention to the tournament duration and decide how much time you can invest in tournament trading. If you generally don’t have a lot of time every day but can squeeze in some time over the course of a week, choose a tournament that more or less matches the timeframe you have at hand. And if you have regular time intervals every day that you could dedicate to tournament trading, e.g. at lunchtime or the evening, choose the more prolonged tournaments that go on for a few weeks or even a month. This way, you will be able to achieve more consistent results.
- Lastly, plan ahead when choosing the tournament. The official IQ Option Tournaments page has a tab that shows the upcoming tournaments so that you can choose beforehand which tournament you might be interested in.
IQ Option Tournaments – winning tricks
Winning strategies for IQ Option tournaments
At the start of the tournament, everyone has the same balance and, therefore, the same chances to win. However, it is possible to get an edge over other contestants by utilizing a correct strategy. And due to the fact that a tournament is a time-limited event and the goal is to have the largest balance of the virtual funds on the balance, more often than not the strategy has to be more aggressive than your usual trading style. That is especially true for short-term tournaments that leave little to no room for overthinking your choices. The conservative trading strategies will help you increase the initial balance but will not let you take the prize – by the time you double your balance more aggressive traders will have increased their balance manyfold. So how exactly to win in IQ Option tournament? Here’s a checklist for you:
- Choose a more volatile asset. Less volatility can mean fewer trading opportunities and fewer trading opportunities mean lesser chances to climb to the top of the tournament leaderboard.
- Check the economic calendar for possible macroeconomic events. You don’t want the events that can affect the global asset price trend to thwart your efforts, so make sure to steer clear of any period of such turbulence.
- Identify the short-term trend. Once the asset is chosen and the economic calendar shows no high-impact news on the horizon, find the entrance points to place the deals.
- Use shorter expiration times. Less expiration time means more trades possible overall during the trading session.
- Don’t be afraid to go big. In order to quickly increase your tournament balance, you’ll have to invest a sizeable chunk of your balance for a single deal. Yes, this might be seen as counter-intuitive but what’s not recommended in your usual trading really works in tournaments. So invest 10%, 20%, or even 50% of your balance to amass the virtual funds quickly. However, going all-in is not the best option – leave yourself a second chance.
IQ Option Tournaments: buyback
If everything else fails and the unfortunate event of losing your tournament balance comes to pass, don’t forget that you have the last resort to get you back into the game instantly. That is, of course, buyback. It usually costs a bit of real money but can be a powerful tool for success, especially if you made a mistake or two but your overall strategy works. Buyback brings the balance back to its initial value and lets you start over.
Buyback can be a powerful tool for success, especially if you made a mistake or two.
The most important advice for tournaments trading
Despite the fact that participating in tournaments is a lot of fun, it can also be a rather stressful experience. The thrill of trading can become overwhelming to the point that emotions cloud your best judgment and mistakes start creeping into your trading. So the best and the most important advice is to keep your head cool. Don’t suppress the emotions but acknowledge them instead; don’t start panicking if the deal goes south, keep your composure and focus on the goal and the overall strategy.
IQ Option tournaments are a great tool for anyone who wants to try something new in their trading, and with free tournaments that IQ Option has to offer you get to have the best experience with no upfront fees and real-money prizes. Tournaments differ by their duration, entrance fee, and prize pool so everybody will find one suitable for them.
Don't have an IQ Option account yet? Register now and join your first tournament today.
Risk warning: Financial products offered by IQ Option include CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.