Although mired in controversy in recent times, Binary Options still remains as one of the ways how to make money in trading communities around the world and India is no different.
With a large flow of capital in the hands of traders who want to diversify their portfolios, trading Binary Options has always been an area of interest.
There are a lot of questions among Indian traders, about the laws concerning binary options trading in the country, particularly concerning whether binary options trading is legal at all in the country and about the IQ Option broker which is really famous here. This article aims to provide an explanation as well as a guide for Indian traders to access this lucrative trading market.
Is it allowed to trade Binary Options in India?
Even though Binary Options trading is a very popular form of trading globally, there are some countries where it is outlawed completely, and India is one of them.
According to the directives laid down by the Reserve Bank of India, any form of online trading of foreign exchange is not legal. Two major regulatory bodies, namely the Reserve Bank of India and the Securities and Exchange Board of India regulate the financial sector of the country, which does not encourage any investment related to Binary Options or Forex.
How to Trade Binary Options in India?
As mentioned above, Binary Options trading is expressly forbidden under the current laws. The Foreign Exchange and Management Act or FEMA prohibits any individual from taking part in any form of binary or forex trading in India, via electronic or online portals.
Thus, any individual who chooses to do so will be doing it at own risk. The fact that there is no present law to regulate the dealings of binary trading in the country is a saving grace for traders who want to enter.
That being said, any Indian trader who wants to partake in Binary Options trading can do so simply by signing up with an offshore Binary Options broker, it is to be noted that there are no Binary Options based brokers in any Indian territory. Also, traders have cannot use the Indian Rupee directly on any offshore Binary Options broker.
What are the Advantages of Trading Binary Options?
As more and more people move towards Binary Options as a viable source of passive income, it is important to understand the advantages of choosing Binary Options trading. The biggest enticement is that it is very simple to grasp and has the potential to reap large rewards.
Four major benefits are explained below.
- Its Simplicity: One of the main advantages of trading Binary Options is its simplicity. The trader has to follow some basic steps to get started. The first step involves selecting an appropriate broker for you to trade. In India, since Binary Options can only be accessed via offshore entities and brokers like IQ Option are a good option. With a stable internet connection, traders can make a small deposit to enter into the world of binary options. Are you wondering if the forex is better? Read our article – why to trade forex instead of binary options.
- Potential Profitability: Another main advantage of Binary Options is the potential to earn huge within a very short period of time. Unlike other financial markets, the expiry timeframes for each trade are considerably shorter. Coupled with the volatility in the market, there is a potential to earn high returns. For instance, it is not uncommon to find traders who have earned an 80 to 90% return as profit, that too within a couple of minutes.
- Popularity: Binary Options are popular forms of financial trading globally and there is a multitude of regulated brokers to choose from.
- Start off with low Investments: Traders can start off with low investments until they can grasp the market. Some brokers have started offering accounts with initial deposits as low as 10$.
Selecting Brokers to Trade Binary Options in India:
As the only option for Indian citizens to access Binary Options is via offshore brokers, the broker selected should be popular, have a good reputation and proven results in the market. Traders have to be careful while making this decision, as there are several fraudulent platforms posing as brokers to entice unsuspecting traders. One of the most acclaimed and recommended Binary Options brokers is IQ Option, a Cyprus based platform.
| Broker | Bonus | Min Deposit | Payout | Review | Open Account | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 | FREE DEMO ACCOUNT | $ 10 | Up to 100 % (in case of correct prediction)!* | Review | Trade Now! | ||||||||||||||
| *in case of correct prediction RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK | |||||||||||||||||||
Opening an account with IQ Option is very easy. Traders need some identification information like a national ID. In the case of India, the submission of a PAN Card or Driver’s license is recommended for verification. The verification process exists to safeguard accounts against money laundering. One of the biggest advantages of IQ Option is their demo account, which is awesome. So if you want to practice your trading, before you invest real money, we really recommend trying IQ Option demo account.
HERE you can try IQ Option demo account
Depositing Funds to IQ Option
One of the other benefits of using IQ Option is that they have the lowest initial deposit amount in the world, $10.
For Indian traders, IQ Option has the following payment methods, namely:
- Skrill
- Web Money
- Credit Card
- Neteller
- AstroPay
- Bitcoin
- Yandex
- Qiwi Wallet
- FastPay
For Indian traders, debit cards are not an option. It is important that users need to withdraw to the same bank card (in this case credit cards) or e-wallet, you used to make a deposit. Otherwise, the system will cancel the request. For Indian traders, it is recommended to use E-wallet services such as Neteller or Skrill instead of directly through a bank. Withdrawals are recommended through e-wallet services for Indian customers, not mandatory.
Withdrawing Funds:
After making a withdrawal request, a withdrawal proof will be generated like the one shown below.
Confirmation of my withdrawal
If you are using e-wallets or credit/debit card, everything is a matter of a couple minutes. Everything works really fast.
Reasons to Choose IQ Option as Your Broker:
- Regulated: IQ Options, owned by IQ Option Europe Ltd, is regulated under Cysec, which Cyprus’ main Regulating body. Thus, they have legal compliance and are authorized to deal with clients of the EU. It is also regulated by the International Financial Commission.
- Customer Support: IQ Options has a very responsive support staff via email and can help solve queries and any issues the trader might be facing in a matter of minutes.
- Account Options: With a minimum deposit amount of 10$, IQ Options can be accessed by even the smallest of traders. The accounts range from Standard to VIP Options.
- IQ Option demo account: As we mentioned above, that’s a really awesome thing. You should definitely try it.
- SEBI License not Required: As the broker is based offshore, the Securities and Exchange Board of India does not have the jurisdiction to regulate it.
| Broker | Bonus | Min Deposit | Payout | Review | Open Account | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | FREE DEMO ACCOUNT | $ 10 | Up to 100 % (in case of correct prediction)!* | Review | Trade Now! | ||||||||||||||
| *in case of correct prediction RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK | |||||||||||||||||||
Conclusion:
With the surge in popularity behind binary options trading, traders in India should not miss out on this opportunity. With the potential to earn nice money in a relatively short period of time, every trader can look forward to having a very pleasant and rewarding experience after trading with IQ Option.
Are you not impressed by the IQ Option broker? What about to try Olymp Trade broker? Find out more about this broker in our article – How to Trade Binary Options in India with Olymptrade.
If you have any questions about trading binary options in India or about the IQ Option broker, let us know below in comments. Thank you.
More information about IQ Option broker:
- The full potential of the IQ Option Platform
- IQ Option’s Autoclose feature: Pros and cons
- Interview with IQ Option account manager Anastasia Potemkina
- Three types of accounts offered by IQ Option
- Download IQ Option platform for Mac, Windows, iOS or Android
- IQ Option review
Author
More about the author J. Pro
Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn't very successfull with dropshipping on Amazon and other ways of making money online, and I'd only earn a few hundreds of dollars in years. But then binary options caught my attention with it's simplicity. Now I'm glad it did because it really is worth it. More posts by this author