IQ Option is well-known for the trading tournaments held every month, week, and even weekend. Previously, we reported on the tournaments for June 2020. These tournaments are easy to understand and very fun to participate in. However, some of them may require an entry fee to join. Fortunately, that's not the case this time.
Traditionally, in IQ Option tournaments you are allowed to trade binary options only. This has recently changed with the addition of the digital options to the pool of the available trading instruments. The difference between binary and digital options is in the strike prices and profitability. For binary options, the strike price is always the current price of the asset (also known as the spot price). Depending on the type of the binary option you bought, if your prediction is correct and the asset price is lower or higher than the strike price at the expiration time, you receive the profit as well as the initial investment. It's also worth noting that most of the brokers have the maximum profitability of 80% to 90%. IQ Option has made an unprecedented move by implementing binary options with a 100% profitability that allows you to double your investment with a single deal. As for the digital options, there are several different levels of strike price and you are free to choose one of them. The rule of thumb is the farther the strike price is from the spot price, the bigger the payout. The maximum profitability for digital options is 900%. The tournament in question will specifically have digital options as the asset type used for trading.
If you are hungry for the adrenaline rush that comes with the challenge of competing with other traders in fast-paced tournaments, you are in luck: IQ Option will hold this tournament with an extremely short duration of just one hour. The tournament will be held on July 23, 2020, at 03:30 (UTC+03:00). And the best part – it's completely free to join!
The prize pool of $1000 will be divided between the top 10 traders. To get to the top, you need to increase your tournament balance as much as possible and to have the largest balance at the end of the tournament. A trader with the largest balance will receive $300 to take home, not a bad catch for an hour's work. The second best trader will get $200 and the third-place trader will have a $100 prize. The rest of the winners will receive smaller sums depending on their place on the leaderboard. The full prize pool distribution can be seen in a picture below.
As usual, the prize money will be credited to the real balance. These funds are available to be withdrawn immediately with no additional requirements. The available payment methods may differ based on your country of residence but usually include at least bank cards, a few e-wallets, and a wire transfer. For more info, check our IQ Option review.
The tournament lasts for just an hour, so make sure to make every deal count. You can always buy your way in – the tournament supports rebuys for $2 – but you may not have enough time to get back to the top of the leaderboard to claim the prize. For more information on how the tournaments work and how to win them, check the IQ Option tournaments guide. Hurry up and register for the tournament before it starts!
JULY 24 UPDATE:
The tournament has ended and it's time to check the results. More than 8,000 traders have participated in the tournament. The very best trader among them and the winner of $300 is Mr. Dominic Thompson from Mexico. However, this may not be his or her real name at all – check the article where we explain in detail how to change your public name on the IQ Option trading platform. With a hefty lead over the rest of the competition, he has achieved an astonishing amount of $11,011.41 on his tournament balance. Congratulations to him and all the other winners! Full results can be seen below:
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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.