Iron Trade is an online binary options trading platform that helps you trade stocks, commodities, and currencies. It is a simple and straightforward way to make money online especially if you are well conversant with investing in financial products. In this article, we will show you how to use the Iron Trade app to make money online in 2022.
What is Iron Trade?
Iron Trade is an online platform that allows users to trade currency pairs, commodities, stocks, and other underlying assets in a fixed duration of time for a fixed profit.
Traders using either the Iron Trade mobile app or browser can make money by trading CFDs on stocks, crypto, indices, metals, and Forex.
unlike other binary options brokers that allow longer hours of trading, up to 23 hours, Iron trade only allows trades to be open for up to 240 mins. You can also open fast trades on the platform for 30-second durations.
If you ask me, Iron Trade just like any other binary options trading platform is risky to trade with but it is also a great way for users to make money online, fast.
How to Trade on Iron Trade
As mentioned in the introduction, Iron Trade is an online trading platform that allows users to trade a variety of assets, including stocks, commodities, and currencies.
To start trading on Iron Trade, you will need to create an account and deposit funds into your account. Once you have done this, go ahead and trade by selecting the asset you want to trade, setting the trade amount from $1 and the duration for your trade from 30 seconds to 240 mins.
For your trade to go live, you will need to click either the “Upper button” or “Lower button” to execute your trade.
Once your order has been filled, you will be able to see the details of the trade in your account history. You can then withdraw your profits from your account or reinvest them in other trades.
This is just a summary of trading in Iron Trade. Read this post to the end to learn in detail how to trade profitably with this broker.
Iron Trade Alternatives
Have I already mentioned that Iron Trade is a binary options trading platform? What I must have failed to mention is that it’s been there longer than Quotex, Spectre.ai, Pocket Option, or even Binarium.
Now, that should be a good thing.
In this case, however, in the case of Iron Trade as with all that experience, they have failed to improve their platform, and increase underlying assets to trade and, there are still lots of traders complaining about withdrawal problems on the platform.
For these and other reasons, I’d like to introduce you to similar binary options platforms that have better ratings and offer better experiences.
If ever you want to shift from Iron trade to a better broker, consider working with the ones listed above.
How to Use Iron Trade to Make Money Online: The 8-Step Guide
Step#1: Create an Account in Iron Trade.
Before you start trading binary options, you will need to create a trading account with Iron Trade. Like in all the trading platforms, the process is simple and straightforward.
As a matter of fact, you only need to use your valid email address, phone number, and password to create an account in Iron Trade.
Once you have entered the required information, confirm that you are 18 years of age or older then also confirm that you are not a robot by clicking on the capture button to create an account.
Other than using your Email address, you can also use Facebook or Gmail to create an account in Iron Trade.
Step#2: Use The Demo Account to Figure Out The Iron Trade Platform.
Iron Trade unlike other popular brokers that we have discussed on this blog offers a DEMO account with Ksh. 100,000 which is equivalent to $1,000. $9,000 below the standard market rate.
And what is a DEMO account you ask?
A Demo account is an account type issued by brokers to new traders with virtual money meant to be used for learning how to trade.
A DEMO account will allow you to get a feel for how the platform works and how to trade effectively before you start trading with real money.
Once you have signed up for a demo account, you will be able to access all of the features of the platform. You can practice trading with virtual money and test out different strategies.
The demo account is a great way to learn about Iron Trade without risking any real money. Once you feel confident in your abilities, you can start trading with real money.
Step#3: Fund Your Account.
While trading with a DEMO account does not require any deposit, you will want to make a deposit to Iron trade account if you want to trade with real money to earn real money.
How should you do that you ask?
Simple. Follow this guide to make your first deposit in Iron Trade.
- Click on the “deposit” button on the top right corner
- Choose the method you’d like to use to fund your account. Iron Trade accepts MasterCard, Skrill, Neteller, and mobile money (Mpesa, Airtel Money, and Equitel). For the purpose of this guide, we will use Mpesa.
- Choose the phone number where you want money to be deducted from and click next.
- Enter the amount you wish to pay and click on the pay button.
- Iron trade will send you a push notification to your phone. Enter the Mpesa PIN to complete the deposit process.
Step#4: – Select An Asset to Trade
Now that you have your account setup and funded, it’s time to start trading!
The first step to making money trading on Iron Trade is to select an asset to trade. There are many different assets that you can trade on this platform, including stocks, commodities, currencies, and indices.
Each asset has its own unique characteristics and volatility. You will need to do some research to find an asset that fits your trading style and risk tolerance. If you are a beginner though, Forex is ok to start with.
Step#5: – Choose The Trade Amount And Duration of Trade.
Now that you have found a broker and an asset to trade, it is time to set the parameters of your trade. The first thing you need to do is choose the amount of money you want to invest.
This is known as the trade amount.
It is important to only invest an amount of money that you are comfortable with losing. Iron Trade allows traders from Kenya to trade with as little as Ksh. 10.
Once you have chosen the trade amount, you need to decide how long you want the trade to last.
This is known as the duration of the trade. The duration can be set for anything from 30 seconds to 240 minutes.
Step#6 Choose The Direction of Your Trade.
There are two types of trades that you can make on Iron Trade: long and short.
A long trade is when you predict that the price of an asset will go up (use the green button labeled “Upper” to trade long. A short trade is when you predict that the price of an asset will go down (use the red button labeled “lower” to trade short.
You can also choose to trade in multiple directions at once. This is called a multi-directional trade.
Once you have chosen the direction of your trade, you need to wait for your trade to expire.
If your trade closes in the direction that you picked, then you will earn up to 90% profit on Iron Trade.
But, what if you lose?
Step #7 Use Martingale to Recover What is Lost.
And what is Martingale you ask?
A martingale is a tool that is commonly used by investors to recoup losses.
The idea behind Martingale is to double your investment after a loss. For example, if you lose $10 on investment, you would then invest $20 on the next trade.
If you win the second trade, you would recoup your losses and make a profit. However, if you lose the second trade, you would then need to invest $40 in the third trade.
Martingale can be a risky strategy, but it can also be profitable if used correctly.
When using Martingale, it is important to trade with your disposable income. This will help you maintain your lifestyle and comfort even if things go south.
Note: – It is also important to only use Martingale on trades that have a high probability of success. Otherwise, you could end up losing a lot of money quickly.
Step #8: Withdraw Profits.
Now that you’ve made some money from trading on the Iron Trade platform, it’s time to withdraw your profits. Here’s how to do it:
1. Log into your account on the Iron Trade website.
2. Click on the “My Account” tab in the top right corner
3. Navigate and click on the “Withdraw” button.
4. Enter the amount of money you want to withdraw and the withdrawal method then click on “Withdraw.”
5. Your money should be sent to the destination you picked in 24 hours.
Now that you know how to use iron trade to make money online, it’s time to put this knowledge into practice.
If you are not sure about what to do, start with the DEMO account.
With a little bit of effort, you can soon start earning a healthy profit Iron Trade.