With almost 16 million accounts and 3,6 million trades per day IQ Option is a legit and transparent trading platform following the latest financial regulations, which enables users to trade a variety of different instruments and assets like forex, stocks, binary options, cryptocurrencies etc.
The trading experience is pretty smooth. Based on the high level functionality the platform is a good fit for professional traders, but it is also a good fit for beginners as it is really easy to understand and navigate.
Our review was not fully written on our own. We have read this review written by business24-7 and added some of our own experiences with this broker. Without further ado, lets get into the details:
IQ Option Review And Insights
IQ Option is a trustworthy broker with an excellent trading platform that enables traders to use several financial assets like stocks, options, forex, binary options, ETFs, cryptocurrency, and commodities.
This broker was established in 2014, and IQ Option Ltd operates it. It gained a lot of popularity among traders across the world, and it has over 1,000,000 transactions daily. IQ Option admits traders from more than 213 nations, such as South Africa, Nigeria, India, Malaysia, Philippines, Singapore, Pakistan, and many more.
IQ Option has its headquarters in Cyprus, and it‘s regulated by the Cyprus Securities And Exchange Commission (CySEC).
1. Fees and Spreads
IQ Option introduced an asset recently under the name “Cryptocurrency Multiples.” This functions similarly to a leveraged trade, meaning that a multiplier increases an asset’s price movements. This idea was initially linked with Bitcoin X 100, which increased the price movement by 100x times and made room for higher risks and opportunities.
IQ Option is one of the only brokers with access to FX Options for five leading currency pairs. This feature is available in regulated markets inside the EU and resembles the binary options system surprisingly well. FX Options comes with a fixed-risk investment, and you have to comprehend the potential risk and profit upfront. Every FX Option comes with an expiry time and a possible profit based on the asset’s price, with a potential payout of up to 2000%. The minimum trade for FX Options is $30, and it gives traders access to an exciting feature: FX Option can be sold at any time, independently of the expiry time.
Several order types are available with this broker, including stop-loss tools to diminish losses and maximize profits on binary options trades.
This feature enables traders to create a maximum loss they’re willing to accept for a trade. When the order reaches the specified amount, the trade will close automatically to limit your loss.
This is a feature that can assist a trader in increasing the return on investment with a multiplier. If you create a multiplier, the asset’s price movement will increase by 20x, 50x, or 100x. Multiplier Order has the power to boost your profit, but at the same time, it increases your loss risk.
Take Profit Orders
This feature will close a trade early and take your profit when it gets to a specific sum.
This feature enables traders to join a market when an asset gets at a specific price, you indicate. When this happens, the trade will be executed automatically.
2. Withdrawals And Deposits
The minimum deposit fee for opening a real account with this broker is $10 USD/GBP/EUR. IQ Option doesn’t have processing fees for depositing funds, but you’ll have to go through account verification and submit a photo for identifications. However, some countries might have additional requirements.
There are various ways to deposit money into your IQ Option account:
- Visa/Mastercard credit card
- Bank transfers
- E-wallet deposits via Maestro, Skrill, Neteller, WebMoney, Moneybookers, or Cash U
IQ Option doesn’t offer the possibility to deposit money via PayPal.
The minimum withdrawal is $2, and you’ll have to use the same payment method as your deposit since the transaction is processed as a refund. After this, you’ll be allowed to select your preferred withdrawal method. Keep in mind that bank transfers might come with an additional processing fee.
Traders are allowed to withdraw funds only after they verify their identity. This process can take around 3 days, and you’ll have to avoid fraudulent activity and secure your account from unauthorized use.
IQ Option processes withdrawal requests in one business day. But if you withdraw to a bank card, it can take additional time to process your request.
This broker doesn’t offer any deposit bonuses because of the CySEC regulations. You can still benefit from trading competitions that enable you to compete against fellow traders for prizes ranging from $100 to $100,000. The downside is that such competitions aren’t available outside the EEA. Also, standard accounts can enter the tournament for a fee, while VIP accounts benefit from free entry.
3. Account Types
IQ Option has two distinct trading accounts: Standard and VIP.
The standard account has a $10 minimum deposit fee, and it stands out because there are no trading functionality restrictions as it is the case with other CFD brokers. This account gives you access to more than 350 assets and a 24-hour withdrawal processing timeframe. However, trading competitions organized by IQ Option apply exclusively to customers outside the European Union.
The VIP account has a $1900 minimum deposit or more within a 2-day timeframe. It comes with a personal account manager, personalized monthly reports, and 3% extra returns. VIP accounts at IQ Option are available to clients outside the EEA.
Besides this, IQ Option offers access to a demo account featuring a $10,000 fund of virtual money. The advantage here is that it has no time limit, and you can use this demo to get a broader understanding of how this platform works. We believe it is an excellent opportunity to test several trading strategies and familiarize yourself with trading before switching to a live account. The best part about this free account is that you don’t need to offer any personal data.
4. Trading Platform
IQ Option has a proprietary trading platform created to meet its clients’ needs in 13 distinct languages. It is easy to learn and use thanks to the user-friendly design. We like that it provides access to a wide array of features, such as multi-chart layouts, technical analysis, volatility alerts, historical quotes, market data, stock screeners, economic calendar, and more.
Traders can use several financial instruments and assets like stocks, binary options, digital options, cryptocurrencies, forex, commodities, and ETFs. The downside is that binary options are prohibited in the EEA.
Here is an image with the Buy and Sell options, account balance, and asset in the IQ Option proprietary trading platform.
You’ll discover a drop-down menu that enables traders to select the financial asset on the left side. The available assets are ETFs, stocks, options, cryptocurrencies, indices, commodities, and forex.
On the right side, you’ll see the option to submit the amount you wish to trade and whether you plan to Sell or Buy. Even though you can submit a multiplier to multiply your potential profit, it comes with a significant downside: it increases the risk as well.
We like that there is the option to close a trade automatically when an asset gets to a specific threshold you selected.
5. Mobile Trading Platform
IQ Option has a proprietary mobile app to help its clients trade CFDs and options on iOS and Android systems. It is a user-friendly app with an inherent and clean design. Overall, you can find similar charting tools and features as the ones highlighted on the web-based platform.
This mobile app is excellent for:
- Checking account statistics
- Executing trades
- Verifying market news
- Using charting tools
- Creating personalized alerts and notifications
6. Markets And Products
Initially, IQ Option was just a binary options broker. Today, it provides its customers the opportunity to trade ETFs, CFDs on cryptocurrency, forex, ETFs, stocks, and various binary options contracts.
This broker allows its clients to trade CFDs on 169 top-performing stocks without opening fees. The minimum investment for stock CFDs with a leverage of up to 1:20 is $1. IQ Option has a stock asset list featuring leading companies like Boeing, Amazon, Apple, and Tesla.
One of the most popular trading markets with IQ Option is forex trading with 50 forex pairs. It comes with several currency pairs such as USD/EUR, USD/JPY, USD/CAD, GBP/USD, USD/AUD, CHF/USD, and USD/NZD, along with competitive spreads.
IQ Option has 25 ETFs available, allowing traders to combine different assets into one trade.
This broker allows its clients to trade CFDs on 27 cryptocurrencies like Neo, Ripple, Ethereum, Bitcoin, Binance Coin, Cosmos, Cardano, Litecoin, TRON, ZCash, Iota, Stellar, EOS, Dash, and Bitcoin Cash. Traders can expect excellent margin trading leverage and short selling solutions with simple withdrawals and deposits.
IQ Option offers CFDs on 5 commodities: Gold, Platinum, Crude Oil Brent, Silver, and Crude Oil WTI.
Binary Options are a type of financial asset that offers a fixed return for a correct market prediction done on an asset’s price in a specific timeframe. If you predict the price movement correctly, it can result in a profit of up to 95%. IQ Option has a $1 minimum investment, $0 brokerage commission, and a timeframe from 60 seconds to the end of the month for trading binary options.
Digital Options (CFDs)
Digital Options are a type of financial asset that enables a trader to speculate on the extent of a price movement for an asset. The payout can go as high as 900% if the threshold defined by the trader is reached. IQ Option has a $1 minimum investment and a timeframe from 6 seconds to the end of the month for trading digital options.
IQ Option provides access to 15 distinct technical indicators to help traders research trends and identify profitable trades: Belkhayate Timing, MA, Bollinger Bands, Volume (exchange), RSI, Alligator, Stochastic Oscillator, MACD, Parabolic SAR, ATR, ADS, Awesome Oscillator, CCI, Fractal, KDJ, DPO, and Ichimoku Cloud.
Also, this broker has many charting tools – such as Bars, Candles, Hollow Candles, Line, and Area – available to help you create the best trading strategy.
8. Customer Service
IQ Option offers a reliable customer support service available by phone, live chat, and email. There are around 90 representatives to assist you with your request.
The toll-free phone numbers are available in the United Kingdom, Portugal, Spain, Chile, Argentina, Mexico, Colombia, Brazil, Australia, South Africa, Thailand, Singapore, and India.
Chat support is reliable since it takes an average of 40 seconds to receive an answer. Email support isn’t bad either, with a 14–minute average response time.
IQ Option is a binary options broker with several awards for its quality of services and transparency. It is classified as the leading brokers in the industry by millions of traders worldwide.
This broker has regulations from CySEC and FSA, and it is registered in Cyprus under the name IQ Option Europe LTD, offering its services to EEA clients.
This broker’s sister company manages client accounts outside EEA, IQOPTION LTD, registered in St. Vincent and Grenadines. Keep in mind that this entity is not regulated.
We believe IQ Option is a safe broker, one of the most successful binary options brokers in the business with more than 40,000,000 registered users. This broker is a member of the Investors Compensation Scheme, which protects clients funds up to a maximum of $20,000.
IQ Option doesn’t accept traders from France, Russia, Canada, Australia, the United States, Belgium, Turkey, Japan, Israel, Iran, Sudan, and Syria.
There are more than 213 accepted countries by IQ Option, such as Argentina, Bangladesh, Bolivia, Botswana, Brazil, Cambodia, China, Colombia, Egypt, Ghana, India, Indonesia, Iran, Ireland, Jamaica, Japan, Korea, Nigeria, Germany, Kenya, Malaysia, Maldives, Macedonia, Mexico, Morocco, Namibia, Netherlands, New Zealand, Pakistan, Philippines, Saudi Arabia, Serbia, Singapore, Somalia, South Africa, Sri Lanka, Switzerland, Tanzania, Thailand, Turkey, UAE, Uganda, Ukraine, United Kingdom, Vietnam, Zambia, and Zimbabwe.
10. Bottom Line
IQ Option is an experienced broker with an impressive track record. As of 2020, it has an impressive database of more than 41 million registered users from more than 213 countries. This legit broker is one of the most reputable providers globally, offering access to an intuitive, user-friendly platform suitable for all experience levels.