Read our full IQ Option review below.
WHAT IS IQ OPTION?
Found in 2013, IQ Option is a respectable forex and CFD brokerage firm and this online broker is regulated by CySEC.
At IQ Option, clients can trade a range of trading instruments, such as CFDs on Stocks, ETFs, Commodities, Indices, Cryptocurrencies, Forex, and Options. The broker also offers a proprietary trading platform.
IQ Options is a site that is growing quickly. It was voted the best mobile trading platform and is now offering CFDs and ETFs, Forex trading, and has its own product called Digital Options.
This company has been around since 2013 and now has over 40 million members and is still growing. This platform has improved since it was first launched, and the site is fast and safe to use.
This site has some great products or users. They will allow you to build up your trading portfolio and the new platform has some great features including cryptocurrencies and digital options.
PROS & CONS
- Exceptional interface
- Regulated by the CYSEC
- Easy to open an account
- There are different options for trading
- Low minimum deposit amounts
- Customer support is slow to respond
- There are many country restrictions
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If you register with IQ Options there are contracts for difference that you can use to trade stocks, cryptocurrencies, exchange traded funds, forex trading, and other digital options.
Trade CFDs on:
- Stocks in over 176 countries include those that follow NASDAQ and NYSE
- They work with 12 of the top cryptocurrencies include Bitcoin and Ethereum
- There are over 4,288 ETFs and they track different things including indices, commodities, and other assets
- There are over 188 Forex trading that will allow you to find your favorite for trading
- There are over 10 million different options for trading
Forex – This is for major trading and there are currency pairs that can be tracked with spreads
Options – There are price and predictions for future prices for a good financial investment
CFD Stocks – You can trade with the leading companies and do not have to own them
Cryptocurrencies – These can be traded with leverage
Commodities – You can trade silver, gold, grains, and oils
ETFs – This will allow you to diversify your training and exchange funds.
Indices – You can select from popular markets and can trade on the national economy
IQ Option has its own trading platform and has a new approach to it. There are several tools used for training including Bands, RSI, and MACD.
The same platform is used for trading options and CFDs. It is easy to use and has a good design. There are charts for those that want the latest information about market conditions.
This broker offers three account types. There is the standard trading account, a VIP account, and a demo account to get used to the site.
You can use the demo account for free. You do not have to deposit any money. The account has $1,000 of practice money so you can get a feel for trading on this platform.
You can use the demo account until you are comfortable with your trades and learn how to make successful trades.
If you are a new trader you can load your account with as little as $10. This will allow you to get a feel for the site. There are over 70 assets and you can add funds and withdraw funds within 24 hours.
The VIP account will allow people that deposit $1,900 or more or have a trading volume of $15,000.
In addition to this account traders can participate in the IQ Option weekly competition and the VIP account holders will get additional benefits in the trading platforms and 3 percent on their return.
HOW TO OPEN AN ACCOUNT
There are different ways to open an account on IQ Options such as Facebook and Google. All you need to do is a supply for your email address. You will then create a password and continue.
You can begin with your practice account and then move onto a real account. You can have access to both accounts at the same time.
COMMISSIONS & FEES
IQ Options is open about the fees and the cost that they associate with trading.
- The difference between the buy and the selling price is the spread. This will depend on the liquids and evens the time of the day.
- Swap fees are applied to the position overnight and the price may be higher over the weekend
- If the account is not used or goes dormant there will be a fee applied each month. This includes accounts that had not been active for 90 days.
- There are withdrawal fees from banks
- The commission may be charged on cryptocurrency accounts
You need to look at all the costs associated with your trade and it may affect the amount of money you will make on the trade. There is no fee to deposit money, but you are going to need to pay a 2 percent withdrawals fees.
IQ Options will charge a maintenance fee for cryptocurrencies and you will need to pay $31 or equivalent depending on the country that you live in.
Leverage will allow you additional exposure on the market and additional options for trading. You will pay to be able to make a larger profit but at the same time, you can expose yourself to additional losses.
The maximum leverage at IQ Options is 1:00 for non-EEA members. If you are an EEA member the leverage will be capped at 1:30. EEA traders need to register as a professional and the limits will not apply to their trading accounts.
WITHDRAWALS AND DEPOSITS
A trader needs to verify the account before they can deposit or withdraw money. There are different requirements based on the country that you live in. IQ Options offer several ways for you to fund and withdraw money from your account.
A debt service including Visa Electron can be used. This site will also accept credit cards including Visa and Mastercard. They will allow you to pay using Skrill, Cash U, Webmoney, Neteller, and Moneybookers.
Payments can be made using a Wire Transfer and the minimum withdrawal amount is $2. The time to take out funds will take one business day. The payments can be put on a credit or debit card. There is a bank transfer that is also available. It can take three business days for the withdrawal request to be processed.
IQ Options has 24-hour support and 7 days. They can be reached by email and there is a chat function. There is also a contact form. The site aims to respond quickly. There is a lot of information on their webpage and there are many different languages that provide help.
There is a massive team of customer service workers. If you decide that you want to upgrade to a VIP account, you can get a personal account manager for help.
SAFETY AND SECURITY
Over the past few years, IQ Options has won many awards. These awards are for service and reliability. They are one of the leading brokers. This company is regulated by the Cyprus Securities Exchange Commission and they work under the name IQ Options Europe.
Since they are regulated under the CySED they are a MiFID compliant broker. They can offer services to their clients in the EEA. They are also a member of the Investors Compensation Scheme. They can give clients protection up to 20,000 euros under this organization.
Traders that are not members of the EEA have their accounts managed by the sister company that is named IQ Options LTD. This company is based out of Mahe, Seychelles and it is regulated under the Seychelles Financial Services Authority.
Traders can look at the news feeds on IQ Options and they can also check out the economic calendars. There are over 100 widgets and technical indicators.
You can get the latest information about the financial market including custom price alerts all the time.
This site offers many resources for users. There is something that can help both new and experienced traders.
There are videos for trading, tutorials, and webinars. There are also ebooks and there is an FAQ section that will answer some common questions.
IQ Options has won many awards over the years. Here are some of the ones that they are the proudest of.
- They won an award from the Academy of Interactive and Visual Arts in 2017. The award was for excellence which is the highest honor at the Communicator Awards.
- In 2016 this company won the Rising Star award for the trading app and binary options. This award was from the Mobile Stars and they work with programs all over the world to find the ones that are the most innovative.
- The Web Marketing Association gave this company an award in 2016 for Best Technology Application.
- IQ Options received the Century International Quality Gold ERA award for its excellence in customer service and satisfaction.
- They won the Best Binary Options Broker Europe award in 201 and the most innovative binary options award in 2015.
- Global Brand award this company as the Fastest Growing Binary Options Brand in 2014 and the best trading platform
- IQ Options won the Master Forex V award as the leading binary options broker in the world.
According to CySEC regulations, IQ Options does not offer any deposit bonuses.
IQ Options can host contests. They can host trading competitions where you can enter free of charge. There are prizes ranging from $100 to $100,000.
SAFE OR SCAM?
Since IQ Options is regulated it is not a scan. There is official business that happens on the site and there is a safe platform for trading.
This company is regulated by CySEC and they need to comply with all these regulations. This will allow them to be authorized to conduct trades.
In addition to being regulated IQ Options are MiFID compliant. This will allow them to work with EEA members and they can also work with Investors Compensation Schemes that will protect the funds of the clients up to 20,000 euros.
IQ Options cares about the safety of the client accounts. They use full SSL encryption to make sure all communication is safe and sure. This meets the AES 256-bit encryption standards. This will reduce the chance hackers have of getting information and getting into client accounts.
They have won several awards for quality and services for the customers. Traders that are not part of the EEA are managed by the sister company IQ Options Ltd and this is regulated under the FSA.
IQ Options is a great platform that provides value for traders. The site is transparent on all software and fees. Users know that this site follows all the rules and regulations for brokers.
This platform makes trading easy. It is smooth to use for professionals and those that are new to trading. There is a big importance on Forex and cryptocurrencies on this platform. There is also a section where those that are new to this trade can get a lot of information and they can check out all the different trading options.
IQ Options was founded in 2013 and it has grown over the past couple of years. The website has also improved. There are plenty of features for new users and there are increased countries that can use this site and trade on it.
IQ Options is looking to help traders all over the world. The currencies that they accept include the United States Dollar, Euro, British Pounds, and other forms. The site has support in different languages. They include English, Italian, Spanish, French, Korean, Chinese, Portuguese, Arabic, German, Thai, Hindi, and many others.
IQ Options works with traders in 178 different countries and regions. Some of the regulations are not applied to the United States, Japan, Syria, Australia, and some other regions. Before signing up a person should make sure their country is able to use this platform.
IQ Options works to make sure they meet all the trading standards. They will also take steps to make sure their clients are protected. This includes having to verify an email address and telephone number when signing up for the account.