IQ Option Review |
|
| 📅 Year founded |
2013 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
Mahe, Seychelles |
| 🌍 Country of regulation |
Cyprus / Seychelles |
| ✅ Regulators |
CySec / FSA |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$10 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
IQ Option App |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Stocks / Cryptocurrencies / Commodities / Indices / ETFs |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Credit and Debit Cards / Bank Wire Transfer / Advcash / Advcash USD / Perfect Money |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Trading Tournaments |
| 💰 Account Currencies |
USD / EUR / GBP / RUB / ZAR |
| 📈 Minimum Trade |
$1 USD |
| 📈 Account Types |
PAMM |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
After 3 consecutive months |
| 💰 Withdrawal fee |
2% capped at specific amounts |
| ☎ Customer Support |
24/7 |
| 💰 Max. Leverage |
500:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Built into spread / 2.9% on cryptocurrencies |
| 💰 Spreads |
From 1.4 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
34 |
| 🔢 Number of clients |
8 000 000 + |
| 🥇 Instruments Offered |
300 + |
| 📙 Education |
Webinars / Video Tutorials / Articles |
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 in Cyprus.
At IQ Option, clients can trade a range of trading instruments such as CFDs on forex, stocks, cryptocurrencies, commodities, indices and ETFs. The broker also offers its own proprietary trading platform.
INTRODUCTION
IQ Options is a company that is growing quickly. It was voted the best mobile trading platform and is now offering CFDs and ETFs along with forex trading, and has its own product called Digital Options.
This company has been around since 2013, has had over 40 million members and is still growing, with over 8 million active clients. This platform has improved since it was first launched, and the site is fast and safe to use.
This broker offers some great products or users. They will allow you to build up your trading portfolio while their new platform has some great features including cryptocurrencies and digital options.
PROS & CONS
PROS
- Exceptional interface that is incredibly easy to use.
- Regulated by the CySec.
- Easy to open an account.
- There are different options for trading.
- Low minimum deposit amount of only $10 USD.
CONS
- Customer support is slow to respond.
- There are many country restrictions.
- Spreads are fairly high.
TRADING INSTRUMENTS
If you register with IQ Options there are contracts for difference that you can use to trade stocks, cryptocurrencies, exchange traded funds, forex and other digital options.
Trade CFDs on:
- Over 184 stocks worldwide, including those available on NASDAQ and NYSE.
- 26 of the top cryptocurrencies including Bitcoin and Ethereum.
- There are over 43 ETFs, indices and commodities to be traded.
- 34 currency pairs.
Forex – This is for major trading and there are currency pairs that can be tracked with spreads from 1.4 pips.
Stocks – You can trade with the leading companies without having to actually 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 trading and exchange funds.
Indices – You can select from popular markets and can trade on the national economy.
TRADING PLATFORMS
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.
IQ Option’s proprietary trading app can be used on web, Mac, Windows as well as on iOS and Android mobile devices. The app is easy to use and makes trading straightforward.
ACCOUNT TYPES
This broker offers three account types. There is the Standard trading account, VIP account and a demo account, which traders can use 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 $10 000 USD 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.
Standard Account
If you are a new trader you can load your account with as little as $10 USD, making this one of the most accessible accounts in the industry. This will allow you to get a feel for the site. There are over 300 assets to be traded and you can add funds and withdraw funds within 24 hours.
In addition to this account traders can participate in IQ Option’s trading tournaments which occur multiple times a month, allowing traders to win cash prizes.
VIP Account
There is not much information available on this account type, so traders are encouraged to get in contact with IQ Option to seek further information on this account type here.
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 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.
DEMO ACCOUNT
The demo account is available to all traders, who receive $10 000 USD in virtual currency to practice with or test new strategies on. This account does aim to simulate real life market conditions and the available spreads that are offered by the broker.
SOCIAL TRADING AND COPY TRADING
IQ Options does offer a binary options trading robot to its users. This may be applied to your account and allows for trades to be directly copied onto your account. The broker also does not prohibit traders from following signal providers or copying trades onto their accounts.
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 liquidity available in the market.
- Swap fees are applied to the position overnight and the price may be higher over the weekend, unless the Islamic account option is selected.
- If the account is not used or goes dormant there will be a fee applied each month. This applies to accounts that have not been active for 90 consecutive 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% withdrawal fee, capped at a certain amount.
LEVERAGE
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 500:1 for non-EEA members. If you are an EEA member the leverage will be capped at a different rate. 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 debit 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, Neteller and Perfect Money.
Payments can be made using a Wire Transfer and the minimum withdrawal amount is $2 USD. The time to take out funds will take one business day. The payments can be put on a credit or debit card. It must be noted that a 2% charge on withdrawals is applicable.
CUSTOMER SERVICE
IQ Options has 24-hour support, and offers it 7 days a week. They can be reached by email and as well as a chat function. There is also a contact form. The site aims to respond quickly, while there is a lot of information on their webpage and there are many different languages that provide help, over 20 in fact.
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 assistance.
SAFETY AND SECURITY
Over the past few years, IQ Options has won many awards for service and reliability. They are one of the leading brokers around the world. This company is regulated by the Cyprus Securities Exchange Commission (CySec) and they operate under the name IQ Options Europe.
Since they are regulated under the CySec, 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 thus give clients protection up to 20 000 Euros under this organisation.
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.
PROMOTIONS
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 and these tournaments occur on a monthly basis.
RESEARCH
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.
EDUCATION
This site offers some 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.
While there are educational tools available, this is certainly an area where IQ Option can improve.
GLOBAL AWARDS
IQ Options has won many awards over the years. Here are some of the ones that they are the proudest of:
- Most Innovative Trading Platform Globe (2023) – International Business Magazine.
- Best Mobile Trading Application (2023) – World Business Outlook.
- Best Trading Experience (2022) – WorldForexAwards.
- Excellence in Forex Platforms (2022) – Global Business Review Magazine.
- Best Trading Platform (2022) – FX Daily Info.
SAFE OR SCAM?
Since IQ Options is regulated, it is seen as a safe and reliable broker. 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 allows them to be authorised 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 its 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.
CONCLUSION
IQ Options is a great platform that provides value for traders. The site is transparent on all software and fees while users know that this site follows all the rules and regulations for brokers.
This platform makes trading easy as 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, while there is also a section where those that are new to trading 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 immensely over the past couple of years. The website has also improved and there are plenty of features for new users.
IQ Options is looking to help traders all over the world. The currencies that they accept include the United States Dollar, Euro, British Pounds as well as others. The site has support in different languages including English, Italian, Spanish, French, Korean, Chinese, Portuguese, Arabic, German, Thai, Hindi and many others.
IQ Options works with traders in over 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.
Brokersuggest.com would certainly recommend this broker to newer traders due to its easy to use and understand, trading platform. The multiple awards won by the platform are a great indication of its quality.
