IQ Option Review

Open Account
Trader Rating
5 minutes read/Updated: 10.02.2020

IQ Option is one of the fastest growing online trading brands in the world. Voted the best mobile trading platform, they have expanded their services to include CFDs on stocks and ETFs, Forex trading, and the exclusive IQ Option product called Digital Options.

First founded in 2013, IQ Option has grown massively, and now has over 40 million members and counting! The platform itself has also undergone some changes since 2013, and they are continually improving and working to ensure it is fast, accurate, and easy to use.

The firm has also refined its offering and introduced plenty of new products in a bid to continue giving customers the ultimate online trading experience and to help them optimize their investment portfolio. Now, using this platform, all members can try CFDs on currency pairs, CFDs on stocks, CFDs on commodities, CFDs on cryptocurrencies, CFDs on ETFs, as well as Binary and Digital Options.

Strengths
  • IQ Option broker is CYSEC regulated.
  • It is a user-friendly trading platform.
  • There is available support for a localized telephone.
  • Trading fees are low.
  • It supports various trade types.
Weaknesses
  • Deposit protection only applies to European customers.
  • No choices of trading account
  • MetaTrader 4 trading platform is not available.

What can you trade?

Open Forex Account

IQ Option Forex Review

£10 Min Deposit
Low Trading Fees
Good App Support
30 Max Leverage

As one of the top representatives of the binary options trading industry, over the last few years, IQ Option has realized that it needed to diversify product-selection-wise. Hence the introduction of forex trading in its platform.

Forex –FX trading, or Forex, is a trendy trading market, and IQ Option provides access to around 57 currency trading pairs to allows users to trade their favorite foreign currencies with ease as well as different cross-pairs to trade from.

Open CFD Account

IQ Option CFD review

£10 Min Deposit
High Trading Fees
Good App Support
30 Max Leverage

The Financial Products offered by the company include Contracts for Difference (‘CFDs’) and other complex financial products. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because it is possible to lose all of your invested capital.

IQ Option gives users access to trade CFDs on stocks from over 176 different companies, including the most successful businesses listed in the NASDAQ and NYSE.

Open Stock Account

IQ Option Stock Review

£10 Min Deposit
Medium Trading Fees
Mediocre App Support
30 Max Leverage

IQ Option allows users to trade CFDs on stocks from over 170 different companies, including the most successful businesses listed on the NASDAQ and NYSE.

Open ETF Account

IQ Option ETFs Review

£10 Min Deposit
Low Trading Fees
App Support
30 Max Leverage

Diversify your trading with CFDs on the exchange-traded funds, where multiple assets are gathered in one basket.

Exchange-traded funds work by tracking commodities, indices, and loads of assets. They can be traded the same way as common stocks.

IQ Option’s multi-asset trading platform can be accessed via desktop, web, iOS(mobile), and Android(mobile) applications. This makes ETF trading really convenient because not only can you trade it with a pc, but also with your favorite mobile device.

IQ Option has 25 different ETFs available on its trading platform, although more ETF instruments are likely to be added soon. These ETFs cover various market sectors and financial instruments, including metals, semiconductors, energy, futures volatility, utilities, emerging markets, technology, global stock indices, and more.

Open Crypto Account

IQ Option Cryptocurrency Review

£12 Min Deposit
High Trading Fees
Regular App Support
30 Max Leverage

Cryptocurrencies are in recent times enjoying an increase in popularity amongst several business partners as people are now selling great items in almost every domain. However, the fact that differentiates cryptocurrency from other forms of trading or currencies is that it tends to be encrypted.

IQ Option users can trade 12 of the top cryptocurrencies, including bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Omisego, IOTA, and Dash.

What did our traders think after reviewing the critical criteria?

IQ Option Fee

IQ Option charges little or no commissions and fees, as well as hidden costs. Apart from offering its users a smooth experience, this is also one of the main reasons it is among the most popular brokers in the trading industry.

IQ Option provides a safe trade, free from high inconsiderate commissions and fees. There are no trading fees. The trading commission is the money that is charged when a trader opens or closes a trade. By not charging this fee, IQ Option stands out from most trading brokers, thereby removing the middle man notion.

Account type

IQ Option offers three different types of trading accounts: Standard, VIP, and Demo. The demo account is free and offers unlimited access, below are details on the two types of trading accounts.

Standard: It requires a minimum deposit of £10, it has no restrictions on trading functions and unlimited access to trade over 350 assets as well as 24hour withdrawal.

VIP: It requires a minimum deposit of £1900 or more within two days. VIP account includes a personal account manager, monthly reports on your trading records, and 3% in additional returns. It is only available to clients outside the EEA.

Demo: The Demo account is suitable for potential clients who wish to try out the platform can first sign up for the demo account. It is provided free of charge and doesn’t require any “pre-deposit” like some brokers are requiring their clients to do first. The demo account comes pre-loaded with $1000 practice money, which can be used to execute any practice trades.

Platforms

IQ Option has a proprietary custom-built platform to cater to the needs of clients.  The platform is user friendly and well-designed.  It has many useful features, including multi-chart layouts, technical analysis, historical quotes, volatility alerts, market updates, stock screeners, economic calendars, and more.  It’s also available in 13 different languages.

iq option mobile

Within the IQ Option trading platform, clients can trade a variety of assets and financial instruments, including stocks, digital options, binary options, forex, cryptocurrencies, ETFs, and commodities.  However, it should be noted that binary options are prohibited in the EEA. The platform features a large chart, which is a great help for traders who wish to monitor the conditions in the markets.

Also, the platform comes with a wide selection of trading tools that are typically not found on any binary capable trading platform. Some of the advanced trading tools that we can see are popular technical indicators such as Moving averages, Bollinger Bands, MACD, and RSI.

The brand often adds a new feature to the platform to give clients more flexibility. One such feature is the ‘position top-up.’ This allows a client to hold a trade open if it is approaching a stop loss. It also gives them more scope to allow trades to recover before being closed. It must be used with discipline but offers traders new risk management or trading strategy options. Clients can speculate on the price of several different assets, which include currencies, stocks, indices, and commodities. The platform currently provides a gateway to over 10 million options.

Mobile Trading

For clients that are unable to remain at their trading terminal for any prolonged period, the mobile trading app can be installed, and it has been provided free of charge by IQ Option. The mobile trading app, which has been designed specifically for smartphones and mobile devices, allows clients to check their account status and stay updated with all the developments in the market as well as to execute trades.

Usability

Rating:4.4/5

The IQ Option is easy to use with immediate access to analytical tools; it gives clients the ability to work with several devices at once so that each device will be well managed and utilized.

Customer Support

Most online reviews from customers of IQ Option are positive, but there is the occasional negative review, as should be expected. Some complaints relate to the fact that IQ Option requires KYC procedures to verify your identity before you withdraw funds. However, these procedures are normal for any broker dealing with fiat currency, and even many cryptocurrency exchanges require KYC procedures.

IQ Options has several forms of customer support, including email, telephone, and online chat, with 90 customer service agents available to assist clients.

iq options desktop

For better service, IQ Option has tollfree phone numbers available in several countries including the UK, Thailand, India, Singapore, Brazil, e.t c.

For email assistance, the average time for response is 14minutes while for chat support, the wait time is 38seconds.

Payment Method

Bank Cards

Credit cards and Debit cards are accepted for both deposit and withdrawal and a processing fee of between 2% – 2.5%.

Bank Wire Transfer

Wire transfer is accepted for both deposit and withdrawal; it takes nine working days to process and requires a fee of £53.

E-wallet

E-wallet such as Skrill, Neteller, WebMoney, AstroPay, and Advcash are accepted for deposit and withdrawal, and the processing time is for one day. It incurs a processing fee of 0.001 BTC, which is charged by cubits.com, the Bitcoin exchange.

Best Offers

IQ Option clients can participate in is the trading competition, which they can join for an entrance fee. Prizes for the competition range from $100 to around $100,000.

Regulations, Deposits, and Protections

IQ Option is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC)in a holding company using the name IQ Option Europe.

Asides being a regulated broker under CySEC, IQ Option is also a MiFID compliant broker, permitted to offer its services to clients within the EEA. Another benefit for clients of being regulated by CySEC is the fact that IQ Option is also a member of the Investors Compensation Scheme. Under this scheme, each of IQ Option’s clients’ funds is protected up to a maximum amount of £20,000.

But for traders that are outside the EEA, their accounts are managed by a separate sister company called IQ Option Ltd. The company is based in Mahe, Seychelles, and is regulated by the Seychelles Financial Services Authority (FSA).

Awards

Over the years, IQ Option has accumulated an extensive list of awards, each of which shows off one of the platform’s strengths. The Academy of Interactive & Visual Arts honored IQ Option with the 2017 Award of Excellence, which is the highest honor from the Communicator Awards.

In 2016, the Mobile Star Awards which is the largest annual innovation and software award program honored the IQ Option trading app as the best in its category, praising its efficiency and impeccable design.

Going back a bit further to 2015, IQ Option earned the title of Best Binary Options Broker Europe 2015 from the Global Banking & Finance Review.

IQ Option has won numerous awards, including the Best Binary options broker trading application, most innovative binary options broker, most reliable binary options broker, and many more for the quality of its services and also its reliability. Till now, it is still recognized as one of the leading brokers in the industry as well; the IQ Option trading is Designated as a Cypriot Investment Firm (CIF).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.