IQ Option Review

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Trader Rating
15 minutes read/Updated: 01 October 2020

iq option review

Founded in 2013, IQ Option is one of the fastest growing online trading platforms in the world. IQ Option provides traders with access to thousands of trading and investment opportunities across stocks, ETFs, forex, binary options, digital options and cryptocurrencies.

Based in Cyprus and regulated in the EU by the Cyprus Securities and Exchange Commission (CySec), as well as several other leading financial authorities, IQ option provides a safe and secure place to trade for its global community of more than 7 million registered users.

But is IQ Option the right broker for you? In this IQ Option review, we’ll be taking a look at everything you need to know about this broker, including account types, what fees to expect, regulation, trading platforms on offer and more.

  • Low CFD fees
  • User-friendly trading platform
  • Easy account opening process
  • Low trading fees
  • Low minimum deposit
  • Inactivity fee
  • Limited of educational resources
  • No support for MT4/MT5

What can you trade at IQ Option?

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IQ Option Forex Review

£10 Min Deposit
Good App Support
1:30 Max Leverage

IQ Option has expanded beyond its initial binary options and now offers traditional forex trading in the form of FX options and spot forex trading. Users have access to a wide wide variety of currency pairs, including majors, minors, and exotics. In total, there are 44 currency pairs to choose from for spot forex trading and 12 pairs for FX options. Below is a selection of some of the most popular forex pairs:

iq option forex pairs

IQ Option offers a solid mix of currency pairs that is very much on par with its competitors. In line with ESMA (European Securities and Markets Authority) regulation, maximum leverage rates – which IQ Option calls a ‘Multiplier’ – of up to 1:30 are available for retail clients, although we should point out that the maximum available leverage will vary depending on the currency pair you opt for.

For example, the maximum leverage rate (1:3o) is only available on 14 of the 44 FX pairs available, which is around 32%. Fortunately, this included the most popular currency pairs such as GBP/USD, USD/JPY, EUR/GBP and EUR/CHF. For everything else, the maximum leverage that is available is 1:20. Spreads are competitive when compared against competitors, starting at 0.3 pips on major currency pairs such as EUR/GBP.

As a market maker, IQ Option has lower entry requirements versus ECN brokers, which typically have larger minimum trade and capital requirements. For traders, this means they can benefit from lower minimum deposits and smaller minimum trades with no commission fees.

This is reflected by a low minimum deposit level of just £10 and no swap fees for holding positions overnight – a benefit offered by very few brokers. Overall, the number of currency pairs available, along with competitive leverage rates up to 1:30 and a low minimum deposit of just £10 makes IQ Option a great choice for FX traders.

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IQ Option CFD review

£10 Min Deposit
Good App Support
1:30 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.

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

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IQ Option Stock Review

£10 Min Deposit
Mid App Support
1:5 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.

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IQ Option ETFs Review

£10 Min Deposit
500 App Support
1:10 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.

Broker 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.

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IQ Option Cryptocurrency Review

£10 Min Deposit
Regular App Support
1:1 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 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.

Also 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, stands out from most trading brokers, thereby removing the middle man notion.

Account type

IQ Option keeps things simple when it comes to account types, offering just two to choose from: Retail Accounts (or Standard Account) and Professional Accounts.

Choosing the right account type is a common problem for newer traders, who are often overwhelmed by the number available and frequently choose account types that aren’t suitable for their needs.

Having just two account types and a frictionless sign-up process not only keeps things simple, but it also ensures you’re starting off on the right foot and don’t have to worry about every little detail about your account.

Retail Account Professional Account
ICF Coverage ✔️
Level of Protection High Low
ESMA Leverage Limits ✔️
Negative Balance Protection ✔️
‘Best Execution’ Orders ✔️

Unless you’re applying for a Professional Account, the Retail Account is a turn-key trading account for the majority of traders – simply sign up for an account and you’re ready to start trading. There’s also a Demo Account for those who want to try out the platform first before signing up for a real account.

It is provided free of charge and comes pre-loaded with $10,000 of virtual money which can be used to practice trading and getting a feel for IQ Option platform.


Unlike the majority of its competitors, IQ Option does not support either of the MetaTrader trading platforms. Instead, it opts for and encourages the use of its own in-house trading platform.

While many traders will consider the inability to use either MetaTrader 4 (MT4) or MetaTrader 5 (MT5) a significant disadvantage, the IQ Option trading platform still has plenty to offer users.

Beautifully designed, this award-winning platform is user-friendly and incredibly easy to use. Don’t let the aesthetics fool you; under the hood is a robust trading toolkit of 15+ powerful technical indicators, 5 chart types, a built-in newsfeed and price movement alerts.

It’s also configurable, giving you the ability to completely customise the look and feel of the trading platform. You’re free to set your own colour schemes, draw freehand charts and pin custom trading windows at the click of a button. In our example, we’ve selected a 3-grid window displaying three different instruments: Forex, Stocks and Crypto:

iq option trading platform review

Within the trading platform, users 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 also comes with a wide selection of trading tools that are typically not found on any binary capable trading platform, including technical indicators such as Moving Averages, Bollinger Bands, MACD, and RSI.

An interesting feature of the IQ Option trading platform is the trading community and leaderboard. In the trading community, you can discuss trading ideas and opportunities with other users, share insight and choose other traders to follow.

On the leaderboard, you can see traders from around the world who have made the most profit and also your own unique ranking:

iq option leaderboard

One thing that we particularly liked is the snapshot feature, which provides a visual summary of how an instrument is performing. This allows you to easily gauge factors such as market sentiment, historical performance, price and more:

iq option snapshot

Mobile Trading

The IQ option mobile app, an award-winning trading platform, is perfect for trading on-the-go. Looking around, it’s clear that a lot of time and consideration has gone into creating a well-balanced mobile app that delivers both functionality and great user experience.

iq option mobile app

The app itself has much of the functionality as the browser and desktop clients, including price alerts, traders sentiment, market analysis and technical analysis tools. The app does a great job putting the power of the IQ Option trading platform in the palm of your hand.

Customer Support

IQ Option has a customer service team that is available 24/7 to provide assistance in 10 languages across the usual channels including live chat, email, social media and telephone This is a particularly nice feature of the trading platform as the majority of its competitors are only able to offer assistance 24/5, Monday to Friday.

These additional operating hours will undoubtedly add value for IQ Option users who like to trade on the weekend. In addition to 24/7 support, IQ Option also provides users with access to a functional – if somewhat limited – educational hub.

iq option trading videos

This ‘trading hub’ is geared more towards beginner traders than those with any sort of trading experience, covering topics such as ‘How To Trade FX Options’ and ‘What Are Options’. However, we would’ve liked to see more in-depth tutorials, as well as resources to help intermediate traders and information on how to customise the IQ Option trading platform.

Payment Method

IQ Option makes deposits and withdrawals incredibly simple and straightforward by providing access to popular payment methods such as:

  • Credit Card/Debit Card (Visa, Mastercard)
  • Bank Transfer (Wire Transfer)
  • e-Wallets (Skrill, Neteller, PayPal)

iq option payment methods

Deposit and withdrawal methods will vary depending on your country. As you can see, minimum deposit levels and processing times also differ by payment method and IQ Option does not charge a commission on deposits. It does, however, charge a commission of 31 USD on bank transfer withdrawals.

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 is also a member of the Investors Compensation Scheme. Under this scheme, each clients’ funds are 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).



iq option awardsOver the years, IQ Option has accumulated an extensive list of industry awards that highlight the many strengths of the platform. These include:

  • Best Binary Options Broker – IAIR Awards
  • Most Reliable Binary Options Broker – MasterForex-V
  • Best Trading Platform – Forex Awards 2014
  • Best Mobile Trading Platform – IFM Awards 2015
  • Best Technology Platform – The Web Marketing Association

IQ Option has drawn plaudits in particular for its mobile trading app, which has won several awards for its design and overall performance including ‘The Award of Excellence’ from The Academy of Interactive & Visual Arts. With such an impressive trophy collection, IQ Option is clearly a broker that you can trust to deliver an excellent overall trading experience.

IQ Option FAQs

Yes, IQ Option is legit. In Europe, the CFD broker is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The regulatory framework calls for client deposits to be in segregated bank accounts. Retail clients also come under negative balance protection and the Investor Compensation Fund (ICF), the latter securing deposits up to €20,000.

IQ Option provides the choice of several funding methods in four base currencies – EUR, GBP, USD, AND RUB. The fund deposit methods include

  • Cards – Visa, MasterCard.
  • Bank wire
  • eWallets- Skrill, Neteller, Advcash, AstroPay, PayPal, and WebMoney.

Based on your fund pay-in method, IQ Option has prescribed a minimum value for deposits. Also, none of the deposit methods carries any charges, although your payment processor could charge a fee.

You can carry out automated trading on the IQ Option platform directly from the MetaTrader 4. To connect the MT4 to your IQ Option platform, you first have to install the MT2IQ bot. This would connect the MT4 through the special bot connector. To configure,

  1. Extract the setup file from the archive and install it.
  2. Once the installation is complete,  run it on your IQ Option terminal by logging in to your  account id and password.

To withdraw funds from your IQ Option account, login from the website or the app. Next, go to the ‘Withdraw Funds’ section, choose your withdrawal method, the amount of cash you wish to withdraw, and hit the ‘Withdrawal Funds’ button, it’s that simple. While IQ Option does limit the number of withdrawals, the max amount you can take out on your card should not exceed the amount of money deposited from the card.

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.