IQ Option is a leading online trading platform that allows traders to trade a wide variety of financial instruments including stocks, binary options, forex, commodities, ETFs and cryptocurrency.
In this guide, we’ll be taking a look at the fees you may (or may not) be aware of and how to avoid getting stung by unexpected charges.
Ready? Let’s get started.
There are no IQ Option fees on deposits. The minimum deposit amount is $10, which is well below the amount required by some comparable trading platforms.
IQ option charges little to no commission fees. A fee of 2.9% will be charged if you open a ‘long' cryptocurrency position. For example, if you invest $10 to buy the equivalent in Bitcoin, you will be charged $0.29 for opening the position (or 2.9% of $10).
Also known as a ‘Swap Fee’ or ‘Overnight Funding’, this will be charged on CFD positions left open overnight. This fee is set at 0.01% – 0.5% of the face value of the position and affects CFDs on forex, ETFs, cryptocurrencies, commodities and indices. Brokers such as IQ Option will charge an overnight fee to cover the cost of the leverage a trader uses overnight.
You can easily check swap rates for different assets via your account:
Withdrawals via bank transfer will cost $31 for every withdrawal. However, there are no withdrawal fees if you use a Payment Service Provider (PSP) to withdraw funds. These include:
Withdrawals under €2 (or equivalent in another currency) can't be processed, so you'll need to contact Customer Support for assistance if you want to withdraw less than €2.
IQ Option does not charge any fees on trading activity. You’re free to profit off your open and closing trade positions without paying any trading or commission fees, which means more money in your pocket. Many brokers will take a slice of the profits generated from the ‘spread’, i.e. the price difference between where traders buy or sell an asset. However, IQ Option does not do this and instead generates its revenue by alternative means.
There is a ‘Dormant Account Fee with this broker. While some brokers only require that you log in to your account to keep it active, IQ Option charges a fee if an account is inactive for 90 days. If no trades are opened, pending, or executed inside 90 days, your account will be charged the €10 fee. The same amount will also be charged monthly afterwards if your account remains dormant.
While you won't be charged for opening an account with IQ Option or making a deposit, it's important that you submit your identification verification documents as soon as possible after you've opened your account. If you don't submit them within 15 days after making your first deposit, all your funds (minus profits) will be returned to your account. If your balance is above €5 then you don't need to worry, but if it's below €5 then you'll be charged a fee of up to €5.