Cyprus-based IQ Option has developed a reputation in recent years as a strong and reliable provider of forex, CFD and cryptocurrency trading tools. The platform has a number of benefits to the trader, including a range of handy tools, unusual currency combinations on the forex markets and more. But is IQ Option really the best CFD broker out there? How does IQ Option stack up in a CFD broker comparison? In this IQ Option review focusing on the old robot for IQ Option and its related features, you can find out.
IQ Option offers a range of trading services and, as part of this, it has built a raft of features which marshal the latest developments in robot trading, automation and more. IQ Option’s innovative robot service once included a range of features such as a set of pre-determined robots for you to choose from in order to make your trading as convenient and simple as possible. In addition, it included the capacity to craft custom-made, constructor-function powered robotic trading programs which matched your trading parameters and executed the trades on your behalf. What’s more, the robot system didn’t cost any extra to use, and it was possible to benefit from the wisdom of the community by using robots made by other traders.
And although the robot is not available at the moment, it’s clear that the IQ Option systems which do remain active have been influenced by the IQ Option robot’s legacy. The platform’s web trader, for example, has a large number of features designed to encourage automation into its systems, like the auto close feature which gives you the peace of mind of knowing that your trades will close when a certain point is reached, regardless of whether or not you’re around to do it yourself. And with a range of plugins available like a trade copier for maximum strategy replication, replicating some of the automation functions of the IQ Option robot is simple.
One of the main ways many traders make the most of the IQ Options system is through the CFD (contracts for difference) trading function which the platform offers. CFDs are essentially instruments which mimic the behaviours of shares. While the trader does not ever possess ownership of the share traded through a CFD, they do gain all the other benefits of share trading. They can earn from market movements which affect their CFD, for example, and they can make their trading decisions based on the same banks of historic data that traders who also own the asset would use.
The IQ Option CFD trading platform is ideal for those who want to place trades instantly rather than wait for real shares to be processed and confirmed and it is useful for those who have a high-risk tolerance. That’s because the CFDs on the platform benefit from a margin trading function, which means that profits (as well as losses) can be leveraged to provide potentially higher returns. And similar automation features to those which existed on the old IQ Option robot function are also available here, too. Traders can, for example, easily set “stop losses” (which close a trade automatically once a certain level of loss has been reached even if you’re not at your computer or device).
In addition to the range of CFDs offered by IQ Option, traders can also choose to trade foreign exchange (forex) pairs as well. One of IQ Option’s distinct advantages is that it offers a large range of different forex pairs to choose from when it comes to trading, including Euro/US dollar and US dollar/Japanese yen as well as more unusual pairings like the US dollar/Swiss franc and the US dollar/Swiss krona.
For those traders who want to have a choice of forex pairs to pick from the IQ Option platform is certainly a good option. And while the virtual assistance of the IQ Option robot download may no longer be accessible, the platform still boasts plenty of ways to give traders a hand when it comes to planning their forex trades. By compiling and curating a list of economic events and predicted market movements such as consumer confidence level announcements and gross domestic product level reveals the IQ Option team can help you make as informed a decision as possible about your trades before you confirm them.
Before you make a deposit with IQ Option and start trading using the service’s innovative trading management platform with automation features you will have to confirm your identity and address to IQ Option before proceeding. This is a regulatory requirement that IQ Option has to abide by in order to ascertain that all of the users on their platform are who they say they are. In order to prove your identity, you will need to show IQ Option a copy of a government-produced document, like a passport or an ID card, with your photo on it. Unlike some other brokers who have a comprehensive address confirmation process, the next stage is a little more individualised and may vary based on the customer. IQ Option states in their regulatory information only that they reserve the right to ask for further information, but if this happens to you, they may ask for items like scans of debit or other bank cards, utility bills, proof of registration with a bank and more. In terms of timing, it usually takes IQ Option up to 10 working days to confirm your identity but it can take up to 30 working days, so it’s wise to allow a whole month to get your trading career with IQ Option started just in case.
IQ Option’s large range of deposit payment methods makes up for the slight, but necessary, inconvenience by providing you with a raft of ways to make your first payment and get trading. Many major payment methods are accepted by IQ Option, including Visa cards, MasterCard and Maestro. It is also possible to use a variety of online payment tools to make your deposit, such as Neteller and Skrill. The minimum amount you can deposit with IQ Option is 10 U.S. dollars, British pounds or Euros, which gives IQ Option a flexibility edge over other providers. A distinct advantage of trading with IQ Option is that they don’t charge commission fees on any deposit you make, so you can keep more of your cash for trading. Managing currency is simple, too. If you make a deposit with IQ Option from a bank account which operates in a different currency from the one you’ll be using on IQ Option, it will get converted automatically. The other important aspect of IQ Option’s cash management system is the withdrawal process. This is simple and easy to do, the minimum withdrawal amount is just two U.S. dollars, and in most cases, withdrawals are completed within 24 business hours. There is no fee in place for withdrawals either, so you can save there too.
A quick broker comparison focusing on fees, commissions and charges reveals that the platform is competitive when it comes to its fee structure. As mentioned earlier in this guide, there are no fees charged either on deposits or withdrawals provided they are carried out through an IQ Option authorised withdrawal method. It’s worth noting, however, that there are fees in place on other transactions made and activities which occur on the IQ Option platform. You may, for example, receive an inactivity charge if you don’t use your account for a period of around three months. For that reason, it is worth scheduling yourself a reminder in case you decide to step away from trading for a while. In addition to this, you may have to pay commissions on cryptocurrency trades if the position isn’t closed before the end of the day’s trading. Given that this fee can be as much as 0.045% of the overall value, it is worth considering structuring your trading days to avoid the penalty. Depending on your overall financial situation, your geographical location and the amounts in question you may have to pay tax on your IQ Option earnings. You should check with a financial advisor or other qualified professional to see if this will apply to you.
When it comes to investing your cash in a trading platform, it is important to first make sure that the platform will treat your investment with care and keep it safe. Users of IQ Option can definitely enjoy that certainty. First of all, IQ Option is licensed by CySEC (or Cyprus Securities and Exchange Commission), which means it has to abide by certain rules which adds a layer of safety to your investment. IQ Option also has in place in a variety of European registers including the British Financial Conduct Authority and Regafi in France.
IQ Option also takes a range of additional steps to ensure that your funds are completely protected. As is common across the industry, IQ Option places all of your deposited funds in a separate bank account than the account containing its own revenues and operating budgets. In addition to this, IQ Option is a member of the Investor Compensation Fund, which means that deposits will in some cases be covered and reimbursed in the unlikely event that IQ Option is unable to fulfil its obligations to you.
IQ Option is a good broker for those who want to dip their toes into the worlds of CFD, forex and cryptocurrency trading and it is one that has proven to be popular among established and new traders alike. There are many advantages for IQ Option users, including a range of order execution tools like stop losses, a vast array of forex pairs both standard and exotic and more. In particular, IQ Option makes the deposit and withdrawal process simple by instituting small minimum amounts and ensuring that no charges are levied on either procedure. And on top of all of that, IQ Option can also provide top-end day trading customer service through their online system as well. As one Facebook user reviewing IQ Option put it: “Great app to use during the day. They have great online support.” While there may be some small downsides to using the platform, such as the complex sign-up structure and the new-found absence of the popular robot for IQ Option, there are still plenty of reasons to sign up to this quality platform. Ultimately, IQ Option is a great choice for those who want to experience the world of CFD, forex and cryptocurrency trading for themselves on a safe and efficient platform.
People Who Read This Also Viewed: