4.09 69 Reviews

IQ Option Review Summary

IQ Option started out as a platform for binary options trading back in 2013, but over the years the broker has changed its path and started expanding and diversifying its trading instruments. Binary options trading has been restricted in the EU by the new regulations passed by ESMA (European Securities and Markets Authority) which means only professional, experienced brokers with large investment portfolios (€500K+) have access to binary options trading. IQ Option currently provides a variety of assets for trading, including cryptocurrencies. The broker has always been acknowledged for offering great trading conditions such as competitive spreads and low minimum deposits. The broker is a market maker and has a dealing desk for trade execution. IQ Option is headquartered in Limassol, Cyprus and currently has over 6 million registered users. The broker is regulated by CySEC (Cyprus Securities and Exchange Commission), which means the broker must comply with numerous requirements and regulations such as keeping all their clients’ funds in a segregated account. This means IQ Option cannot access clients’ funds to operate their business. Furthermore, CySEC ensures that clients' deposits are insured up to a certain level.

IQ Option Review Highlights

Trading Platform: IQ Option Proprietary Platform
Cryptocurrencies 20 - Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin, EOS, Bitcoin SV, TRON, Cardano, IOTA, Dash, NEO, etc
Regulator CySEC
Minimum Initial Deposit $10
Leverage Maximum leverage of 1:500 for non-EU clients, and 1:30 for EU clients.

Pros & Cons

  • Unique proprietary platform with many add-ons
  • Low minimum deposits (just $10).
  • Good, helpful customer support.
  • Good educational materials.
  • MetaTrader platforms are not offered
  • Indices are not available for trading
IQ Option Forex & Crypto Broker Review

Aside from binary options that are available to advanced traders only, IQ Option offers a decent range of assets to its customers:

  1. CFD on Stocks, which includes companies such as Marks & Spencer’s, Royal Bank of Scotland, Uber, Tesco, FedEx and more.
  2. Forex, which includes currency pairs like EUR/USD, TRY/JPY, EUR/GNP, AUD/NZD, etc.
  3. Options – users can invest in different assets such as stocks, crypto, etc. IQ Option offers both FX and Digital options as well as Binary Options for professional clients.
  4. Cryptocurrencies: 20 digital currencies available such as the popular Bitcoin, Ripple, Ethereum and of course Litecoin, EOS, NEO, etc.

IQ Option offers two live account options to their clients: a standard (retail) account and a professional account. In order to open a standard account, only a $10 minimum deposit is required. Professional accounts require you to have extensive, proven trading experience (at least 2 years), have at least ten significant trades per quarter and large trading capital. However, they do allow binary trading, unlike standard accounts.

We found the registration process to be relatively easy and simple with standard compliance practices in place such as identity verification documents (government-issued passport or ID )as proof of identity and utility bill for proof of address.

Clients from the USA, Australia, Japan, Israel, Russia, Latvia, North Korea, Iran, Belgium, Syria, Sudan, Palestine, Canada, and Belgium are not accepted.

IQ Option offers competitive spreads and is quite transparent with their fees. The broker mostly does not charge commission but instead integrates their charges into the spreads. The broker offers variable spreads which may alter depending on different factors like market conditions.

IQ Option offers several deposit options such as debit/credit cards, bank transfers and e-wallets like Neteller, Paypal, Skrill, and WebMoney.

IQ Option has other fees worth considering such as swap fees, for example – these are charged when trades are held overnight or over the weekend.  In addition to this, the broker charges a low inactivity fee of $10 per month if an account has been inactive for 3 months.

The broker does not charge withdrawal fees, but should you withdraw funds through bank transfer there may be a fee of $31 per transfer depending on the country you’re withdrawing from.

Due to restrictions implemented by ESMA, IQ Option does not offer any bonuses or promotions.

Unlike most of its peers, IQ Option does not offer the Metaquotes platforms, MT4 (MetaTrader4) and MT5 (MetaTrader5). Instead, the broker has its own proprietary platform that they have developed in-house. The platform is user-friendly and has a simple, clean design. We did notice that the platform lacks some more advanced functions of the MT4 and MT5. In addition to this, the platform uses different terminology which requires some getting used to.

Despite that, the platform does offer a variety of supportive trading tools such as market analysis. It offers technical indicators like Bollinger bands, The Alligator Indicator, RSI, Moving Averages, etc.), charting tools like candle charts as well as graphical tools. All these tools are certainly advantageous to traders. The platform offers various trading types such as Multiplier and Stop Loss tools that help traders reduce risk.

IQ Option has a section on its website called ‘For Traders’ which has a ‘News Feed’ that features various articles about what’s going on in the financial market. We found the articles to be interesting and useful; the newsfeed section is regularly updated. IQ Options also has a ‘Calendars’ section which contains an Economic Calendar that includes all the major events of the financial world and an Earnings Calendar. Furthermore, IQ Options has a ‘Stock Collections’ section where its clients can research stocks and make smarter investments.

IQ Option does not allow social trading/copy trading on its platform.

IQ Option has a section on its website called the ‘Ultimate Trading Hub’ that has a variety of useful information available for their clients. The educational videos on the website cover various trading topics. In addition to this, traders also have access to various e-books, a very detailed FAQ section, webinars, and tutorials. The education center would be fit for new and more advanced users. The broker also offers a free demo account to practice trading on.

IQ Option offers customer support on a 24-hour per day, 7 days a week basis. There are various customer support methods available such as email, phone, live chat, Telegram, and social media. Support is provided in a variety of languages such as English, Italian, Portuguese, French, Spanish, Norwegian, Korean, Thai, German, Turkish, Arabic and more. We found the customer support team at IQ Option to be quite helpful and quick to revert to us.

IQ Option is a broker worth considering for those looking to try out something different. The broker’s proprietary platform offers some great tools once you learn how to navigate it. The broker offers a good number of cryptocurrencies for trading too. IQ Option does have some limitations – this is why many traders shy away from the broker but despite that, it has maintained a steady growth of users and trades throughout the years.

Official IQ Option Review Registration

Founded: 2013
Broker Type: Market Maker, Dealing Desk
Languages Supported: EN, ES, FR, TR, UR, PT, AR, TH, ZH, DE, NO and KO
Trading Instruments: Stock CFDs, Forex, Cryptos, Binary Options
Account Types: 2 - Retail Accounts and Professional Accounts
Expert Advisors: No
Social Trading: No
Hedging: Yes
Scalping: No
Commission: Mostly commission-free
Inactivity Fee: Yes
Swap-Free Account: Yes
Mobile Apps: Yes
Demo Account: Yes
Prohibited Countries: USA, Australia, Japan, Israel, Russia, Latvia, North Korea, Iran, Belgium, Syria, Sudan, Palestine, Canada and Belgium
Trading Fees: Variable - integrated in the spread
Withdrawal Fees: Only with bank transfer: $31
IQ Option Forex & Crypto Broker Review


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IQ Option Reviews

69 Reviews for IQ Option

  • K Brown says:

    While the platform can be technical and complex, it is extremely powerful, and the prices can’t be beat. And considering I can trade just about anything worldwide, IB pummels the competition in terms of value proposition. I’ve recently tried Trade Station, TD Ameritrade, and Fidelity looking to fill out corner cases (specific trading tools, and bond trading in the case of Fidelity), and capabilities were so diminished and costs so much higher that I avoid them at all cost.

  • Tiki Omalkov says:

    The bank deducted the amount saying there was no issue and that I should contact IQ Option. I have raised a complaint with IQ Option however there is no response. Very disappointed in the quality of service!!

  • Becky Colson says:

    1) no stop loss defeats the object and cost lots of money
    2) withdrawal of funds is treated as a refund which is just wrong.

  • Paul Simon says:

    Withdrawal fees very high, $25 per withdrawal
    Customer service is non existent ,I have an outstanding query from Friday with no reply.
    My SL was triggered on a short position, but the BUY price never went as high as my SL
    Good range of stocks available.
    Application is very user friendly
    The interaction with other traders is very useful

  • Danique says:

    My query was answered concisely and I was happy with results.

  • Gerald Ugwin says:

    My concern was addressed quickly.

  • Colin Lewis says:

    Well services. Time to time withdrawal..very trusted broker…

  • Meriam Juliano says:

    Customer service is always prompt to help…

  • John Garland says:

    Difficult to day trade on this site. Whole point of IQ option is to day trade. With such high spreads this is not really a trading platform. It’s extremely risky. Also with stop loss disabled it makes it even more risky.

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IQ Option Forex & Crypto Broker Review

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