IQ Option Review Summary
IQ Option Review Highlights
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
Aside from binary options that are available to advanced traders only, IQ Option offers a decent range of assets to its customers:
- CFD on Stocks, which includes companies such as Marks & Spencer’s, Royal Bank of Scotland, Uber, Tesco, FedEx and more.
- Forex, which includes currency pairs like EUR/USD, TRY/JPY, EUR/GNP, AUD/NZD, etc.
- 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.
- 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
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