IQ Option Review 2023 – Is It Trustable?
With the rise of multiple online trading tools and software, traders have become more cautious about their choice. Every software claims to bring fortune. But not all are reliable & legit. The invention of automated online tools has made life easier. IQ Option is a Cyprus Securities and Exchange Commission-based trading binary options broker and one of the successful online brokers. However, one should be attentive while handing over hard-earned capital to trading robots.
IQ Option Overview.
Official Website https://iqoption.com/ Headquarters St. Vincent and Grenadines Founded Year 2013 Regulated Yes Product Offered CFDs, ETFs, Indices, Forex trading Minimum Initial Deposit $10 Meta trader 4 (MT4) No Meta trader 5 (MT5) No Trading Fees No trading fees Minimum Trade $1 Inactivity fees EUR 10 ( after 90 days of inactivity in account) Withdrawal fees 2% for second and consecutive withdrawals Supported currencies USD, GBP, EUR, and RUB Customer Support 24*7 Support available.
IQ Option Summary 2023.
IQ Option has rapidly become one of the most popular intuitive trading platforms all around the world. Before we start with IQ Option review, let’s check some of the details about the platform. The below material is not intended for viewers from EEA countries. Binary options broker are not promoted or sold to retail EEA traders.
Here, we are going to provide in-depth technical indicators and analysis of leading software, i.e., IQ Option trading platform. Founded in 2013, it is winning over the hearts of traders worldwide. There are different assets trading platform that brings a simplified approach for both forex brokers and traders. This IQ option has won multiple awards.
The platform is user-friendly and easy to use. Some countries are able to open and use accounts but are limited with regard to mobile app access. IQ options platform allow the user to trade with different assets, so make your first trading today. IQ Option is a trusted broker, and millions of new and active traders can get great online brokers. This review has been evaluated based on their trading platforms, regulation, type of account, fees, and more.
What is IQ Option?
IQ option is a well-designed online trading platform. It allows you instant access to asset trading, anywhere & anytime. Unlike other standard platforms, IQ option has an exclusive custom-built trading platform to cater to users’ unique needs. A wide range of assets is supported including binary options, traditional forex, cryptocurrencies, stocks, ETFs, digital options, and commodities. The headquarter is located in Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus.
The basic account starts with a low minimum deposit of $10. With no fees on deposit or potential profit withdrawals. IQ Option provides newsfeed and intuitive tools that enhance its simplicity to make things easier for beginners. You can test this application with a demo version.
Pros and Cons.
Pros Cons Advanced trading tools No fixed spread accounts support Mobile application (Android and iOS) Multiple trading instruments Customizable UI Award-winning platform 24/7 customer service.
Features.
IQ Option is best trading platform. It opens up advanced features and trading functionality for traders. There is a vast variety of options. IQ Option does not offer clients deposit bonuses. Multiple indicators such as Bollinger bands, moving average or RSI can be visible on the chart. Below we have curated a detailed list of each during our review. Let’s get started!
Options.
IQ Options allow you to trade in with Binary, Digital, and Forex option. Talking about Forex options, this same platform is one of a kind that offers this feature to traders. Presently, this feature is available in 5 main currency pairs. You can start with a minimum trade amount of $30 for Forex options.
You can sell Forex options anytime, even before the expiration time. In general, the payouts for FX options can reach up to 2000 percent. The list of markets available to trade is constantly growing. Profit depends on the underlying price remains. The trading user interface has useful search functions which will help to find specific asset. This financial instrument allows on price movement of the financial asset.
Moving ahead with Binary options trading is a well known feature of IQ Option. These options are not available to all EU citizens. Certain EU citizens who have a professional platform’s trading accounts can leverage binary options trading. A free demo account is valid. You have to start with a minimum deposit of $10 and a minimum investment of $1 while making profits up to 96%.
Lastly, IQ Option allows trading digital options . There are more than 20 assets to choose from commodities and currencies. The traders can choose between assorted strike prices. It claims higher payouts of around 600% along with maximum CPM payouts of up to 90%. For weekend trading, an OTC digital option on the IQ Option trading platform is available.
CFDs.
Under CFDs, the IQ Option users can trade Stocks CFDs, Foreign Exchange Trading, Commodities, Crypto CFD Trading, and ETF Trading. Though CFDs are complex instruments and it comes with the high risk of losing money rapidly due to the leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money rapidly. Trading CFDs on leverage involves significant risk of loss to your capital. They include stop losses and user defined leverage. The success and profit of Forex and CFD trades.
Stock CFDs : Over 170 stocks IQ Option to choose from with a minimum stock investment of $1. The minimum deposit is $10 with super-tight competitive spreads. No opening fees for stock CFDs. Non-EU traders and pro EU traders can leverage Stock CFDs trading with IQ Option.
Forex Trading : One-click FX trade execution with a minimum trade size of $1. The minimum deposit is the same as other brokers, i.e., $10. No trade expiration. IQ Option’s free Demo Account access, leverage up to 1:1000 for non-EU and pro EU and 1:30 for EU citizens. FX trading is one of the most popular trading markets on IQ Option. Currently, there are 50 Forex Pairs on this platform.
CFDs on Commodities.
Commodities : Minimum deposit amount for $10 with minimum investment of $1. No trade expiration. The platform claims to provide unlimited profit potential with commodities. Commodity CFDs can be traded on the short and long side. Non-EU and pro EU traders can leverage up to 1:20. Simple EU traders can leverage up to 1:20 (on gold) and 1:10 on other commodity CFDs. This broker offers to purchase and trade CFDs on 4 commodities :- Gold, Silver, Platinum, Crude Oil Brent and Crude Oil WTI.
ETF Trading : Simple and convenient ETF trading with IQ Option via web, desktop, and mobile apps. Over 25 ETF (Exchange Traded Funds) available covering market sectors including energy, metals, semiconductors, technologies, and others. This offers the ability to trade digital options. Minimal investment amount of $1. Leverage of up to 1:5 for non-EU and pro EU traders. For standard EU traders, leverage of 1:5 (limited by the European Securities and Markets Authority).
CFDs on Cryptocurrencies.
Crypto CFDs : Over 15 cryptocurrencies (Bitcoin, Ethereum, Ripple, Dash, Litecoin, etc.) are available for trading with a minimum deposit of $10. The minimum trade size is $1, unlimited access to Demo version, earning OTN tokens. European traders can get the crypto maximum leverage up to 1:2 and for non-EU and Pro EU traders, it is up to 1:10. Though CFDs are complex instruments, they also come with a high risk of losing your money rapidly due to leverage.
Cryptocurrency Multiplier.
Recently, IQ Option launched a product named ‘Cryptocurrency Multiplier’. Its workflow is similar to a leveraged trade, where asset’s price movement are maximized by a multiplier. The concept of cryptocurrency multiplier was first used by Bitcoin X 100. It boosted the price movement by 100 times leaving room for a great trader opportunity as well as risk.
After its success such as Bitcoin X 100, IQ Option exploited this concept to Ethereum, IOTA, Ripple, and other supported cryptocurrencies. With IQ Option, the traders can choose from the option like X50, X20, and X100. This feature is limited to non-EU traders. Note that, Cryptocurrency trading multiples are leveraged trade. This increases the potential profit or loss, made on any deal.
Trading Account Types.
With IQ Option, there are different types of accounts. Find detailed information below according to our IQ option reviews. Traders can access the trading competition that are held on IQ option platform. You can enjoy 3% in additional returns. There are three trade types of accounts :- Demo account, Standard account and VIP trading account.
Demo Account.
Like many trading platforms, IQ option provides a demo account. You can use this feature as long as you wish. Within Demo Trading platform, the users will receive $1,000 virtual funds that they can replenish anytime. The purpose of this feature is to educate the users and to make them familiar with different trading strategies. The demo account would help the user to trade that suits their own needs. The demo version is perfect for the new users to get used to this platform. Trader can test different trading strategies in this account. The minimum deposit to open a real account is $10.
Opening the real account doesn’t mean your demo account disappears. With this, you can make real investments and trade assets. You have to access a demo version without registering or sharing your personal information. This is not always the scenario with other trading software online.
Standard Account.
Standard accounts are for trading assets with real money, in a real-time environment. It allows you to trade over 300 underlying asset available covering the classes like cryptocurrencies, CFDS, digital options, binary option (s), and currency pairs. It is noteworthy that both digital and binary options are not available to EU citizens but for the United States. The standard trading account requires just minimum deposit of $10.
They offer a minimum trade size of USD1. This makes the IQ Option platform standard trading accounts more convenient for beginners.
VIP Account.
IQ Option offers VIP trading account for traders who deposit $1900 or more within 2 days. As the name suggests, the offering of this account is special and unique to VIP account holder. With a VIP account, the traders get access to a personal account manager, 3% additional returns, monthly reports on your trading records and free participation in the trading tournaments offered by IQ Option. These accounts are only available for EEA traders outside the EEA. Trader can access the VIP accounts as free entry.
Moreover, the VIP account holders get personal tutoring & extra education material on trading in comparison to standard users. Due to ESMA restrictions of trading, VIP accounts are not available for its EU citizens.
EU Client Trading Account.
For European Traders, IQ Option offers two accounts, i.e. Retail client trading account and Professional client trading account. In the retail client trading account, the traders have access to Crypto, ETFs, Stocks, and Forex. There is negative balance protection, leverage up to x30, and the trades are covered under the ICF. 74-89% of retail investor accounts lose money when trading CFDs.
The Professional account holders will have access to the same assets including Forex, Cryptos, ETFs, and Stock markets. Plus, they can access digital and binary option(s). There is leverage up to x500, a free entry to trading tournaments, and negative balance protection. This is not a cover under ICF (Investor Compensation Scheme). Retail investor accounts lose money when trading CFDs.
Orders Types.
To reduce the risk, the software allows the clients to choose from a range of order types. Doing so allows them to enjoy a custom trading experience as well as to create trade strategies including short-term, medium, or long-term.
Using multiplier orders allows the clients to increase in the risk while expecting increase in ROI.
Stop-loss orders are meant for traders who wish to define a maximum loss capacity. Whenever the limit triggers, the stop loss option will close trade automatically.
If the traders specify a certain profit amount, Take profits is the suitable order type.
Avail an auto-close at the loss with a Trailing stop order . Unlike other automatic platforms, it lets you stop loss and take profits out of your desires.
Lastly, you can enter the market flexibly as per your convenience. To activate this feature, choose pre-order type . You need to set a market condition, the trade will start automatically when the market reaches the same.
Affiliate Program.
This platform provides an affiliate program for a user. Those who wish to earn more can encourage other traders to use the IQ Option. Once you choose to become an IQ Option affiliate, you need to share your affiliate link on the website, or blog. The ones who click the link and sign up with the app are considered as your referrals. The identification is done via generating a unique ID when you sign up.
Once the user who signs up starts trading, you will receive the rewards. You can earn up to 70% of the traders’ profit, based on the clients’ trading activity. You can choose your preferred payment method to receive cash rewards. It is the best life-long method of having passive income. Presently, there are over 116,410 IQ Option affiliates across 178 countries.
Withdrawals.
IQ Option facilitates easy and flexible withdrawals. It can take 1 business day to process your withdrawal request. To request the withdrawal, you are required to verify your identity which will take up to 3 business days. This is done to prevent fraudulent activities and to protect your money from spammers. Of course, the primary aim of traders on any platform is to earn profitable trades. Once your payment is verified, your account balance is credited immediately. Bank transfers are now possible including the Government Savings Bank , Asia commercial bank and China Union Pay for traders in China. IQ Option now also accept traders bank transfer from a huge range of Asian banks:-
Thailand – Bangkok Bank, Kasikorn Bank, Krung Thai Bank, Siam Commercial Bank, Government savings Bank,TMB Bank. Indonesia – Central Asia, Rakyat Indonesia, CIMB Niaga, Negara Indonesia, Mandiri. Vietnam – Vietcombank, Bank for Investment and Development, Techcombank, Vietin Bank, Asia Commercial Bank, Sacombank, Donga Bank, Eximbank. Malaysia – Supported banks include: Maybank, RHB Bank, Public Bank, Hong Leong Bank, CIMB Bank, AmBank.
The IQ Option’s platform withdrawals work similarly to the refund process. Therefore, you need to choose the same payment methods as deposits, when requesting withdrawals. Afterward, you can withdraw money into any other mode of payment. Notably, There is no withdrawal fees on most payment service providers but small fee for bank transfers. There are certain trading costs : Dormant account fees where an account is inactive for 90 days and a charge of €10 (currency equivalent). There are no fees on the majority of payment service providers, but bank transfers do attract a charge of $31. This has Swap fees they vary from 0.1% to 0.5% and are higher when left open over the weekend. The lowest amount allowed for withdrawal method, through e-wallets is $2. IQ Option gives multiple payment method options.
Mobile Trading.
As per our review, it provides the mobile trading app for both Android and iOS users. The traders can download the IQ Option app for various devices like iPhones, iPad, and other Android devices. Now you can trade CFDs and other options anytime and anywhere. The IQ Option app is now easily available on the Google play store and iTunes store. You can easily download it from there. Mobile app has clean and intuitive trading platform for beginners. The mobile trading app is easy and user-friendly. This mobile trading app is free of charge.
With the mobile app, you can execute trades, use charting tools, check account status, stay connected with market developments, and set up custom push notifications and alerts too. This mobile trading app is absolutely free of charge.
Progressive Web Application.
Apart from the mobile application, the system supports the PWA or progressive web application. This application works on every kind of smartphone or device. You can get access to all of the IQ options to trade assets including binary options. Unlike mobile apps, there is no need to download IQ Option PWA on your device.
To use PWA, simply click on the ‘add to home screen’ choice from the web platform. Get started with single tap trading in no time. With IQ Option PWA, you can overcome the cons of non-availability of binary options on the iOS devices. Switch between live and demo trading accounts without exiting the PWA.
Why trade with IQ Option?
Why trade with IQ Option?
Undoubtedly, there are several standard trading platform available for you. Why should you choose an IQ Option broker? Below is a list of some advantages of this broker trading platform IQ Option.
Award-winning software.
At IQ option, trading software has won several awards for its seamless UI and extraordinary ways of investment. In the past, it has been praised by many more experienced and reputed traders in the industry.
Flexible Deposits Options.
IQ Option allows you to start trading with a minimum investment of $10. There are multiple ways to make the deposit such as Credit cards, Debit card, wireframes, e-wallets (Maestro, Skrill, CashU, WebMoney, and Moneybookers).
Customizable Platform.
For optimal trading experience with IQ Option, you can customize the platform. From dashboard appearance to keyboard shortcuts, notifications to privacy, you can give a custom touch as desired.
Convenient Payouts.
The app is offering easy and convenient payouts. The minimum withdrawal amount with IQ Option is $2 (currency equivalent). The process time is 3 business days due to the account verification process involved. Once verified, the withdrawals are processed in 1 business day.
24/7 Support.
IQ Option offers a flexible and instant customer support team. The traders can access this feature 24/7 over email, phone number, or live chat. The customer support team is available for both IQ option mobile app and browser platform.
How Does IQ Option Work?
All trading activity with IQ Option is 100% automated. The company executes clients’ funds in financial instruments like contracts for differences (CFDs), binary option, and digital options. When trading a client’s orders, the tool takes into the account multiple execution factors. These include size and nature, price, costs, market developments, conditions and variations, speed, and the likelihood of settlement. However, there are times when the software chooses unique execution criteria based on the clients’ custom instructions on order types.
Tips for Novice Traders.
Try Demo Account.
We advise every new traders to start using the demo trading. According to our review, it will help to understand the system in a better way. There is plenty of education and no money involved. With IQ Option, you can also keep practising demo trading as long as you desire.
If you are a beginner with trading, it is important to invest small amounts. Because investing in financial instruments like CFDs, fx options, etc. involves risk to your capital. Therefore, we advise the new clients to invest money with their risk appetite.
Almost every reputed trading system online provides tutorials on trading instruments. It is a great way to learn and enhance your knowledge regarding trading online. There are multiple methods like video tutorials, blogs, real-time charts and graphs that allow traders to learn market updates.
For the one who is new to a trading platform, it is important to seek help from its customer support team. Almost every reputed platform has one available over phone, email, and live chat with 24/7 availability.
All-in-all, beginners need to stay cautious while exploring and investing with an online trading platform. All the tips listed here are helpful and hold proven results for the new clients.
How to Open an Account with IQ Option?
IQ Option is one of the leading trading platform today. If you wish to open an account, visit the official website of IQ Option. Afterward,
Open account with IQ Option.
Fill the Account Opening Form.
Enter your email address and set a password to sign up. Once done, the system will send an account verification link over the provided email ID. Click on the link and verify your credentials.
Select Asset & Fund the Account.
With IQ Option, the traders are exposed to numerous tradable assets such as CFDs, Cryptocurrencies, Commodities, etc. Choose your preference and deposit money in your account to get started. The minimum investment amount varies as the asset is selected.
Start Earning.
Once you are done with the asset selection, hit the trade now button, and enjoy the money coming in. You can also enjoy trading on the sessions over both browsers and mobile apps. Choose as per your convenience.
Customer Support.
IQ Option provides 24/7 customer support. The clients can easily reach its support team via web or mobile platform. They can contact each other through phone, email, and online chat support. It is a multilingual feature available in 13 languages. Its toll-free access to customer support is available for the citizens of the UK, India, Brazil, Singapore, South Africa, Australia, Colombia, Spain, Mexico, Chile, Argentina, and Portugal.
Presently, there are over 90 customer support representatives available for users. The average wait time over live chat is 38 seconds. For email queries, there is a 14 minutes response time. In our review, we utilized this feature for all three modes.
To Wrap Up.
IQ Option is one of the most reputable companies. To conclude this it can be said that IQ Option is an incredible broker that strives to evolve and improve every time. Its services are available to a vast audience except to Australia, the United States, Japan, Canada, Turkey, Syria, Iran, and Israel. The platform caters to clients, stock, Forex traders, and cryptocurrency trades who wish to explore the horizons of online trading. Forex is one of the most popular common trading markets.
Like other trading platform, IQ Option lets you use a demo version. The only distinction is there is no expiry time for this account. The traders can keep using this account as long as they want. With this platform, the traders can enjoy multiple features including technical indicators, trading tools, technical analysis, economic calendars, stock screeners, volatility alerts, educational tutorials, and widgets.
The broker offers a variety of charting tools that can help you formulate a successful trading strategy. Lastly, the customer service of this platform is highly responsive on all the platforms (be it mobile apps or browser). You can access it 24/7 every week. If you are a beginner, before trading, you can read this review for detailed information about this exchange.
FAQs.
Is There a Customer Service Team?
Yes, there is a 24/7 available customer service team. You can reach out via phone number, email, or live chat (for both browser and mobile app platform).
Is IQ Option Safe and Trustable?
To date, IQ Option has over 71,014,795 registered users with 1,800,000+ active investors daily. The monthly investing volume of this trading is $380,000,000. During our review, we analyzed the data of the past 5 years, there are no signs of declining (neither traders nor active investors). Trading with an IQ option is legal all around the world. IQ Option is a reliable broker. The number of active traders is growing every year. IQ Option is safe.
Apart from this, IQ Option is regulated by CySEC, i.e., Cyprus Securities and Exchange Commission. The trading platform is registered in Cyprus under the name of “IQ Option Europe LTD”. IQ Option adheres to the legislation put by CySEC. It is fully authorized to sell the products to clients (both EU and non-EU citizens) under multiple jurisdictions. It is also available & legal in India. IQ Option in India is a tool that allows you to ponder not only on the same cost but also on the scale of its change. Segregated bank accounts hold traders’ funds.
Having said this, we conclude that IQ Option is safe to trade in financial instruments like fx options, CFDs, etc. No matter if they are a beginner or an advanced trader, money and your data are safe. The financial products offered by the company carry a high level of risk and can result in the loss of all your funds.
What Is the Expiration of a Demo Account?
Unlike other brokers, there is no expiration date for IQ Option demo accounts. You can use it as long as you want to.
What Is the Minimum Investment Amount?
You can invest a minimum amount of $1 in a single option available. However, the initial deposit money is $10.
How Much Can I Withdraw from Profits?
You can withdraw funds from your profits earned. The minimum withdrawal amount is $2. You can use the same withdrawal request method for deposit.
Which Instruments Can I Trade with IQ Option?
IQ Option platform offers a plethora of tradable instruments, including CFDs (on cryptos, ETFs, commodities), binary options, and digital options.
Are Deposits and Withdrawals Possible Via E-Wallets in South Africa?
Yes. Just like traders from the United Kingdom or other countries, South Africa traders can use e-wallets. One can easily pay and withdraw via the same e-wallet.
Is IQ Option Legal in India?
Yes, the IQ option is legal in India, and anyone can register on this IQ option platform and can buy, sell & trade.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.