We have performed a thorough IQ Option review, without the broker knowing.
Is IQ Option a scam OR one of the best trading platforms in the world ?
IQ Option brand has been founded in 2013. IQ Option broker is a financial company based in Saint Vincent and the Grenadines.
During the last few years IQ Option brand has quickly transformed into a user friendly all-in-one trading platform for novice traders.
Here is our true experience with IQ Options broker.
This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders
IQ Option Pros & Cons
- Over 30 Forex pairs
- Binary Options
- Min. deposit $10
- Leverage max. 1:1000
- Large community of traders who interact
- Very user friendly trading platform
- Easy to use
- Good customer support
- Demo account free
- Many local payment options
- Islamic account available
- CFD product offerings are limited
- Education materials are limited
- No cTrader, TradingView, Metatrader platform
- Restricted for traders from various countries
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RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
|✅ Trading platforms||Propriertary webtrader|
|✅ Forex pairs available||30|
|✅ Minimum first deposit||$10|
|✅ Max. leverage||1000:1 |
|✅ Languages available||English, German, Espanol, French, Indonesian, Italian, Portuguese, Swedish, Thai, Chinesse ...|
|✅ Max payout if winning binary option trade||100% |
* max.payout in case of a winning trade
|✅ Time frames to trade via binary options||up to 1 month|
|✅ Type of digital options||Call/Put, Turbo|
|✅ 1-click trading||YES|
|✅ How many instruments are available||300 (forex 30 pairs, stocks, commodities)|
|✅ Webinars / Education||yes, slowly adding more and more|
|✅ Account currency||EURO, USD, GBP|
|✅ Payment methods||Visa, Mastercard, Giropay, Sofort, Skrill, Neteller, Webmoney|
|✅ LiveChat||Yes for real clients|
|✅ Customer support||email / LiveChat (for VIP clients, direct telephone line)|
IQ Option trading instruments
IQ Option broker currently offers over 300 trading instruments in the following categories:
- Forex trading
- Binary options
- CFD cryptocurrencies
- CFD indices
- CFD commodities
- CFD equities (stocks)
The list of available commodities currently includes oils and gold, and over 10 different stock indices.
Even if one or the other may find this selection too small, our experience with iqoption platform has shown that the values
With the exception of indices, 24 hours a day trading is possible in all categories, with at least one asset from a specific sector being always available in the equities category. Thus, strategies that focus on a specific economic segment are very well possible.
1. Forex Trading
A quick glance at the foreign exchange offer:
IQ Option offers all combinations of the majors. Some other currencies such as the New Zealand dollar, the Russian ruble or the Swiss franc can be traded here.
2. Binary Options
As the name of broker implies, IQ Option started as top notch binary options brand but has quickly turned into global trading brand (not only binary options but all kinds of trading instruments!
You can choose between two types of trading, as is the case with binary trading:
Put Options and Call Options
Traders can use put options to speculate on falling prices, and use call options to make predictions on rising prices. Turbo options with particularly short expiration time frames with durations of 30 and 60 seconds are also available for trading, but due to the associated high risk, they are more suitable for more experienced traders.
There are many time frames available at IQ Option for binary options. You can trade time frames with a duration up to 1 month.
Particularly noteworthy is the fact that traders can also trade during the weekend when the regular trading venues are closed.
For this, IQ Option platform offers OTC trading. This abbreviation stands for “over the counter” and means that trading takes place directly between the parties, ie between the broker and the investor, outside the regular stock exchange.
Interesting are the regularly organized competitions in which traders can compete against other traders.
Currently there are over 10 different cryptocurrencies provided by IQ OPTION broker.
According to the broker, they constantly add more cryptocurrencies over time, as new ones become popular. So far we think their choice is enough for each and every crypto trader.
4. CFD Commodities
There are several commodities available on the platform, while some of them can also be traded as binary options.
5. CFD Equities and Stock Indices
At the moment there are over 180 CFD stocks available for trading via IQ Option trading platform.
Overall traders have over 300 different asset classes available from commodities, forex, indices and CFD stocks.
Stock indices are focused on London stock exchange index (FTSE 100), Frankfurt (DAX 30), Paris (CAC40) and New York (S&P500 / NASDAQ / Dow Jones).
Besides many European and American stock titles, some Asian shares such as Toyota and Bank of China are available for trading. Overall we can say that the emphasis is put on stocks from banking and financial services, energy, the internet and telecom industry with which you can speculate.
Trading Costs And Fees
IQ Options are transparent with their fees and costs. In order to see what trading at IQ will cost, you need to consider:
- Spread – is the difference between buying (bid)and selling (offer) price. Spreads on this platform are variable spreads. That means the market price depends on current market volatility and liquidity at any given moment of the day.
- Swap Fees – These are fees being charged by the broker for positions held overnight. Charges vary and depend on the asset class and type of trade (long vs. short).
- Inactivity Account Fees – If an account is held inactive for 3 months, IQ will charge you with €10 per each month, assuming your account balance is positive.
- Withdrawal Fees – Traders will be subject to a 2% withdrawal fee starting from the second withdrawal per month.
- Commission – On certain cryptocurrency trades, commission of 2.9% will be charged.
How to fund your account
In addition to the two credit card variants VISA and MasterCard, IQ Option investors have the option of using a number of internet payment services for deposits and withdrawals. The list of available providers includes Skrill, Neteller, Webmoney, and of course WireTransfer. These services handle payments very reliably. However, no detailed information is available on the fees charged when using IQ Option service for payment services. It is therefore advisable to contact customer service on this matter in order to clarify this.
Because even the general terms and conditions help in this case only conditionally, as these currently, like many other contents, are only available in English. Here, from the customer’s point of view, there is still room for improvement.
The minimum initial deposit that is required by IQ Option is relatively modest at just $10. We think that this minimum deposit is low enough, that it allows even for traders Asia and South America to make a deposit and join the exciting world of online trading.
IQ Option demo
There is, of course, a demo account where you can practice your trading strategies without any risk using $10.000 virtual money. You can trade all types of assets completely stress free.
IQ Option customer support can be reached by phone, email, and live chat.
In addition, there is also a snail mail contact (a little old-fashioned but you never know when you will need it). Upon calling for customer service, a responsible client support person will either immediately pick up the line and and try to resolve your issue right away OR the system will create a so called “Problem Ticket Nbr.” where you report a problem, and employees will call you back later. This is a nice service to have, because it could perhaps save you a lot of money on your phone bills.
“During this review we noticed that IQ Option platform and OVERALL services THEY OFFER are a step ahead compared to the direct competition! “
First of all, during this review, we noticed, that IQ Option brand puts really strong emphasis on trader’s education + on the quality and constant improvement of their trading software and last but not the least on the security of client’s funds.
In other words, IQ Option is one of few brokers, where you as a trader have the feeling that they want you to trade profitably and stay with them for long term, instead of just taking your money and run away (which is usually the case with many other brokers in this industry). That’s indeed a good signal for a new trader!
Last but not the least .. we think they have really knowledgeable customer support.
|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”. Make sure that risk warnings are clearly readable, visible and of appropriate size.