IQ Option is a binary options broker that claims to offer a matchless trading experience with 300+ assets available, and a payout percentage up to 90%. These qualities are great for a broker of its kind to possess, but is it the best choice for you to trade your assets?
In this IQ Option review, we are going to guide you through IQ Option and present you with all the necessary features and information that will help you answer the question of whether the broker is good for you or not.
What is IQ Option?
IQ Option is a popular binary options broker that allows instant access to investing, anytime and anywhere. Founded in 2013, IQ Option has grown to be among the most respected brokers on the market. Currently, IQ Option boasts 8,000,000 + registered users worldwide, with 15,000+ active investors daily.
Besides the vast number of tradable assets that are available on the broker, it also provides a user-friendly interface, a rich mobile trading app, and multiple withdrawal methods for users to choose from. What’s more, IQ Option is a leading broker in crypto and forex trading, although they also provide other instruments for trading such as Stock trading, Binary options, and CFD trading.
Although the characteristics that accompany this broker are promising, it still lacks regulatory trust because it is not licensed by any known regulatory body. The regulation that IQ Option possesses is under the licensing of CySEC, a regulatory agency based in Cyprus. The fact that this body is not widely recognized causes a dwindling in the trust process for IQ Option. Even though they assure asset security, regulations help users trust that the broker is under checks and follows the laid down rules of a given agency.
Another major downside that may be found with IQ Option is its inactivity fees. IQ Option charges a $10 inactivity fee after 90 days of no trading activity with an account. Besides this, the broker provides a quality trading environment, zero trading fees, and a minimum of $1 to begin trading.
IQ Option supports trading in currencies as well. The only active currencies available on the broker are USD, EUR, and GBP. It provides multiple withdrawal methods for users and charges a 2% withdrawal fee on the second, and subsequent withdrawals.
Pros and Cons
| 👍 Pros | 👎 Cons |
|---|---|
| ✅ Suitable for beginners and experts | ❌ Lacks proper regulation |
| ✅ Offers advanced trading tools | ❌ No Meta Trader 4 or 5 integration |
| ✅ A good number of withdrawal options | ❌ Collects inactivity fee of $10 |
| ✅ High payouts of up to 90% | |
| ✅ Offers multilingual customer support 24/7 | |
| ✅ Wide range of tradable assets |
How to Set up an IQ Option Account
Starting on IQ Option is as easy as a couple of seconds. All you need is to head over to the platform or mobile app and scroll to the bottom of the screen where you will see the information to get started with IQ Option. Enter your email address and a 6+ digit password, as your country of residence, and you are good to go.
You can now choose to either explore the platform through the demo account or make your first deposit and begin live trading.
IQ Option Demo Account
IQ Option comes with a custom demo trading account where new and existing users can learn how the platform works, and acquaint themselves with the platform’s interface.
The demo account comes with live market charts, prices, and movements. It also comes with trading tools and indicators to help users learn just how to maximize profit on the platform. To access a demo account, you will need to open an account with IQ Option, which automatically gives you access to a demo page.
Excitingly, IQ Option provides new demo account users with $10,000 of virtual funds to practice with. The funds are redeemable if lost during a trade. The demo account is perfect for users who don’t want to lose any real money immediately.
Trading Platform
IQ Option has a traditional trading platform, as well as a mobile trading app for users of Android and iOS devices. The trading platform was configured on the IQ Option, and runs on its own, suiting the needs of its traders.
On IQ Option, the custom platform allows for trading of all instruments. This means that the same platform on which users trade CFDs is the same platform where they trade binary options.
Adding to this, the trading platform comes with customary tools to help enhance the trading experience. These tools include popular technical indicators such as Bollinger bands, Moving averages, MACD, and RSI.
Furthermore, there is a top-up function for traders who wish to hold trades longer, especially after the trades have hit a stop loss.
IQ Option Fees
IQ Option fees are always properly displayed to avoid any form of blind trading or activity. Here are a few fees associated with using the IQ Option.
- Swap fees – IQ Option charges swap fees that vary between 0.1% to 0.5%. Swap fees are fees that are attractive for holding a position overnight. The fees may also vary if the position is held over the weekend.
- Inactivity fees – This fee is charged when an account is dormant for more than 90 days(approximately 3 months).
- Withdrawal fee – Withdrawal fees on IQ Option are taken on every subsequent withdrawal in a month. This means that the very first monthly withdrawal is free, but subsequent withdrawals attract a 2% fee. The fee however is not greater than $30, and not less than $1.
- Trading fees – There are no fees incurred for trading on IQ Option.
- Spreads – Spread fees are often variable, depending on the market’s volatility, and often on time factors.
Deposits and Withdrawals
IQ Option provides a range of deposit and withdrawal options to accommodate the needs of its users.
Here’s a quick summary:
Deposits
Users can deposit funds using various electronic payment systems, bank cards, and wire transfer options. The platform aims to offer convenient ways to deposit money, with a focus on user-friendliness and efficiency.
Withdrawals
There are multiple withdrawal methods on IQ Option. Withdrawing funds has been made easy by the trading platform for all users, and whether it is on the website or the mobile app, all it takes is a few clicks. Here are a few things you need to know:
- Minimum Withdrawal: The minimum amount you can withdraw is $2
- Withdrawal Time: It may take a few minutes up to hours, with a maximum of 1 – 3 working days, depending on the payment method.
- Withdrawal Methods: Options include credit cards, cryptocurrencies, e-wallets, and local bank transfers.
- Monthly Free Withdrawal: Traders can withdraw money for free once every month.
Additional Features and Benefits
IQ Option offers some extra benefits to its user community. Some of these benefits include:
Tournaments
Tournaments are conducted occasionally where users stand to chance of winning rewards for engaging in challenges and games.
Video Tutorials
As a broker interested in the success of its user community, IQ Option provides access to video Tutorials on topics ranging from basic information to introduction to margin trading, CFD trading, and technical and fundamental analysis. Although there are not so many of the videos available, it is still a good way of educating new users on the platform.
Historical quotes
With IQ Option, traders can access historical quotes on the exchange rates of financial instruments time and time again. Users are also free to download the data because it is useful in strategy implementation.
IQ Option Mobile App
IQ Option mobile app is great for an on-the-go trading experience. Here are some key features of the app:
- User-Friendly Interface: Designed to meet the needs of demanding traders with a clean and intuitive interface.
- Asset Variety: Allows trading of over 200 assets, including shares, oil, gold, and many more.
- Demo Account: Provides a free reloadable $10,000 demo account to practice trading.
- Minimum Deposit: Requires only $20 to start trading, with a minimum investment amount of $1 for a single deal.
- Support and Education: Offers 24/7 support and educational resources like video tutorials, emails, and blog articles.
- Alerts and Notifications: Includes built-in alert functionality to stay informed about market movements.
- Multiple Awards: Recognized for high standards of quality with awards like Best Mobile Trading Platform.
IQ Option Security
IQ Option takes the security of its trading platform seriously. Although the security of the platform is not guaranteed due to its lack of proper licensing, certain measures have been put in place to protect its user funds. Here are a few of them:
- Data Encryption: The app ensures that data is encrypted during transit, providing a secure connection for user information.
- Login Security: Users have the option to log in using their fingerprints, which adds a layer of biometric security. Alternatively, they can log in through their Facebook or Google accounts for convenience.
These features are part of IQ Option’s commitment to maintaining a secure trading environment for its users.
Customer Support
IQ Option offers one of the best customer support services among brokers. Customer Support is available to users via email, live chat or direct call. Also, the customer service is available to clients on a 24/7 basis.
Final thoughts
IQ Option possesses a great deal of interest regarding its user interface, trading platform, and number of assets. The trading platform has grown to be one of the most sought for on the market.
However, IQ Option still has lingering doubts in the minds of some, since it lacks proper regulations. Although it has assured safety customer funds, and has proven to be reliable with a Trustpilot score of 4.5*, it still may not be the best option for you to take your trading career to.
You can check out alternatives too, such as Pocket Option, Quotex, and Deriv.
FAQs
What are commission fees for Cryptocurrencies on IQ Option?
When trading cryptocurrencies, a commission fee of up to 2.9% can be taken. The fee depends on which cryptocurrency it is that you are trading.
Does IQ Option offer leverage?
Yes, IQ Option offers users leverage. The highest leverage on the platform is 1:500.
How long does it take to process withdrawals?
Withdrawals on IQ Option usually take up to a business day to process. Some transactions can however be processed in the space of a few hours.
Are there charges for direct withdrawal to bank?
IQ Option charges a withdrawal fee of $31 when it is done via bank transfer.
