IQ Option Review 2024
United States not accepted.Awards
- Most Trusted Broker 2017, 2018, 2019, 2020 - BinaryOptions.net
- Best Binary Broker 2021 - DayTrading.com
Pros
- User-friendly platform for beginners
- Excellent range of payment methods
- Reliable 24/7 multilingual support
Cons
- €10 inactivity fee after 90 days
- No MetaTrader 4 integration
IQ Option Review
Managed and owned by IQOption LLC which is based in Saint Vincent and the Grenadines, IQ Option is a financial services provider. They have offered online trading services for many years, and continue to expand their offering.
IQ Option also introduced margin trading. This moves them alongside the more established brokers and CFD operators.
Trading Platforms
Rather than opting for a standard trading platform, IQ Option has chosen to provide its clients with a proprietary platform designed specifically to cater to their trading needs.
The same platform is used for CFDs and for binary options trading. Well designed to be user-friendly, the platform features a large chart which is a great help for traders who wish to monitor the conditions in the markets. Margin trading is also now available with certain instruments.
In addition, the platform comes with a wide selection of trading tools that are typically not found on any binary capable trading platform. Some of the advanced trading tools that we can see popular technical indicators such as Moving averages, Bollinger Bands, MACD and RSI.
The brand often add new feature to the platform to offers traders more flexibility. One such feature is the ‘position top-up’. This allows a trader to hold a trade open if it is approaching a stop loss.
It gives the trader more scope to allow trades to recover before being closed. It must be used with discipline, but offers traders new risk management or trading strategy options.
Mobile Trading
For traders that are unable to remain at their trading terminal for any prolonged period of time, they can install the mobile trading app that has been provided free of charge by IQ Option.
The mobile trading app which has been designed specifically for smartphones and mobile devices, allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.
Trading Accounts Offered
IQ Option offer a couple of trading account options.
To open a standard account, only a minimum deposit of $10 is required.
Potential traders who wish to try out the platform can first sign up for the demo account. It is provided free of charge and doesn’t require any “pre-deposit” like some brokers are requiring their clients to do first.
The demo account comes pre-loaded with $10000 practice money which you can use to execute your practice trades.
Bonuses & Promos
In line with general guidance in the financial industry, IQ Option no longer offer any kind of deposit bonuses.
The only kind of promotional offer which traders at IQOption are able to participate in is the trading competition which they can join for an entrance fee. Prizes for the competition range for $100 to around $100,000.
Video Demo – Forex Introduction:
Assets At IQ Option
Currently, traders at IQ Option can trade in 300 different types of underlying assets. They consist of a selection of 120 currency pairs, market indices, stocks and commodities.
Recently, IQ Option has also added a selection of 12 different types of cryptocurrencies for its clients to trade in.
The list of markets available to trade is constantly growing. Recently, the firm expanded their list of forex pairs and company stocks and shares, taking the total beyond 200.
Expect this expansion to continue in all areas. IQ also spread markets across all products, so things like Oil, Gold and Silver were added to Digital trades asset lists.
Minimum trade sizes do change with each product.
So binaries and digital options can be opened for $1, but a Forex CFD has a minimum trade size of 0.001 lots.
Cryptocurrency Multiples
Another innovative product delivered by IQ is the Cryptocurrency Multiples. These effectively work like a leveraged trade, so price movements in the underlying assets are magnified.
IQ Option first introduced this idea with Bitcoin x2. This amplified the prices movements by 2 times, creating higher opportunity – but also higher risk – for traders.
That product was so popular, that IQ have expanded the concept to Ethereum, IOTA, Ripple and others. The multiplier factor is x2 on all available cryptocurrencies.
Trading Costs And Fees
IQ Option are transparent with their fees and costs. In order to see what trading at IQ will cost, you need to consider:
- Spreads – The difference between buy and sell prices. This is often variable and will depend on volatility, liquidity and even the time of day.
- Swap Fees – These are fees applied for positions held overnight. Charges vary from 0.1% to 0.5% and will be higher when positions are held over the weekend. International clients can access zero swap trading conditions.
- Dormant Account Fees – If an account is inactive for 90 days, IQ will start applying a charge of €10 (or currency equivalent) each month, assuming the account balance is above zero.
- Withdrawal Fees – One withdrawal per month is free, for each subsequent withdrawal a fee is 2% of the amount withdrawn, but not less than $1 and not more than $30, and bank transfers do attract a charge of $31 (or currency equivalent).
- Commission – On certain cryptocurrency trades, commission of 2.9% will be charged. This charge does not apply on any other asset.
Customer Support
3 / 5One of the major plus points of IQOption is their customer service.
To ensure that traders at IQOption can get the assistance they want whenever the need arises, the broker has made its support services available 24/7.
They can contact the support team through email, live chat or the telephone. For the benefit of traders whose mother tongue is not the English language, IQOption has also translated their website into a dozen different languages.
Deposit & Withdrawal
For the funding of trading accounts at IQOption, the broker has provided support for several methods of fund transfer.
These methods include transfer by credit cards, ewallets and bank wire transfer.
Accepted credit cards include VISA and Mastercard. As for the eWallet options, they include popular wallets such as Neteller, Skrill, Perfect Money and Webmoney.
To withdraw funds, traders can also use the same methods that they used for making a deposit in the first place.
Processing of withdrawal requests typically take one business day but can be as fast as a few hours if the withdrawal method is by eWallets.
For credit cards and bank wire transfer, the entire withdrawal process can take as long as 10 business days to be completed.
Growth in Asian markets has also led IQ Option to expand their reach in that region. As a result, bank transfers are now possible from a wide range of banks in this area:
Thailand – Bangkok Bank, Kasikorn Bank, Krung Thai Bank, Siam Commercial Bank, Bank of Ayudhya, Government Savings Bank, TMB Bank.
Vietnam – Vietcombank, Asia Commercial Bank, Bank for Investment and Development, Techcombank, Vietin Bank, Sacombank, Donga Bank, Eximbank.
Malaysia – Maybank, Hong Leong Bank, RHB Bank, Public Bank, CIMB Bank, AmBank
Philippines – Help2Pay – Supports both BDO (BDO Unibank) and MTB (Metrobank)
South American options are also being expanded:
Brazil – Jeton Wallet (Supporting Boleto Bancario), and AstroPay (Boleto, Itau, Bradesco, Banco do Brasil, Caixa, Santander)
Argentina – AstroPay (Supported banks; Pago Facil, Santander, Banco Galicia)
Perfect Money can also be used across South America, including Colombia. Perfect Money is actually also a valid choice across Nigeria and Pakistan too.
Jeton will also support IQ Option traders from India and a range of banks catering to South African traders have also been added.
China Union Pay can facilitate deposits and withdrawals for traders in mainland China, Hong Kong, Taiwan and Macao.
Is IQOption suitable for day trading?
One of the most important factors to consider when looking for a broker to conduct day trading with is looking at the type of instruments that are available for trading.
With IQ Option since the broker offers CFDs which allow traders to open and close their market positions at any time, it is a suitable broker for day trading.
In addition, the broker is trusted and reliable, it has millions of registered users worldwide, and this helps to ensure that your money will be handled professionally and ethically.
FAQs
What is the minimum deposit requirement to open a trading account?
The minimum deposit at IQOption is $10.
How fast can my withdrawal request be processed?
Withdrawal requests at IQOption normally take one business day but as be as short as a few hours.
Which is the best indicator at IQ Option?
IQ Option offer a huge range of technical indicators to help with strategy and finding trades.
But no single indicator is “best”. Multiple indicators (and time frames) can be assessed to try and find clear trends or market sentiment that can guide a specific trade over a specific timeframe.
Is IQOption a reliable broker?
Yes. IQOption is a reliable broker.
What kind of trading platform does IQOption have?
IQOption uses a proprietary type of trading platform.
What is the maximum leverage available at IQOption?
Traders will see leverage capped at up to 1:500.
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.
Top 3 Alternatives to IQ Option
Compare IQ Option with the top 3 similar brokers that accept traders from your location.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- RaceOption – RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.
IQ Option Comparison Table
| IQ Option | World Forex | Videforex | RaceOption | |
|---|---|---|---|---|
| Rating | 4 | 4 | 3.4 | 3.5 |
| Markets | CFD, Forex, Crypto, Stocks, Digital Options | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Binary Options, CFDs |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $10 | $1 | $250 | $250 |
| Minimum Trade | 0.001 Lots | 0.01 Lots | $0.01 | $0.01 |
| Regulators | – | SVGFSA | – | – |
| Bonus | – | 100% Deposit Bonus | 20% to 200% Deposit Bonus | 20% – 200% Deposit Bonus |
| Education | No | No | No | No |
| Platforms | Own | MT4, MT5 | TradingView | TradingView |
| Leverage | 1:500 | 1:1000 | 1:500 | 1:500 |
| Payment Methods | 14 | 10 | 8 | 9 |
| Visit | – | Visit | Visit | Visit |
| Review | – | World Forex Review |
Videforex Review |
RaceOption Review |
Compare Trading Instruments
Compare the markets and instruments offered by IQ Option and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| IQ Option | World Forex | Videforex | RaceOption | |
|---|---|---|---|---|
| Binary Options | Yes | Yes | Yes | Yes |
| Expiry Times | – | 1 minute – 7 days | 5 seconds – 1 month | 5 seconds – 30 days |
| Ladder Options | Yes | No | No | Yes |
| Boundary Options | Yes | No | No | No |
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | No | Yes | No |
| Silver | No | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | No | Yes | Yes |
| Options | Yes | No | No | No |
| ETFs | Yes | No | No | No |
| Bonds | No | No | No | No |
| Warrants | No | No | No | No |
| Spreadbetting | No | No | No | No |
| Volatility Index | No | No | No | No |
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Customer Reviews
5 / 5This average customer rating is based on 1 IQ Option customer reviews submitted by our visitors.
If you have traded with IQ Option we would really like to know about your experience - please submit your own review. Thank you.
Great for day trading with a smooth user interface. Personally I think IQ Option is the best binary options broker if you want a reliable brand.