IQ Option Review and Tutorial 2018
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|IQ Option Facts & Figures|
Open an account with just $10. Trade over 14 Cryptocurrencies directly, traditional forex with low spreads or trade digital options with payouts up to 900%.
|Mobile Apps||iOS, Android and Windows|
|GBPUSD Spread||20 pips|
|EURUSD Spread||18 pips|
|EURGBP Spread||15 pips|
IQ Option is a great broker for day traders in 2018.
Managed and owned by IQ Options Europe Ltd, IQ Option is a financial services provider that is based in Cyprus. Designated as a Cypriot Investment Firm (CIF), the trading platform comes under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC).
It is authorized to provide financial services to clients from the European Economic Area (EEA) under the CIF license #247/14. The trading platform first went live in 2013 and since then, it has grown by leaps and bounds. With its low minimum deposit requirement at $10 and free demo account, IQOption has truly made online trading accessible for everyone.
Regulation & Reputation
Over the few short years that it has been operational, IQ Option has won numerous awards praising the quality of its services and its reliability. Today, it has been recognised as one of the leading brokers in the industry as well. To bolster its image as a reliable broker, traders will be pleased to know that IQOption is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC) under the name of holding company IQ Option Europe.
As a regulated broker under CySEC, this means that IQ Option is also a MiFID compliant broker. In other words, IQOption is permitted to offer its services to clients within the EEA. Another benefit for clients of being regulated by CySEC is the fact that IQOption is also a member of the Investors Compensation Scheme. Under this scheme, each of IQ Option’s clients’ funds is protected up to a maximum amount of 20,000 euros.
But for traders that are outside the EEA, their accounts are managed by a separate sister company called IQ Option Ltd. The company is based in Mahe, Seychelles and is regulated by the Seychelles Financial Services Authority (FSA).
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.
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.
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
Unlike most CFDs and binary brokers, IQ Option has only chosen to offer 3 types of trading accounts, a standard trading account, a VIP account and a demo account.
To open a standard account, only a minimum deposit of $10 is required. As for as the VIP trading account, you need to place a minimum deposit of $3000. Both types of trading account entitle the trader to participate in the IQ Option’s weekly trading competitions. However, the VIP account will entitle the account holder additional trading benefits like a free participation in the trading promotions, 3% additional returns and the service of a personal manager.
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 $1000 practice money which you can use to execute your practice trades.
Bonuses & Promos
In line with CySEC’s regulations, 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 a 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 87 different types of underlying assets. They consist of a selection of 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.
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 x 100. This amplified the prices movements by 100 times, creating huge opportunity – and risk – for traders.
That product was so popular, that IQ have expanded the concept to Ethereum, IOTA, Ripple and others. The multiplier factor ranges from x20, to x50 and x100 on Bitcoin as mentioned. At present, these products are only available to Non-EU traders.
One 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, Mastercard and Maestro. As for the eWallet options, they include popular wallets such as Neteller, SKrill 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.
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 IQOption 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 well regulated and this helps to ensure that your money will be handled professionally and ethically.
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.
Is IQOption a reliable broker?
Yes. IQOption is a reliable broker and is regulated by CySEC.
What kind of trading platform does IQOption have?
IQOption uses a proprietary type of trading platform.
What is the maximum leverage available at IQOption?
The maximum leverage offered by IQOption is 1:500 for non-EEA members. EEA traders will see leverage capped at 1:30. EEA traders can however, register as professional – this means the regulatory limits do not apply to their account. Visit IQ Option for more details.
IQ Option accepts traders from Thailand, South Africa, Singapore, Hong Kong, India, Norway, Sweden, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use IQ Option from United States, Japan, Israel, Turkey, Belgium, Russian Federation, Australia, Canada, United Kingdom, Germany, Italy, Netherlands, France, Romania, Spain.
|Open an account with just $10. Trade over 14 Cryptocurrencies directly, traditional forex with low spreads or trade digital options with payouts up to 900%.|