IQ Option Review and Tutorial 2021
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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%.
• Most Trusted Broker 2017, 2018, 2019, 2020 - BinaryOptions.net
• Best Binary Broker 2021 - DayTrading.com
|Instruments||Forex, Crypto, Binary Options, Stocks, Digital Options|
|Pay Methods||Alipay, Credit Card, MoneyGram, Perfect Money, QIWI, Skrill, Wire Transfer, Yandex Money|
|Mobile Apps||iOS, Android and Windows|
IQ Option offer forex trading on a small number of currencies. Spreads are on the high side and the brand do not excel in this area
|GBPUSD Spread||5 pips|
|EURUSD Spread||14 pips|
|EURGBP Spread||15 pips|
IQ Option are a leading Crypto broker. They offer multipliers, and a huge range of crypto markets.
|Spread||BTC 7%, ETH 12% (Var)|
|Coins||BTC, TRX, XRP, BCH, ETH, EOS, OMG, ETC, QTUM, ZEC, LTC, DASH|
IQ Option lead the way in binary options and digital trading. The best platform, with the lowest minimum deposit
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). They have offered online trading services for many years, and continue to expand their offering.
It is authorised 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.
During 2020, IQ Option also introduced margin trading. This moves them alongside the more established brokers and CFD operators in the EU and beyond.
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. 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.
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 $1900 (or currency equivalent) – but hit trading volume of $15000.
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 90+ 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.
The list of markets available to trade is constantly growing. Recently, the firm expanded their list of stocks and share and took the total beyond 150. 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 $20, and FX Options $30 (Or Euro or GBP equivalent).
FX Options are a very new product. So new in fact, that they are currently only available across the five major currency pairs.
Available in EU regulated markets, they offer fixed risk investments. There is a set expiry for each FX option and the potential payout is dependant on the underlying asset price. So where a trader believes a strong price move is imminent, payouts reach 2000% and more.
As the expiry approaches, payouts tend to grow as these options are affected by the same delta, and gamma values as traditional options. There is a $30 minimum trade placed on FX options, but they can be sold at any time up until expiry. So if a trader has brought either a call or a put, both can be sold prior to expiry to either lock in profits or cut losses.
These are a great way for EU traders to still access fixed risk trades.
As the product grows in popularity, IQ will doubtless expand the range of markets and expiry times (currently only 1 hour expiries are available).
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.
- 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 – There are no fees on the majority of payment service providers, but 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.
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, 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.
Indonesia – Central Asia,Negara Indonesia, Rakyat Indonesia, CIMB Niaga,Mandiri.
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, as well as parts of Europe.
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 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, France, 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, Germany, Italy, Netherlands, Romania, Spain, Portugal, United Kingdom, Ireland, Czech Republic.
Alternatives to IQ Option
If you are looking for alternatives to IQ Option we have compiled a list of the top 5 brokers that are similar to IQ Option below. This list of brokers like IQ Option is in order of similarity and only includes companies that accept traders from your location.
- Quotex – Quotex offers a proprietary web platform that offers digital options and copy trading.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- Just2Trade – Just2Trade offer hitech trading on stocks and options with some of the lowest prices in the industry
|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%.|
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