IQ OPTION REVIEW
- Customers from the US, Israel or Russia can not open account
- Not for beginners
- Security is good
|Main Feature||Good customer care|
|Trading Currency||BTC, BCH, ETH +9 Other|
|Free Demo Account|
|Regulation||No US, Russia, Israel traders allowed|
|Fee Info||Withdrawal Fee: Free from other payment providers but bank transfers charged at €50; BTC Withdrawal: 0.05% + 0.001; BTC Deposit Fee; Free Spreads: Vary Swap Fee: 0.03%|
|Account Types||Demo, Real and VIP Accounts|
|Deposit Methods||Credit/Debit Card, Bank Transfer, web wallets|
|Withdrawal Methods||Credit Card, Bank Transfer, Cryptocurrency|
|Trading Currency||Ethereum, Bitcoin Cash, Bitcoin and 9 others|
|Account Currency||USD, Euros|
|US Traders Allowed|
- The interface is custom made, intuitive and easy to use
- Account set up is easy
- It is regulated
- There is a demo account with renewable virtual funds The platform has good user ratings, highly liquid
- Excellent customer care support
- Wide range of trading assets available
- Supports Android and iOS
- Customers from the US, Israel or Russia for example cannot open account
- Account base currency is limited to USD and Euro
- Trade amount is limited to $5000
- You need to refurbish your old computer if you want to run their trading platform smoothly
- Fees are numerous and high
IQ OPTION REVIEW: THE WORLD’S LEADING OPTIONS TRADING PLATFORM
IQ Option is a 5 year old multiple award winning online trading platform that is run by IQ Option Ltd. On its platform clients can trade a variety of financial assets including stocks, ETFs, Forex, Cryptocurrencies and Binary options.
This variety and diversity of trading instruments and assets is what gives this platform traction beside their superior trading platform and customer support service.
Statistics and countries supported
On its site, they claim to have more than 10M active account holders drawn from over 170 countries worldwide. Of course this gives them a huge responsibility and that is why IQ Option is regulated by Cyprus Security and Exchange commission.
This platform complies with all the rules and regulations set not only by CySEC but by other regulatory bodies in various jurisdictions which they operate from.
Figure 1: Countries served
Apart from Israel and France where binary option trading is illegal, IQ Option is not available in: US, Japan, Canada, Australia, Belgium, Iran, Sudan, Turkey, Syria and Russia.
IQ Option Account types
The trading platform is popular because of its demo account. Of course as a new trade with no experience trading any of their listed assets, it’s better to create an account and experiment using their virtual money while getting familiar with all the tools or features presented by the platform.
Therefore, if you want to experiment, visit their website and create a Demo account. You won’t go short of their $10,000 virtual funds because they are renewed once you exhaust them. However, if you want to upgrade, all you need is to create a live account and deposit $10 to begin trading.
There are two types of live accounts offered by IQ Options:
Real Account: This is what you get after depositing $10 to your live account. Traders from outside the EU can take part in different competitions offered by the platforms aside from accessing more than 70 financial assets and instruments for trade. Additionally, account holders can take full advantages of all in-built trading tools presented by the platform and anytime they make profits from their trades, they are free to withdraw. All withdrawals are processed and credited to account holder’s depositing account within 24 hours.
VIP Account: Now, if you deposit more than $3000, you automatically qualify for this account and IQ option will present you with a personal manager. On top of this, every month a performance report will be submitted by IQ Options analyst. This is valuable feedback because you will be in a prime position to track all of your performance.
To create an account, all you have to do is visit their website at www.iqoption.com and sign up using your Facebook or Google account. Alternatively, if you find it hard to use your social media or Google account, you can simply use your personal email address and select a password for your account.
Figure 2: Sign Up
Activate your account and login. There you can either proceed and start practicing from your demo account or you can deposit $10 or €10 and create a Real Account if you want to access live markets.
If you want to dive right in and start trading binaries or Forex for example, there are several depositing and withdrawal options availed by IQ Option.
Figure 3: Payment Channels available
Depositing funds is instantaneous if you use your debit or credit cards or a host of other internet payment wallets like Skrill, Neteller or WebMoney.
Depositing funds through bank wire transfers takes time-usually between 4-5 trading days. Once you trade and make profits, you can withdraw a minimum of $2 and this will get processed within 3 days.Account holders can withdraw up-to $1M per day with unlimited number of withdrawal requests.
Figure 4: Withdrawal options
IQ Option is focused in the international markets and deposits can be made in USD, Euros, GBP, Chinese Yuan, Russian Ruble, Turkish Lira, Indian Rupee and MYR. However, accounts are denominated either in Euros or USD.
Before depositing funds, you will need to get verified and often take between 1-3 trading days. To get started, different procedures apply depending on your country of application. However, the baseline is constant.
All account holders irrespective of jurisdiction have to submit their personal information, their trading experience, phone number and photo of their government issued ID. This is needed for the personal profile. Afterwards, IQ Option will also need a copy of your debit/credit card(s) with pictures taken on both sides if this is your preferred payment option.
Make sure you conceal your CVV number at the back of your card and only expose the first 6 and last 4 digits on the front of your card. Those depositing using Skrill or Neteller are only required to submit a copy of their government issued ID.
Trading Interface and User Experience
The first thing you notice when you login is the simple, minimalistic view of the platform. This might be so because IQ Option trading platform was designed and developed in-house.
Even beginners will find it easy to navigate or even locate all the necessary charting tools and features availed by the broker. All I’m saying is that the platform has this intuitive approach that can help you settle faster.
Other than the funding, demo and live accounts have the same tools and features. Therefore demo account holders who feel that they are ready to trade can simply fund their live accounts and begin trading right away since there is nothing new to learn. It’s that seamless.
Right on the interface, users have access to chats, trading history and customer care links. Anytime you need clarification, you can open up a dialogue box and chat with support. Customer care is fast and engages you within 42 seconds. One of IQ Option standard feature is this integration of education resources on the tradingplatform. There, you can click on this link, watch a couple of videos without necessarily leaving the trading platform.
Figure 5: Cryptocurrencies supported
Account holders can easily switch from one trading asset to another depending on their preference and even analyze them on real time.On this platform you can trade more than 12 cryptocurrencies including Ethereum, Bitcoin Cash, Bitcoin and other rare coins as IOTA or ZCash.
IQ Option Trading Fees
The platform charges different fees:
Deposit and withdrawal are free but if you want to transfer funds to your bank account, the platform charges a flat €50 and the minimum you can withdraw is €2. BTC withdrawals are charged at 0.05% of the amount you want to withdraw on top of a fixed 0.001 BTC charge.
Besides that, there are account maintenance fee billed monthly at €50 and swaps or roll-over fees at 0.03% the face value of all open positions. For all open trades, the platform also benefits from spreads which vary depending on asset traded.
Additionally, there is a commission 10% for opening a crypto-coin position.
IQ Option Security Features
- The platform is regulated meaning they adhere to all the rules and regulation set by the regulatory body.
- Account holders can set a 2FA authentication and this is recommended. Anytime they login, IQ Option system will generate and send a unique code to the account holder’s phone number for login.
- Depending on jurisdiction, all account holders are required to verify their accounts. They can do this by submitting their personal details like name, phone numbers and government issued ID. EU citizens are required to submit a copy of their utility bill or bank statement is required on top of other basic documents.
- You can also hide your real name by generating a random name on the platform. Effect this on the “Public Profile Settings” found under the “settings” tab.
- If you want to protect your investment for your reckless trading, you can block your account altogether and stop all access to your account.
Unique Features on IQ Options
There are 12 cryptocurrencies offered on site and traders who chose to trade them are compensated with OTN tokens as bonus in collaboration with the Open Trading Network-an independent non-commercial organization.
IQ Option supports the network financially and technically. OTN tokens can be used to pay for IQ Option trade commissions and are distributed weekly based on the number of cryptocurrency trades executed through the platform. If you don’t want to use them to pay for commission, you can convert them to OTN coins and wait for capital gains once they launch.
Customer Care Support
Figure 6: Customer Care Support
There are several options available if you want to contact their customer care support. You can initiate chats directly from the trading interface aside from sending email or filling up a contact form. Apart from this, IQ Option has a ticketing system where all tickets are often resolved within 24 minutes.
Traders from all over the world can be served by their multi lingual support available in English, French, Chinese, German, Thai, Turkish, Italian, Spanish, Korean, Portuguese, Arabic, Hindi, Urdu and Norwegian.
VIP account holders are assigned with personal managers who not only can they assist with trades but submit monthly performance reports.
One of the major take ways from this broker is their custom made easy to use trading platform and the variety of trading instruments and assets to choose from. It is also regulated with good customer care support. If you are an options trader then this is where you should start out and even delve on cryptocurrencies where you will be compensated.Visit Broker