Editor’s Note: Why IQ Option Doesn’t Suck in 50 Words
Finally, after what seems like ages, I find a broker that doesn’t look like a carbon copy of every other broker on the market. The company is trying to do something different starting with the website layout, the education, and of course the innovative, highly functional, trading platform. They also offer a free Demo, and I mean free, without any of the shenanigans like “Deposit 100 bucks in a real account and we will give you a free demo”. I opened the Demo in about 15 seconds.
Why Does IQ Option Suck in 50 Words
Options trading is limited to Call/Put (high/low) style. That being said, this style is the most common and most used, so I don’t think there will be a lot of complaining about it besides, they have so many other ways of trading (CFD, Crypto, FX Options) that I’m sure you’ll find the right one for you.
Is IQ Option a Scam?
IQ Option is a very trusted broker, with a long time in the business, and hasn’t raised any Scam suspicions so far. They offer a low minimum deposit and so far there haven’t been any major issues with them.
In addition, traders are satisfied and the company is healthy, with a good reputation.
Should I Open an Account with IQ Option?
IQ Option is a highly reputable broker that offers CFD, Cryptocurrency, and Bitcoin trading. Their services are offered by IQOption Europe Ltd.
IQOption Europe Ltd is regulated by the CySEC under license number 247/14 and headquartered in Limassol, Cyprus.
A list of countries accepted by IQOption Europe Ltd can be found at the bottom of this review**. There is one more legal entity, which is separate and called IQOption LLC, which is registered in St. Vincent and Grenadines (company number 905 LLC 2021).
IQ Option entered the marketplace in 2013, and since then they’ve done a great job at differentiating itself from other brokers. First of all, their platform is proprietary; you won’t find it anywhere else. The most significant advantage is the charts, where Japanese candlesticks and many other technical indicators can be used. This is a big thumbs up because sometimes it’s hit or miss in regards to the trading platform and many times brokers severely suck when it comes to charts and additional technical tools.
Something that many traders will be happy about is the broker’s low minimum deposit of €20 for EEA traders, and of course, the free Demo account that is really free. Registration is easy and you can start trading immediately on Demo – for a real account, your IDs need to be verified as is the case with all CySEC-regulated brokers.
IQ Option can be contacted via phone, email ([email protected]), and live chat. The listed headquarters address is Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus.
IQ Option Features
IQ Option has developed into an advanced broker offering Cryptocurrencies, FX, CFDs, and ETFs. There are over 30 FX pairs to trade, 12 Cryptocurrencies, over 180 Stocks, and over 20 ETFs (Exchange Traded Funds).
“EFT trading is a brand-new product and a fantastic way to expand your portfolio. ETFs work by tracking commodities, indices, and baskets of assets, and are traded in the same way as common stock on the stock exchange. Investors can sell short, buy on margin and buy as little as a single share in their chosen asset.”
While trading FX and some other asset classes, the client can choose a loss or gain percentage when the position will automatically close. As an example, if you open a $30 FX trade and you set the loss percentage at 50%, and the price goes against you, causing a $15 loss, the trade will be automatically closed by the system. Of course, this feature can be used if the trade is in profit; for example, you can choose to have your trade closed automatically when it reaches a 50% gain. This way you don’t have to be in front of your charts at all times.
As a brand new addition to their line-up of trading ways, IQ Option has introduced FX Options. FX Options is a proprietary instrument created by IQ Option and can be closed before it reaches maturity. The upside profit potential is unlimited according to IQ Option, while the loss is limited to the initial investment.
Another extra is IQ Option’s blog which seems to be very up-to-date with interesting articles and titles to dig through such as: “Cryptocurrencies Buy & Hold vs. CFD Trading. What Is Better?” or “Why IOTA Recovery Is Not a Sign of Long-Term Growth.” I see several blog posts just from the previous 24 hours which is amazing. Most brokers have an outdated and “given up” calendar or blog, but this is excellent material and very recent.
IQ Option Complaints
There are both positive and negative reviews, which is pretty normal for such a huge broker. Some traders have lost money thanks to their trading and simply appear to be posting angry comments while some have complained about the demo and real account being different (as a note, we haven’t experienced a difference between Real and Demo). That’s not unusual because it’s easier to control yourself and perform better on a demo account than on a live account. On the plus side, IQ Option is registered and/or regulated by authorities, so it’s easy to make a formal complaint if there is an issue!
IQ Option Regulatory Announcements and Warnings
30.9.2016: CySec fined IQ Option for various reasons that were not in accordance with the regulator’s terms such as “non-compliance with section 38 of the law” which is about order execution. In January 2017, part of the fine was revoked by CySEC once IQ Option managed to prove they were acting properly.
IQ Option Bonus
The bonus is no longer available at IQ Option in compliance with the new CySEC regulations.
How Long Does it Take for IQ Option to Put Money Back on my Bank?
The minimum withdrawal amount is $2 and the minimum deposit is €20 for EEA traders. A withdrawal request will be processed usually within 3 business days. The money must go to the same source it originated from to prevent money laundering. Also, before being able to withdraw, clients have to provide identification documents, which is another practice required by anti-money laundering rules.
The time it takes for the money to reach your account depends on the method used. Usually, e-wallet transactions are completed in one day but card transactions can take up to 21 working days (although IQ Option processes the transaction instantly). The list of acceptable funding methods is Visa, MasterCard, Maestro, WebMoney, Skrill, Moneybookers, and Neteller.
IQ Option Extras
Their innovative platform can be considered an extra feature, with professional charts that offer Japanese candlesticks, tons of technical analysis tools, and macroeconomic news at the tips of your fingers.
Trading Bitcoin With IQ Option
IQOption offers a wide basket of cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Ripple, Tron, Dash, and others. Spreads are displayed in percentage form and at the time of writing, it was about 2% for Bitcoin and 4% for Bitcoin Cash. Crypto trading is limited to Contracts For Difference so you cannot buy and transfer digital assets to your crypto wallets.
If you are completely new to IQ Option, you will find their platform very intuitive and easy to use, but keep in mind that day trading (opening multiple transactions during a day) can be tricky and risky.
IQ Option Ratings
User Friendly 19/20
The website is available in 17 languages and that is above average, but the platform can be a bit hard to get used to if you are a completely new trader; however, I don’t think this will be a big problem because it’s pretty intuitive. Everything else on the website is well-structured and easy to find. US traders are not accepted. Check the terms and conditions for the full list of countries that are not accepted. Demo accounts are available free of charge and without a time limit, as well as mobile applications for iOS and Android.
Range Of Markets, Spreads, And Leverage 17/20
They offer hundreds of assets to trade, including 12 Cryptocurrency pairs (Bitcoin/USD, Bitcoin/Ethereum, Litecoin, Ripple, etc.) and 43 FX pairs, as well as tons of Stocks and 24 ETFs. Spreads are very low (below 1 pip for EUR/USD at the time of writing) but can change during times of increased volatility. Leverage goes as high as 1:30. Crypto assets only benefit from 1:2 leverage.
Fees And Support 18/20
There are no commissions to open an account with this broker, which is standard for the industry. There is, however, a dormant account fee of 10 EUR after being inactive for 90 days in a row. A live chat feature is available right on the trading platform and it’s actually pretty responsive but traders also have the option to use email/phone support.
Deposits And Withdrawals 19/20
The minimum deposit is €20 for EEA traders. Both deposits and withdrawals can be made via bank transfers, Visa, MasterCard, Maestro, WebMoney, Skrill, and Neteller. Withdrawals are processed within 1 – 3 business days but it can take up to 21 business days for the money to reach you, in case you are using cards. There is a commission of $31 for withdrawal via Bank transfer, other withdrawals for EEA traders are free.
As mentioned before, their platform is extra on its own because it is unique. FX Options are another feature that merits some attention.
IQ Option Overall Ratings (90) + Regulated (+3) = 93/100
**Unavailable countries: Belgium, the Czech Republic, Switzerland.