IQ Option review: Are they a safe broker?

IQ Option

IQ Option is a leading broker with an impressive track record. Its many features make it an excellent option for traders of all skill levels.

You’ll learn everything that IQ Option has to offer in this review. Let’s cut to the chase and bring you up to speed on everything you need to know about IQ Option and why they are such a big name in the trading space.

IQ Option: What is it? 

IQ Option is a reputable broker offering trading services for various financial instruments, including stocks, indices, forex pairings, and cryptocurrency options. 

Several practical tools and features are available on this platform, which has won several trading awards. The company was launched in 2013 and is owned by IQ Option LLC. They have a wide selection of financial instruments on their platform. The features and capabilities of the desktop and mobile platforms have won numerous awards. While they started off as a binary options broker, they now provide CFDs and other well-known financial assets. These include digital and binary options, FX, ETFs, equities, commodities, and cryptocurrencies

In 2008, IQ Option began offering binary options, and since then, it has expanded quickly to become a broker to beat. These are the key findings of IQ Option:

  • IQ Option is a secure online broker. They are particularly great for CFD trading.
  • They have a strong lineup of financial products.
  • IQ Option is excellent because of its demo account and low minimum deposit.
  • Their platform received numerous honors.
  • They have a lot of impressive features. More so, these features are easy to use.

Trading Platform

With IQ Option’s proprietary trading platform, you can trade with confidence, thanks to its user-friendly and easy-to-use platform. Several tools are available to traders, including multi-chart layouts, technical analysis, economic calendars, stock screeners, historical quotes, volatility alerts, and market updates. In contrast to other brokers, IQ Option supports 13 languages, so there is no issue of language barrier for most users. The company’s approach is similar to that of industry leaders such as eToro and Plus500.

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MIN. DEPOSIT

$50

EXCL. OFFER

USER RATING

9.8

4.9/5

78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

MIN. DEPOSIT

$100

EXCL. OFFER

USER RATING

9.7

4.8/5

Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.

MIN. DEPOSIT

$250

EXCL. OFFER

USER RATING

9.6

4.5/5

A wide range of financial instruments and assets are available on IQ Option’s platform. Some of these are ETFs, cryptocurrencies, binary options, digital options, and other commodities.

On the main screen, a chart displays the history of currency value. Trading currencies are available on the right-hand side of the screen. You can see your balance and the asset you are trading at the top of the screen.

Technical Indicators

The user can identify and track patterns with the use of technical indicators. Indicators reveal which deals have a good chance of being lucrative. Some of the technical indicators available on the IQ option platform include, Volume (exchange), Bollinger Bands, Alligator RSI, MACD, Moving Averages, Awesome Oscillator, Parabolic SAR, Awesome Oscillator, ATR, Fractal, ADS, CCI, Ichimoku Cloud, KDJ, DPO, and Belkhayate Timing.

Tools for Analysis and Charting

IQ Option provides numerous options for creating visual charts. Trading strategies can be mapped out using charting choices including Area, Line, Candles, Hollow Candles, and Bars. ​

Mobile Application

Like many leading brokers on the market, IQ Option has a brilliant mobile app you can leverage for all your trading activities.

Their indigenous mobile application functions similarly to the desktop platform. The app is available on both iOS and Android devices.

Apple’s revised binary options trading policies required a rebuild of the iOS version. The cool thing is that you can trade all the financial instruments including cryptocurrencies, CFDs, and forex available on the platform directly from the mobile app. 

With the trading app, you may trade, check your account’s status, use charting tools, set alerts and notifications, learn about market movements, and more.

Available Financial Instruments

IQ Option offers 300+ unique trading assets you can start trading once your account is verified. In addition to CFDs on Forex, IQ Option also supports Exchange Traded Funds (ETF), Stocks, Cryptocurrencies, Indices, and Digital Options. Here check out detailed breakdown of financial instruments available on the platform. 

Forex

On IQ Option, forex trading is a well-liked tool. Its competitive spreads and over 50 currency pairs make it a fantastic platform. The IQ Option platform offers a variety of FX pairs, including GBP/JPY, EUR/USD, USD/JPY, USD/CHF, NZD/USD, USD/CAD, and AUD/USD.

Cryptocurrency

Twelve different CFDs on cryptocurrencies are available on their site. These include OmiseGo, Ripple, Qtum, Ethereum, ZCash, Dash, TRON, Litecoin, EOS, and Bitcoin. Short selling and margin trading are made simple by quick and straightforward payments and withdrawals. Cryptocurrency assets can be traded using CFDs, Forex, or conventional options, just like any other assets offered for trading by IQ Option.

Stocks

CFDs are offered by IQ Option on 184 stocks. For stock CFDs, there are no startup costs. There is a $1 minimum investment and a 1:20 maximum leverage. These listed stock assets are primarily from the NYSE and NASDAQ. Companies like Tesla, Amazon, Apple, AMD, Facebook, and many more can be traded.

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Cryptocurrency multipliers

Multipliers for cryptocurrency are yet another helpful function available on IQ Option. Leveraged deals include multiple cryptocurrencies. The unchanged underlying price primarily determines the trade’s profit or loss. 

The multiplier increases each deal’s potential profit or loss. Before, it only provided a single multiplier dubbed “Bitcoin X 100,” which, as you might expect, increased the price of Bitcoin by a factor of 100. Due to the popularity of this function, IQ Option decided to increase the number of available multipliers for Bitcoin to X 20, X 50, and X 100, as well as additional cryptocurrencies, including Ethereum, TRON, Iota, and Ripple. This feature has a significant advantage if you like a high risk/reward ratio.

ETFs

IQ Option offers digital options on Exchange-Traded Funds. There are 24 of them, covering topics such as futures volatility, developing markets, metals, technology, and semiconductors. A single “basket” of securities is created using an ETF. As a single financial instrument, they are exchanged.

Commodities

IQ Option allows trade on physical commodities. Commodities’ popularity is primarily attributed to several factors. Unlike currency-based assets, physical commodities are not subject to depreciation, market swings, or inflation. Another justification for buying commodities is to diversify your investment portfolio. Four commodities—Gold, Silver, Platinum, Crude Oil Brent, and Crude Oil WTI—are available for buying and trading as CFDs.

Digital Options

This financial instrument enables speculating on the financial asset’s price fluctuation. Payouts can reach 900%. $1 is the lowest investment threshold, while expiration times range from 60 seconds to 15 minutes.

Options

There are 49 options available on IQ Option. Their binary option trading tools are clear and precise. They provide a superb platform for binary options if you live outside of the EU and value their simplicity. Trades have a predetermined return and might expire in 1 minute or one month. Trading restrictions for binary options simplify matters. They could be restrictive for traders who want flexibility and control over simplicity.

Trading Accounts

IQ Option provides two account types you can choose from. These account types include the Standard and VIP accounts. And just so you know, the registration process takes a while, and that’s because IQ Option has a stringent KYC process.  Let us also quickly add that they have a free account option for traders who just want to test the waters trading their favorite instruments. 

To use a real account, you must put money into it. Compared to many other platforms, this broker’s minimum deposit is just $10. It is a straightforward process. You can trade for as little as $1 with IQ Option.

Types of Account

  1. Standard Account: This account does not have functionality restrictions; only a $10 minimum deposit is required. Over 350 assets are available to you, and withdrawals are processed within one business day. You get access to competitions hosted on the platform. Weekly competitions are organized for IQ Option.
  2. VIP Account: Customers who deposit considerable amounts get access to the VIP account (the exact amount is subject to change). You can benefit from 3% more returns, a personal account manager, and monthly reports with a VIP account. Customers outside the EEA are the only ones who can open one of these accounts.
  3. Demo Account: The IQ Option virtual account has the benefit of not requiring a deposit. This account is not subject to any time limitations. You have unlimited opportunities to top off your account balance to $10,000 (not in actual money, of course!). 
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You can use this account in conjunction with a “real account” to test out different approaches and plans without worrying about losing money. 

You can switch to a real account (standard or VIP) and use your trading knowledge in the actual world of finance if you desire to do so. 

One of the biggest draws for novice traders is the demo account. Due to its adaptability and extensive feature set, it is one of the reasons why novice traders gravitate toward the platform after gaining experience.

Trading fees

IQ Option is clear about its fees compared to other brokers. The fees are as follows:

Spread: This is the fee distinction between the ask and bid prices. The spread varies based on the asset, volatility, liquidity, and trading hours.

Commissions: A fee of $2.9 is applied to cryptocurrency transactions. There are no fees for other financial instruments.

Overnight funding fees: The range of swap fees is 0.1% to 0.5%. For positions opened over the weekend, these fees are tripled.

Inactivity fees: For accounts left dormant for 90 days in a row, IQ Option charges an inactivity fee of €10 per month.

Withdrawal fees: Traders get one free withdrawal each month, after which there is a 2% commission (minimum $1 and maximum $30)

Customer Service

IQ Option provides excellent customer service to meet the needs of every user. When trading CFDs and FX, It’s crucial to have access to competent and dependable customer service, and IQ Option does pretty well in this regard. 

IQ Option provides phone and email customer service. Their customer support team is accessible around-the-clock, and customer service representatives are happy to address any inquiries you may have. 

Additionally, the company provides phone help in many languages, including English, Spanish, and others. You can also email [email protected] if your question isn’t urgent; you’ll get a response within 24 hours.

More so, IQ Option features an engaging blog section where you’ll learn trading strategies and get answers to the most frequently asked issues.

Conclusion

IQ Option is an excellent choice for online traders looking for an easy-to-use and dependable trading platform. This top broker supports a variety of trading instruments you can start trading right away. In addition to that, they have some impressive features, including a free demo account, a mobile app, and excellent customer service.

If you are new to online trading or just looking for a broker that provides all the functionalities you need without being overwhelmed, IQ Option is worth considering. A customer support staff is always available on the website if you need assistance.

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