IQ Option Review - Trusted by over 6 million traders, is this CySEC Forex Broker right for you?
Our IQ Option Review - unique platform and trades
IQ Option was founded in 2013 and is headquartered in Cyprus, licensed and regulated by CySEC. Similarly, to most large brokers of its size, IQ Option keeps all its clients’ funds in a secure, segregated account. IQ Option offer their clients over 350 tradeable instruments such as binary options, CFDs, cryptocurrency, commodities and forex. The broker does not offer trading on indices. Spreads and other trading costs vary based on the product traded.
Initially, the broker operated exclusively in the binary option trading industry, however after a drive to diversify, the brokerage introduced forex trading, crypto currencies, and CFDs. Currently, IQ Option has over 6 million users and offers a range of features suitable for both accomplished, professional traders as well as beginners.
Unlike other industry giants, the broker does not offer the most commonly used MT4, MT5 platform for trading, but instead it has developed its own propriety platform. This platform has been found challenging by traders as the system more is advanced and less functional than Metatrader and cTrader. Despite that, we found IQ Option’s trading platform to be quite user-friendly, and some traders find it very comfortable to use. It is available to downloaded as software or can be used web based and through a mobile app. IQ Option has a tool called MT2IQ which was developed to connect MT4 with IQ Option. What the tool does is it allows traders to automate the trading process for Binary options.
IQ Option allows its clients to trade a variety of assets, such as CFDs on stocks from over 150 companies, popular cryptocurrencies (Bitecoin, Ethereum, Litecoin, Ripple, etc), EFTs, Forex and commodities. The broker offers both retail and professional accounts for their users, as well as demo accounts to practice on that are free of charge.
IQ Option’s minimum deposit is just $10 (EUR and GBP deposits are also acceptable). There are multiple payment methods accessible to traders such as credit/debit cards and numerous online e-wallets such a Web Money, Skrill, Sofort, Cash U and Neteller. The broker offers their own wallet for crypto, Hodly. Bank transfer is also available, but that option may take longer. Deposits are commission-free.
For withdrawals, traders must use the same methods that they used for deposits, which was not something we liked. Regardless, the process of withdrawing funds was quite fast, and our request was completed in less than one business day when using the e-wallet method.
IQ Option offers a maximum leverage of 1:500 for non-EU clients, and 1:30 for EU clients. However, should EU clients register as professional traders, the regulatory restrictions will not apply to them.
Trading fees are the same for both professional traders as well as retail. Mostly IQ Option offers commission-free trading, however this depends on the market. IQ Option’s spreads are on the high side in comparison to other brokers, for example the GBP/USD spread is 5 pips while the EUR/USD spread is 14 pips. The broker also has some additional fees such as an account closure fee and an inactivity fee.
In terms of customer support, the broker offers 24/7 support which we found to be quite useful. Their support is available through phone, email, social media, live chat and Telegram. We noticed that the live chat is not always available. Despite that, the other customer support services of the broker were quite good and fast to respond to our queries. Customer support at IQ Option is available in a variety of languages such as English, Spanish, French, Turkish, Urdu, Portuguese, Arabic, Thai, Chinese, German, Norwegian and Korean.
IQ Option offers traders, both novice and experienced, a variety of educational materials to learn about binary options trading. There is a range of video tutorials, e-books and other valuable materials that traders of any level can use, as well as an FAQ section that that covers the most popular questions.
The broker has several research tools available for traders such as an ‘Economic Calendar’ and an ‘Earnings Calendar’. In addition to this, users have access to a news feed with industry insights and articles from numerous financial publications
In conclusion, IQ Option is worth considering for traders that are interested in trying something different. The broker is strictly regulated and offers traders a good level of transparency making a safe broker to trade with. The broker offers a unique, custom-made platform to its users that can be valuable once they learn to use it. In addition to this, customer support will be very helpful to guide traders through the platform.
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Friday, September 17, 2021