IQ Option Review | Overview, Features, Pros and Cons

What is IQ Option?

IQ Option is a web-based trading platform which was founded in 2013 that features a wide selection of financial instruments and assets including Binary Options, Stocks, Indices, Commodities, Forex, and Cryptocurrencies.

The company is based in Cyprus and regulated in the EU by the Cyprus Securities and Exchange Commission (CySec). The platform is registered with most of the biggest regulators in the European space, such as the UK’s FCA, Italy’s Consob, Germany’s BaFIN and France’s Regafi.

Features

CFD on Stocks –CFDs on stocks from over 7485 different companies, including NASDAQ and NYSE are available.

Cryptocurrencies –12 types of cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Omisego, IOTA, and Dash are supported on the platform.

ETFs – EFT trading tracks commodities, indices, and baskets of assets. Traders are able to choose from 4288 different ETFs.

Forex –FX trading, or Forex, is a popular fiat trading market.IQ Option user can access 188 currency trading pairs form this market.

Indicators– Traders can use a variety of indicators to spot profitable trades. These include Moving Averages (MAs), Bollinger Bands, Commodity Channel Index (CCI), Stochastic Oscillators, Average Directional Movement Index (ADX) and many others.

Trading Competitions- Non- EU customers can compete against other traders through a number of Binary Option tournaments in which they can win substantial prizes.

Mobile Integration- IQ Option has a mobile trading app that has most of the charting options available on the standard platform. The app can be used on tablets as well as smartphones supporting both Android and iOS systems.

Hodly Wallet- The wallet is a recently IQ Option launched a product for traders that want to invest and own their own crypto. The app supports the following cryptos: XRP, ETC, BTG, ZEC, OMG, NEO, OTN, XLM or TRX.

How to use IQ Option

IQ Option features a demo account option which enables you to open an account in just a few seconds.

You can create a demo or a real account by signing up via Facebook, Google, or your email address. After you have filled in your details and created a password you can move on to the next step.

A pop-up will notify you when your account has been successfully created.

The Real Account requires a $10 minimum investment and there are no limits on trading features. This account allows you to access 70 assets and withdrawals processing times are within 24 hours. Real account holders can also partake in trading competitions.

The VIP Account can be accessed by traders that deposit a minimum of $3,000. Along with the real account features, the VIP has a personal manager and a monthly report on user trading records.

Deposits, Withdrawals, and Fees

A minimum deposit of 10 USD/GBP/EUR is required. Regardless of your form of deposit, no fees are charged for depositing funds.

IQ Option lets traders make deposits and withdrawals through a range of services such as debit cards (Maestro and Visa Electron), or credit cards (Visa and Master Card). Payments processors such as Skrill, WebMoney, Cash U, Neteller, and WebMoney are also supported.

There is also the possibility to process payments using Wire Transfer which has a current minimum withdrawal amount of $2. Additional fees may be charged by your bank.

Withdrawing funds from your IQ Option account will be based on your deposit method. Depositing via a credit or debit card means that you have to withdraw the initial deposit amount onto the card. Any profit over this amount will have to be withdrawn via a bank transfer or your e-wallet of choice.

The e-wallet selections for withdrawals include Skrill, WebMoney, and Neteller. Bank transfers incur a fee of $31.

All withdrawal methods have a three business day processing time. Bank cards and payment providers may take longer.

Customer Support

IQ Option enables customers to contact their support team via a number of toll-free regional phone numbers. Clients are able to even email the CEO and CAO of the company. IQ Option’s main office is located at Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus.

Users can contact support at [email protected]. For immediate assistance, there is a live chat option, but it is only available to users that are logged into their account. Their team is comprised of  83 customer service specialists.

Security

IQ Option keeps segregated accounts for client funds and also features full SSL encryption. This ensures that all communication between traders and the broker’s servers is encrypted according to  AES 256 Bit encryption standards.

Pros and Cons

Pros

• IQ Option supports fiat depositing with a number of options: GBP, EUR, USD, Yuan, MYR, IDR, and RUB.
• Demo account available.
• Supports a long list of cryptocurrencies and trading instruments.
• The company is licensed with a number of regulators.
• Secure platform
• Dedicated and responsive customer support.

Cons

• Not available in the USA, Canada, Russia, Australia, France, Japan, Belgium, Turkey, Israel, Iran, Syria, and Sudan.
• Confusing depositing and withdrawal fee system.
• Can be overwhelming for beginners.

Is IQ Option Trustworthy or a Scam?

There are a number of complaints unsatisfied customers that called IQ Option a scam. It has been reported that the company disabled a person’s account which didn’t allow them to withdraw their balance and a lot of angry people have seemingly lost their funds on the platform.

There is also a high number of positive comments regarding its trading service and customer support.

Verdict

IQ Option is a highly versatile trading platform which features a wide selection of trading options and features which are suitable for a professional and diversified trader.

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