With so many trading platforms on the market nowadays, it is quite difficult to find a suitable service for your trading needs. In today’s review, we will look at what IQ Option has to offer and help you figure out if it is the right broker for you.
About IQ Option
IQ Option is an established trading platform that features a wide diversity of popular financial assets, including binary options, forex, stocks, ETFs, commodities, and cryptocurrencies.
The platform was launched by IQ Options LTD back in 2013, and since then, it has amassed over 67 million registered users and a daily trading volume of more than $393 million.
IQ Option is a Cyprus-based company and is regulated by the Cyprus Securities and Exchange Commission (CySec) in the EU.
Traders from 213 countries are allowed to use the platform’s services; however, residents of the United States, Japan, Israel, Turkey, Belgium, Russian Federation, Australia, Canada, Germany, Italy, Netherlands, Romania, and Spain are prohibited from using the site.
Which Assets Can You Trade on IQ Option?
IQ Option users have access to a wide variety of financial instruments, offering Contracts for Difference (CFDs) on stocks, cryptocurrencies, Exchange Traded Funds (ETFs), forex, options, and commodities.
The platform features CFDs on 184 different stocks from top companies listed on the Nasdaq and NYSE, 48 forex pairs, 24 ETFs, and 49 options.
Crypto traders can choose from 12 top digital assets, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Tether, Ripple, Litecoin, Monero, Zcash, Omisego, Qtum, Tron, EOS, IOTA, and Dash.
Trades on binaries and digital options have a minimum trade size of $1, a Forex CFD requires a minimum trade of $20, and FX options have a minimum trade size of $30 (Euro or GBP equivalent).
IQ Option Trading Platform
IQ Option has created its own proprietary interface, which was designed to allow traders to easily use all the many tools and features available. Some of the features include multi-chart layouts, technical analysis, nearly 20 different indicators, historical quotes, volatility alerts, market updates, stock screeners, economic calendars, line drawing tools, and more. The platform has been translated into 13 different languages.
IQ Option also offers a diversity of order types and stop-loss tools for Binary Option trades, such as Stop-Loss Orders, Multiplier Orders, Take Profit Orders, and Pre-Orders.
For users outside of the EU, there is a product called “Cryptocurrency Multiples,” where they can multiply the price movements of an asset by X20, X50, or X100. It is basically a leveraged trade, and while it can be a large opportunity, it is also a very risky tool.
The broker developed mobile apps for iOS and Android users. The mobile apps have the same layout and features as those offered in the desktop interface.
The broker platform allows users to choose from 3 types of trading accounts: a standard trading account, a VIP account, and a demo account.
- Standard and VIP trading account
A standard account has a minimum deposit of $10, while the VIP trading account requires a minimum deposit of $1900 and a trading volume of $15000.
Obviously, the VIP account will come with extra benefits, such as 3% additional returns, faster withdrawal times, and the assistance of a personal manager. Users of both account types are able to take part in IQ Option’s weekly trading competitions.
- Demo account
New traders who are looking to test the platform can register for a free demo account, where they can use $10,000 worth of practice money to familiarize themselves with the interface and test out strategies. You can ask support to reload your demo account with practice funds if you run out. The account has no time restrictions and can be used in tandem with a real money account.
Users can make deposits and withdrawals with a variety of payment options, such as bank wire transfers, Neteller, PayPal, Skrill, Visa, Mastercard, WebMoney WME, and WMZ. Withdrawals are usually processed within 1 business day.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose. Binary options are prohibited in EEA.