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A global binary options and Forex broker, IQ Option offers its own trading platform, a limited number of tradable assets and a single live account with low trading costs, tight spreads and a low minimum deposit.
Does not accept UK Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 1:500. Islamic account available. IQ Option platform supported. IQ Option is regulated by CySEC. 83% of traders lose money with this provider. This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.
Our verdict on IQ Option
IQ Option does not accept clients from the UK. In this event, we recommend that traders looking for a broker similar to IQ Option review either Pepperstone or Tickmill.
A CySEC-regulated broker, IQ Option appeals to beginners with its unique bespoke social trading platform, low minimum deposits, and excellent trading conditions. However, IQ option’s non-trading fees are high and its has fewer CFDs to trade than other similar brokers.
IQ Option’s proprietary social trading platform is very popular among new traders. The platform is very easy to use, provides various sentiment indicators, and allows social trading via a feature labeled Community Live Deal. It also features a large chart with a wide selection of trading tools, including Moving Averages, Bollinger Bands, MACD, and RSI.
IQ Option offers one live commission-free account with competitive spreads (starting at 0.7 pips on the EUR/USD) and a minimum deposit of only 50 EUR, making it accessible to beginner traders. However, while deposits are free, IQ Option charges high withdrawal fees for bank transfers and an inactivity fee of 10 EUR (or equivalent) per month after 90 days of inactivity.
IQ Option provides little in the way of market research or educational materials, forcing traders to self-educate elsewhere.
This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.
A company incorporated in Antigua and Barbuda, IQ Option is essentially unregulated. As such, any claims it makes regarding the safety of client funds cannot be verified.
This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.
A company incorporated in Antigua and Barbuda, IQ Option is essentially unregulated. As such, any claims it makes regarding the safety of client funds cannot be verified.
Is IQ Option Safe?
This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.
For all intents and purposes, the Antigua and Barbuda is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities. Clients must rely solely on the reputation of IQ Option, as no additional measures exist to ensure client protection. However, in a show of good faith offers negative balance protection to all its clients.
One concern traders may have is that IQ Option does not offer independent audits or confirmation of its performance claims. Additionally, IQ Option offers high leverage to its clients – up to 1:500. It also has a low minimum deposit requirement, which means for traders who deposit small amounts, it will be difficult to hold a substantial trading position without getting stopped out and losing the money in their trading account.
Additionally, traders should proceed cautiously should they decide to trade binary options. Many global regulators have clamped down on allowing binary options trading because of the risk involved in this type of trading.
Considering the lack of regulation and oversight, IQ Option cannot be considered a safe broker. Additionally, traders should be aware of the high leverage and low minimum deposit requirements, which could see their trading accounts wiped out.
This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.
Regulator
Jurisdiction
Licence no.
Scope of Regulation
None
none
Opening an Account at IQ Option
The account opening process at IQ Option is user-friendly, fully digital and accounts are ready for trading immediately.
All traders are eligible to open an account at IQ Option but have to meet the minimum deposit requirement of 10 EUR.
Creating an account is straightforward, the process is fully digital, and accounts are usually ready immediately.
New traders will have to click on the “Sign Up” button at the top of the page where they will be directed to register an account.
Traders will automatically be directed to a demo account with a balance of 10,000 USD.
In order to open a real account, IQ Option, in line with regulatory requirements, requires at least two documents to accept you as an individual client:
Proof of Identification – IQ Option accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID.
Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last three months and must contain a trader’s full name, current residential address, issue date, and issuing authority.
After the application is approved, traders can login and fund their accounts. We suggest you read IQ Option’s risk disclosure, customer agreement, and terms of business before you start trading.
Overall, IQ Option’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading once all documentation has been approved.
IQ Option’s Trading Instruments
IQ Option offers a limited range of tradable assets compared to other similar brokers.
Available Assets and Leverage
IQ Option offers a limited range of tradable instruments, which may leave more experienced traders dissatisfied.
Financial Instrument
Number of Assets
Leverage
Commodities
3
20:1
Cryptocurrencies
12
2:1
Stock CFDs
192
5:1
ETFs
23
20:1
Forex
33
30:1
IQ Option Accounts and Trading Fees
IQ Option offers only one trading account, which is limited compared to other brokers, but its account is suitable for both beginners and more experienced traders.
Trading Fees
IQ Option offers one commission-free account with trading costs included in its variable spreads. This means that the spread will fluctuate and get wider or tighter depending on trading volume and market volatility. However, at 7 USD per lot traded, IQ Option’s trading costs are significantly lower than the industry average. The trading costs on the EUR/USD at other good brokers tend to be around 9 USD per lot traded.
Swap Fees
IQ Option charges a swap fee of 0.01% – 0.5% and during times of extreme volatility, up to 1.7% of the face value of the position for keeping a position open overnight. This is in addition to the interbank interest rates charged by the bank.
Account Trading Fees:
Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
Live Account
USD 10
0.70
Spread Only
7.0
IQ Option has some of the most competitive trading costs in the industry.
We opened and tested IQ Option’s Real and Demo accounts:
Real Account
Ideal for beginner traders, this account requires only a 10 USD minimum deposit and offers trading on 400+ trading assets. The maximum leverage offered on this account is 1:500, and spreads are much tighter than other market makers, at 0.80 pips on the EUR/USD. While IQ Option does not allow hedging, scalping, or copy trading, it offers Islamic Swap-Free accounts.
Demo Account
Those afraid to risk real money on trading will be glad to learn that IQ Option has an unlimited, free demo account. Upon opening the account, it is loaded with $10,000 in virtual dollars for trading on 400+ assets.
Overall, IQ Option’s account is more suited to beginners than experienced traders, and trading costs are significantly lower than other market makers. However, traders should be aware of trading with high leverage and low initial deposits, as this may cause an account wipeout.
IQ Option Deposits and Withdrawals
IQ Option offers a wide variety of funding and withdrawal methods.
IQ Option ensures that all Anti-Money Laundering rules and regulations are followed. As such, all funds are returned to the source. IQ Options processes payments within three business days.
IQ Option offers a range of deposit and withdrawal methods, including local bank transfers, international bank wire transfers, e-wallets, and credit/debit cards.
See below for a complete list of payment options and withdrawal times:
Funding Method
Base Currency
Deposit Fees
Withdrawal Fees
Processing Time
advcash
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
Bank Transfer
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Local Bank Transfer within 24 hours, International Bank Transfers up to 5 days.
Bitcoin
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits 2+ days, withdrawals 2+ days.
Mastercard
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
Neteller
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
PerfectMoney
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
Skrill
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
Visa
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
WebMoney
ZAR, USD, GBP, EUR, RUB
FREE
2% up to a maximum of 450 ZAR
Deposits are instant, withdrawals can take up to 3 days.
Overall, while IQ Option offers a wide variety of funding and deposit methods, withdrawals can be expensive and processing times are slow.
Base Currencies
IQ Option has a limited number of base currencies compared to other brokers.
Trading accounts can only be denominated in five base currencies – MYR, EUR, GBP, RUB, and USD.
IQ Option's Mobile Trading Platforms
Unlike most CFD providers, IQ Option only provides its own trading platform, which cannot be customised and does not allow for algorithmic trading.
For traders that are unable to remain at their trading terminal for any prolonged period of time, IQ Option offers a free mobile trading app, available on Android and iOS. The mobile trading app has been designed specifically for smartphones and mobile devices, allowing traders to check their account status. Mobile functionality is most of the indicators and tools available on the desktop version.
Trading Platform Comparison:
Image URL (Small)
Broker
Platform Choice
Copy Trading
Platforms
IQ Option
4
/ 5
No
IQ option
Pepperstone
5
/ 5
Yes
MT4, MT5, cTrader, TradingView
Tickmill
4.5
/ 5
Yes
MT4, MT5
IQ Option’s mobile trading platform is average compared to other brokerages.
Other Trading Platforms
Unlike most CFD providers, IQ Option only offers its proprietary trading platform. This could be a concern as most similar providers also offer MetaTrader 4 or 5 in conjunction with any first-party software.
IQ Option’s proprietary social trading platform is very popular among new traders. The platform looks fantastic, is very easy to use, and has a solid reputation in the trading community. It features a large chart which is a great help for traders who wish to monitor the market conditions. Margin trading is also available for certain instruments.
Image URL (Small)
Broker
Platform Choice
Copy Trading
Platforms
IQ Option
4
/ 5
No
IQ option
Pepperstone
5
/ 5
Yes
MT4, MT5, cTrader, TradingView
Tickmill
4.5
/ 5
Yes
MT4, MT5
In addition, the platform comes with a wide selection of trading tools, including Moving averages, Bollinger Bands, MACD, and RSI. It also allows traders to establish alerts based on more than 100 technical indicators and an economic calendar.
However, unlike platforms such as MT4 and MT5, IQ Option’s platform is not customisable, and traders who are used to setting up their own charts over a bespoke workspace will be disappointed. In addition, the platform does not offer the execution speeds of the Metatrader platforms, nor does it offer algorithmic trading.
Another disadvantage of using the IQ Option’s platform versus third-party platforms is that none of the trading tools available on the Metatrader can be integrated directly into the platform. Additionally, traders who use third-party platforms such as the Metatrader suite can take their own customised version of the platform with them should they choose to migrate to another broker.
Overall, IQ Options’ platform is a good choice for beginner traders because of its simple and intuitive interface, but compared to third-party platforms such as MT4 and MT5, it lacks the execution speeds and doesn’t allow for automated trading via expert advisors or other trading algorithms.
IQ Option’s Research and Trading Tools
IQ Option offers a limited range of trading tools compared to other similar brokers.
IQ Option’s trading tools include various charting tools and technical indicators. However, unlike other similar Forex brokers, it does not offer any additional sentiment indicators or analytics services such as Autochartist or Trading Central, and the proprietary platform also does not integrate with any third-party tools.
The online trading platform offers a great variety of charting tools. These help traders predict future market movements and include candles, hollow candles, bars, areas, and lines.
IQ Option also has 13 different indicators that users can access through the charting interface. The indicators help traders discover trends and find trades with good profit potential. Indicators include:
Moving Averages
Bollinger Bands
Moving Average Convergence Divergence (MACD)
Awesome Oscillator
Volume Indicators
Parabolic SAR
Relative Strength Index (RSI)
Stoch or Stochastic Oscillator indicators
Average True Range (ATR)
Average Directional Movement Index (ADX)
Fractals
Commodity Channel Index (CCI)
Trading Tools Comparison:
Image URL (Small)
Autochartist
Trading Central
Trading View
No
No
No
Yes
No
Yes
No
No
No
Overall, IQ Option’s trading tools are limited compared to other brokers, but its technical indicators and charting tools are excellent.
Analysis Material
IQ Option offers very few research materials, and most of these are curated by third-party providers.
A Facebook-style news feed of 3rd party economic news is freely available to all visitors to the IQ Option website, along with a small section on expected high volatility news events. The rest of the analysis comes in the form of tools that are built into the platform.
IQ Option’s Educational Material
IQ Option’s educational materials are limited compared to other similar brokers.
Q Option provides an extensive video library for education purposes. Since the core client base at IQ Option is the younger, less experienced traders who are attracted by the unique social trading platform, the short videos cater well to these traders.
While most of the videos cover market news issues, there are a set of videos covering the basics of the IQ Option platform and an introduction to CFD trading. Furthermore, a large portion of the material is focused on cryptocurrencies.
Educational Material Comparison:
Unlimited Demo Account
Beginner Course
Advanced Course
Yes
No
No
No
Yes
Yes
Yes
Yes
Yes
IQ Option’s Customer Service
IQ Option’s customer support team is available 24/7, which is an advantage for beginner traders.
IQ Option has a 24/7 telephone and live chat customer support service. Most countries have a toll-free phone option while others are charged at local rates. Customer service is available in 16 languages. Additionally, the live chat service is only available once traders register an account.
For the purposes of this review, we found the customer support responsive and polite, but uninformed. They were unable to answer questions on the average spreads and leverage on various instruments.
How Brokers Are Scored
FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.
Trust Rating: Assessment of broker reliability and reputation
Trading Costs: Spreads and fees for clear comparisons
Platforms: User-friendliness and features
Asset Selection: Forex, stocks, and other available instruments
Deposit and Withdrawal: Simple and free deposits & withdrawals
Education: Support for beginners and developing traders
Customer Support: Accessibility, responsiveness, and expertise
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”.
Head of Content at FxScouts since 2019, Chris Cammack ensures all content meets our high standards of quality and clarity, shaping editorial guidelines and overseeing broker reviews. Chris brought 10 years of experience in research, editorial, and design for political and financial publications, and has a deep knowledge of international financial markets and geo-politics. He co-hosts the "Let's Talk Forex" podcast with Alison and writes for the news section on a regular basis.
Alison Heyerdahl
Senior Financial Writer
Alison joined the team as a writer in 2021. She is the Senior Financial Writer for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.
Ida Hermansen
Financial Writer
Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.
Stefan de Clerk
Financial Writer
The newest member of our team, Stefan has a degree in Marketing and more than a decade of experience writing quality content in both finance and tech. Stefan's deep fascination with how factors like geopolitical events, big data and market sentiment influence the financial markets drives his passion for Forex trading. He believes that if you want to feel the pulse of the world economy, trade Forex, and if you want to trade Forex, you need well-researched, unbiased and objective information.
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