- $10 minimum investment
- Mobile phone apps available
- Offers demo accounts
- Many deposit and withdrawal options
- No South African Rand base currency
IQ Option is one of the younger binary options trading brokers having only been in business since 2013 and has already established itself as an international leader in this industry operating in over 13 languages. IQ option runs in your web browser making it simple to do analysis and make trades – they one of our favourite standout brokers for binary options trading.
This account will allow you to get to know the platform and how it works before you invest any real money.
- 400+ trading assets
- $10,000 in virtual dollars
- Renewable – meaning you can extend the lifetime of your demo account indefinitely
- All 400+ trading assets available
- $10 minimum deposit
- Participate in trading competitions
- Withdrawals under three days
VIP Account- Access granted with deposit over $3000
- All 400+ trading assets available
- Option to “buy back”, “cancel” or “sell” a deal before the expiration time, and get a part of your investment amount returned
- Personal manager
- Monthly trading analysis
- Withdrawals under 24 hours
Opening an account at IQ Option
Opening an account at IQ option is easy as they support account creation by using your existing Google or Facebook account, or fill out a form to include your name, and email address. All of the KYC (know your customer) information will be added later in your profile before you can deposit and trade.
Platform and Tools
The IQ Option platform has Binary Options, Digital Options, Forex Trading and more available to customers. This variety makes it easy if you want to trade more than just Forex Trading, and why we keep the review on this website.
Central the tool is the list of currency pairs you can trade. Next to the currency in the list, you can see a glimpse of the research area as it shows the profitability over the 1 and 5-minute trading intervals.
The next layer down in the platform is the monitoring of 4 assets in more detail, each with a trading screen so multiple trades can be monitored. This is the platform showing its diversity as with the below example; the assets can be from different classes – this example shows the USD/ZAR and CAD/CHF currency pairs, Bitcoin, and Brent Crude Oil. This complexity of data and structure is unique to IQ Option.
IQ Option offers research tools directly in the browser. Below is an example of the single currency view where we have the pair USD/ZAR plotted. Straight from this screen, the trader can either speculate on the value of the currency pair either decreasing or increasing. You can see the simple functionality showing in the “higher” and “lower” buttons to the side of the screen.
Here is an additional view of the USD/ZAR currency pair, showing market momentum and other layers on the graph. In this screenshot, I am monitoring additional currencies at the top of the screen while setting up a 1000 USD put trade.
IQ Option – The Social Platform
On IQ Option, leaderboards are visible showing the better traders of the week and even localised down to South Africa. Congratulations to Emily M. I think this aspect makes the platform a little more fun, but traders should not only focus on this playful component and forget the seriousness of trading, as losses are just around the next corner. Tournaments are also available to traders who wish to participate.
Deposit & Withdrawals
Depositing funds is secure, and some e-wallet solutions are available. Visa and Mastercard are accepted for deposits.
The withdrawal system favours withdrawing profits with e-wallets. If you are withdrawing more than you initially deposited using a credit card, the amount that you deposited via credit card will be returned to the card, while the additional amount will be sent to you via e-wallet (free) or via bank wire (25 USD). If you deposited with e-wallet, then all funds will be sent back to that same e-wallet. Payments take three business days for IQ Option to process.
My take is this: This does not seems right. The platform is so good at taking money, but not so good at returning it. Adding additional fees on bank wires to deter clients from using the method is not the way a business should run. E-wallets are not the best solution for all people; I think this process and fees related to it, need to be updated.
Unique selling points
- Highly intuitive interface
- Browser-based platform eliminates the need to download special software