IQ Option Review

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*Risk Warning – Your Capital Is At Risk

7.9 FXScouts
Pros
  • $10 minimum investment
  • Mobile phone apps available
  • Offers demo accounts
  • Many deposit and withdrawal options
Cons
  • No South African Rand base currency
Summary
The IQ Option platform is fantastic. It is simple to use and can be used in your browser eliminating the need to download special software.
Account Types8.5
Client Support & Onboarding7
Free Services8
Deposit & Withdrawal8

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.

Account types

Demo Account

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

Real Account

  • 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.

IQOption - List of Currencies

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.

Iqoption Monitoring 4 currencies

Research

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.

IQOption USD ZAR

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.

IQOption - USD ZAR Graphs

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.

IQ Option Weekly Leaders

Deposit & Withdrawals

Depositing funds is secure, and some e-wallet solutions are available. Visa and Mastercard are accepted for deposits.

IQ Option E-wallet

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
Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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