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 eToro or FXCM.
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.