IQ Option Broker Review
- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
A popular choice in the forex broker world, IQ Option might be a name you’ve heard. IQ Option is a forex broker that boasts a variety of features. Is IQ Option what your trading has been needing? Read to learn more.
About IQ Option
IQ Option was founded in 2013 by IQ Option Ltd. Since that foundation, the broker has grown to become one of the more popular choices in the industry. Currently they boast more than 20 million users. This is impressive given the relatively young age of the forex broker. Throughout this IQ Option review, we will objectively detail the features and offerings of the broker and how these may be suitable for your forex trading future.
The company is based in Cyprus and is also regulated there by CySEC. This is one of the most stringent regulatory bodies in the financial sector, and thus ensures the broker remains highly compliant with all necessary regulations to operate within the EU.
IQ Option offers three account types to its traders and potential traders. You can get started with testing the broker’s proprietary trading platform by opening a demo account. This will provide you with $10,000 virtual currency to trade and test out all of the platform features.
Moving from this to a real account, there are two options available:
A regular account can be opened which provides full trading access to over 300 instruments. A VIP account option is also available which features dedicated training material and on-demand customer support.
For a regular account, a deposit as low as $10 is sufficient to open your account and begin trading. VIP account opening requires a minimum deposit of $3,000.
Availability and Ease of Opening
The first point to note is that there are a few countries where IQ Option does not offer services, namely, these are, USA, Canada, Australia, Belgium, Israel, Palestine, Japan, Sudan, Syria, Iran, North Korea, and Russia.
For residents of all other nations, the account opening process is smooth and relatively easy to complete. The website provides for a very speedy and intuitive opening process. Traders open just one type of trading account and are prompted to make a deposit. If they do not wish to make an initial deposit, the account mode automatically switches to demo. This then reverts back to live mode when a real deposit is made.
Verification is required to fully operate a real account, this can be quickly completed in a few steps and includes, email verification, phone verification, personal information entry, and ID verification through digital upload of your identification documents.
As part of the IQ Option review, we have conducted thorough research on the product offerings of the broker. What became clear is that IQ Option are very active in providing a diverse range of markets to traders. Where some brokers focus predominantly on currency pairs, IQ Option has expanded their reach to include offerings in the following areas:
- Forex Currency Pairs (91)
- Options (113 – Across all markets)
- Stock CFDs (173)
- Cryptocurrency (24)
- Indices (10)
- Commodities (6)
- ETFs (21)
This is an extremely broad range of markets even when compared with other major brokers. Ultimately, it provides an outlet to encompass all types of trader. This may help explain how the broker has been able to amass such a large number of traders in a relatively short period.
IQ Option Commissions and Fees
As with many forex broker platforms, IQ Option trading fees are incorporated into the spread of a particular market. In terms of major currency pairings, this spread ranges between 0.013% – 0.026%, increasing depending upon the market popularity.
The same is true when trading other products such as stocks, and cryptocurrencies which charges a 2.9% position opening fee in addition to the spread. These trading fees can be considered relatively high when compared with other brokers of a similar stature in the industry. IQ Option also charge a variable swap fee of between 0.003% and 0.012% depending on the position held overnight.
The broker charges a few types of non-trading fees. The most significant of these begins with a 25 Euro fee on any withdrawal by bank transfer. They do not however charge any fees for withdrawals through payment services such as Skrill, Neteller, and WebMoney.
The broker also charges an inactivity fee after 90 consecutive calendar days of non-trading. This dormant account fee is charged in the amount of 50 Euro per month.
IQ Option Platforms and Tools
IQ Option offer their own proprietary platform which is available both in a web-based or downloadable desktop format, as well as being featured on both Android and iOS platforms to facilitate mobile trading. In a break from the usual strategy of brokers, the company does not offer any third-party trading platform alternatives.
The platform offered by IQ option is certainly a stand out feature. Firstly, its visual appearance is first-class, and brings trading platforms forward into the present day from a visual standpoint. It is highly intuitive and user-friendly. This is a fantastic asset for the company and makes the platform and its free-flowing nature hard to break away from.
Chart views are highly customizable and allow for the display of multiple markets, each featuring all of the required statistics on screen to make easy and fast trading decisions. Each chart has the capability to display an abundant amount of professional charting indicators and tools if required.
On the left side toolbar, there are a range of features which include displaying a live text news feed from major media sources, economic calendars, and other analytical tools. This is in tandem with a plethora of useful educational material and videos which are available to access and watch directly within the trading platform.
With its smooth-running, intuitive nature, and providing access to all the fundamental trading tools in an attractive display, this trading platform really beckons traders into the digital age of speed and convenience.
The IQ Option mobile platform incorporates many of the excellent features of the desktop platform, beginning with the very impressive design and user-friendly layout. Multi-chart displays are easy to select and toggle and the platform losses no technical power in mobile variety with the vast majority of professional charting tools still available.
Traders can also enable push notifications to send alerts to their devices if certain market conditions have been reached. This makes the mobile platform equally accessible and easy to use for all levels of trader.
For a platform which has only been on the scene for 5 years, IQ Option has managed to make a big impact. This impact and popularity with which the broker has been received, is driven in part by the diversity of markets the company offers, and the user-friendly nature of their trading platform.
These factors work to deliver a completely immersive experience and are backed by a sense of supportive but competitive community among the traders. This is illustrated during the hosting of “trading competitions” which users can enter for a fixed price to compete for the highest profitability among other traders.
The added social element fits well with the platform and offers an outlet which further motivates today’s generation of traders.
IQ Option has an extensive network of customer service options available to assist traders. These include a phone support service which is available 24/7 and located in 18 cities around the world. Traders can call their local phone support location free of charge in many cases.
The broker also offers email support which generally responds the same day with precise and helpful information.
The live chat support function which is offered through the company website, whilst looking slick and being easy to engage with, does lack a certain level of professionalism. Queries were answered within a few minutes, although communication with the agents was more often confusing and dragged down by both grammatical errors and quite a poor relay of information. This would be one area for improvement within the IQ Option broker.
IQ Option Trustworthiness
With more than 20 million registered user accounts, and conforming to some of the toughest rules in the financial sector as laid down by the highly respected CySEC which regulates the platform, there would appear to be no cause for concern among traders when it comes to trusting IQ Option.
This feeling of trust should be further enhanced by the number of industry awards the broker has received over its relatively short lifespan to date.
Overall, considering the limited time which the broker has been in operation compared to some industry competitors, they have done a stellar job of launching a diverse and accessible offering to traders. The work on the proprietary trading platform is particularly brave and impressive when many new brokers would have just stuck with the tried and tested third-party platforms. IQ Option took a risk in this area and succeeded.
Again the year on year growth are testament to how traders feel about this platform, and although they have some minor adjustments to make, their overall progress can be considered excellent. Being CySEC registered is a further enhancement to the brand and reputation of this broker moving forward.
- Low minimum deposits across all account types make trading highly accessible to all.
- A wide range of diverse markets means there should be trading products to suit all tastes and experience levels.
- One of the easiest to use and visually appealing trading platforms in the sector.
- Extensive training and educational resources which greatly reduce the learning curve for New and inexperienced traders.
- Relatively high fees when compared with other brokers.
- Live chat support is rather inconsistent and lacks a degree of professionalism
- Lack of availability in various countries may put off some traders.