IQ Option Review – Better Trading Platform for Binary Options, Crypto, Forex, CFDs!

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  • Binomo
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    Good choice for experienced traders!

IQ Option review

Offers a variety of options to trade on

By Jitendra Soni 14 March 2020

Our Verdict

Suited for all type of traders – beginners to advanced

  • Easy to use website
  • Demo account
  • Quick withdrawals

Against

  • No MT 4 integration
  • No Robo-traders

IQ Option is one of the leading online trading platforms. It allows you to trade a wide variety of popular financial instruments like binary options, stocks, forex, ETFs, commodities, and cryptocurrency.

It is operated by IQ Options LTD and was founded recently in 2020, making it one of the youngest platforms in its category. Despite this, it is considered to be one of the most popular and fastest-growing trading platforms. It boasts of over 48 million registered users and over one million transactions per day.

IQ Option is also based in Cyprus and regulated in the EU by the Cyprus Securities and Exchange Commission (CySec). It welcomes traders from over 213 countries excluding users from the United States, Japan, Israel, Turkey, Belgium, Russian Federation, Australia, Canada, Germany, Italy, Netherlands, Romania, and Spain.

What does IQ Option offer?

IQ Option is a fully-featured trading platform that provides its users with a wide gamut of options to trade on. After starting as a binary options broker, the platform offers Contracts for Difference (CFDs) on stocks, cryptocurrencies, Exchange Traded Funds (ETFs), forex, and a range of various digital options to invest.

Here is a quick list of assets that IQ Option offers:

  • CFD –CFDs on stocks from over 176 different companies listed on the NASDAQ and NYSE
  • ETFs – Even though it’s a relatively new product, customers can choose from approximately 4288 different ETFs
  • Forex – One of the most traded and popular trading assets. IQ Option provides access to around 188 popular currency trading pairs
  • Options – This allows users to speculate on the price of assets like currencies, stocks, indices, and commodities etc. IQ Option has access to over 10 million options
  • Cryptocurrencies –12 top cryptocurrencies which include Bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Omisego, IOTA, and Dash

(Image credit: Future)

Accounts

Traders are offered two different types of account to sign up with IQ Option. These are

Standard: Starts with a minimum deposit of $10. It offers access to more than 350 assess to trade on. 24 hours of withdrawal processing is also available with the basic account. Customers outside the EU get access to different trading competitions that are held regularly on the platform

Best Binary Options Brokers: 2020 Ranking
  • Binarium
    Binarium

    Best Choice! The leader in our ranking!
    Perfect for beginners!
    Free Demo Acc + Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

VIP: It is available to traders with a deposit of $1900 or more within a 2-day period. This account comes with a host of benefits like a personal account manager, monthly reports, and an additional 3% in returns. Unfortunately, VIP accounts are only available to traders who are located outside of the EEA

Demo account

For many traders, a demo trading account is an absolute necessity. This not only lets them understand how the platform work but they also get to experience various customization options and different reports. IQ Option also offers a demo account for starters. Unlike other platforms, the demo account here does not come with any time limit. Users can use and get accustomed to the platform for as long as they want, test new features and new trading strategies.

This demo account comes with $10,000 of virtual funds. You can reset the account to get more virtual funds in case you end up using them all.

The web platform offers all popular technical indicators such as moving averages, Bollinger Bands, MACD and RSI. New features are added to the platform every now and then. Very recently it added a feature called ‘position top-up’ that allows a trader to keep the trade open, in case it’s approaching stop loss. Overall the web platform is well designed and offers quite a few details at a single glance.

(Image credit: Future)

Tools

IQ Option offers the traders a variety of order types and stop-loss tools to help minimize losses and maximize profits on Binary Option trades.

  • Stop-Loss Orders
  • Multiplier Orders
  • Take Profit Orders
  • Pre-Order

The Mobile app offers similar features and allows the trader to order easily. It displays the chart in the home page and has an ability to adjust various parameters like an investment, leverage, and price and then select buy or sell. Users can also easily search for their favourite crypto-currencies and analyze all of the most relevant and up to date information.

(Image credit: Future)

Support

IQ Option’s customer support is also impressive. The company offers a toll-free helpline number for following countries: United Kingdom, Brazil, South Africa, India, Singapore, Thailand, Colombia, Australia, Mexico, Portugal, Spain, Argentina, and Chile. The company promises 24/7 Customer Support Service.

Apart from calls, traders can chat or even send an email to the team in case of any doubts or support required.

Final Verdict

IQ Option is a full-featured platform that offers great value, despite being fairly new in the industry. With a presence in over 200 countries it is one of the most reputable brands in the trading industry.

However, the lack of the industry-standard MT4 platform may be a negative for some of the more experienced traders out there.

Best Binary Options Brokers: 2020 Ranking
  • Binarium
    Binarium

    Best Choice! The leader in our ranking!
    Perfect for beginners!
    Free Demo Acc + Free Trading Education!

  • Binomo
    Binomo

    Good choice for experienced traders!

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