This is a complete review of IQ Options.
IQ Options is a financial service provider that allows you to trade a variety of financial instruments like stocks, binary options, cryptos, ETFs, Forex and Commodities.
With over 48 million registered users from around the world, the company stands as one of the best online options brokers today. It has won numerous awards from reputable bodies and boasts of more than 2,000,000 active investors daily.
Based on my experience as an online trader, I have written an in-depth review of what IQ Options has to offer, its reputations, limitations and lots more. Most of all, there is a bonus for you at the end of this post, I’ll be teaching you how to trade profitably.
Keep reading and enjoy this article.
There is a lot of information I have shared in this post, but I have written them in plain language so that you will have no difficulty understanding the post.
Below is a list of everything I will discuss today, click on any to take you straight to its content;
- IQ Options Overview
- Traded Instruments
- Restricted Countries
- Accepted Payment Methods
- Trading Accounts
- Registration Requirement
- Customer Support And User-Interface
- Pros And Cons
IQ Options Overview
Iq Options was established in 2013, it started out as a binary option broker but later added other markets like, Stocks, Forex, ETFs, Commodities, and Cryptocurrencies.
The company is operated by IQ Option Ltd and IQ Option Europe Ltd. IQ Option Europe is registered in Cyprus and regulated by CySEC (Cyprus Securities and Exchange Commission), IQ Option Ltd is registered in Seychelles but this body is not regulated.
Iq Options has attracted a lot of traders since its existence. Over $380 million trade volume is processed monthly with more than $10m monthly withdrawals. IQ Options has received countless positive reviews from its customers. The awards gotten from several reputable and trusted bodies is something to definitely bank on if you are not yet sure whether to subscribe with this broker.
Keep reading, we are about to know what IQ Options has to offer.
The instruments traded in IQ options are as below.
- CFDs On Cryptocurrencies
- CFDs On Stocks
- CFDs On Forex
- Options (Binary Options & Digital Options)
- ETFs (Exchange Traded Funds)
You need to understand what CFD is before you can trade the first 3 instruments above. The first 3 instruments listed above are in CFD i.e Forex CFD, Stock CFD and Cryptocurrency CFD. for a better understanding of this review, I will briefly explain CFD.
What is CFD?
“CFD is an agreement to exchange the difference in the value of a particular asset from the time the contract is opened, until the time it is closed”. If you are new to trading CFD, you might not understand this definition, so I will make it much easier for you by using an analogy:
suppose James wants to buy a piece of property, hold and sell it after after a month no matter the market value.
He might sell it at a profit if the value appreciated or at a loss if the value depreciated. To enter this trade, the piece of property might cost $100,000.
An onlooker might want to participate in this trade but he does not have $100,000. What he has is say $20.
How does he participate?
He can make a trade with his $20 in a CFD company stating that he believes the property will appreciate. That if the property appreciates within the time frame, he should be paid his $20 + the increment proportional to the appreciation of the property. But if it depreciates he will lose the fraction of his $20 proportional to the depreciation.
This is basically what CFD is. You are not trading in the real market but the expected outcome. with this basic knowledge, let’s get on with Iq Options review
Before I proceed with what and what instruments are traded on IQ Options, you need to understand what a CFD (Contracts For Difference) means since it will keep coming up in this section.
CFDs On Cryptocurrencies
Currently, there are 28 cryptos traded in Cryptocurrency CFD on IQ Options, including;
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC
- Stellar (XLM)
- Ripple (XRP)
- Bitcoin Gold (BTG)
- Litecoin (LTC)
- Dash (DASH) etc..
There is a new asset Bitcoin x100, which is a multiplier of x100 for bitcoin trading that is now available to non-European traders.
This multiplier allows a trader to make investments that exceed his balance which can drastically increase or reduce or reduce his potential profit.
CFDs On Forex
There are currently 49 trading pairs in this market. The major pairs include;
- GBP/JPY, etc..
CFD On Stocks
Trading Stock CFD is similar to trading CFD of Forex and Cryptos but in this case, you are trading the gain and loss of companies like Microsoft, Facebook, Chevron, Coca-Cola, etc. There are currently 170 assets in stock to choose from.
There are two types of option in this trading platform; binary option and digital options and over 72 assets to choose from
- Binary Options: This is the most popular type of option as well as what IQ option was known for at its inception. You can profit up to 95% *( Amount to be credited to the account for a successful trade) in as little as 60 seconds if the trade goes your way. But lose all if it goes otherwise
- Digital Options: This is an option that speculates on the extent of price change of cryptocurrencies, indices, commodities, and stocks. Profit could be as high as 900%. The risk is also very high and could lead to the loss of your funds in a flash.
Exchange-Traded Fund (EFT)
An ETF is an investment fund traded on stock exchanges, much like stocks. EFT holds assets such as stocks, commodities, or bonds, and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur.
There are currently 25 ETFs to trade on IQ Options.
Watch this 2minutes video to learn how to trade on Binary Option
IQ Option accepts users from 213 countries including Nigeria, South Africa, Singapore, Philipines, Malaysia, India and many more.
However, it does not accept users from these countries;
- Russian Federation
Deposits And Withdrawal Methods
- Visa/Master Card ( Debit or Credit card)
The minimum amount that can be deposited at once is $10.
- Visa/Master Card (only initial deposit)
- Bank Transfer
You will notice that bitcoin is not among the withdrawal options. It has been temporarily disabled. Users will be notified once this service is re-enabled.
To withdraw your bitcoin, you will have to first convert it to fiat and withdraw the fiat.
Withdrawal through an e-wallet like Neteller, Skrill, and Webmoney takes 1-3 working days while bank transfer takes 1-9 working days. The good thing is that you can track this process, from when your withdrawal request was submitted to when it is processed and released to you.
There are 3 types of trading account available.
Practice account (Demo account)
This is a demo account. It comes with a $10,000 preloaded for you to practice with. You can also replenish this amount whenever it finishes as often as you want. Note that you cannot withdraw this money or gains from it, as it’s just for practice. The Demo account is essential because it will help you practice at no risk.
The second type of account is the real account. You need to deposit a minimum of $10 to activate a real account. With this account, you can participate in all the live markets available in IQ Options.
Once you deposit up to $3,000, you automatically become a VIP member which means you get special attention. This account gives you access to all the benefits of the real account owners and other benefits such as a personal manager, monthly trading record, feedback etc.
Registration is quite simple; there are 3 ways to sign up on IQ Options;
- Via Your Email Address: simply enter your name, email address and choose a password. Then visit your email to verify your account via the link that will be sent.
- Via Your Facebook Account: All you have to do is link directly to your Facebook page and continue.
- Via Your Google Account: same as above, all you have to do is to link directly to your Google account via your browser and continue from there.
You can withdraw your deposited amount without further registration; however, to withdraw your profit, you will need to provide a government-issued ID (Driver’s License, Passport)
Clients in the EU are required to provide their ID Card and Proof of residency after their first deposit.
Customer Support And User Interface
The UI is one of a kind, apart from its aesthetic design and well laid out colors to help users quickly make a trade, it has all the trading instruments in one page in such a way that they do not conflict in any way.
In addition to this, there are video tutorials to put you through all the action you want to take and 24/7 customer support chat. There is also a mobile app for android and iOS users.
There are four ways to contact IQ option
- Online Chat – as shown in the picture above, response to chat take 3seconds. This is rather conservative because when I contacted support through this method, the response took less than 5 seconds, it was rather instant.
- Support Ticket – response to support ticket takes about 16 minutes as stated on the website.
- Email ([email protected])
- Phone call – There over 25 phone numbers through which one can contact IQ Options depending on your country, some of these numbers are toll-free.
Responsiveness – IQ Option Apps
IQ Option is responsive across all devices. To make trading easier and fasters, IQ option App can be downloaded to your computer, Android and iOS.
This is crowned by an enormous language support of up to 15 languages
Pros And Cons
- Replenishable demo account.
- Excellent user interface.
- Active customer support.
- Up to 300 markets available for trade.
- Mobile friendly.
- Withdrawal may take up to 3-9 working days, depending on the withdrawal method used.
- It is only regulated in Europe.
Frequently Asked Questions
Is IQ Options A Safe Broker?
IQ Option is not a scam platform for the following reasons;
- It is regulated in the EU
- There has not been a complaint about anyone being scammed
- It has been around since 2013
- Its customer base has continued to grow presently at over 50 million
- Awards have been presented to IQ option for excellency from reputable bodies.
- IQ options has partnered with Aston Martin Racing since 2016
If you are reading this and have experienced an unfair treatment by IQ options that suggests that they are a scam, please let everyone know in the comment section below.
How Much Can I Make?
Your success on trades depends solely on these factors;
- Your skills
- Amount invested.
As a beginner, I recommend you start by watching the training videos already provided by IQ Options to make more informed transactions. Then try out your skills on the demo account before trading in the real market to avoid losing your money out of ignorance.
I hope this IQ option review was comprehensive enough for you. Know that trading is risky, you can make a lot of money and you can as well lose all your money. You have to be trading on IQ Options already to fully understand what we are saying here.
Do you think there’s something I missed out in this review?
Have you had any experience with this broker?
Let me know what you think about this platform or your experiences in the comment section. Lastly, don’t forget to share this post by clicking on the social media icons below.
Trading options or fixed time trades carries a high level of risk since it can work both to your advantage and disadvantage. As a result, options trading may not be suitable for all investors because it is possible to lose all of your invested capital. You should never invest money that you cannot afford to lose. Before trading, please ensure to understand the risks involved
Statistically, 90% of options traders lose their capital
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Ease of Use9.0/10
- Replenish-able Demo Account
- Excellent Interface
- Active Customer Support
- Mobile friendly.
- Withdrawal may take up to 3-9 working days, depending on the withdrawal method used.
- Regulated in the EU only