IQ Option review

Choosing a broker is a decision that requires time, effort, and careful consideration. Even advanced traders will find their trading efforts harder by picking the wrong broker. However, this choice isn’t made any easier by the large range of brokers on the market. While numerous options is a good thing, it can be overwhelming, and even confusing, when making a decision. For that reason, careful research is vital. 

One popular broker is IQ Option. But is it a good choice? In this IQ Option review, we will explore this broker in detail. In the end, we will be able to make a strong, informed decision. 

TL;DR

• IQ Option offers a user-friendly platform with a low minimum deposit of $10.

• The broker provides a range of assets including stocks, forex, and cryptocurrencies.

• IQ Option is regulated in some jurisdictions but is unavailable in major markets like the US.

• The platform offers a free demo account and mobile trading app.

• User reviews are mixed, with positive and negative experiences reported.

Criteria Breakdown

IQ Option: A Closer Look

What IQ Option is Best Known For

IQ Option is a popular broker that was established in 2013 and is regulated by CySEC. It is a fast-growing broker that has around 40 million customers worldwide. It also has several features which help it stand out from its competitors, creating a low-cost trading environment. This broker is widely known for its low fees and minimum deposits of just $10.

Over the last few years, IQ Option has won several industry awards. These include the Most Innovative Trading Platform Globe 2023 by International Business Magazine. Additionally, this broker won Best Trading Experience 2022 by WorldForexAward.  

Like all brokers, IQ Option has many advantages and disadvantages, making it a good choice for some and not for others. However, it is a useful option for beginner traders, as the interface is very easy to navigate and use. 

IQ Option has a strong global presence. However, due to restrictions, residents of the US, Canada, United Kingdom, and Australia in particular cannot use open accounts with this broker. 

One controversial aspect of IQ Option is its use of binary options. These have long been viewed as risky investments, and in the past, aggressive marketing tactics cast a shadow over their reputation. 

Features

In this review of IQ Option we looked closely at the broker’s main features. One standout feature is its access to historical quotes. This allows us to view historical quotes on exchange rates of currency pairs over time. From this, we can understand market trends and make stronger decisions. Additionally, this broker often has online tournaments where traders compete and win prizes. This social element makes trading fun and boosts skill development. 

Another standout feature is the availability of an affiliate program, which also offers many advantages of its own. However, from a regular trading point of view, this broker offers low trading fees and a range of tradable instruments. It also has excellent customer service, with fast response times.

Pros

IQ Option has many pros and cons. It’s important to weigh these up carefully before making a decision. In this section, we will explore this broker’s strengths. 

Strong Regulation 

CySEC, a top-tier regulator regulates IQ Option. This gives peace of mind that this broker adheres to strong guidelines regarding transparency and fair trading. However, this broker does not have information on its website about regulation or customer protection policies. 

While CySEC regulation is a positive aspect, it would be more reassuring to have official information. Despite that, IQ Option should adhere to regulations laid-out by CySEC and the EU. 

User-Friendly Platform

The IQ Option platform itself is very user-friendly. The site is intuitive, easy to navigate, and not overly-complicated. Beginners and new users will appreciate this aspect as it makes trading easier from the start. 

We will talk in more detail shortly about the trading platforms offered by this broker, as they are quite limited. However, the overall website experience is without complications. 

Good Educational Resources 

Another reason why IQ Option is a good fit for beginners is its range of educational resources available. These aim to help us stay up to date with market trends and improve our skills. There is a wide range of different tutorials covering many subjects including analytics, basic trading strategies, and advanced strategies. As such, these resources are useful for beginners and experienced traders. 

In addition, there is a blog that offers many useful articles, especially concerning recent market news and trends. Staying up to date with these subjects is important as it allows for more accurate trading decisions. 

IQ Option also allows users to view historical data on currency pairs over a set amount of time. This is a learning resource in itself as it shows market trends and how they change. For beginners in particular, seeing this in real-time is a useful resource. 

Low Minimum Deposit and Competitive Fees

One of IQ Option’s standout features is its low minimum deposits. These are some of the lowest on the market, at just $10. When you consider that many brokers request at least $100 as a minimum deposit, you can appreciate why this broker is popular. 

IQ Option has a very transparent pricing structure without any hidden fees. For traders who want to keep their trading costs low, this is an advantageous element to consider. Spreads vary depending on the chosen asset and market volatility. However, these are reasonable and competitive. For cryptocurrency trades, there is a 2.9% commission, but no commission for other tradable instruments. Swap fees vary from 0.1% to 0.5%, however these are three times higher for positions opened over a weekend. 

This broker does charge an inactivity fee on accounts inactive for 90 consecutive days. This is charged at €10/month. 

Range of Tradable Instruments

This broker makes it easy for traders to diversify their portfolios, thanks to a wide number of tradable instruments. They offer forex, cryptocurrencies, ETFs, CFD stocks, commodities, and indices. Controversially, IQ Option also offers binary options. 

Leverage amounts are variable, so we can choose the level we’re comfortable with. Again, this is ideal for beginners who don’t want to deal with excessive risk. The maximum leverage available is 1:500, while EEA traders have capped leverage at 1:30. 

Free Demo Account

An advantageous feature is the presence of a demo account. We’ve mentioned several features that suit beginner traders in particular, and this is another one. Demo accounts allow traders to develop skills and practice strategies without risk. Trades are done via virtual money, without using real cash. 

IQ Option doesn’t put a time limit on how long users can utilize this feature, giving plenty of space for skill development. Additionally, this account consists of $10,000 in demo money. 

Good Customer Service

This broker has many channels available to get in touch in the event of an issue. The support team is available 24/7 via live chat, email, phone, or social media platforms. Support can also be accessed via the mobile app and browser. 

Customer service availability is often limited to 24/5 with many other brokers, so IQ Option’s longer hours are a positive element. 

Cons

While IQ Option has many positive aspects, it also has some considerable drawbacks. In this section, we will explore the potential downsides of choosing this broker. 

Limited Availability

IQ Option is available in many countries across the world, serving many customers. However, there are restrictions in certain areas and these fall into some of the biggest trading markets. This broker is unavailable for residents of the US, Canada, United Kingdom, and Australia in particular. 

This is obviously a restrictive factor and alienates many users for benefitting from this broker’s advantageous points. 

Limited Trading Platforms

While IQ Option has a very easy to use site, its number of trading platforms is limited. This is mainly because it doesn’t offer industry-standard MetaTrader 4 or 5. This is disappointing considering the large number of tools and features these platforms possess. However, there is a proprietary platform and app. 

The proprietary platform can be used for both binary options and CFDs. It allows users to monitor market conditions and has an easy to use interface. There are several tools available including technical indicators. Additionally, the ‘position top-up’ feature allows traders to hold a trade open if it is approaching a stop loss. 

Alternatively, there is a mobile app available on both iOS and Android. This allows for on the go trading and means a potentially profitable trade will never be missed. The app is free to download and gives access to updated market developments. 

Limited Account Types

While IQ Option offers a demo account, which is a positive addition, it does lack diversity in its account range. The Standard account is a good choice for beginners but also regular traders. This account allows trades across multiple markets simultaneously. The minimum deposit is just $10, with 300 assets on offer. This also includes binary options with up/down mechanisms. A correct prediction yields 100% and digital options yield 900% with a minimum bid of $1.  

Forex trading is possible with this account, with leverage up to 1:500. Again, bids start at a minimum of $1. Additionally, share trading with leading companies and ETFs are available.

Another option is a VIP account. This account offers a personal account manager along with 3% additional returns. It provides monthly reports on trading records and free participation in trading tournaments. Also, personal tutoring and additional educational resources are available.

The VIP account isn’t open to everyone and applicants must prove their trading experience. 

While both of these accounts are high quality and offer many features, there are only two to choose from. This is limiting for some users. It’s also pertinent to mention that neither account offers algorithmic trading, unlike many other brokers. 

Withdrawal Issues 

While not a constant issue, some users have mentioned problems with withdrawals. Generally, withdrawals take around 3 business days for processing, which is longer than some other brokers. Some withdrawals may even take more than this depending on the payment provider. 

There are also withdrawal fees to consider. The first withdrawal is free. However, after that there is 2% commission with a minimum of $1 and a maximum of $30 per withdrawal. 

There are many brokers on the market that don’t charge withdrawal fees, so this places IQ Option at a disadvantage.  

Controversy Around Binary Options

IQ Option offers binary options and these have long had controversy surrounding them. This is due to their high risk nature. Often described as being “all or nothing,” binary options were previously aggressively marketed by this broker. This led to complaints and regulatory intervention. While marketing efforts are now considerably gentler, this experience does cast a doubt on the broker’s trustworthiness. 

Users who do not want to use binary options may not find this troublesome. However, it’s something to bear in mind and use when making a personal decision. 

Criteria Evaluation

Regulation and Security: 3/5

Trading Platform: 4/5

Asset Offerings: 3/5

Fees and Spreads: 3/5

Customer Support: 3/5

Educational Resources: 4/5

Deposit/Withdrawal Options: 3/5

User Reviews: 3/5

Community Reviews and Expert Recommendations

Overall, user reviews are mixed. Most users appreciate the range of features available and the wide number of tradable instruments. However, there are some concerns around slow withdrawals and fees associated with them. 

“I explored IQ Option’s reviews thoroughly and must share that I am impressed with their reputation among traders. You can barely find a bad review with based arguments!” – Crishna Chabkavaty on Trustpilot

“I made a deposit from UPI on 1 September payment debited from my account but still the deposit is not received in iq account. When I asked with chat support they told me it will complete within 3 business days and another 5 business days passed and still the deposit is not received.” – Geeta Tiwari on Trustpilot  

“In IQ Options they have video tutorials, education about margin trading, news feeds, very active, and extremely relevant, stock collections. Very easy to get a leg up!” – Munaf S on Trustpilot

Industry experts agree that IQ Option is a robust broker with many advantages. However, there is some concern around binary options. Despite that, experts highlight IQ Option’s CySEC regulation for peace of mind. 

Pricing

IQ Option is a competitively priced broker, offering a cost-effective trading experience. Deposits are some of the lowest on the market at just $10. The pricing structure overall is very transparent and spreads are competitive. There is a 2.9% commission on cryptocurrency trades but other trades are commission free. 

Inactive accounts for more than 90 days will incur a charge of €10/month. 

Despite IQ Option’s low fees, they do charge for withdrawals, unlike many other brokers. The first withdrawal is free but from there there is a 2% commission charge for all withdrawals. The minimum this fee can be is $1 and $30 maximum. 

Alternatives to IQ Option

IQ Option may not be the best choice for everyone. For that reason, it’s important to research alternatives to gain a full overview. In this section, we will discuss some good alternatives to IQ Option. 

eToro

eToro is a reputable and popular broker that was established in 2007. It has strong regulation and offers a range of useful features for all traders. Most notably, eToro has excellent social and copy trading options, along with high quality educational resources. 

Learn more in our eToro review. 

InstaForex

This broker offers a large number of tradable instruments, platforms, and features. However, this InstaForex isn’t available to US residents due to regulatory restrictions. It offers a large number of educational and analytical tools, and competitive spreads. 

Discover more in our InstaForex review. 

XM

Another notable choice is XM. Established in 2009, this broker offers more than 1000 trading instruments, and low fees. It has a large range of educational resources for all users, and is regulated by top-tier regulators. 

Learn more in our XM review. 

Final Thoughts

Throughout this IQ Option review we have aimed to provide a balanced and comprehensive overview of this broker. With strong regulatory oversight via CySEC, this broker offers peace of mind, a number of features, and low trading costs. However, there are also some concerns regarding lack of diverse platforms and accounts. Also, some users report issues with withdrawals. There are also some concerns about the risky and controversial nature of binary trading, offered by this broker. 

When choosing a broker it’s important to carefully weigh up the pros and cons. IQ Option is a good broker for beginners in particular, with many educational resources, a demo account, and easy to use interface. However, advanced users may feel limited with the low number of accounts, platforms, and lack of advanced features. 

With low minimum deposits of just $10, IQ Option keeps trading cost lows, despite the fees incurred for withdrawals. However, it’s important to remember that it operates in a limited number of territories, excluding the US, UK, Australia, and Canada.

At TopBrokers, we understand how difficult it can be to choose a suitable broker. For that reason, we offer a range of comparisons, reviews, and resources. If binary options is something you want to learn about, read our binary options with no deposit bonus brokers article. Additionally, our history of binary options resources is highly informative. 

With careful research, the ideal broker will become apparent, and trading will be smoother as a result.