- Aesthetically pleasing trading platform
- 24/7 customer support
- CySEC regulated
- Mainly a binary options broker
- Trading platform not well-suited to advanced traders
- Uncertainty about their legitimacy
- IQ Option Platform
- Debit Cards
- Credit Cards
- Bank Transfer
- Skrill, Neteller
IQ Option has largely gotten its reputation from being one of the leading brokers in the binary options sector having started up their operations in 2013 in Cyprus.
They have in the last couple of years started to diversify their offering and move into the likes of CFDs and forex trading offering. Binary options do not have a great reputation in the finance industry, but IQ Option has worked hard to try change this perception with their recent dealings and forays into new markets.
They are regulated by the Cyprus Securities and Exchange Commission (CySEC) and their platform is very basic and straightforward to use. They offer more than 13 languages as part of their site. IQ Option has won numerous awards over the years in the binary options industry, but they do not really have any awards for their forex and CFD offerings.
- Founded in Cyprus in 2013
- Over 13 languages catered for
- No awards of note
At IQ Option, you have two different types of accounts when it comes to forex trading that you can choose from. One of them is more suited to entry level traders as you can get started trading with a minimum deposit of just £10.
On the other hand, the top level account is for more experienced traders and there is a minimum required deposit in place of £1,000. They also have a VIP account where the minimum required deposit is £3,000.
There are various perks associated with being a VIP on the platform. If you are a beginner trader or simply want to try out some new strategies in your trading, you can utilise their demo account. With the basic account, you have more than 70 different instruments to trade.
Over the past two years or so, IQ Option has expanded their range of investment types massively. While they used to just cater for binary options trading, they now also deal with forex, shares and cryptocurrencies.
They currently have 13 different cryptocurrency CFDs on offer and they have an additional 22 currency pairs on offer as part of their forex service. They have 23 different assets that are tradable as part of their binary options offering. There are just fewer than 130 shares that are also available to be traded.
- 129 shares on offer
- Cryptocurrency CFDs
- 23 currency pairs
IQ Option is licensed by the CySEC since 2014 (license number 247/14), which is a respected authority in the European Union. Therefore, they are compliant with the MiFID rules and regulations.
This allows them to offer services across Europe and they are also in the register (but not fully registered) with the Financial Conduct Authority in the United Kingdom (license number 670182), the Consob in Italy, the BaFIN in Germany and the Regafi in France.
- Regulated by the CySEC
IQ Option is not one of the many brokers in the sector that use a MetaTrader trading platform. Instead, they have created their own proprietary software which is pretty good when it comes to the straightforward trading execution, but there is not a great offering when it comes to charting and analysis options.
It is easy to use and is nice on the eye. The aesthetic across the platform is well presented and you can make trades directly from looking at charts. You can also get a quick overview of all of your open positions any time you are making a trade. They even have a chat section where you can discuss matters with other users.
- No MetaTrader
- Proprietary trading platform
There is the option of mobile trading when it comes to the IQ Option offering. You can do so through a web browser or you can download an app if you wish to do so.
It is a very clean and straightforward app that has nice graphics and is very similar to the web based platform in terms of the tools that are available for you to use. You can set up push notifications which means that you will be alerted when certain levels have been reached. This app is available on both iOS and Android devices.
Generally, when it comes to trading with IQ Option, they have competitive spreads that are akin to others in the sector. For their cryptocurrency options, you will be looking at paying a commission of 2.9% per trade.
Deposits & Withdrawals
In terms of the funding options that are available to you when it comes to IQ Option, they have a decent selection of the main options you will be looking for. They offer debit and credit card options, as well as bank transfer, Neteller and Skrill.
There is a minimum required deposit of £10 if you have the standard account and there may be some charges if you decide to use a bank transfer, depending on the situation with your current bank.
Generally, for deposits with e-wallets and cards you will be looking at almost instantly processed funds, whereas a bank transfer can take 3-5 working days for it to be processed.
With withdrawals, you may be asked before your first withdrawal to verify your identity to make sure that you are who you say you are. The bank transfer for withdrawing also takes 3-5 working days to process, whereas the other options will take about 24 hours for the withdrawal to be processed.
- Variety of funding options
- Standard processing times
The customer support at IQ Option is very good. You can get in touch with a member of the customer support team 24/7 through email, telephone, by mail or through social media.
They have local telephone numbers you ring depending on where in the world you are located. They also provide email address for both the CEO of the company and the owner in case you want to get in touch with them.
Compared to a lot of other brokers in the industry which only have customer support on a 24/5 basis, IQ Option shine above the rest with regards to their customer support.
- 24/7 support from the team
- Can be reached via mail, email or telephone
Research & Education
At IQ Option, they have a news feed that can be tailored to your needs and will keep you up to date on the goings on in the markets which may change your trading strategy. They also have regular analysis from their in-house team looking at specific markets and investment types.
There is a section of video tutorials where beginners can learn how to get started with the trading process and as the series develops, there are lessons that will also be useful for more advanced traders as well.
- Regular analysis pieces
- Video tutorial section for beginners and more advanced traders
As mentioned, IQ Option is relatively new to the forex and CFD space and they have yet to garner any rewards. One of the best pieces of praise they get is for the aesthetic feel of their platforms and they look after people from all across the world when it comes to languages.
There are many who are concerned about the platform’s association with binary options trading and for good reason, as this sector is inundated with predatory companies.
You will find a lot of comments online from unhappy users who believe that IQ Option could be a scam, which is why you should probably look elsewhere when deciding on a broker to use.
Coming from a controversial industry that is binary options trading, many people were sceptical when IQ Option expanded into the likes of CFDs and forex.
They have a solid offering of instruments at decent prices. They have top quality customer support on a 24/7 basis, but their propriety trading platform is a bit basic and not very well suited for those more advanced traders.
The main issue is the feeling by many people online that this may be a scam. While there are no solid indications that it is a scam, there is nothing that is part of the IQ Option offering that cannot be found elsewhere, which is why you are probably best served choosing another broker for your needs.
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