The internet has opened up trading like never before. However, not all online trading platforms have the same features, and selecting the best one can feel complicated.
Today, we’re taking a look at IQ Option, one of the largest and most popular web-based trading platforms. While they do a lot right, they also have some drawbacks you’ll want to know about, too.
Your complete, impartial IQ Option review starts right now:
What is IQ Option?
- 1 What is IQ Option?
- 2 How to Use IQ Option
- 3 Can IQ Option be Trusted?
- 4 Where is IQ Option Located?
- 5 Is IQ Option Safe?
- 6 What are the Risks?
- 7 How to Trade in IQ Option
- 8 Tradable Assets
- 9 Is IQ Option Legal in UAE?
- 10 Can You Make Money with IQ Option?
Founded in 2013, IQ Option has grown to become one of the largest investment platforms on the internet. They offer a wide variety of assets, including Forex trading, CFD stocks, cryptocurrencies, commodities, and more. They even have a custom product titled Digital Options.
The platform has an intuitive user interface that’s welcoming to beginners, while also offering plenty of customization options for veteran traders. Additionally, they have a well-regarded mobile platform.
How to Use IQ Option
Their platform gets high marks. It’s both powerful and versatile. While many online trading companies use a standard trading platform, IQ Option developed their own.
It has a simple but dynamic layout that lets you easily control the amount and type of information on your screen. The middle of the screen displays a chart tracking your current investment. Off to the side of the screen, you’ll find your account balance, currently-selected asset, and Buy and Sell buttons.
A drop-down box lets you switch between assets with ease. You can organize the assets by category (Forex, stocks, etc.) or use the site’s search engine to find individual assets by name.
Additionally, the trading platform lets you access tons of extra features and information. With just a few clicks, you can view:
- Quote history
- Multiple charts
- Volatility alerts
- Economic calendars
You don’t have to view these features all the time, which helps reduce clutter on the screen.
Can IQ Option be Trusted?
Before signing up for any membership, make sure the company is reputable and trustworthy. Almost all online trading platforms are located outside of the UK, which does add some complications, especially regarding currency transfers. Fortunately, this platform scores high marks in overall trustworthiness.
First, they’ve been around since 2013, which is a long time in the world of online trading platforms! If customers had consistent problems with the company, the business wouldn’t have lasted this long.
Additionally, they have a large user base. Over 40 million members located around the world use their platform on a regular basis. While popularity doesn’t necessarily equal trustworthiness, keep in mind that there’s no shortage of other platforms available. If tens of millions of people like a platform, it’s probably doing something right.
Overall, trustworthiness is high here. The combination of its long company history and large user base clearly signifies that the business isn’t a scam or fly-by-night operation.
Where is IQ Option Located?
They’re based on Cyprus, Greece – and that’s great news for UK residents.
As a Cyprus-based company, they’re regulated by the Cyprus Securities and Exchange Commission (CySec). This means they’re licensed to sell investment products to customers in the EU. Their registration number is 247/14.
To obtain a broker license from CySec, the broker has to meet a variety of requirements regarding client funds, types of products available, and more. As a CySec-regulated institution, users can trade in a wide variety of major currencies, including GBP, EUR, USD, IDR, MYR, RUB, and Yuan.
However, the company’s Cyprus location does pose some restrictions. You can’t invest through this site if you’re located in any of the following countries:
While their presence is notably absent from many large Western countries, IQ Option is still available throughout over 213 countries, including much of the EU, India, Singapore, South Africa, and more. Their site supports 13 languages.
Is IQ Option Safe?
We found plenty of reassuring safety options regarding funds.
All client funds are kept in a separate account that the broker can’t use for general business. It ensures that a certain amount of money is always kept on-hand. You don’t have to worry that your money won’t be available to withdraw, even if you want to withdraw during times when the market is volatile.
You also get additional CySec safeguards. As a CySec-regulated business, your money is protected by certain government regulations. While it’s unlikely IQ Option would suddenly disappear, these safeguards do provide additional peace of mind.
Finally, the site is well-protected against outside hacking. All servers use AES 256-Bit encryption. It’s industry-standard but still necessary, so it’s nice to have here. Just make sure you see the green padlock in your browser. It indicates that you’re securely connected to the authentic site.
What are the Risks?
All online trading carries a level of risk, sometimes even a high level of risk. Never invest money that you cannot afford to lose. Never ignore any type of risk warning.
However, a general risk warning applies to all online trading, so don’t let it scare you away from IQ Option. Overall, they’re a reputable company with reliable security. Plus, you can use the free demo account to learn the basics before investing real money.
How to Trade in IQ Option
Members have access to three types of accounts:
Each appeals to traders with different levels of expertise.
Most users choose the Standard trading account. It requires a low minimum deposit of just $10 to get started.
Their Standard account gives you access to a far greater range of trading products than many similar platforms. You can select from over 350 assets, with a special emphasis on CFD trades.
Additionally, all withdrawals process within 24 hours. That’s significantly shorter than many other online trading platforms, where choosing a lower-level account can mean waiting for weeks or more to receive your money.
Finally, Standard account members get access to site-wide trading competitions. Unfortunately, EU customers aren’t eligible to participate. However, these competitions aren’t a major aspect of the site, so you’re not missing out on much.
VIP trading doesn’t give you much more in the way of tradable assets compared to the standard account. Instead, the main draw here is an increased level of service.
As a VIP trader, you’ll get a personal account manager to help make your trading work without any issues. Additionally, you get monthly trading reports.
A demo account is a teaching tool. It allows you to trade real assets in real-time, using virtual funds. You can use the demo account as often as you like. You start with $10,000 pretend dollars, but they’ll give you more if you run out.
The Demo is useful for two options. It helps you learn how to use the IQ platform specifically. Plus, it helps you develop different trading strategies without risk.
Another noteworthy aspect of the Demo is that it requires no sign-up. You don’t even have to give them your email. You can try the platform and not worry about pushy sales emails arriving in your inbox.
What’s the Best Account?
Most traders will do just fine using the Demo and the Standard account. The VIP features are useful but not necessary. Plus, you need to invest $3,000 at once for VIP access (however, keep an eye on the site, because that amount does change at times).
Users can trade:
- Binary Options
- CFD Trading (Digital Trading)
Here’s a look at each:
With binary options, you attempt to predict whether an asset’s price will increase or decrease within a certain time. A correct prediction results in a fixed return that can reach up to 95%.
Investing in binary options requires a $1. There are no brokerage fees. A variety of time limits (called “expiry times”) are available from one minute to one month.
A contract for differences (CFD) is another type of trading offered. It allows investors to speculate on the price movement of an asset without owning the asset directly. A CFD considers the asset’s price change, not its underlying value.
The minimum investment is also only $1, with expiry times ranging from one to 15 minutes. CFDs have a potential for far greater payouts compared to binary. You can get up to 900% of your initial investment if certain conditions are met.
Here’s a look at their current list:
You can trade CFDs on a wide range of over 169 stocks, including Amazon, Apple, Boeing, and many more. The minimum investment is $1, with no opening fees. You can leverage your CFD up to 1:20.
The foreign exchange market determines the currency rates for foreign exchanges. It’s the largest market in the world by volume.
The IP Option platform offers 50 forex currency pairs, including popular options such as EUR/USD, GBP/USD, USD/JPY, USD/CAD, AUD/USD, and more.
Exchange-Traded Funds combine a variety of different assets into a single bundle. They’re generally low-cost and low-risk. Many investors like ETFs because they’re similar to stocks. Twenty-five ETF options are available.
You can trade CFDs on over 25 popular cryptocurrencies such as Bitcoin, Cardano, Ethereum, Ripple, and more. They allow short selling to grant users increased control over their crypto trades. Additionally, they offer over a dozen options for withdrawing and depositing your money.
They offer five different commodity options: Gold, Silver, Platinum, Crude Oil Brent, and Crude Oil WTI.
Overall, they offer a wide variety of tradable assets. While most users tend to focus on CFD stocks and forex trades, you can find other options, too.
Is IQ Option Legal in UAE?
It’s actually one of the few platforms allowed by UAE regulators. They haven’t imposed any restrictions on traders from either Dubai or the United Arab Emirates (UAE). However, rules regarding eligibility can change, so check the website directly if you live in the UAE region.
Can You Make Money with IQ Option?
Absolutely. A key factor in making money with online trading is finding a platform that’s powerful, reputable, and easy to use. It’s a good choice whether you’re starting out or you’re an experienced trader.
Additionally, the company has an excellent reputation. They have over seven years of experience, with a customer base that exceeds 40 million. Plus, they’re regulated by CySec, which provides additional peace of mind for investors.
Overall, IQ Option scores high marks across all major categories, earning one of our highest recommendations.