IQ Option Review

By | March 3, 2021

About IQ Option: IQ option is a leading brand in the European market. It provides clients with an option to trade in stocks, forex, options and more. In this review of IQ Option, we are going to provide you in-depth knowledge of the basics and working of IQ Option. We’ll discuss its platforms, trading basics and pros and cons.

What is IQ Option?

IQ Option is a financial service provider that went live in 2013. It is managed and operated by its parent company IQ Options Europe LTD. Their headquarters are based in Cypriot. IQ Options is regulated by the Cyprus Securities Exchange Commission (CySEC). 

During 2020, IQ Option also introduced margin trading. This moves them alongside the more established brokers and CFD operators in the EU and beyond.

IQ Option

IQ Option Account Opening

Account opening at IQ is an easy and hassle free process. They take 1 day to verify the account and then you’re ready to use your account for trading purposes. 

IQ Options offer 3 types of account: standard trading account, VIP trading account and a demo account. To open a standard account, only a minimum deposit of $10 is required. As for the VIP trading account, you need to place a minimum deposit of $1900. 

IQ Option Fees

IQ Option is transparent with their fees and costs. In order to see what trading at IQ will cost, you need to consider:

  • Spreads – The difference between buy and sell prices. This is often variable and will depend on volatility, liquidity and even the time of day.
  • Swap Fees – These are fees applied for positions held overnight. Charges vary from 0.1% to 0.5% and will be higher when positions are held over the weekend.
  • Dormant Account Fees – If an account is inactive for 90 days, IQ will start applying a charge of €10 (or currency equivalent) each month, assuming the account balance is above zero.
  • Withdrawal Fees – There are no fees on the majority of payment service providers, but bank transfers do attract a charge of $31 (or currency equivalent).
  • Commission – On certain cryptocurrency trades, commission of 2.9% will be charged. This charge does not apply on any other asset.
IQ Option

Deposit and Withdrawal

Deposit in IQ takes place through a variety of measures. It allows deposition through credit cards, bank transfer and eWallets. Accepted credit cards include VISA, Mastercard and Maestro. For the eWallet options, they include popular wallets such as Neteller, Skrill, Perfect Money and Webmoney.

The withdrawal process is the same as deposit. Withdrawal is also possible via the above mentioned deposition measures. It usually takes one day or a few hours if withdrawal is done in eWallet. But in case of bank transfer and credit card, it usually takes up to 10 business days to clear the fund.

Growth in Asian markets has also led IQ Option to expand their reach in that region. As a result, bank transfers are now possible from a wide range of banks in this area:

Thailand – Bangkok Bank, Kasikorn Bank, Krung Thai Bank, Siam Commercial Bank, Bank of Ayudhya, Government Savings Bank, TMB Bank.
Indonesia – Central Asia, Negara Indonesia, Rakyat Indonesia, CIMB Niaga, Mandiri.
Vietnam – Vietcombank, Asia Commercial Bank, Bank for Investment and Development, Techcombank, Vietin Bank, Sacombank, Donga Bank, Eximbank.
Malaysia – Maybank, Hong Leong Bank, RHB Bank, Public Bank, CIMB Bank, AmBank
Philippines – Help2Pay – Supports both BDO (BDO Unibank) and MTB (Metrobank)

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South American options are also being expanded:

Brazil – Jeton Wallet (Supporting Boleto Bancario), and AstroPay (Boleto, Itaú, Bradesco, Banco do Brasil, Caixa, Santander)
Argentina – AstroPay (Supported banks; Pago Facil, Santander, Banco Galicia)

Products offered

Currently IQ Option allows trade in forex, market indices, stocks and commodities. It provides 150+ assets to trade in. It gives access to over 12 different types of crypto currencies. IQ also spread markets across all products, so things like Oil, Gold and Silver were added to Digital trades asset.

IQ Option

Trading Platform

IQ Option has 2 types of trading platforms : Web and mobile trading. Web trading platform is launched after mobile application. It has safe, well designed and user friendly trading platforms.

IQ Option does not have a desktop trading platform. Nor do it support third party trading platforms, hence you have to choose between these two platforms only. 

 Customer Service

You can contact IQ Option via:

  • Phone
  • Email
  • Live Chat

IQ Option support is available 24/7.

ProsCons
Fast and hassle free account opening Limited product portfolio
High quality educational content No two step authentication
Low financing rate Higher bank withdrawal fees 
Free credit/debit card withdrawalNo price alerts
Good customizability No fundamental data available 

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IQ Option

The verdict

IQ Option is one of the biggest US stock brokers. Providing quality education and research tools. It charges no inactivity fee and has a $0 deposit fee. Its platform is easy to use and is beginner friendly.

It has some drawbacks too, that it charges a high fee for wire transfer. Along with that the desktop platform is not easy to use. It does not provide credit/debit card assistance.

As it charges no commission on the majority of assets, and do not have any inactivity fee. Feel free to try IQ Option. 


FAQ’s

How much money can I make on the practice account?

You can’t take any profit from transactions you complete on the practice account. You get virtual funds and make virtual transactions. It is intended for training purposes only. To trade using real money, you need to deposit funds to a real account

How do I switch between the practice account and the real account?

To switch between accounts, click your balance in the upper-right corner. Make sure you are in the traderoom. The panel that opens shows all your accounts: your real account and your practice account. Click an account to make it active so you can use it for trading.

What is the minimum and the maximum investment per trade?

The minimum investment amount for today’s trading conditions can be found on the Company’s trading platform/website. The maximum investment amount is $20,000.

The maximum amount on some assets may vary according to the market conditions.

Can I deposit using someone else's account?

No. All deposit means must belong to you, as well as the ownership of cards, CPF and other data, as stated in our Terms and Conditions.

IQ Option

9.2

Fees

9.1/10

Products

9.0/10

Trading Platform

9.3/10

Customer Service

9.4/10

Pros

  • Low financing rate
  • Good customizability

Cons

  • Limited product portfolio
  • No price alerts

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