IQ Option Review – Top Binary Trading 2021

By | June 23, 2021

About IQ Option Review: 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 will provide you in-depth knowledge of the basics and working of IQ Option. We’ll discuss its platforms, trading basics, and pros and cons.

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What is IQ Option?

IQ Option Review

IQ Option is a financial service provider that was founded 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). 

IQ Option has recently introduced margin trading. This feature made them more established broker and CFD operators in the EU and beyond.

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. 

It offers 3 types of accounts: standard trading account, VIP trading account, and 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 its fees and costs. To see what trading at IQ will cost, you need to consider:

  • Spreads – The difference between buying and selling 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 most payment service providers, but bank transfers do attract a charge of $31 (or currency equivalent).
  • Commission – On specific cryptocurrency trades, a commission of 2.9% will be charged. This charge does not apply to any other asset.

Deposit and Withdrawal

IQ option deposit and withdrawal

Deposit in IQ takes place through a variety of measures. It allows deposition through credit cards, bank transfers, and eWallets.

Accepted credit cards include VISA, Mastercard, and Maestro. The eWallet options include popular wallets such as Neteller, Skrill, Perfect Money, and Webmoney.

The withdrawal process is the same as the deposit. Withdrawal is also possible via the above-mentioned deposition measures.

It usually takes one day or a few hours if withdrawal is made in eWallet. But in the case of bank transfer and credit card, it usually takes up to 10 business days to clear the fund.

IQ Option is operated in all the below areas and allows inter continent transaction among these countries only,

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

IQ Option Assets

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 cryptocurrencies.

IQ also spread markets across all products, so oil, Gold, and Silver were added to Digital trade assets.

Trading Platform

IQ Option Trading Platform

This 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 does it support third-party trading platforms; hence you have to choose between these two platforms only. 

 Customer Service

IQ Option Customer Service

You can contact IQ Option via:

  • Phone
  • Email
  • Live Chat

IQ Option support is available 24/7.

Pros/Cons

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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The verdict

IQ Option

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 does not have any inactivity fee. Feel free to try IQ Option. 


FAQs

What is IQ Option?

IQ Option is a financial service provider that was founded in 2013. It is managed and operated by its parent company IQ Options Europe LTD. Their headquarters are based in Cypriot.

Do IQ Option offer demo account?

No, IQ Option do not offer any demo account.

What is the inactivity fee at IQ Option?

It charges no inactivity fee

IQ Option

9.2

Fees

9.1/10

Products

9.0/10

Trading Platform

9.3/10

Customer Service

9.4/10

Cons

  • Limited product portfolio
  • No price alerts
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  • 5
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