IQ Option Review

IQ Option platform lets you trade assets like stocks, cryptocurrencies, and forex. It offers a user-friendly trading platform and a mobile app, making it a top choice for social and copy trading. You can even start with a small investment. However, trading comes with risks, so it’s important to learn the basics. We’ve reviewed this broker thoroughly to see if it’s a good fit for you.

IQ Option started in 2013 and has grown quickly since then. In 2014, it had just under 1 million users. By 2020, the number of users grew to over 40 million. The amount of trading on the platform also went up by 800%, reaching $290 million per month in 2020. In the same year, traders withdrew $20.375 million from the platform.

🏢 Headquarters	Mahé, Beau Vallon, Seychelles
📅 Year founded	2013
🗺️ Regulation	CySEC
💻 Trading platform:	IQ Option (proprietary platform)
💰 Account currency:	EUR, USD, GBP
📊 Accounts:	There is only one account to trade on Forex with IQ Options
💵 Withdrawal options:	WebMoney, AdvCash, Neteller, Skrill, Visa, Mastercard, Perfect Money
💵 Deposit options:	PayPal, Skrill, Neteller, Wire Transfer, Credit Card, Mastercard, Visa
🚀 Minimum deposit:	$10
⚖️ Leverage:	1:500
☪️ Islamic account (swap free)	Yes
🎮 Demo Account	Yes
💱 Spread:	1.0 pips
🔧 Instruments:	CFDs on Stocks, ETFs, Indices, Commodities, Cryptocurrencies, Forex and Options
📋 Orders execution:	–
☎ Customer Support:	24*7 (Email support)
📚 Education	Yes, Provided

Fees

IQ Option spreads start from 0.6 pips for EUR/USD. The spread amount depends on the financial instrument, liquidity, and market conditions. There are no commissions for deposits, but a currency conversion fee might apply. You get one free withdrawal per month; after that, each withdrawal costs 2% of the amount, with a minimum fee of $1 and a maximum of $30. Traders can use leverage up to 1:1000. Additional fees include overnight/swap fees starting at 0.86%.

Pros and Cons

Pros	Cons
The platform is easy for beginners to use, with a clear visual layout.	It has fewer timeframes compared to MT4 and doesn’t allow custom intervals.
It offers some of the highest payouts in the binary options market.	The online platform uses a lot of your computer’s RAM.
Opening an account is quick and simple.	Not all trading conditions are clearly shown on the website or in your account. You may need to figure them out through trial and error or by contacting support.
There are many different trading options available.	You can’t add extra indicators or use algorithmic trading.
	Cash withdrawals can be slow.

Regulation & Security

Trading with a regulated broker helps prevent fraud and malpractice. We recommend always checking a broker’s regulation status and verifying it with the regulator’s database using the provided license. IQ Option has one regulated subsidiary with a clean record.

Is IQ Option Legit and Safe?

Yes, IQ Option is a legitimate and safe broker with a clean record.

Key points about IQ Option’s regulation and security:

• Has been operating as a CFD broker since 2013
• Regulated by CySEC for traders in the EEA as IQ Option Europe LTD
• International traders use an unregulated but registered subsidiary in Antigua and Barbuda, operated by Sky Ladder LLC
• Keeps client deposits separate from corporate funds, ensuring quick return of funds in case of insolvency
• Provides negative balance protection

Deposits and Withdrawals

IQ Option does not charge fees for deposits. However, there are fees for withdrawals, including a $31 fee for bank wire transfers. Third-party payment processing may also have costs. Traders should be aware of potential currency conversion fees. The minimum transaction amounts are $10 for deposits and $2 for withdrawals, depending on the payment processor.

Credit card withdrawals can take up to 21 days. Wire transfers take 3 to 5 business days. Most e-wallets process transactions almost instantly, but IQ Option advises waiting up to three business days. The average time for IQ Option to process withdrawals is eleven hours.

You can deposit in USD, EUR, GBP, SGD, and RUB. The name on your payment processor must match the name on your IQ Option trading account to comply with AML regulations. The availability of payment processors depends on your geographic location.

Account Types

IQ Option provides the same trading conditions for everyone with a single account type. The minimum deposit is only $10, making it very accessible. Traders can deposit in their local currency or any accepted currency. An Islamic account is available upon request. The CySEC subsidiary offers a professional account upgrade with the same trading conditions as retail traders at the Antigua and Barbuda unit.

The advantages of this account structure are fairness and no upselling for better trading conditions with higher deposits. However, there is a downside: the lack of a rebate program for high-volume traders.

Trading Platforms

IQ Option offers its own trading platform, which you can use on a desktop, through a web browser, or as a mobile app. The mobile app has over 100 million downloads on the Google Play Store and a 4.1 rating from over 690,000 reviews, making it one of the most popular apps.

The IQ Option trading platform features a built-in chat function, a social trading tool called Trader Sentiment, a copy trading tool named Community Live Trades, a news feed, an economic calendar, 100 technical indicators, customizable price alerts, and easy-to-use risk management tools.

We appreciate the user-friendly interface of the IQ Option trading platform. However, it only supports manual trading, so it doesn’t offer the algorithmic trading functionality found in MT4.

Research & Education

IQ Option doesn’t publish research, but that’s not a problem. As a top copy and social trading platform, the community shares trading ideas. Traders also get access to Trader Sentiment and Community Live Trades, which help them spot trading opportunities. IQ Option provides good education for beginners through its blog and video library. The well-designed content shows that IQ Option genuinely cares about educating its users, not just using it for marketing.

Customer Support

IQ Option has customer support that’s available 24/7 and in many languages. But only traders who are registered can use the live chat. If you’re not registered, you can email them. But before you contact customer support, it’s a good idea to check out the IQ Option blog and the FAQ section. They have answers to lots of questions there. You can’t call them for support, though. So, you can’t reach the finance department directly, where most problems come up.

Conclusion

IQ Option is a reliable broker with a great reputation. It offers an easy-to-use trading dashboard and helpful educational resources. Some of its best features are its cryptocurrency options and its own platform. It’s been around for about ten years and has over forty million users. Even though it doesn’t have some advanced features, its simplicity and support from the community make it a good choice for traders.

FAQs

Is IQ Option a good broker?

Yes, IQ Option is a top-quality broker, especially for copy and social traders. It also provides an excellent educational platform for beginners. With fast order execution and withdrawals processed in around eleven hours on average, it’s a reliable choice.

Why is IQ Option banned in the USA?

IQ Option doesn’t have a license to operate in the US, and the country doesn’t permit CFD trading.

Which platforms does IQ Option support?

IQ Option offers its own trading platform, accessible on the web, desktop, and mobile devices.

Does IQ Option offer Islamic Accounts?

Yes, IQ Option provides Islamic Accounts for Muslim traders.