Author: Eduardo Montero
In this article we bring you the result of a analysis of the features and opinions of the broker IQ Option, founded in 2013 with headquarters in Cyprus, which had a brutal growth especially when it began to offer binary options as a financial asset worldwide.
First of all, let’s get to know the main features of this broker, and then see what its users have to say about it.
Main features of the broker IQ Option
- It allows trading with more than 250 instruments across a wide range of assets such as Forex, Stocks and ETFs.
- It has its own investment platform, where we can find everything we need to manage our trading account even professionally.
- Its platform is available for almost any type of device.
- High leverage levels (up to 1:500 on Forex).
- It has considerably low spreads for a large number of assets in different markets.
- Multiple deposit and withdrawal methods.
- It has an extremely quick and easy account creation process.
- It allows you to create an unlimited demo account with a starting balance of 10,000 virtual dollars, rechargeable at any time.
- It offers its clients the possibility of diversifying their income through contests with prizes, where many of them have zero cost for participating.
- It has a training system for its less and more experienced customers.
IQ Option broker reviews
As we mentioned at the beginning, IQ Option is a broker that has given a lot to talk about, as many clients are more than satisfied with its services, while others have a different opinion.
From the reviews we have been able to collect, most of them give an average to excellent rating to their trading platforms, especially on mobile, scoring 3.8 on AppStore, and 4.1 on GooglePlay.
In this aspect they point out that it is a very intuitive and easy to use app, as well as fast. But on the other hand, many users complain about recurring problems with stop loss or take profit orders, claiming that they are often not respected, and also complain about slippage.
Customer service is generally rated positively, with many commenting that it is one of the best they have tried, although not everyone agrees with this.
Although some comment that withdrawals are quite fast and the money arrives without problems, we have found comments that say they have had problems with this, however, for our part the withdrawals we have made have always been processed on time, so we believe that these comments are left by people who do not know the terms well and that most have not verified the account by sending KYC data.
Many of IQ Option’s clients feel that the tournaments they offer are a low-cost way to excel, allowing you to develop your skills without risking your account equity, while competing for a prize that is quite juicy in most cases.
Another relevant aspect that we analyzed are the commissions of the broker IQ Option, in this regard many opinions show that the rates of this broker are quite low compared to other similar brokers. However, there are those who comment that the spreads on cryptocurrencies are too high.
You can easily compare these IQ Option reviews with the ones we have collected from other popular online brokers by reading these articles: eToro reviews, XTB broker reviews or Pepperstone reviews, among others that you can find on this website.
Main Advantages and Disadvantages of IQ Option
Like any financial intermediary, it has its good and not so good things, let’s take a look at what we have found about this particular broker.
- Self-sufficient platform: Despite not being the most robust on the market, IQ Option offers its users a simple but powerful trading platform where we can find all the necessary tools for trading. From contests to training tutorials, tools to analyse our performance, tools for advanced technical analysis and much more. Some users state in their reviews that they prefer platforms such as MetaTrader 4 or Metatrader 5 but many others are satisfied with IQ Option’s own platform which they consider very intuitive.
- No commissions on deposits: This platform will not charge us additional fees when making our deposits, if we transfer $100 to our account we will receive the same amount. Something I should clarify is that IQ Option does not take charge of extra commissions charged by any specific method, in which case we will have to assume these external payments to the platform.
- Reasonably low spreads: Without being considerably low, I have decided to include the spreads as an advantage because in general, the spread values of this platform flirt with competitive figures, reaching up to 1.3 pip minimum for the reference pair EUR/USD.
- Contests with cash prizes: This platform allows its clients to participate in a series of contests that are scheduled throughout the year and in which we can win considerably high prizes if we take into account the value of the registration to them, which often becomes free. Although not everyone wins and it is not considered a form of investment in itself, we can say that it is an alternative that seeks to motivate the competitiveness and learning of its customers at the same time as being able to obtain extra benefits for it.
- Commissions on withdrawals: Although to some extent it is understandable that we charge some commission for the management itself, this is certainly something that disadvantages IQ Option, currently this broker applies withdrawal fees: you can only make a free withdrawal per month. From the second withdrawal onwards, the commission is 2% of the withdrawal amount, but no less than $1 and no more than $30.
- Small number of tradable assets: Undoubtedly one of the main features offered by brokers to their clients is the variety of assets with which we can interact. Admittedly, IQ Option has a classic variety of assets that can be found in most brokers, however, for more experienced clients, its list of just over 250 assets may not be attractive enough to choose it as their trading broker.
- Inactivity fee: If we go 90 days or more without interacting with the platform, IQ Option will automatically start deducting $10 from our balance for every month of inactivity. Of course, this will only happen if we have a balance in our account. If we have less than $10 or equivalent, the remaining balance will be deducted for the first month only.
IQ Option broker features
We have already seen the main features of IQ Option, and also what its clients say about its services, however, we want to go a little further and show you all the specific features of IQ Option, so that you are not only guided by the opinions seen, but also by what it offers, and you can form your own opinion about it.
Markets that can be accessed with the broker
As we mentioned earlier, one of the disadvantages of IQ Option is the limited number of assets it offers, but these are enough to keep many of the common traders, and even professionals, satisfied, and they express this in their comments, especially because of the variety they have.
Let’s see what the details are in terms of markets and assets available.
- Over 30 currency pairs (major, minor and exotic) can be traded.
- Minimum spread from 1.3 pips.
- Maximum leverage 500:1.
- We can trade 192 stocks from all over the world.
- Maximum leverage is 20:1.
- The spread or commissions charged by IQ Option for trading stocks will in most cases be less than 1% of the investment.
- It allows trading 3 types of commodities (Brent Crude Oil, WTI Crude Oil and Gold).
- Minimum spreads are around 0.50% of the investment.
- Significantly high maximum leverage of up to 50:1.
- Allows trading of 19 types of cryptocurrencies.
- The minimum spread for Bitcoin is 0.3% of the investment, which is the lowest of all
- The maximum leverage is 5:1.
- Allows trading of 23 ETF asset classes
- Minimum spreads are below 0.1 in most cases.
Types of accounts available at IQ Option
IQ Option offers its clients 3 different account types:
Let’s see what are the characteristics of each of them…
The free IQ Option Demo account allows you to interact with all the tools available in the live account. It comes pre-loaded with 10,000 virtual USD with which we can operate and test how the platform works, even test strategies and apply different techniques of analysis of the financial markets.
The IQ option demo account has no limit of use, which means that we can interact with it as long as we want, even if the virtual balance reaches zero we can recharge it again to continue making use of it.
Using this account does not require any identification document, you just need to register and the demo account will be automatically activated. It is so similar to the real account that you will hardly notice the difference between one and the other, which is undoubtedly very beneficial to relate properly with the trading environment, without risking real money.
Live Account (Standard)
This is the only trading account that IQ Option offers to its traders on a regular basis. Unlike most brokers, on this platform you don’t have to worry about the different offerings that each account provides, but rather you have all the trading options united in a single live account.
If we already have an account created (Demo), to activate the real account the client will only need to deposit 10 dollars minimum and then he will be able to start making real trades.
One of the advantages that IQ Option offers on live accounts is that it allows you to trade with as little as $1. This amount does not represent a significant profit or loss but it certainly helps us to test our emotions with real money to find out what our strengths and weaknesses may be before investing more capital.
For live accounts IQ Option enables a number of tournaments to diversify your income. Currently there are a wide variety of tournaments in which we can participate, including some in which we do not have to pay to participate, only have a real account to access.
In this account it is necessary to go through the verification process required by the broker in order to be able to make withdrawals. This process is very similar to that of most brokers in which we will have to send personal identity documents for the IQ Option team to validate our account and thus be able to access the withdrawal functions.
The VIP account is activated for any client who deposits $3000 or more into the live account. It is certainly very simple and by doing so we will be able to access benefits and promotions that we will not have in the live account.
According to the broker’s own statistics, clients with VIP accounts are 3% more profitable than clients with non-VIP accounts. Higher profitability rate means that these clients usually achieve their goals much faster and with less losses.
Another benefit of this account is the possibility of having personal managers available to you throughout the trading day. These managers are highly qualified to help their users resolve any queries they may have quickly and accurately.
Earlier I mentioned that in real accounts customers could sometimes access some free tournaments, but in the VIP account every tournament will be completely free. If you think about it, this is an excellent option to generate profits without risking a single penny of your account, even though winning a contest among such traders is not easy.
Many IQ Option users in their reviews mention that having a demo account, and a standard account where the market situations are identical, allows the trader to practice objectively to improve his performance without risking his own capital.
On the other hand, we also found comments saying that the facilities provided by the VIP account, such as free participation in all tournaments, are to be welcomed, especially when the requirements to qualify for this account are quite simple to meet.
Opinions on IQ Option’s trading platforms
If there is something that attracts the attention of many traders is the IQ Option platform and they have made this clear in their reviews, a terminal of the company, which has a super intuitive interface and a very friendly design, especially for beginner traders.
The platform has both PC and mobile versions.
IQ Option has its own trading platform. It has versions available for Windows, MAC and Linux operating systems. This platform is characterised by being simple and secure providing a comfortable and technical trading experience. The platform largely meets the needs of any type of trader, whether beginner or experienced.
It also features 5 different chart types, easy-to-use analysis tools, historical data of financial assets, newsletter and real-time price movement alerts.
It offers more than 90 video tutorials so that any beginner trader can learn how to invest in the financial markets.
The demo account is integrated in the same platform and you can switch from the live account to the demo account and vice versa with just a couple of clicks.
Mobile Trading App
IQ Option’s mobile platform is similar to its desktop version. In this version you will be able to enjoy almost the same options only from a device with Android or iOS operating system.
We can operate in 6 types of trading instruments including binary options for countries where this instrument is allowed. In addition, technical support is available throughout the week and in several languages. The demo account is also available for the mobile version.
Analysis tools and training
Training has always been fundamental in the growth and success of a trader. In that sense, although IQ Option may have a conflict of interest with its users due to its Market Maker execution, it offers a wealth of educational materials and tools with a lot of valuable content.
Some of these tools are:
Trading video courses: It has a large amount of audiovisual materials for the training of its customers. Organised by categories we can find videos of technical analysis and fundamental analysis, such as CFD and options trading videos, as well as a series of basic videos for beginners.
Market analysis: There is no doubt that being informed about economic news and other macroeconomic aspects is essential if we are to use fundamental analysis to support our market prediction. IQ Option knows this and provides its clients with a tool that has three main sections, the news section, the economic calendar section and the earnings calendar section. Something very important in this aspect and very valid to clarify is that unlike other brokers in terms of news, IQ Option allows you to choose the language in which we want to see them.
Alerts: The IQ Option trading platform has a tool that allows us to program alerts on the prices of certain assets in order to be able to take actions or investment decisions as soon as an event occurs in the price that we have previously selected as a buy or sell price without having to wait all day to see if it touches our important area.
Technical indicators: Despite not having the popular Meta Trader or cTrader platforms, IQ Option has more than 100 technical indicators that fit perfectly into the platform and with which we can perform a high-precision technical analysis.
Of all this, what is most reflected in the comments of IQ Option traders are the possibility of programming alerts, and the platform’s video courses, which are very simple and illustrative.
IQ Option’s main commissions
It is the turn of IQ Option’s fees and commissions, a topic that is of great concern to traders, as it is directly and closely linked to the costs associated with trading.
Let’s see what are those that you will have to face in this broker.
Spreads: In the case of IQ Option spreads are variable and are adjusted according to market volatility and the liquidity of its suppliers, so they are usually different for each asset and have independent variations even within the same platform. If we take as a reference the EUR/USD pair in real accounts, its minimum value can be as low as 1.3 pips, which is relatively low if we take into account that this broker does not charge direct operating commissions for trading other than the spread.
Overnight fees: The swap is the interest charge that an investor must pay to the broker to hold their positions overnight. Swaps arise as a result of the difference between the interest rates of the currencies plus the broker’s administrative fee. If you buy a currency with a higher interest rate than the borrowed currency, you will get a positive swap, but otherwise, if the purchased currency has a lower interest rate than the borrowed currency, the swap will be negative and therefore subtract from your balance sheet.
Opening an account: It is completely free of charge.
Withdrawal fees: In the case of cashing out our profits or simply withdrawing our capital, IQ Option will charge us a fee from the second monthly withdrawal request for managing this operation. This fee is set at 2% of the total amount of capital to be withdrawn as long as it does not exceed the limits specified for each of the methods, in which case the maximum fee allowed will be charged, the value of which is around 30 dollars.
Deposit Fees: IQ Option does not charge any deposit fees to your trading account. If the client deposits $10, that is the amount he/she will receive in his/her live account. It should be noted that if any commission is issued by the entity handling the payment, IQ Option will not cover the commission, in which case our account will be debited.
Inactivity fees: After 90 days of no interaction with the platform, the broker reserves the right to charge us a monthly fee of $10 from that date. If we have no balance in our account, the broker does not charge us anything, so we do not have to worry about accumulating a debt with them.
Is IQ Option safe?
IQ Option is a broker that enjoys a good reputation and this is shown by the majority of opinions and comments from real clients that we have found. It also has a track record of over 10 years.
Currently this broker has more than 7 million registered users worldwide, manages more than 20,000 daily trades and a monthly volume of more than 53 million dollars. These figures show the popularity of IQ Option and are increasing year by year.
There are other aspects indirectly related to the security of the funds, such as two-factor authentication, which in itself provides general protection to our investment account, to prevent outsiders from accessing it and deliberately withdrawing our money.
In addition to two-factor authentication, IQ Option requires clients to provide proof of authenticity before withdrawing funds from their account. This gives an extra layer of security to their clients’ funds.
What user profile is this broker suitable for?
Taking into account certain factors such as the trading platform or financial instruments offered by IQ Option, its tools, indicators, and design, we can say that this broker is ideal for beginners.
Its intuitive and easy to use platform with a user-friendly design is certainly ideal for new traders, but not for those who have been trading for a long time and who come from testing or using professional platforms such as Meta Trader!
On the other hand, by not having so many financial instruments, it allows the novice trader to focus more on trading and not on which asset to choose.
The tournaments and the demo account are another incentive for beginners to take advantage of this broker.
How to open an account with the broker?
Many brokers that we have tried assure us that the process of creating an account is fast, when in reality it takes a few minutes, well, in the case of IQ Option it is really easy and fast, it will only take a few seconds and we will complete it in two simple steps. Below I will explain the details of the form that we must complete to create an account with this broker.
First we access the official website of IQ Option:
(*) Warning: YOUR CAPITAL MAY BE AT RISK.
Then select the option (registration) in the top right menu.
Once this option has been selected, a form will be displayed, which must be completed with the following data:
- First name
- Country (We must specify our country of permanent residence)
- Your email address
Finally we confirm that we are over 18 years old, accept the terms and conditions and click on the “Open free account” button.
That’s it, you have a new account with IQ Option and of course access to your demo account with $10,000 virtual balance to practice if necessary.
If everything went well, you will see a screen with the following window:
Obviously this is just the process of creating a new account, and only to interact with the demo account. Then the broker will ask us to complete a verification process to actually validate our account, but well, we can do this process later when we want to deposit real money and start trading.
Something important to mention is that we can create our account through our Google or Facebook profiles, in which case we will only have to choose our account and that’s it, even faster and easier.
Final evaluation of IQ Option
With this detailed review of the broker IQ Option, we can conclude that we are dealing with a very popular financial intermediary, which has a good offer (especially for beginner clients), a very intuitive trading platform, and very competitive trading conditions.
Therefore, although this broker has some room for improvement, the exponential growth it has experienced over the last few years shows that it is definitely an option to consider.
And so we conclude our analysis of opinions about IQ Option.
I hope this article has helped you to learn a little more about this growing broker.
If you want to try this broker and draw your own conclusions, the best way to start is to open a free demo account with IQ Option where you can test the platform, see the operating conditions and make operations with the virtual balance in conditions very similar to a real account but without putting your money at risk from the first moment.
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Thank you very much for your attention.
You can open a trading account with IQ Option here:
This post is also available in Spanish: iq option opiniones
Author: Eduardo Montero
Welcome to Mundo-Forex.com: I'm Eduardo Montero, I work professionally in IT. I started trading in the financial markets (mainly Forex) more than 10 years ago. I'm the author of the articles on this website and of many others published on other websites specialised in stock market investment and finance in general. Learn more about me here: About the author.