IQ Option Review
The IQ Option platform, unique software for trading binary options, forex and crypto currencies, was created in 2013, and the company constantly improves the platform by adding new products. At present, IQ Option offers Binary, Forex, and Crypto trading.
Traders can use a number of e-wallets, as well as bitcoin wallets, to fund trading accounts.
IQ Option was popular as just a binary broker for a long time, but not anymore; the company is now offering a full pack of trading products: Forex, Binary and Crypto.
It is quite revolutionary how IQ Option transformed the platform in a short span of time by adding so many options for retail traders who can now enter all markets with only a $10 deposit.
IQ Option trading platform
You can use the web-based platform or a downloaded version, which you install directly on your computer. Both versions offer you the same products. By using the downloaded app, you might add to the speed of execution.
The app is available on both App store and Google play. It doesn’t skim on features either as you can enjoy the full pack of products and charting tools.
Traders can choose from a long list of currency pairs, cryptocurrencies and stocks. The price quotes are delivered by Leverate, Bitstamp and Nasdaq Basic.
The binary product at IQ Option offers traders fixed return on investment in a short expiry time, such as 60 seconds. Indeed, the most popular binary options are the short-term, or turbo, options. The expiry of a single option could start from 30 seconds and go up to End of the month.
The maximum payout percentage is about 93% if the contract closes in the money. The loss is limited to the amount invested in the contract. You know the potential profit upfront, and once you decide on direction (Call or Put), the option is executed instantly with the current market price.
The digital options are similar to binary options, but there is a significant difference: the broker offers you a target price that could be +/- 10 pips away from the current market price. Based on the target price, the potential payout could go up to 900% for a one-minute or five-minute expiry. Your risk stays limited to the amount invested in each digital option.
IQ Option’s forex platform allows you to trade over 20 currency pairs, and you can choose different leverage for each contract. You choose the amount, and then the multiplier (up to 500) is your leverage.
For example, you open $1,000 position with a x100 multiplier, which means you are trading with $100,000, and 1 pip in your direction will make you $10 profit. On the other side, 1 pip in the wrong direction means a $10 loss.
Traders use auto closing to set up their risk/reward ratio. Let’s say you want a 1:2 ratio, so you put take profit at $500 and stop loss at $250. That means when your position reaches 50% profit or 25% loss of your initial $1,000, it will automatically close.
On the IQ Option platform, you can also trade cryptocurrencies, including Bitcoin, Ethereum, Dash and Zcash. Traders can open Buy or Sell positions from the current market price, and the investment size determines the percentage value. By using the auto close, you can choose the cash out and stop loss levels.
For example, if you open $100 Bitcoin Buy position and the price increases by 5%, your profit would be $5. If you open $1,000 position and the price increases by 5%, your profit would be $50. On the opposite side, if the price decreases by 5%, you are losing $5 or $50, respectively.
The platform allows you to open up to 9 assets simultaneously. You can follow all 9 assets in small windows or full screen only one of them. The chart timeframes start from 5 seconds up to 1 month. To help your technical analysis, you can use fibonacci lines as well as indicators that include Moving averages, Bollinger bands, ADX, and RSI. There are 12 indicators in total.
The IQ Option platform is easy to navigate. Traders can switch between products in just one click. It offers fixed return on binary options (up to 93%), and forex leverage is up to 500. The crypto trading list is constantly growing, so you can expect more digital currencies to be added to the platform.