IQ Option Broker Review
In Europe, IQ Option is operated by IQOption Europe Ltd., a company based in Cyprus and regulated by the Cyprus Securities and Exchange Commission. The company was established in 2013 and initially provided binary trading. Since 2017, IQ Option has also provided Forex, FX Options and CFDs.
IQ Option Specials
- Web platform
- Over 60 indicators
- FX Options
- Leverage up to 1:500
- Spreads from 0.02%
- Crypto wallet
If you are bored trading on an old-school MetaTrader 4 platform, you will find the IQ Option web platform quite exciting and powerful. Trades are executed in less than a second, and you can choose between 400 assets to trade from. The available markets include Forex, Stocks, Cryptocurrencies, Commodities, Indices and Bonds.
You can easily switch between active positions and add some powerful tools on the chart. IQ Option constantly develops new technical indicators, which might help you in your trading decisions. You can automize your trading by selecting ‘Auto close’ levels for potential Profit and Loss.
The web platform automatically calculates and displays your current profit on any position. You can also adjust your running positions at any time.
If you are new to IQ Option, it is highly recommended to start trading on a demo account, which is easy to open. In just a few clicks, you will have your $10,000 demo running and all features ready to test. The web platform offers more than 60 technical indicators to play with.
We had some great experiences on the IQ Option app. All features are available on mobile and all trades are executed extremely fast. You can trade forex pairs and cryptocurrencies with just a few taps on the screen. The app can also automatically open positions with predefined target prices and close the position when the desired profit is reached.
If you decide to trade on a live account, you must know the minimum deposit is $10, and you have to verify your account. If you are an EU resident, you must also know that some products, such as digital and binary options, are not available for retail traders.
Retail traders who live in the EEA countries will see some limitations, such as maximum leverage up to 1:30. If you live outside of the European Economic Area, you will be able to use higher leverage, up to 1:500 on forex trading.
If you are resident of the EEA and you want to use higher leverage (1:500), you can apply to be a professional trader. Pro traders will have to meet at least 2 of following 3 criteria: trading volume, sizable portfolio and relevant experience.
As a pro trader, you will also have access to digital and binary options. Both professional and retail accounts have negative balance protection.
The broker provides plenty of assets to trade from, including currency pairs, crypto CFDs, stock CFDs and ETFs. Since each asset type applies different spreads and leverage, before you start trading, it is recommended to check on the trading conditions.
Your leverage will depend on your citizenship and whether you are a retail or professional trader. Retail traders who live outside of the EEA will be able to use 1:500 leverage.
- Retail traders (EEA): 1:30
- Pro traders (EEA): 1:500
- Retail traders (out of EEA): 1:500
When trading forex at IQ Option, you must be aware that spreads are not fixed. Below, we have listed some spreads on major currency pairs as displayed on IQ Option’s website. The spreads may vary depending on the market conditions and liquidity.
- EUR/USD: 0.03%
- EUR/GBP: 0.04%
- EUR/JPY: 0.03%
- GBP/USD: 0.03%
- USD/JPY: 0.04%
- AUD/USD: 0.02%
If you decide to keep your positions open overnight, you will have to pay up to a 0.6% swap fee on the face value of the position. The swap fees apply to all trading instruments, including forex and crypto CFDs.
How to profit
Being successful trading on the IQ Option demo account doesn’t mean you will keep winning trades on a live account. You must consider the psychological difference between demo and live accounts. While trading demo, you don’t really care about the money as you can always top up your account.
In reality, it seems quite difficult to make profit with this broker. According to the website, 77% of retail traders lose money when trading CFDs. To become profitable, you obviously need some knowledge on the market you trade.
You can formulate new strategies by adding new indicators on the chart, but this doesn’t mean you know the market. Playing with tools might be fun, but while you focus on the indicators, you won’t learn the fundamentals behind the price moves.
Instead, you can follow the news sections on IQ Option, which is quite fascinating. You will find upcoming important events for currencies, stocks and cryptocurrencies.
Deposit and Withdrawals
The best payment options at this broker are e-wallets as you can make money transfers without paying any fees. The e-wallets you can use depend on your location, but you can choose between Skrill, Neteller, Webmoney and more.
The minimum deposit is $10, and there is a minimum amount of $2 for a withdrawal. The withdrawals are usually processed the same day of request.
IQ Option also runs a crypto wallet where you can buy and store cryptocurrencies in an automatically generated wallet.
Because of the huge number of traders using IQ Option 24/7, sometimes, you might find it difficult to get an instant response to your inquiry. However, you can leave your message in the chat room, and they will answer you on the same day. You can also reach them by phone 24/7.
- Web platform
- Low spreads
- Leverage up to 1:500
- News feed
- No Paypal
- Not regulated out of the EU
At present, IQ Option does not accept clients from the following countries: USA, Canada, Australia and Japan.