IQ Option Review
Launched in 2013, IQ Option is an online trading platform that enables its customers to trade a wide array of financial assets and instruments, which include forex, stocks, binary options and most notably, cryptocurrencies. Operated by IQ Option Ltd., the website gained popularity very rapidly, which allowed it to earn the title of one of the fastest growing online platforms in today’s market. In fact, statistics indicate that there are 20 million account holders on IQ Option who are spread all over the world. Based in Cyprus, IQ Option is regulated in the European Union by the Cyprus Securities and Exchange Commission (CySec).
Thus, this indicates that the company is fully compliant with all legislations and regulations that are by the commission and have the authority of selling their products and services to clients in various jurisdictions.
Assets and Instruments
This comprehensive trading platform has been designed to offer with a world of alternatives. IQ Option may have started out as a binary options broker, but now it gives its clientele the option of trading Contracts for Difference (CFDs) on forex, cryptocurrencies, stocks, Exchange Traded Funds (ETFs) and a horde of other digital options. Let’s take a look at the assets in detail:
- Stocks: When you decide to use IQ Option for trading stocks, you will be able to trade CFDs on stocks of more than 7485 different companies and these include some of the most profitable and successful ones listed on NYSE and NASDAQ.
- Forex: Forex or FX trading is an immensely popular trading market and you can access it with ease through IQ Option. It allows traders to buy and sell their favorite currencies as there are more than 188 forex currency pairs at their disposal and they can choose those that appeal to them.
- Cryptocurrencies: The option of trading cryptocurrencies has also added to the popularity of IQ option. The broker enables you to trade 12 of the renowned cryptocurrencies in the market, which include Bitcoin, Ripple, Litecoin, Ethereum, Dash, Zcash, IOTA, Monero and Omisego.
- Options: The price of a plethora of assets can be speculated by the traders and these include stocks, indices, commodities and currencies. Currently, the platform provides traders access to more than 10 million options.
- ETFs: This is a relatively new area and this kind of trading works by tracking indices, commodities and baskets of assets. These can be traded in the same way as common stocks and traders can select from a total of 4288 different ETFs.
An excellent feature of IQ option is that it offers a demo account facility to any user who wishes to test the platform before signing up with a formal account. This demo account comes with virtual funds in renewable supply and can be great for ascertaining the features of the platform. Another perk of IQ Option is that it has maintained a low deposit requirement and this is especially useful for new traders. They only need to deposit $10 for gaining access to a live account. Currently, there are two options they can choose from when signing up for an account on IQ Option and they are:
- Real Account: As mentioned above, the minimum deposit requirement for accessing this account is just $10 and there are absolutely no restrictions when it comes to trading functionality. You can trade more than 70 assets via this account and any withdrawals that are requested can be processed in just 24 hours. Another benefit that real account holders can enjoy is that they can participate in the numerous competitions that are organized by IQ Option.
- VIP Account: The minimum deposit requirement for this account on IQ Option is around $3,000. Other than including the features that you can find on the Real account, this VIP one also provides you with a personal manager who is always ready to assist you with any problems, queries or questions you may have. Other than that, the VIP account also offers you a monthly trading report on the trading record of the user, which is performed by the analysts on IQ Option and provides customers with valuable and useful feedback on their performance.
In order to get started with IQ Option, you can either sign up with Google, Facebook or you can also create an account with the use of an email address. You can proceed after you have provided the necessary details and entered a password. After you have signed up, you can decide if you want to open a practice account or if you are interested in topping up your real account so you can move ahead with live trading. You will be notified of your account by a popup on your screen.
Navigating the IQ Option website is a fun and enjoyable experience because the broker has made an effort to develop its own proprietary platform. An intuitive approach has been used for designing this platform so it comes off quite well and locating the various tools and features is quite easy. The free demo account can also be used by traders for practicing trading with all underlying assets. Thus, there is no shortage of options when it comes to types of trades and people can switch quickly between their preferred assets. A range of charting tools is also available on IQ Option such as moving averages and Bollinger bands and these all are useful in boosting trading capabilities.
Searching for your favorite cryptocurrencies is quite simple on IQ Option and you can analyze all relevant and up to date information easily. Other than offering Ethereum and Bitcoin, IQ Option provides traders with 10 other cryptocurrencies to trade like Ripple, Ethereum Classic and others mentioned above. The interface also makes it easy to find trading history, chats and customer support. In case of any problem, a dialogue can be opened up by the trader quickly with IQ Option’s support team. The resources section is another standout feature of the broker because it provides access to training and education materials. Several short training videos can be found on the website and these resources can be accessed by the users without having to exit their accounts.
The live version of the platform is similar to the demo version and the $10,000 in virtual funds that come with the latter can be used by traders for improving their skills. Even if things don’t go in your favor, these virtual funds can be replenished and this provides traders with a consistent pool of funds that can be used for practice.
Order Types and Tools
Modern trading platforms are expected to offer a variety of order types and tools to their clientele and IQ Option has not disappointed in this regard. There is a complete range of order types to be found, which is aimed at reducing risk and customizing the trading experience. Thanks to this variety that’s available in order types, traders can develop strategies that are suitable for the short, medium or even long term and also feature a varying return. With multipliers, traders will see a rise in the risk associated with an investment, but the same happens to the return as well.
With stop loss orders, traders are able to establish maximum loss limits they can accept and the trade is closed automatically if they are triggered. The same happens in take profits, but closes when the trade reaches the profits you have specified. Another order type is a trailing loss and this leads to a dynamic operation of an auto-close at the time of the loss thereby moving in the direction of the price indicated by the trader. Traders can set a price at which they want to enter the market through purchase at preorders.
There is also a range of tools available at IQ Option to supplement order types, which can set stops and also take profits. Other brokers allow traders to select the price of the asset, but with IQ Option, you can set the stop loss or take profit at a percentage, a specific asset price or numerous loss. The dynamic stop loss can also be applied or trailing loss and the balance can also be used for keeping a position open if it gets higher than stop loss. For IQ Option, its users are very important so it has dedicated a lot of resources and time in coming up with tools and features that allow clients to trade with confidence and improve their overall trading experience.
A number of methods are offered by IQ Option for making deposits and withdrawals to and from their accounts. Debit cards like Visa and Maestro and credit cards such as MasterCard or Visa can be used for this purpose. A host of online payment processors can also be used like Skrill, Neteller, Cash U and WebMoney. Other than that, payments can also be processed via wire transfer and the minimum amount that can be withdrawn is $2 and the minimum duration for the process to complete is 1 business day.
In order to make your first deposit on IQ Option, you need to verify your account. You need to provide your personal information, phone, upload photo identification and also your trading experience. The requirements for every country may vary and you need to check them for your own country to see what needs to be done.
There is a mobile web trading solution offered by IQ Option along with a specific mobile app. This provides traders with a great deal of flexibility when it comes to mobile trading. The app is easy to use and boasts an intuitive and clean graphical user interface. The charting options available on the app are almost the same as that on the standard platform. Push notifications are also provided by the app and key trading levels can be set by traders, which lead to alerts any time these levels are exceeded. The app works on smartphones as well as tablets and can work for both Android and iOS devices.
Education and Training Resources
There is a wealth of data that traders can find on IQ Option and the training resources that are incorporated on the website can benefit traders of different skills and backgrounds. These include a ton of trading videos and also tutorials and webinars. Users can also find access to an FAQ section and a variety of e-books that cover most of the common questions that are asked. These training materials can benefit both new and experienced traders in the market.
When you are using IQ Option, you can get in touch with the support team via email, a chat function or even a contact form. According to the website, you will receive a response to your query in 46 seconds and all tickets will be resolved in 24 minutes. The team currently comprises of almost 83 customer service specialists and traders can upgrade to a VIP account if they are interested in a more personalized service because it comes with a personal account manager.
An international focus has been retained by IQ Option and it wishes to cater to customers all around the globe. Therefore, it provides traders with the option of trading in a number of different currencies including USD, RUB, GBP, EUR, Yuan, TRY, MYR and IDR. Apart from this, the website also provides support in languages such as Korean, French, Portuguese, Italian, German, Hindi, Thai, Arabic, Chinese, Norwegian, Urdu, Spanish, Turkish and English.
IQ Option is a good broker for trading, whether you are a novice or experienced trader. Not only does it allow you to trade cryptocurrencies as well as other assets, but it also offers you the best possible security. The broker has complete SSL encryption, which means all information is encrypted and this limits the ability of hackers to compromise your information in any way. Your funds and information remain secure and you can trade without any worries.
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