IQ Option Review – Is IQ Option.com a Trustworthy Broker?
What is IQ Option? In brief, it is a CySEC-regulated broker operating legally and transparently and offering favorable trading conditions embodied in plenty of deposit/withdrawal methods, low opening balance, demo account options, many tradable assets, modern trading platforms, excellent customer support, and more.
All in all, you can trade with peace of mind with this brokerage service. Read more about it in the following IQ Option review.
IQ Option Overview
From the moment of accessing the IQ Options website (note: the company has two domains, and both are valid), you will realize you are dealing with a genuine forex provider.
Unlike many bogus brokers that commit online scams and vanish without a trace shortly after being compromised, IQ Option has been offering its services since 2013. Being almost a decade in this business certainly means something—trustworthiness.
On top of this, the company has won many awards affirming the reliability and quality of its services outlined in the table below.
|Spreads:||Variable (account dependent)|
|Underlying Assets:||Forex (44), stocks (190+), commodities (4), cryptocurrencies (10+)|
|Base Currencies:||USD, GBP, EUR|
|Other trading platforms:||IQ Option proprietary trading platform|
Is IQ Option Regulated? Security and Regulation of IQ Option
Before moving forward, you should understand that online trading is heavily regulated. All legit brokers must be licensed and supervised by one or more respective financial regulators, depending on the jurisdiction of a broker.
Top-level financial regulatory bodies are the British FCA, Cyprus CySEC, and Australian ASIC, among others. They are considered high-ranking since their strict licensing requirements ensure service quality and safety.
For instance, one of the prerequisites for a broker is to have and maintain enough workable capital (e.g., CySEC demands a minimum of 730,000 EUR). So this ensures that a broker won’t bust easily and quickly.
But even in insolvency, financial supervisory authorities run compensation schemes and offer indemnity insurance. For example, CySEC covers up to 20,000 EUR, FCA provides a max of 85,000 GBP, and ASIC offers up to 100,000 AUD.
However, prior to starting trading, you should check the trading credentials of a broker. As mentioned earlier, it can be done by running checks through financial agencies’ registers.
After doing such a check on IQ Option, it has yielded that this broker operates as IQ Option Europe Ltd, holding a CySEC license: 247/14, with company HQ in Limassol, Cyprus, and registration: 327751.
Therefore, IQ Options trading is safe since your funds are protected.
In addition, if you trade outside of the EU/EEA and Europe, you will come across IQ Option LLC, a sister company of IQ Option Europe Ltd, designed for traders from the rest of the world and registered in Saint Vincent and the Grenadines.
What are Available Accounts at IQ Option?
Concerning trading accounts, customers have several choices with IQ Options. Unlike shady brokers requiring hefty fees for starting trading, you can begin trading with IQ Option for only 10 USD. Live trading accounts with this broker are outlined below.
- Standard Account: the IQ Option minimum deposit is 10 USD, the minimum trade size is 1 USD, over 200 tradable assets, and 24/7 live chat support.
- VIP Account (only for non-EU citizens): the minimum required deposit is 1900 USD.
- Professional Account (EU traders only): leverage up to 1:500.
Additionally, all traders can set up a practice account and experience actual trading without risk and for free. With an IQ Option demo account, you get a starting balance of 10,000 USD and the opportunity to test its trading conditions and platforms—one more reason to trust this brokerage.
Speaking of leverage, for EU citizens (Retail traders), due to ESMA (European Securities and Markets Authority) regulations, leverage is limited to 1:30. Whereas for non-EU traders and professional investors, leverage is higher (up to 1:500).
Trading Platforms at IQ Option
IQ Option offers its customers a multi-asset trading platform specially designed for this broker. Its proprietary trading software is accessible on desktop, web, and mobile (iOS and Android supported).
The platform has a user-friendly interface and many useful features, such as trading directly from charts, different chart types, technical indicators, margin trading, stop loss, and trading tools (calendars, news, etc.).
Although Broker lacks widely used trading platforms like MetaTrader MT4 and MT5, its proprietary trading program is equally good and doesn’t lag.
Trading Costs And Fees
Unlike scam brokers that apply the smoke and mirrors tactic, IQ Option is transparent when it comes to trading costs and fees. Customers know what to expect when trading with this brokerage; there are no hidden or additional fees to take you aback. Thus, all is clear as a bell with IQ Option.
can be best explained as buying and selling rate differences. They are variable and depend on the currency involved, economic conditions, and the time of day. As for the IQ Option, it offers competitive spreads, i.e., starting from 0.5 pips.
The swap fee or overnight funding is the rate paid on leverage. The Broker charges an overnight fee varying from 0.01% to 0.5% to cover the leverage you use when holding CFD positions open overnight. It relates to CFDs on forex, ETFs, crypto, commodities, and indices.
Dormant Account Fees
Like many other brokers out there, the Broker levies non-trading fees. So, if your account has been inactive for more than 90 days, you will be charged 10 EUR. If it continues, the same amount will be deducted from your account each month afterward as long as it remains dormant. That is acceptable and goes with a standard in the industry.
IQ Option doesn’t levy withdrawal fees for most payment service providers such as PayPal, Skrill, and Neteller; however, if you draw your funds via bank, it will cost you 31 USD or currency equivalent for every transfer.
Regarding transaction and commission fees, they depend on assets. Broker doesn’t levy any fees for most purchases, whereas, for cryptocurrency, it charges 2.9%, which is considered low. For instance, if you invest 10 USD in BTC, you will be charged 0.29 USD to open the position.
IQ Option Provides Bonuses and Promotions
Concerning bonuses and promotions, they are trademarks of illegal brokers and are banned in most jurisdictions due to misuse, including the EU. Therefore, as a legit broker adhering to these regulations, IQ Option doesn’t offer deposit bonuses.
Trading competitions are considered fair and allowed by financial regulators; hence it is the only promotional offer available with IQ Option. In the IQ Option competition, prizes range from 100 USD to 100,000 USD.
IQ Option Deposits and Withdrawals Methods Available
Regarding funding options, the Broker supports several methods of payment. So, customers can deposit money via credit/debit cards (e.g., VISA and Mastercard), bank wire transfers, and e-wallets (e.g., Neteller, Skrill, and Webmoney). There are no fees for depositing funds; as mentioned earlier, the minimum deposit amount is 10 USD, which is per industry norms.
As for withdrawal, traders can use the same method as depositing, which is under the anti-money laundering policy.
Most withdrawals are free of charge, except bank-to-bank transfers. It takes a few hours to several business days to process the payoff request, contingent on the withdrawal method (i.e., e-wallets are the fastest, while credit/debit cards and bank transfers are slower).
Customer Support at IQ Option
With regard to customer service, Broker offers prompt, multilingual, and 24/7 customer support. Thus, whenever you need help with trading, you can get it from this broker, which is a significant advantage.
You can contact the assistance team via email, live chat, or phone. Moreover, you can get support in your native tongue, not just the English language, which is very convenient for non-English speakers.
IQ Option Overall Summary
To sum it up, Broker is well-established with a proven track record, making it an excellent and safe choice for many traders looking for secure and profitable trading. It almost doesn’t have any drawbacks.
Howbeit, there are many benefits of trading with this broker, such as excellent and multilanguage client service, advanced trading tools, modern trading platforms, fast withdrawals, spreads from 0.5 pips, plenty of technical indicators, and over a hundred currency pairs.
On top of that, your funds are protected with assigned risk management measures like stop loss and negative balance protection. Therefore, you won’t be wrong if you opt for this brokerage.
FAQs About IQ Option Broker
Is the IQ Option Platform Reliable?
Although IQ Option doesn’t offer industry-standard trading software such as MT4 and MT5, its proprietary trading platform is reliable and equally efficient.
How Long Does an IQ Option Withdrawal Take?
It depends on the withdrawal method. For example, e-wallet payoffs are the fastest, typically a few hours, while credit/debit card and bank transfer withdrawals take up to several business days.
Do They Have a Live Chat Feature?
Yes, IQ Option offers a live chat option that is available 24/7.
What Trading Platform Does IQ Option Use?
IQ Option provides its proprietary trading platform that is accessible on desktop, web, and mobile (iOS and Android versions available).
Does it Have a Mobile Application?
The IQ Option proprietary trading software is available on mobile—presented as iOS and Android trading applications.