IQ Option Review 2024 – Is It Trustable?

With the vast array of online trading tools available, traders must exercise caution in their choices, as not all platforms deliver on their promises. Among these platforms, IQ Option stands out as a prominent binary options broker, offering an automated trading experience that simplifies the trading process for users. However, It has gained recognition as a successful online broker, traders should remain vigilant when entrusting their hard-earned capital to automated trading robots. 

In this IQ Option review, we will delve into what it offers as a trading platform, highlight its distinguishing features, evaluate its safety and security measures, discuss the advantages and disadvantages of using IQ Option, share user experiences and feedback, and provide guidance for traders considering this platform.

The below material is not intended for viewers from EEA countries. Binary options brokers are not promoted or sold to retail EEA traders.

Key Takeaways

• IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC), which ensures trader’s trust and security.
• User-friendly interface suitable for all trading levels.
• It has a diverse asset selection, including forex, stocks, and cryptocurrencies.
• Advanced trading features with customizable charts and indicators.

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Our Take On IQ Option Forex Broker

IQ Option has rapidly become one of the most popular intuitive trading platforms all around the world. Founded in 2013, it is winning over the hearts of traders worldwide. There are different assets trading platform that brings a simplified approach for both forex brokers and traders. As per our review of IQ Option, it has won multiple awards.

The platform is user-friendly and easy to use. Some countries can open and use accounts but are limited to mobile app access. IQ option platform allows the user to trade with different assets, so make your first trading today. IQ Option is a trusted broker, and millions of new and active traders can get great online brokers. This review has been evaluated based on their trading platforms, type of account, fees, and more.

Pros and Cons

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What is IQ Option?

IQ option is a well-designed online trading platform. It allows you instant access to asset trading, anywhere & anytime. Unlike other standard platforms, the IQ option has an exclusive custom-built trading platform to cater to users’ unique needs. A wide range of assets is supported including binary options, traditional forex, cryptocurrencies, stocks, ETFs, digital options, and commodities.

The headquarters of IQ Option LLC is based in St. Vincent and the Grenadines. The platform offers a basic account with a low minimum deposit of just $10, and there are no fees for deposits or withdrawals of potential profits, although a currency conversion fee may apply. IQ Option also features a newsfeed and user-friendly tools designed to simplify trading for beginners. Additionally, users can explore the platform risk-free by trying the IQ Option demo app version.

Trading Account Types

With the IQ Option, there are different types of accounts. Find detailed information below according to our IQ option reviews. Traders can access the trading competitions that are held on the IQ option platform. You can enjoy 3% in additional returns.

There are 3 trade types of accounts:- Demo account, Standard account, and VIP trading account.

1. Demo Account

Like many trading platforms, IQ option provides a demo account. You can use this feature as long as you wish. Within the demo trading platform, the users will receive $10,000 virtual funds that they can replenish anytime. The purpose of this feature is to educate the users and to make them familiar with different trading strategies. The demo account would help the user to trade that suits their own needs. The demo version is perfect for new users to get used to this platform. Traders can test different trading strategies in this account. The minimum deposit to open a real account is $10.

Opening the real account doesn’t mean your demo account disappears. With this, you can make real investments and trade assets. You have to access a demo version by registering or sharing your personal information. This is not always the scenario with other trading software online.

2. Standard Account

Standard accounts are for trading assets with real money, in a real-time environment. It allows you to trade over 300 underlying assets available covering classes like cryptocurrencies, CFDS, digital options, binary option (s), and currency pairs. The standard trading account requires just a minimum deposit of $10.

They offer a minimum trade size of USD 1. This makes the IQ Option platform standard trading accounts more convenient for beginners.

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3. VIP Account

IQ Option offers a VIP trading account for traders who deposit significant amounts (the exact amount is subject to change). As the name suggests, the offering of this account is special and unique to VIP account holders. With a VIP account, the traders get access to a personal account manager, 3% additional returns, monthly reports on their trading records, and free participation in the trading tournaments offered by IQ Option.

Moreover, the VIP account holders get personal tutoring & extra educational material on trading in comparison to standard users.

How to Open an Account with IQ Option?

IQ Option is one of the leading trading platforms, offering users a seamless experience in the world of financial markets. If you’re eager to dive into the exciting, realm of online trading, here’s a straightforward Steps to open an account with IQ Option.

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Step 1 – Fill out the Account Opening Form

Enter your email address and set a password to sign up. Once done, the system will send an account verification link over the provided email ID. Click on the link and verify your credentials.

Step 2 – Select Asset & Fund the Account

With IQ Option, the traders are exposed to numerous tradable assets such as CFDs, Cryptocurrencies, Commodities, etc. Choose your preference and deposit money in your account to get started. The minimum investment amount varies as the asset is selected.

Step 3 – Start Earning

Once you are done with the asset selection, hit the trade now button, and enjoy the trading. You can also enjoy trading on the sessions over both browsers and mobile apps. Choose at your convenience.

Withdrawals

IQ Option facilitates easy and flexible withdrawals. It can take 1 business day to process your withdrawal request. To request the withdrawal, you are required to verify your identity which will take up to 3 business days. This is done to prevent fraudulent activities and to protect your money from spammers. Of course, the primary aim of traders on any platform is to earn profitable trades. Once your payment is verified, your account balance is credited immediately.

The IQ Option’s platform withdrawals work similarly to the refund process. Therefore, you need to choose the same payment methods as deposits, when requesting withdrawals. Afterward, you can withdraw money into any other mode of payment. Notably, There is a withdrawal fee of 2% for second and consecutive withdrawals. There are certain trading costs: Dormant account fees where an account is inactive for 90 days and a charge of €10 (currency equivalent). There are no fees on the majority of payment service providers, but bank transfers do attract a charge of $31. This has Swap fees that vary from 0.1% to 0.5% and are higher when left open over the weekend. The lowest amount allowed for the withdrawal method, through e-wallets, is $2.

Top 3 Key Features

IQ Option is the best trading platform. It opens up advanced features and trading functionality for traders. There is a vast variety of options. IQ Option does not offer clients deposit bonuses. Multiple indicators such as Bollinger bands, moving average or RSI can be visible on the chart. Closely analyzed and meticulously curated, below is an exhaustive list detailing each feature identified during our comprehensive IQ Option Reviews.

1. Options

IQ Options allow you to trade in with Binary & Digital. The list of markets available to trade is constantly growing. Profit depends on the underlying price remains. The trading user interface has useful search functions that will help to find specific assets. This financial instrument allows on price movement of the financial asset.

Moving ahead with Binary options trading is a well-known feature of IQ Option. These options are not available to all EU citizens. Certain EU citizens who have a professional platform’s trading accounts can leverage binary options trading. A free demo account is valid. You have to start with a minimum deposit of $10 and a minimum investment of $1 while making profits up to 96% in case of correct prediction.

Lastly, IQ Option allows trading digital options. There are more than 20 assets to choose from commodities and currencies. The traders can choose between assorted strike prices. It claims higher payouts of around 600% along with maximum CPM payouts of up to 90% in case of correct prediction. For weekend trading, an OTC digital option on the IQ Option trading platform is available.

2. CFDs

Though CFDs are complex instruments they come with the high risk of losing money rapidly due to their leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money rapidly. Trading CFDs on leverage involves a significant risk of loss to your capital. They include stop losses and user-defined leverage. The success and profit of Forex and CFD trades.

Under CFDs, the IQ Option users can trade Stocks CFDs, Foreign Exchange Trading, Commodities, Crypto CFD Trading, and ETF Trading. 

Below is a list Overview of IQ Option Trading  ➖

1. Stock CFDs
2. Forex Trading
3. Commodities
4. ETF Trading
5. Crypto CFDs

Stock CFDs: Over 170 stocks IQ Option to choose from with a minimum stock investment of $1. The minimum deposit is $10 with super-tight competitive spreads. No opening fees for stock CFDs. Traders can leverage Stock CFDs trading with IQ Option.

Forex Pairs: One-click FX trade execution with a minimum trade size of $1. The minimum deposit is the same as other brokers i.e. $10. No trade expiration. IQ Option’s free Demo Account access, leverage up to 1:1000 for non-EU and pro EU and 1:30 for EU citizens. FX trading is one of the most popular trading markets on IQ Option. Currently, there are 50 Forex Pairs on this platform.

Commodities: Minimum deposit amount for $10 with minimum investment of $1. No trade expiration. The platform claims to provide unlimited profit potential with commodities. Commodity CFDs can be traded on the short and long side. Non-EU and pro EU traders can leverage up to 1:50. Simple EU traders can leverage up to 1:20. This broker offers to purchase and trade CFDs on 4 commodities :- Gold, Silver, Platinum, Crude Oil Brent and Crude Oil WTI.

ETF Trading: Simple and convenient ETF trading with IQ Option via web, desktop, and mobile apps. Over 25 ETF (Exchange Traded Funds) are available covering market sectors including energy, metals, semiconductors, technologies, and others. This offers the ability to trade digital options. Minimal investment amount of $1. Leverage of up to 1:5 for non-EU and pro EU traders. For standard EU traders, leverage is 1:5.

Crypto CFDs: Over 15 cryptocurrencies (Bitcoin, Ethereum, Ripple, Dash, Litecoin, etc.) are available for trading with a minimum deposit of $10. Though CFDs are complex instruments, they also come with a high risk of losing your money rapidly due to leverage.

3. Cryptocurrency Multiplier

Recently, IQ Option launched a product named ‘Cryptocurrency Multiplier’. Its workflow is similar to a leveraged trade, where an asset’s price movement is maximized by a multiplier. The concept of cryptocurrency multiplier was first used by Bitcoin X 100. It boosted the price movement by 100 times leaving room for a great trader opportunity as well as risk.

After its success such as Bitcoin X 100, IQ Option exploited this concept to Ethereum, IOTA, Ripple, and other supported cryptocurrencies. With IQ Option, the traders can choose from the option like X50, X20, and X100. This feature is limited to non-EU traders. Note that, Cryptocurrency trading multiples are leveraged trade. This increases the potential profit or loss, made on any deal.

IQ Option Orders Types

To reduce the risk, the software allows the clients to choose from a range of order types. Doing so allows them to enjoy a custom trading experience as well as to create trade strategies including short-term, medium, or long-term.

Using multiplier orders allows the clients to increase the risk while expecting an increase in ROI.

Stop-loss orders are meant for traders who wish to define a maximum loss capacity. Whenever the limit triggers, the stop loss option will close the trade automatically.

If the traders specify a certain profit amount, Take profits is the suitable order type.

Avail an auto-close at the loss with a Trailing stop order. Unlike other automatic platforms, it lets you stop loss and take profits out of your desires.

Lastly, you can enter the market flexibly at your convenience. To activate this feature, choose the pre-order type. You need to set a market condition, the trade will start automatically when the market reaches the same.

Affiliate Program

This platform provides an affiliate program for a user. Those who wish to earn more can encourage other traders to use the IQ Option. Once you choose to become an IQ Option affiliate, you need to share your affiliate link on the website, or blog. The ones who click the link and sign up with the app are considered as your referrals. The identification is done by generating a unique ID when you sign up.

Once the user who signs up starts trading, you will receive the rewards. You can earn up to 70% of the traders’ profit, based on the clients’ trading activity. You can choose your preferred payment method to receive cash rewards. It is the best life-long method of having passive income. Presently, there are over 116,410 IQ Option affiliates across 178 countries.

Mobile Trading

As per our review, it provides a mobile trading app for both Android and iOS users. The traders can download the IQ Option app for various devices like iPhones, iPads, and other Android devices. Now you can trade CFDs and other options anytime and anywhere. The IQ Option app is now easily available on the Google Play Store and iTunes Store. You can easily download it from there. A mobile app has a clean and intuitive trading platform for beginners. The mobile trading app is easy and user-friendly. This mobile trading app is free of charge.

With the mobile app, you can execute trades, use charting tools, check account status, stay connected with market developments, and set up custom push notifications and alerts too. This mobile trading app is absolutely free of charge. Learn more on how to trade on the platform.

Progressive Web Application

Apart from the mobile application, the system supports the PWA or progressive web application. This application works on every kind of smartphone or device. You can get access to all of the IQ option to trade assets including binary options. Unlike mobile apps, there is no need to download IQ Option PWA on your device.

To use PWA, simply click on the ‘add to home screen’ choice from the web platform. Get started with single-tap trading in no time. With IQ Option PWA, you can overcome the cons of the non-availability of binary options on iOS devices. Switch between live and demo trading accounts without exiting the PWA.

Why trade with IQ Option?

Undoubtedly, there are several standard trading platforms available to you. If you’re wondering why you should choose the IQ Option broker? Here is list of some advantages of this IQ Option forex broker trading platform.

Award-winning software

IQ Option trading software has won several awards for its seamless UI and extraordinary ways of investment. In the past, it has been praised by many more experienced and reputed traders in the industry.

Flexible Deposits Options

As per our IQ Option review, it allows you to start trading with a minimum investment of $10. There are multiple ways to make the deposit such as Credit cards, Debit cards, wireframes, and e-wallets (Maestro, Skrill, CashU, WebMoney, and Moneybookers).

Customizable Platform

For optimal trading experience with IQ Option, you can customize the platform. From dashboard appearance to keyboard shortcuts, notifications to privacy, you can give a custom touch as desired.

Convenient Payouts

The app is offering easy and convenient payouts. The minimum withdrawal amount with IQ Option is $2 (currency equivalent). The processing time is 3 business days due to the account verification process involved. Once verified, the withdrawals are processed in 1 business day.

24/7 Support

IQ Option offers a flexible and instant customer support team. The traders can access this feature 24/7 over email, phone number, or live chat. The customer support team is available for both IQ option mobile app and the browser platform.

How Does IQ Option Work?

All trading activity with IQ Option is 100% automated. The company executes clients’ funds in financial instruments like contracts for differences (CFDs), binary options, and digital options. When trading a client’s orders, the tool takes into account multiple execution factors. These include size and nature, price, costs, market developments, conditions and variations, speed, and the likelihood of settlement. However, there are times when the software chooses unique execution criteria based on the clients’ custom instructions on order types.

Tips for Novice Traders

• Try demo account

We advise every new trader to start using the demo trading. According to our review, it will help to understand the system in a better way. There is plenty of education and no money involved. With IQ Option, you can also keep practicing demo trading as long as you desire.

• Invest small

If you are a beginner at trading, it is important to invest small amounts. Because investing in financial instruments like CFDs, FX options, etc. involves risk to your capital. Therefore, we advise the new clients to invest money with their risk appetite.

• Watch or read tutorials

Almost every reputed trading system online provides tutorials on trading instruments. It is a great way to learn and enhance your knowledge regarding trading online. There are multiple methods like video tutorials, blogs, real-time charts, and graphs that allow traders to learn market updates.

• Ask for help

For the one who is new to a trading platform, it is important to seek help from its customer support team. Almost every reputed platform has one available over the phone, email, and live chat with 24/7 availability.

All-in-all, beginners need to stay cautious while exploring and investing in an online trading platform. All the tips listed here are helpful and hold proven results for new clients.

Customer Support

IQ Option provides 24/7 customer support. The clients can easily reach its support team via web or mobile platforms. They can contact each other through phone, email, and online chat support. It is a multilingual feature available in 13 languages.

Presently, there are over 90 customer support representatives available for users. The average wait time over live chat is 38 seconds. For email queries, there is a 14-minute response time. In our review, we utilized this feature for all three modes.

To Wrap Up

IQ Option is one of the most reputable companies. To conclude this it can be said that IQ Option is an incredible broker that strives to evolve and improve every time. Its services are available to a vast audience except to Afghanistan, Albania, American Samoa, Australia, Belarus, Canada, Comoros, Crimea, Cuba, the Democratic Republic of the Congo, Donetsk and Luhansk People’s Republics, Eritrea, Ethiopia, Guam, Haiti, Iran, Israel, Japan, Libya, Mali, Myanmar, North Korea, Palestine, Republic of Abkhazia, Republic of South Ossetia, Russia, South Sudan, Sudan, Syria, Transnistria, Ukraine, the United Kingdom, the USA, Vatican, and the U.S. Virgin Islands.

The platform caters to clients, stock, Forex traders, and cryptocurrency traders who wish to explore the horizons of online trading. Forex is one of the most popular common trading markets.

Like other trading platforms, IQ Option lets you use a demo version. The only distinction is there is no expiry time for this account. The traders can keep using this account as long as they want. With this platform, traders can enjoy multiple features including technical indicators, trading tools, technical analysis, economic calendars, stock screeners, volatility alerts, educational tutorials, and widgets.

The broker offers a variety of charting tools that can help you formulate a successful trading strategy. Lastly, the customer service of this platform is highly responsive on all the platforms (be it mobile apps or browsers). You can access it 24/7 every week. If you are a beginner, before trading, you can read this review for detailed information about this exchange.

Frequently Asked Questions

Is IQ Option Safe and Trustable?

IQ Option is considered safe and reliable. It has over 50 million registered users and is regulated under the Cyprus Securities and Exchange Commission (CySEC). IQ Option uses advanced encryption technology to protect user data, ensuring a secure trading environment.

Is IQ Option regulated for Forex trading?

Yes, IQ Option is regulated for Forex trading. It is licensed by the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with EU regulations. However, its availability may vary depending on your country.

What Is the Minimum Investment Amount?

IQ Option allows you to start trading with a minimum investment of only $1, offering a low entry point for users to explore various trading options without a significant financial commitment.

Is IQ Option withdrawal safe?

Yes, IQ Option withdrawal is generally safe, as the platform employs secure encryption methods to protect user data and transactions. However, it’s important to ensure your account is verified and that you follow the correct procedures to avoid any issues.

Is IQ Option Legal in India?

Yes, IQ Option are legal in India. Anyone can register on this IQ option platform and buy, sell, and trade.

General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.