IQ Option Review

  • Minimum Deposit: $10
  • Products: Forex, Crypto, Stocks,

    74-89% of retail CFD accounts lose money

    IQ Option was founded in 2013, and, since then, it has grown quite rapidly. In 2014, there were just under 1 million users with this broker. By 2020, the brand had over 40 million registered users. Additionally, trades over that time period increased 800%, with IQ Option hitting a trade volume of $290 million per month in 2020. Traders also withdrew $20.375 million from the platform in 2020.

    IQ Option has also raked in the awards, including recent accolades such as:

    • “Excellence In Forex Trading Platform Global” –Global Business Review (2022)
    • “Best Trading Platform” –FX Daily Info (2022)
    • “Fastest-Growing Online Broker in Asia” –International Business Magazine (2022)
    • “Best Trading Experience” –WorldForexAward (2022)

    IQ Option Pros & Cons

    Pros

    • Proprietary Platform Available
    • Crypto Trading Available
    • Wide Country Range Of Service

    Cons

    • No MetaTrader

    IQ Option is recommended for traders of moderate to advanced experience levels who want a broker with a proprietary platform. Though the video tutorials are a great educational tool, the rest of the educational resources on IQ Option are not extensive. So, you should have at least some basic knowledge of trading before signing up with this broker. Additionally, traders who want a broker that offers a wide range of cryptocurrency will like IQ Option, as that is one of its highlights. As long as you don’t mind not using MetaTrader, IQ Option is worth taking a look at if you fall into those aforementioned categories.

    Account Options

    Minimum Deposit$10
    Forex Majors Spread1:500
    ScalpingYes
    HedgingYes
    Demo AccountYes
    Traders From USANo

    Top IQ Option Features

    • Fast-Growing Brand. IQ Option is one of the world’s fastest-growing online trading companies. Traders who want a company with some staying power in the industry will approve of this broker, as it has been around for nearly a decade. IQ Option now has around forty-million members, according to its website. This is a broker with a footprint, to say the least.
    • Video Tutorials. It’s always nice to see a broker that offers at least some educational tools. Though it doesn’t have as wide a range of resources as other brokers, IQ Option still provides its traders with video tutorials that cover topics like basic information, margin trading, fundamental analysis, CFD trading, and technical analysis. There are also videos about the company itself and its history. 
    • Stock Collections. Trading stock has the potential to possibly be lucrative, and IQ Option bundles different collections of stock into one convenient setting. These collections include, IT & Internet Blue Chips, Big Game of Money, 10 Dividend Kings, 10 Largest U.S. Companies, Warren Buffett’s favorites, and more. There are also collections in industries such as energy, materials, industrials, consumer discretionary, and others.
    • Access to Historical Quotes. IQ Option allows its traders to view historical quotes on exchange rates of financial instruments (currency pairs, etc.) over time. You can download this information, using it to test and apply different analyses and strategies.
    • Tournaments. Who doesn’t love a good contest? This broker occasionally offers Online Tournaments for its traders, according to its website.
    • Cryptocurrency Trading. Over the years, IQ Option has developed a reputation for being a great crypto broker with a wide range of coins. You can choose from many different digital assets, including majors and minors. These assets are an attractive option for traders who want a decentralized, if volatile, currency.
    • Customer Support. IQ Option offers 24/7 customer support in over a dozen different languages. This is more expansive, in terms of hours and multilingual capabilities, than we’ve see at other brokers.

    IQ Option Overview

    Type of BrokerNon-Advisory/Executionary Broker
    Clients Accepted from170+ Countries
    Assets OfferedStocks, Forex, Crypto
    Mobile CompatibilityiOS, Android
    Payment Types AcceptedWire Transfer, Bank Card, Electronic Payment Systems & Crypto payment methods in some countries

    IQ Option Account Types

    Account CurrenciesUSD
    Available LeverageVaries Based On Asset (See Pricing Section)
    Minimum Deposit$10
    Commission Per TradeVaries Based On Asset
    Trading InstrumentsForex, Stocks, ETF, Options, Crypto
    Min. Lot Size Per Trade0.001
    Spreads0.6 pips EUR/USD (Varies By Asset)
    Swap/Rollover FreeYes, Islamic Account Available
    Copy Trading SupportYes

    Trading Platforms

    • IQ Option Proprietary Platform
    • IQ Option App (Google and Apple)

    IQ Option Pricing

    There are a few fees to note with IQ Option, including a second withdrawal fee of 2%. This applies to the second, not the first, withdrawal a client makes each month. This fee is fixed. Also, IQ Option charges 10 euro as a dormant account fee. This fee hits after ninety days of inactivity.

    Finally, there is an underage account fee of 20 euro if IQ Option has to close an account because it has been verified that a citizen is not of legal age in the country in which he or she resides. The leverage that a client receives is largely based on the asset as well as where the trader lives.

    Non-EU Countries & Traders Receive Leverage of up To:

    • Standard Crypto CFDs: 1:10
    • Forex: 1:500
    • Stock CFDs: 1:20
    • Commodities: 1:150
    • ETFs: 1:100
    • Special Crypto CFDs: 1:100
    • Stock Indices: 1:150

    Final Thoughts

    Overall, IQ Option is a solid broker. Its highlights include cryptocurrency offerings, proprietary platform, and 24/7 multilingual customer service. This broker has longevity in the industry of around a decade. With forty million registered users and counting, IQ Option must be doing something right.

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