This is a complete review of IQ Option.

IQ Option is a financial service provider that allows you to trade a variety of financial instruments like stocks, binary options, cryptos, ETFs, Forex, and Commodities.

With over 100 million registered users from around the world, the company stands as one of the best online options brokers today.

It has won numerous awards from reputable bodies and boasts of more than 2,000,000 active investors daily.

Based on my experience as an online trader, I have written an in-depth review of what IQ Option has to offer, its reputation, limitations, and lots more.

Most of all, there is a bonus for you at the end of this post, I’ll be teaching you how to trade profitably.

Keep reading and enjoy this article.

Post Summary

There is a lot of information I have shared in this post, but I have written them in plain language so that you will have no difficulty understanding the post.

Below is a list of everything I will discuss today, click on any to take you straight to its content;

1. IQ Option Overview
2. Traded Instruments
3. Restricted Countries
4. Accepted Payment Methods
5. Trading Accounts
6. Registration Requirement
7. Customer Support And User-Interface
8. Pros And Cons
9. FAQ
10. Conclusion

1. IQ  Option Overview

IQ Option was established in 2013, it started out as a binary options broker but later added other markets like Stocks, Forex, ETFs, Commodities, and Cryptocurrencies.

IQ Option has attracted a lot of traders since its existence.

Over $380 million trade volume is processed monthly with more than $10m monthly withdrawals.

IQ Option has received countless positive reviews from its customers.

The awards gotten from several reputable and trusted bodies are something to definitely bank on if you are not yet sure whether to subscribe with this broker.

Keep reading, we are about to know what IQ Option has to offer.

Create Account

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

2. Traded Instruments

The instruments traded in IQ Option are as below.

• CFDs On Cryptocurrencies
• CFDs On Stocks
• CFDs On Forex
• Options (Binary Options & Digital Options)
• ETFs (Exchange Traded Funds)

You need to understand what CFD is before you can trade the first 3 instruments above.

The first 3 instruments listed above are in CFD i.e Forex CFD, Stock CFD, and Cryptocurrency CFD.

For a better understanding of this review, I will briefly explain CFD.

What is CFD?

“CFD is an agreement to exchange the difference in the value of a particular asset from the time the contract is opened, until the time it is closed”. If you are new to trading CFD, you might not understand this definition, so I will make it much easier for you by using an analogy:

Suppose James wants to buy a piece of property, hold and sell it after after a month no matter the market value.

He might sell it at a profit if the value appreciated or at a loss if the value depreciated. To enter this trade, the piece of property might cost $100,000.

An onlooker might want to participate in this trade but he does not have $100,000. What he has is say $20.

How does he participate?

He can make a trade with his $20 in a CFD company stating that he believes the property will appreciate. That if the property appreciates within the time frame, he should be paid his $20 + the increment proportional to the appreciation of the property. But if it depreciates he will lose the fraction of his $20 proportional to the depreciation.

This is basically what CFD is. You are not trading in the real market but the expected outcome.

With this basic knowledge, let’s get on with IQ Option review.

CFDs On Cryptocurrencies

Currently, there are 12 cryptos traded in Cryptocurrency CFD on IQ Option, including;

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Zcash (ZEC)
• Tronix (TRON)
• Ripple (XRP)
• Litecoin (LTC)
• Dash (DASH)
• OmiseGo (OMG)
• Eos (EOS)
• Qtum (QTUM)

There is a new asset, Bitcoin x100, a multiplier of x100 for bitcoin trading, now available to non-European traders.

This multiplier allows a trader to make investments that exceed his balance which can drastically increase or reduce or reduce his potential profit.

CFDs On Forex

There are over 30 currency pairs in this market. The major pairs include;

• EUR/USD
• USD/JPY
• AUD/USD
• GBP/USD
• AUD/JPY
• EUR/JPY
• USD/CAD
• GBP/JPY, etc…

CFD On Stocks

Trading Stock CFD is similar to trading CFD of Forex and Cryptos but in this case, you are trading the gain and loss of companies like Microsoft, Facebook, Chevron, Coca-Cola, etc.

There are currently over 190 assets in stock to choose from.

Options

There are two types of options in this trading platform; binary options and digital options and over 40 assets to choose from:

• Binary Options: This is the most popular type of option as well as what IQ Option was known for at its inception. You can profit up to 100% *(Amount to be credited to the account for a successful trade) in as little as 60 seconds if the trade goes your way. But lose all if it goes otherwise.
• Digital Options: This is an option that speculates on the extent of price change of cryptocurrencies, indices, commodities, and stocks. Profit could be as high as 900% in the case of a correct prediction. The risk is also very high and could lead to the loss of your funds in a flash.

Exchange-Traded Fund (EFT)

An ETF is an investment fund traded on stock exchanges, much like stocks. EFT holds assets such as stocks, commodities, or bonds, and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur.

There are currently 23 ETFs to trade on IQ Option.

Watch this 2 minutes video to learn how to trade on IQ Option.

Create Account

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Restricted Countries

IQ Option accepts users from 213 countries including Nigeria, South Africa, Philipines, Malaysia, India, and many more.

However, it does not accept users from these countries;

Afghanistan, Albania, American Samoa, Australia, Belarus, Canada, Comoros, Crimea, Cuba, 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.

Deposits And Withdrawal Methods

Deposit Methods

• Visa/Master Card ( Debit or Credit card)
• Bitcoin
• Neteller
• Skrill
• WebMoney

The minimum amount that can be deposited at once is $10.

Withdrawal Methods

• Visa/Master Card (only initial deposit)
• Neteller
• Skrill
• WebMoney
• Bank Transfer

You will notice that Bitcoin is not among the withdrawal options. It has been temporarily disabled. Users will be notified once this service is re-enabled.

To withdraw your Bitcoin, you will have to first convert it to fiat and withdraw the fiat.

Withdrawal through an e-wallet like Neteller, Skrill, and Webmoney takes 1-3 working days while bank transfer takes 1-9 working days.

The good thing is that you can track this process, from when your withdrawal request was submitted to when it is processed and released to you.

Trading Accounts

There are 3 types of trading accounts available.

Practice account (Demo account)

This is a demo account. It comes with a $10,000 preloaded for you to practice with. You can also replenish this amount whenever it finishes as often as you want. Note that you cannot withdraw this money or gain from it, as it’s just for practice. The Demo account is essential because it will help you practice at no risk.

Real account

The second type of account is the real account. You need to deposit a minimum of $10 to activate a real account. With this account, you can participate in all the live markets available in IQ Options.

VIP account

This account is available to clients who deposit significant amounts (Note that the amount is subject to change depending on the country you are trading from).

This account gives you access to all the benefits of the real account owners and other benefits such as a personal manager, monthly trading record, feedback, etc.

Registration Process

Registration is quite simple; there are 3 ways to sign up on IQ Option;

1. Via Your Email Address: simply enter your name and email address and then choose a password. Then visit your email to verify your account via the link that will be sent.
2. Via Your Facebook Account: All you have to do is to link directly to your Facebook page and continue.
3. Via Your Google Account: Same as above, all you have to do is to link directly to your Google account via your browser and continue from there.

You can withdraw your deposited amount without further registration.

However, to withdraw your profit, you will need to provide a government-issued ID (Driver’s License, Passport).

Customer Support and User Interface

The UI is one of a kind, apart from its aesthetic design and well-laid-out colors to help users quickly make a trade, it has all the trading instruments on one page in such a way that they do not conflict in any way.

In addition to this, there are video tutorials to put you through all the actions you want to take and a 24/7 customer support chat.

There is also a mobile app for Android and iOS users.

There are four ways to contact IQ Option:

• Online Chat – as shown in the picture above. Response to chat takes 3 seconds. This is rather conservative because when I contacted support through this method, the response took less than 5 seconds, it was rather instant.
• Support Ticket – The response to Support Ticket takes about 16 minutes as stated on the website.
• Email – (support@iqoption.com)
• Phone call – There are over 25 phone numbers through which one can contact IQ Option depending on your country, some of these numbers are toll-free.

Responsiveness – IQ Option Apps

IQ Option is responsive across all devices. To make trading easier and fasters, IQ Option App can be downloaded to your computer, Android, and iOS.

This is crowned by enormous language support of up to 15 languages

• English
• Spanish
• Portuguese
• Turkish
• German
• French
• Indonesia
• Italian
• Hindi
• Polish
• Chinese
• Russia
• Urdu
• Norwegian
• Vietnamese
• Korean

Pros and Cons

Pros

• Replenishable demo account.
• Excellent user interface.
• Active customer support.
• Up to 300 markets are available for trade.
• Mobile friendly.

Cons

• Withdrawal may take up to 3-9 working days, depending on the withdrawal method used.

Frequently Asked Questions

Conclusion

I hope this IQ Option review was comprehensive enough for you.

Know that trading is risky, you can make a lot of money and you can as well lose all your money.

You have to be trading on IQ Option already to fully understand what I am saying here.

Do you think there’s something I missed out in this review?

Have you had any experience with this broker?

Let me know what you think about this platform or your experiences in the comment section.  

Lastly, don’t forget to share this post by clicking on the social media icons below.

Thank you.

Also Read:

• Binary Options Explained- The Ultimate Guide + Vital Trading Tips
• 4 Outstanding Differences Between Binary Options And Smart Options
• 5 Best Binary Option Trading Platforms In Nigeria
• OlympTrade- Complete Review 2020
• Expert Option Review 2020- 1 Important Thing You Need To Know