IQ Option is an all-inclusive Trading Platform that has in recent years dominated the market. They started by providing users with a platform to trade Binary options but has now upgraded to include Cryptocurrency trading, Forex trading, Stock CFD trading, Digital Options and ETFs on the ways. Apart from the very aesthetic and responsive user interface every user will attest to, IQ Option currently boast of being the fastest growing online trading broker because, they manage over 50 million accounts, process about 3 million trades per days, handle a trading volume of about $380 million per month paying out over $11 million to users each month.
This Company was founded in 2013 and operated by IQ Option Ltd & IQ Option Europe Ltd. IQ Option Europe Ltd. is registered at Cyprus, and is regulated by CySEC. IQ Option Ltd. is registered at Seychelles, this entity is not regulated”
The number of sign-ups to IQ options each day from Nigeria and around the world has continued to increase. You are reading this right now to find out if it is a great platform for you, if it is a scam site, if they fair better than other platforms, etc. I am going to answer all this questions and more including pros and cons. This review brings you all the intricacies of this platform in a simple straightforward manner but yet very comprehensive and concise. Enjoy.
- User-friendly Interface
- Quick Order Execution
- No Hidden Fees
- Replenishable Demo account
- $10 minimum deposit
- $1 minimum trading amount
- Fast friendly support
- Quick deposit & withdrawal
- Multiple deposit and withdrawal method
- 6 trading instruments (FX, B0, Crypto, Stock, DO, ETF)
- 30% – 900% profit achievable per trade *amount to be credited to the account for a successful trade
- Over 500 assets
- Crypto Exchange
RISK WARNING: YOUR CAPITAL MAY BE AT RISK
IQ Option accepts user from 178 countries but regrettably, they do not accept user from 8 countries.
Prohibited countries include; Australia, Belgium, Canada, France, Israel, Iran, Japan, Russia, Syria, Sudan, Turkey, USA.
English, Spanish, Portuguese, Turkish, German, French, Indonesia, Italian, Hindi, Polish, Chinese, Russia, Urdu, Norwegian
What Instruments are Traded?
The instruments traded in IQ options are as below.
- Options (Binary Options & Digital Options)
- EFT (coming soon
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 my iq option 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:
supposing I want to buy a piece of property, hold it for a month and sell it after no matter the market value. I 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 me $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. And 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 1broker
Cryptocurrency CFD Traded on IQ Option
15 cryptocurrencies are traded in the Cryptocurrency CFD in IQ options, they include; Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Stellar, Ripple, Litecoin, Dash, Zcash, IOTA, Omisego, EOS, Qtum, Tron
Apart from Cryptocurrency CFD Trading, you can also buy real cryptocurrencies on IQ Options. But for now, you can only buy Bitcoin, Ethereum and OTN (Open Token Network). However, the withdrawal of these currencies is disabled for now which means that if you need to withdraw them, you will have to first convert them back fiat money. So purchasing any of these coins on IQ Options is probably for those who want to Hodl for a long time till it appreciates them.
There is currently 27 currencies pair in this market. You can use up X500 leverage.
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 340 assets in stock to choose from.
There are two types of option in this trading platform; binary option and digital options and over 72 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 95% *(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 price dynamic of currencies, indexes, commodities and stocks. Profit could be as high as 900%. The risk is also very high and could lead to the lost of your fund.
Exchange Traded Fund (EFT) – Coming Soon:
An ETF is an investment fund traded on stock exchanges, much like stocks. EFT holds asset 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 4288 ETFs in Iq option, however, ETF trading is not yet live on iq option.
Types of Trading Account
There are 3 types of trading account 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 gains from it as if I just for practice. The Demo account is essential as it will help you practice at no risk.
RISK WARNING: YOUR CAPITAL MAY BE AT RISK
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 markets available in IQ Options.
Once you deposit up to $3,000, you automatically become a VIP member which means you get special attention. This account gives you access to all the benefit of the real account owners and other benefits such as a personal manager, monthly trading record, feedback etc.
Ease of Use
When it comes to ease of use, I have not seen any other trading platform that is better than IQ Option, If you know of any please let me know in the comment section.
The UI is one of a kind apart from its aesthetic design and well laid out colours to help users quickly and easily make a trade, it has all the trading instruments in 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 action you want to take and 24/7 customer support chat. The length of each video is not more up to 2 mins. the beautiful thing about this video is that when you click on a video to watch, it does not reload the page, open in another page or disrupt what you are doing. The videos open as a lightbox which you can close at any time.
The home page of the IQ option website is as below. There are three major section of the home page;
The Navigation Area: The whole website apart from the trade room can be navigated from this section. When you hover your mouse over any of the items in the menu in this area, it drops down more option for you to choose from.
Instruments Traded Area: This area gives a brief overview/summary of all the instrument traded.
Log in & Sign Up Area. This does exactly what is says.
Once you sign up and log in, you can now access the trade room. The IQ Option Trade Room was designed with ease-of-use in mind. I will leave you to experience that for yourself. However, this is the screenshot of how it looks.
From the screenshot about, you can see the well-defined layout. The actions are on the right-hand side of the screen, your already opened market at the top, the chart at the centre and other navigations at the left-hand sides; these include, chat with customer support, chat/comment from every other person trading, markets/instrument, video tutorials, news, lead board, top traders, etc.
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.
Note: When you load IQ Option Trade Room on your browser, it takes quite some time to load but if you download the app, you will not experience this delay in loading.
Registration is fairly simple and straightforward; you can register and start trading in as little as 30 seconds and start trading. There are three methods of registration; 1. Using your Facebook account, 2. using your google account, 3. Through your email address; in which you need to simply enter your name, email address and password.
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 Licence, Passport)
Clients in the EU, however, are required to provide their ID card and Proof of residency after their first deposit.
There are four ways to contact IQ option
- Online Chat – as shown in the picture above, response to chat take 3secs. This is rather conservative because when I contacted support through this method, the response took less than 5 secs, it was rather instant.
- Support Ticket – response to support ticket takes about 16 mins as stated on the website.
- Email ([email protected])
- Phone call – There over 25 phone number through which one can contact IQ option depending on your countries, some of these numbers are also toll-free.
Deposit and Withdrawal methods – Minimum/Max Deposit
The Deposit method in IQ Option is
- Visa/Master Card (debit or Credit card)
The minimum amount that is deposited at once is $10.
The withdrawal methods in are;
- Visa/Master Card (only initial deposit)
- Bank Transfer
You will notice that bitcoin is not among the withdraw 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 day while bank transfer takes 1-9 working days. The good thing, however, it that you can track this process, from when your withdraw request is received to when it is processed and released to you.
Also read: Crypto Trading – How to Win Every Trade
Is iq option a Scam Platform?
From the above review of IQ option so far, you should probably know the answer to this question.
IQ option is not a scam platform for the following reasons
- They are regulated in the EU
- There has not been a complaint about anyone being scammed
- They have been around since 2013
- Their customer base has continued to grow presently at over 50 million
- They value their customers and quick to respond to their queries
- 14 Awards have been presented to IQ option for excellency from reputable bodies.
- IQ option have partnered with Aston Martin Racing since 2016
With all this said, I like to also keep an open mind, If you are reading this have experienced and unfair treatment from IQ options that suggest that they are a scam, please let everyone know in the comment section below. Thank you. You should also know that iq option is regulated in the EU.
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. Let me know what you think about this platform or your experiences in the comment section. Thank you.
RISK WARNING: YOUR CAPITAL MAY BE AT RISK
The Financial Products offered by the company include Contracts for Difference (‘CFDs’) and other complex financial products. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because it is possible to lose all of your invested capital. You should never invest money that you cannot afford to lose. Before trading in the complex financial products offered, please ensure to understand the risks involved.