IQ Option Review
The year 2017 has been a turbulent year for many binary options brokers in the industry but not so with IQ Option. With recent changes in the regulatory requirements imposed by the Cyprus Securities Exchange Commission (CySEC), many binary options brokers have decided to either close shop or move their operations to another jurisdiction. But this is not the case with IQ Option. The broker in recent months had rolled out a new platform that will allow its clients to now trade in spot FX and CFDs. Despite the current difficult environment, IQ Option is still committed towards ensuring further growth with its brand.
START TRADING AT IQ OPTION!
Founded in 2013, the IQ Option brand is familiar to many traders. The brand is currently managed by two separate sister companies, IQ Options Europe Ltd and IQOption Ltd. The head office of IQ Options Europe Ltd is located at Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus whereas the head office for IQOption Ltd is located at Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles. Both companies are under the regulatory oversight of different agencies – with IQOptions Europe Ltd under the purview of CySEC and IQOption Ltd under the oversight of the Seychelles Financial Services Authority.
With regards to the trading platform, the broker uses a proprietary piece of technology that it has built in-house. This means its platform is unique and is not used by any other brokers in the industry.
The platform is well designed with a user friendly interface and allows traders to trade with forex, CFDs as well as binary options. The trading platform also comes with a wide array of extra features which you will be hard pressed to find on any other trading platform.
For example, there is a range of technical indicators which traders can overlay onto their trading charts. There are a dozen different types of technical indicators to choose from. Some of the popular ones include the Moving Average (MA), RSI, CCI and Bollinger Bands. In addition, there are also integrated drawing tools which you can use to plot lines, such as trend lines to refine your market analysis. Other main features of the trading platform include the option to change the chart types and time frames of the charts.
With mobile traders making up as much as 74% of a broker’s clientele base today, IQ Option has also made it a point to provide support for this group of traders. Recently, they have launched a mobile trading app for iOS powered devices and this was shortly followed by an Android solution. Optimized for mobile devices, these apps also come with the same powerful features as the web based version.
In terms of assets that are available for trading, traders have 5 asset classes to choose from namely Cryptocurrencies, ETFs, Forex, Stocks and Options. They include 6 types of Cryptocurrencies, 4288 different ETFs, 188 currency pairs, 7475 types of stocks and over 10 million types of options. Some of the popular assets traded include the following assets:
- Bitcoin Cash
- Bitcoin Index
- Cisco Systems
- Dubai Financial Market
- FX: AUDCAD
- FX: AUDJPY
- FX: AUDUSD
- FX: CHFJPY
- FX: EURCAD
- FX: EURGBP
- FX: EURJPY
- FX: EURNZD
- FX: EURRUB
- FX: EURUSD
- FX: GBPAUD
- FX: GBPCAD
- FX: GBPCHF
- FX: GBPJPY
- FX: GBPUSD
- FX: NZDUSD
- FX: USDCAD
- FX: USDCHF
- FX: USDJPY
- FX: USDNOK
- FX: USDRUB
- FX: USDSEK
- FX: USDTRY
- Goldman Sachs
- Hang Seng Index
- JP Morgan Chase
- Morgan Stanley
- Snap Inc.
- Spot: XAUUSD
- TelAviv-25 Index
- Twitter Inc
Trading Accounts, Bonuses& VIP Programs
As for trading accounts, there are only two types of trading accounts available, a standard trading account and a practice account. The deposit requirement for the standard is just a low minimum of $10 and trading transactions can be as low as $1. As for the practice account, potential traders are granted free access to it once they have registered with IQ Option.
IQOption today is in compliance with the new regulatory requirements imposed by CySEC to no longer offer bonuses. Nevertheless, the broker does conduct regular trading tournaments which traders can sign up for and win attractive prices up to $50,000.
Deposits and Withdrawals
For payment methods, traders at IQ Option have a choice of using their credit/debit cards, Web Wallets such as WebMoney, Skrill and Neteller and bank wire transfer. There is no minimum withdrawal amount at IQ Option. However the maximum withdrawal amount is capped at $1,000,000. As for the withdrawal time, all withdrawal requests are processed within 3 business days.
Customer support at IQ Option is on a 24/7 basis and is done through email, live chat and telephone. For telephone support, IQ Option has also provided localized telephone support for the following countries:
- South Africa
- United Kingdom
Extra Features and Resources
As for the extra features and resources which IQ Option has provided their traders with, this includes a comprehensive range of video tutorials and a well written blog featuring the latest developments in the markets.
There is no doubt that during the first half of 2017, the binary options industry as a whole has been going through a big transformation. CySEC being the only European regulator that has been willing to accommodate binary options trading, has began to place the industry under stricter scrutiny, forcing many of the smaller brokerage firms to either close shop or move their operations elsewhere. However as we have seen, this is not the case with IQ Option. Instead, this broker has shown its commitment to its traders by committing even more resources to comply with the changes in the industry.
As an ethical broker that has never resorted to high pressure marketing, the broker’s client base has remained strong hence allowing it to further expand growth. Hence instead of facing a decline in business activities like many of the binary options brokers in the industry, IQ Option has seen a growth in its overall revenue.
- 24/7 Customer Support
- Localized Telephone Support
- Low minimum deposit requirement
- Regulated Broker
- Unique intuitive trading platform
- Wide range of underlying assets
- No choices of trading platform
- Only one type of trading account
What IQ Option offer bonuses?
In compliance with CySEC regulatory requirements, IQ Option does not offer its traders any kind of bonuses. However, they offer have promotions in the form of trading tournaments.
What payment methods can I use at IQ Option?
Popular trading methods supported by IQ Option include credit cards, debit cards, Skrill, WebMoney, Neteller and bank wire transfer.
What is the minimum deposit requirement?
The minimum deposit requirement at IQ Option is $10.
How long does it takes for my withdrawal request to be processed?
All withdrawal requests at IQ Option are processed within 3 business days.
Is IQ Option a safe and reliable broker?
Yes, IQ Option is a safe and reliable broker. It is regulated by CySEC and has won numerous awards in recognition of its reliability.
Does IQ Option support automated trading?
No, IQ Option currently does not support automated trading with its trading platform.