We have tested out one of the world’s fastest growing online trading platforms, IQ Option. Keep reading to find out, whether the broker is a legit company or a scam.
IQ Option offers a unique trading platform for CFDs on forex, cryptocurrencies, commodities, stocks and for professional traders also for binary and digital options. The CySEC regulated IQ Option company that allows real trading starting at $10 appeals to new and existing clients mainly with its ultimate trading platform, and highly competitive fees (spreads). New traders can set up a FREE Demo trading account at any time.
|General Risk Warning: The financial services provided by this website 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.|
Detailed information about IQ Option
- Rating: (4.5 / 5) 3rd Place in our forex ranking comparison
- Website: https://iqoption.com/en/ (CFD Service. 76% retail clients lose money)
- Trading instruments: CFDs on forex, cryptocurrencies, commodities, stocks, professional traders can also trade binary and digital options
- Minimum deposit: $10
- Minimum investment: $1
- Demo account: Yes, free of charge, reloadable. No deposits required.
- Methods of deposit and withdrawal: Bank Wire Transfer, Skrill, Neteller, WebMoney, QIWI, Yandex Money, PayPal, LiqPay, Moneta
- Operator: Iqoption Europe ltd. (Cyprus). Regulated by the CySEC.
Trading Platform & Spreads & Leverage
The IQ Option trading platform offers a very fast, clear and modern solution for its clients. The trading platform can very well stand-alone as the only tool for your analysis as it features all the things a trader needs to have at his hand. That includes all the popular indicators (RSI, BB, Stochastic, etc.), graphical tools (trend, horizontal and Fibonacci lines…), historical quotes and of course a multi-chart layout. To stay up to date with the news traders can use on the platform volatility alerts, market updates, stock screeners, calendars and newsletters. To connect traders on the IQ platform, the company, also created a live chat where traders around the globe share their ideas and achievements. Currently, there are over 110 video tutorials that traders can use to understand how certain indicators work or to watch the news. The broker also offers an Android/Apple application very similar to the computer version that you can download to your smart device. Spreads at the IQ Option platform are very competitive, they vary from an asset to an asset (see screenshots below). Regarding the leverage, it alters depending on the trading instruments and a current volatility of the asset. In most cases the leverage for major currency pair is 30:1, for non-major currency pairs, gold and major indices 20:1, for commodities other than gold and non-major equity indices 10:1, for individual equities 5:1 and for cryptocurrencies 2:1.
3 Account types – There’s something for everyone
The broker offers 3 types of accounts in total. Each account type has its own specific features and benefits. Therefore you should choose the one that best suits your needs. You can find the benefits of each account type below.
|Free demo account||Real account||VIP account|
|Unlimited usage||Min. deposit $10, min.trade $1||Min. deposit $3 000|
|Free of charge||Withdrawals processed within 24 hours||Withdrawals processed within 24 hours|
Personal tutoring, for professional binary traders additional payouts on certain assets
Free Demo Account – Matter of a few seconds
The most frequently used account when first trading at the IQ Option platform is the demo account. It allows you to test whatever you need (platform, strategies, etc.) and it is totally free of charge and you don’t even have to make an initial deposit. Once you establish your demo account you will be provided with $ 10 000 fake money to trade with for as long as you need since the demo account is not time-limited. You are also granted an access to the extensive educational centre (can be used by all three types of accounts). Finally, once you’re sure that it’s time to enter the real market using real money, you just have to make an initial deposit and a real or VIP account will be set up for you.
Real Account – Possible with only $10
The IQ Option real account requirements are slightly different in comparison to accounts of other brokers. The minimum deposit is as low as it can get – $ 10. And the lowest possible investment is only $ 1, so if you wish to trade small amounts you are free to do so. The advantage of these very precisely adjusted investments is that you can easily follow your money management strategy which is very hard to do using other platforms that usually require a minimum deposit of $100, $200 or more (and trades from $10).
VIP account – Special conditions
The third account available at IQ Option is the VIP account. This account has many advantages, that the 2 other accounts don’t offer. The VIP account is designed for experienced traders who can deposit at least $3,000, although the amount doesn’t have to be made in one deposit. Once you exceed this sum, you will be provided with unlimited assistance from a personal account manager who will actively help you with your trading. Each month one of the IQ Option analysts will also send you a detailed analysis of your trading. Furthermore, as a VIP binary profesional trader, you can have higher payouts on specific assets (read our article: VIP account at IQ Option).
Conclusion – final word on IQ Option
IQ Option is currently one of the most popular companies among traders as it very recently welcomed its 30 millionth client. One of the biggest advantages that I see in IQ Option is that the trading risk is entirely in your hands. Firstly, it’s because you can use a free refillable demo account without having to make an initial deposit, and secondly, because you can create trades with just as little as $1.
On the other hand, each broker has its drawbacks and IQ Option is not an exception. The biggest one I currently see is that binary as wel ass digital options can be traded only by professional traders. This is, however not the fault of IQ Option but the European regulator ESMA that prohibited binary trading to retail EEA clients.
Final verdict: If you are looking for a safe option with a state-of-the-art trading platform, IQ Option is definitely a choice to consider.
I recommend to test the company at least via a free reloadable demo account that can be created within one minute.
CFD Service. 76% retail clients lose money
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