IQ Option Review 2023
IQ Option Review 2023 | What is IQ Option?
Welcome to our IQ Option review where we share our analysis of the popular, award-winning online trading platform that is changing the crypto trading game by opening the market to a whole new audience.
Cryptocurrencies are the hottest new asset class but most traditional trading platforms have been slow to adopt it. IQ Option is leading the way with CFDs crypto trading on their wonderfully simplistic mobile app. Read our IQ Option review to find out what makes them a good CFDs crypto trading destination.
We know our readers like trying out new trading platforms to see where they can get the best deals and overall trading experience. Getting started on a new trading platform does not have to be a daunting experience and IQ Option proves this with their practice account. Registering for the IQ Option practice account is a painless experience and can be set up in a few minutes. Simply head over to their website or download the mobile app from the App store or Google Play. Enter your personal contact details in the registration form and answer a few questions to open your practice account.
After opening the new account our IQ Option review team was greeted with a generous $10,000 virtual fund to begin playing around in their simulated market environment. The simulation is very convincing and we found the walkthrough tutorials and the suggested educational material sufficient to kickstart our career with some practice trades. The practice account is a good introduction to the user interface and charting tools and will present clients with a genuine feel for the software. This enables users to make an informed decision whether to upgrade to a full account. The transition from practice to full account is seamless and once you have made your deposit the real trading can begin.
The first thing users of this platform will be struck by is the design of the user interface. Traders spend a lot of time engaging with their chosen trading platform and IQ Option’s modern, sleek, dark color scheme behind clear bright text and charts will make for a very enjoyable trading experience. This was similar to what we found in our Kraken review. Beyond the refreshing look, the layout of the user interface is very standard and traders that are familiar with other popular trading platforms will have no trouble converting to IQ Option. For beginner traders the tutorials and practice account are the ideal tools to build confidence before putting any money at risk.
The software is responsive and order processing is near instant, boasting a 0.6 second average speed. This impressive speed is achieved despite IQ Option’s large daily volume of over one million transactions. The mobile app, while restricted in its viability as a tool for technical analysis and charting, makes for a wonderful mobile substitute to stay informed with updates and price movements. You can deposit and withdraw funds just as easily as you would on a desktop.
Sometimes trading platforms have overly complex account structures that can result in confusing payments, hidden costs or expected benefits no longer applying. IQ Option review readers will be glad to find the platform only hosts standard account options. IQ Option only has two account types that customers will be able to sign up for. The second account type is simply referred to as a standard account. A mere $10 minimum deposit is all that is required to access their catalogue of over 350 assets and the full range of functionality that IQ Option has to offer. Our IQ Option review team was stunned to discover this, as this minimum deposit is significantly less than what is required at most mainstream CFDs platforms.
A VIP account is the other account type and applies to users that deposit over $1,900 within a two-day period. Features you can expect from this account type include 3% additional returns, a personal account manager and bespoke monthly reports with insights from professional market analysts. This should provide users with the best IQ Option experience and rating.
The platform has opted to restrict the use of charting and technical analysis tools to their in-house selection. IQ Option regularly updates the platform functionalities to meet the needs of their clients. More advanced traders hoping to plug-in their preferred software may however be disappointed that there is no compatibility with third party trading software. This feels limited by the restricted customizability, but does not necessarily have to be a deal breaker for these users as our IQ Option review team found the in-house tools to be comprehensive and very effective (even for advanced trading analytics). However, it does indicate that IQ Option is geared towards beginner and intermediate traders more so than professionals.
Our IQ Option review team is very pleased to share that the one area where IQ Option’s minimalism does not apply is in the range of financial instruments available to their clients. When IQ Option started in 2014 they offered only binary options trading, but has since added CFDs on stocks, ETFs, Forex, commodities, indices and recently cryptocurrencies have also joined this list, which can compare with the likes of our Coinbase review. When trading CFDs Cryptocurrencies on IQ Option, as is the case with all CFDs, users are speculating on price movements in the market but do not own the underlying asset.
Our IQ Option review found 27 cryptocurrencies available for trading on the platform. A unique offer is IQ’s multiplier crypto trades which is essentially leverage trading where price movements and therefore risk is amplified, with some cryptocurrencies like Bitcoin having a 100x multiplier. Be careful of the downside risk inherent to this trading strategy. We recommend IQ Option review readers who use this feature utilize the risk management tools like stops and limits to prevent devastating losses, they have great tutorials on their site explaining how to use these tools effectively. This should give you a clear answer to the question, ‘what is IQ Option?’.
We have to give some praise in this IQ Option review for the platform’s clearly visible trading costs and fees. Compared to our Dukascopy review, you will always know what the relevant rates are before executing your trade or placing your order. Trading costs users can expect include: variable spread fees, swap fees for overnight trades and a 2.9% commission fee on cryptocurrency trades. Three months of inactivity incurs a penalty fee of 10 Euros per month.
This IQ Option review identified several channels for depositing and withdrawing funds. These include: credit cards, bank wire transfers and eWallet transfers such as Skrill and Webmoney. In terms of withdrawal time, credit cards and bank wire transfers have been reported as taking up to 10 days. This makes ewallets a much better alternative with its estimated withdrawal time of one business day. Withdrawals fees apply only to bank transfers which could be up to 25 Euros, depending on your bank.
A crucial feature readers of our IQ Option review should consider when choosing a trading broker is the quality of the customer support. Traders tend to work with large capital sums and time is of the essence, it is therefore of critical importance that there is a dedicated and competent support structure that can swiftly help to resolve any issue you may have. This will also provide testament towards the question, ‘is IQ Option reliable?’.
The research team for our IQ Option review contacted the support staff at IQ Option who responded to our queries in under a minute. The support agent was friendly, knowledgeable and helpful with both general and technical problems. We have found a number of negative reviews online, however our experience was certainly positive. If you ever encounter any issues feel free to reach out at any time as IQ Option offers 24/7 support in multiple languages. Communication channels include email, telephone and various social media platforms such as Facebook, Twitter and Instagram.
Our experts could also uncover no signs of any IQ Option scams that have taken place. This should allow you to transact with peace of mind when you have opened your account. It is important to remember that online reviews are generally negative and you might find that the experience is actually a quality one.
It is good practice for potential clients of a trading broker to check the credentials of the platform and our IQ Option review has conducted a background check. IQ Option is an established award-winning broker with over 50 million registered users, processing over 1 million transactions daily making it one of the largest players in the industry.
IQ Option Europe Ltd. is a Cyprus-based company and a trusted regulated broker with an industry standard CySEC license. Importantly, being licensed by CySEC means IQ Option also complies with the Investor Compensation Scheme which essentially acts as a deposit insurance protection for a maximum of 20,000 Euros of their clients’ accounts. IQ Option is also MidFID compliant which enables them to offer their services to users in the European Economic Area.
Readers of this IQ Option review should note that clients that reside outside the European Economic Area do not enjoy the same protection as these accounts are managed by IQ Option Ltd., separate from IQ Option Europe Ltd., which is licensed instead by the Seychelles Financial Services Authority.
One fun feature this IQ Option review has to highlight is the regular tournaments hosted by the IQ Option community. These tournaments are available to VIP clients outside the European Economic Area and it is really a wonderful initiative to spur excitement and engagement within the community. Not to mention great publicity that attracts new users.
Each competition is unique but all games encourage users to showcase their trading skills by reaching the top of the leader board to ultimately win the grand prize, a cash reward, this is quite innovative when compared to our Changelly review. The competitions tend to focus on a specific asset class such as commodities or stocks and these games can range in length from a single day for more volatile assets to a month.
In today’s IQ Option review we covered the important aspects of the IQ Option broker that has made it the successful, award-winning and trusted platform it is today. The fresh and intuitive user interface, wonderful mobile app, quick customer service and initiative to integrate crypto trading make this an easy platform to recommend beginner and intermediate traders.
Still unsure if IQ Option is the right match for you? Be sure to try out their free practice account or read more reviews on our website to find your ideal online broker.