IQ Option Review
IQ Option is a relatively new entrant to the market and yet is has quickly established itself as a leading binary options broker. It was first established in 2013 and since then has grown to be one of the largest brokers.
It stands out from it’s peers for trying to offer a unique proposition. In addition to offering a propriety trading platform, it offers low account opening costs and provides a heavy focus on client support.
The company is owned and operated by IQ Optios Europe Ltd. It is registered and licensed under the Cyprus Securities and Exchange Commision (CySEC), license number 247/14.
Name: IQ Option
Telephone: UK +44 20 3318 7173 + 9 international contact numbers
Trading Platform: IQ Option Platform
Demo Account: Yes
Minimum opening deposit: 10 USD
Minimum Trade Amount: $1
Profitability/ Rebate: up to 90%
Account Holding Deposit: USD, EUR, GBP
Deposit Options: Credit/Debit Card, Bank Wire, Skrill
Accepts US Traders: No
IQ Option offer a distinct, propriety trading platform. This helps to mark them out from other brokers who often make use of one of the standard issue ‘white label‘ platforms from the likes of Techfinancials, SpotOption etc.
Taking the decision to develop their own trading platform could have proved problematic yet in this instance it is a good decision. The platform does not disappoint. It does take a little getting used to but nevertheless after a few minutes most traders will be used to operating it without a second thought.
The interface is modern and uncomplicated. The option contract to trade and the asset type are clearly identifiable. It is also easy for traders to see the expiry time and the amount wagered on each contract.
One thing to note however is that IQ Option only offer short term contracts with short expiry times. Contracts can be set to expire in 1 hour in 15 minute increments. While this is good for most traders, it will therefore mean that traders who want to trade end of day or end of week expiry times are not catered for.
Options Types Offered
- Call/ Put – Earn a payout from predicting if the price of an asset will end ‘higher’ or ‘lower’ than your entry price by expiry. Contracts are set in 15 minute increments.
- Turbo Options – As the Call or Put option but with a much shorter expiry time. Earn a payout from making a successful prediction of price movement from 30 seconds to 5 minutes.
The simplicity of the web based platform is reflected in the mobile offering. In fact the mobile app is strikingly similar to the desktop platform.
Having such similarity of operation between the two platforms makes switching between them easy. In addition the familiarity of functions makes it easy to pick up the mobile app and hence trade your account while on the move.
The IQ Option mobile trading app is available for both iPhone and Android users. These can be downloaded freely from the respective app stores. Once downloaded you will just need to enter your account details to get up and running on your account.
IQ Option offer just one standard trading account for all traders. What makes it unique in that it can be opened for just $10. While this may not be enough to trade a fully balanced strategy, it nevertheless offers an easy route into binary options.
Account opening is free and can be achieved by completing a simple online form.
In addition to the low minimum deposit, contracts can be traded from an equally low amount of just $1. This makes an IQ Option account an ideal alternative to a demo account. So rather then try your strategies on a demo account, you can do so with limited risk under live market conditions.
Funding your account is easy. This broker accepts a wide range of payment options. You can used a credit or debit card to fund your account or one of a number third party payment processors. These include Skrill, Netteller and AlertPay. In addition bank wire offers as almost universal way to fund your account.
The minimum amount that you can request to withdraw is $10. To make a withdrawal you need to submit a request to the broker. There are no charges from the broker to make a withdrawal. Traders may however be required to send the broker additional proof of identification depending upon the method used.
After the request is made, withdrawals can take anywhere from 2 to 9 business days. This will depend on the payment method that is used.
IQ Option take customer support very seriously and as a result have invested heavily in this area. Consequently they now have a dedicated and responsive team. They now boast more than 50 specialists in 2016 who are on hand to deal with queries from their clients. Their current response time from the team is quoted as being just 24 minutes.
Support coverage allows them to now deal with traders from over 178 countries worldwide. While this is obviously too many to mention, key territories supported include European, the Middle East, Africa, the Pacific and Asia.
As is the case with most brokers, IQ Option offer a deposit bonus to new traders. There is no generic offer however and new clients will have to check out the latest promotions when making their first deposit. Typically you can expect to receive a bonus of 30% for depositing a set amount into your account.
As with all bonus offers there is no requirement to accept them therefore you need to know what to do when signing up. If you prefer not to be tied to your account then simply refuse the offer. If you do decide to take up a bonus offer then be sure to check out any terms and conditions prior to acceptance.
Dow Jones, FTSE 100, Hang Seng, NASDAQ, SMI, S&P500
EUR/USD, EUR/GBP, GBP/JPY, GBP/USD, USD/JPY, AUD/CAD, NZD/USD, EUR/RUB, USD/RUB, USD/CHF, AUD/USD, USD/CAD, AUD/JPY, GBP/CAD, GBP/CHF, GBP/AUD, EUR/CAD, CHF/JPY, CAD/CHF, EUR/AUD, USD/NOK, EUR/NZD
AIG, Alibaba, Amazon, Apple, Baidu, Barclays, Bank of America, Cisco, CitiGroup, Coca Cola, Facebook, Ferrari, Gazprom, General Motors, Intel, JP Morgan, McDonalds, Morgan Stanley, Microsoft, Nike, Tesla, Twitter, Yahoo, Yandex
IQ Option Review Verdict
- Very low minimum deposit requirements
- Trade binary options contracts from just $1
- Unique and versatile trading platform
- Limited to just two option types at present