IQ Option a fast-growing online brokerage firm offering services in foreign exchange, stocks, ETFs, and its own exclusive product, Digital Options. This broker also provides trading services for forex CFDs, stock CFDs, cryptocurrencies CFDs, commodities CFDs, ETFs CFDs, and Binary and Digital Options.
IQ Option Regulation and Security
IQ Option was established in 2013 by IQ Options Europe Ltd, which manages and fully owns it. Its headquarters are in Cyprus and it operates under the regulation of the Cyprus Securities and Exchange Commission. In its seven years of service, it has amassed over 40 million clients. IQ Option is designated as a Cypriot Investment Firm or CIF and it is authorized to provide financial services within the European Economic Area. This broker is also compliant with the Markets in Financial Instruments Directive (MiFID) European regulations.
On the other hand, clients based outside of Europe are handled by its sister company, IQ Option Ltd, which is based in Seychelles and regulated by the Seychelles Financial Services Authority. IQ Option as a whole has improved and expanded its services over the years. In 2020, it introduced margin trading on its platforms. It has also garnered various awards for its quality services and security standards.
IQ Option Review of Services
This broker is known for its unique and beneficial services. To start, it developed its own proprietary trading application instead of partnering with third parties that offer a standard trading platform. That and more are some of the highlights of IQ Options services, discussed below.
IQ Option Trading Platform
IQ Option developed a trading platform that specifically caters to the needs of their clients. It offers services in CFDs and binary options trading, as well as trading other instruments. Margin trading is also an option for several assets. This platform has a user-friendly interface that features a large chart for easy maneuvering and spotting of market opportunities. Unlike most binary capable platforms, this offers a wide range of advanced tools and indicators that are very useful in everyday trading. Some of these are Bollinger Bands, Moving averages, RSI, and MACD. The IQ Option platform is available in web browsers and iOS.
Account Types
IQ Option offers two main account types: Standard and VIP. Aside from these two, they also offer a free demo account.
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- Standard Account: The minimum deposit amount for this account is only $10, making it one of cheapest and most affordable accounts in the industry. This account gives clients access to all of the IQ Option’s offered instruments, and it entitles them to participate in weekly trading competitions. This is a recommendable option for beginning traders because the risks are minimized, while still having the opportunity to trade in the markets.
- VIP Account: This second account requires a deposit of $1900 or equivalent. While it does not come cheap, the perks and advantages offered by this account are fit for professional or expert trading. The VIP account entitles traders to participate in free trading promotions, a personal account manager, and 3% additional returns. It also provides access to advanced tools and strategies that give and edge in large volume trades.
Trading Fees
Other than the information stated above, it is also important to know about the specific trading fees that clients will be subject to once they begin trading with IQ Options. Below are some of it:
- Spreads: IQ Option offers variable spreads, which means that these depend heavily on the volatility and liquidity of the market. Prices fluctuate all the time and in extreme cases of volatility, spreads could increase more than expected.
- Swap Fees: Overnight or swap fees charged by IQ Option are between the range of 0.1% to 0.5%. These could go higher depending on the positions held by the trader over the weekend.
- Withdrawal Fees: Most payment service providers do not charge extra fees, except for bank transfers. The latter could charge fees as high as $31 or equivalent.
- Inactive Account Fees: An inactive account for 90 days with a balance above zero is penalized for 10EUR or equivalent every month.
- Commission: IQ Option does not generally apply commissions per trade, except for a number of digital assets. Some cryptocurrency trades charge up to 2.9% of the transaction.
Live Support
For IQ Option clients that need assistance on their trades, the 24/7 live customer support team is ready and available to lend their services. It is a multilingual team that can be contacted in a number of ways, including telephone, live chat, and email. This broker’s support team is very accommodating so traders will not find a cause for worry.
IQ Option Conclusion
IQ Option is a widely popular online trading services provider that has braced the ranks of top brokers for years. It offers quality services and competitive trading conditions that attract both beginning and professional traders. It holds a European license under the CySEC and also complies with the MiFID regulations, guaranteeing that it is safe and reliable. This broker is a good choice for all types of traders because of its dedication to serve the best interests of their clients.