Table of content
IQ Option is a trading software that has been gaining popularity among investors since its inception in 2013. In this IQ Option review of 2023, we aim to address the concern if this trading software is legit. The answer to this question is, yes, IQ Option is a legitimate trading software. They have been authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a reputable financial regulatory body. They have also won multiple awards, including the Best Mobile Trading Platform at the 2020 Global Forex Awards. Moreover, IQ Option offers a user-friendly trading platform with a variety of financial instruments that can be traded. Their customer support team is also top-notch, with multiple channels available for assistance. Overall, IQ Option is a reliable and trustworthy trading software that is worth considering for investors who want to trade in a secure and regulated environment.
Advantages of IQ Option trading platform
Trading with Iq Option offers a wide range of advantages to traders who want to get involved in online trading. As a leading binary option broker, Iq Option offers a user-friendly platform for traders to use, complete with a range of powerful features and tools to help them make informed trade decisions. The easy-to-use interface of iq option allows traders to access the markets efficiently and quickly, and trades can be executed seamlessly in just a few clicks. Perhaps one of the most significant advantages of trading with iq option is the reliability factor. The platform is safe, secure and regulated by top-tier regulatory bodies, offering traders peace of mind that their investments are in good hands. Overall, using iq option for online trading can provide an exciting and rewarding experience for all levels of traders.
Disadvantages of trading with IQ Option
Despite offering various advantages, the online trading platform, IQ Option, has its own set of disadvantages. One major disadvantage is the high level of risk involved in binary option trading. Firstly, the number of timeframes available on IQ Option is limited as compared to other trading platforms like MT4. Additionally, the platform is heavy on your computer’s RAM, requiring a lot of memory space for stable functioning. Another disadvantage is that not all trading conditions are readily displayed on the website or in the personal account, and in order to investigate them, one must either experiment through trial and error or reach out to support services for assistance. Moreover, IQ Option does not offer any algorithmic trading nor the possibility of adding additional indicators. Lastly, there have been reports of delays in cash withdrawal, which can be frustrating for traders expecting fast and seamless transactions. These disadvantages may cause inconvenience for some traders and hinder their trading experience on this platform.
IQ Option Platform in 2023
The IQ Option broker is among the limited number of brokers that have developed their own binary options trading platform, which is easy to understand for beginners and includes features for traditional Forex trading. In other words, the IQ Option browser platform incorporates up/down binary trading technology and adapts it to operate according to the traditional MT4 system.
Some interesting figures about IQ Option that traders may find valuable include:
- over 80 million registered users globally;
- more than 1.3 million transactions per day;
- above $20 million in monthly payments;
- over 300 trading assets, such as cryptocurrencies;
- the minimum required investment is only $1, without a minimum volume of 0.01 lots.
Rather than using a conventional trading platform, IQ Option has decided to give its customers a customized platform that is tailored precisely to their trading requirements.
Trade CFDs and binary options are on the same platform. The site is well-designed to be user-friendly, and it has a huge chart, which is a great help for traders who want to watch market circumstances. Margin trading is now accessible for several instruments.
Furthermore, the platform has a large range of trading features that do not generally exist on any binary competent trading platform. Besides, popular technical indicators such as moving averages, Bollinger Bands, MACD, and RSI are examples of sophisticated trading tools.
The brand often adds new features to the platform to provide traders with more freedom. The ‘position top-up’ is one such feature. This enables a trader to keep a deal open if it is nearing a stop loss. In addition, it provides the trader greater leeway in allowing deals to recover before closing them. It must be in use with caution, but it provides traders with additional risk management or trading strategy choices.
IQ Option Mobile Trading App
Traders who are unable to stay at their trading terminal for an extended amount of time. But they may download the IQ Option mobile trading app, which is available for free. It enables traders to check their account status, stay up to date on market movements, and execute transactions.
Trading Accounts Offered
Unlike other CFD and binary brokers, IQ Option only offers three kinds of trading accounts: ordinary trading accounts, VIP accounts, and demo accounts.
You need a minimum deposit of $10 to start a basic real account. Make a deposit and trade criteria for the VIP trading account will vary by area. That is to say, both kinds of trading accounts let the trader participate in the weekly trading contests hosted by IQ Option broker.
The VIP account, on the other hand, entitles the account user to extra trading perks such as free participation in trading promotions, 3% higher returns, and the assistance of a personal manager.
Potential traders who want to test out the platform may do so by first registering for a demo account. It offers free of charge and does not need any “pre-deposit,” as some brokers urge their consumers to do beforehand.
The demo account comes with $100,000 in practice money that you may use to perform practice transactions.
Bonuses & Promos
In accordance with industry standards, copy trading IQ Option no longer provides any kind of deposit incentive.
The trading competition, which traders at IQ Option may enter for a price, is the sole kind of promotional offer available to them. The competition’s prices vary from $100 to about $100,000.
Assets At IQ Option
IQ Option traders may already trade in 300 different kinds of underlying assets. They include 120 currency pairings, market indexes, equities, and commodities.
IQ Option has just offered a variety of 12 different sorts of cryptocurrencies for its consumers to trade in.
The number of marketplaces accessible for trading is continually expanding. The organization has enlarged its selection of forex pairs and corporate stocks and shares, bringing the total to plus 150.
Statistics show that this growth might continue in all regions. IQ also broadened markets across all goods, so commodities such as oil, gold, and silver were included in the asset lists of digital traders.
The minimum trade quantities vary depending on the product.
Binaries and digital options may be started for $1, but a Forex CFD requires a minimum transaction size of 0.001 lot, and FX Options are $30. (Or Euro or GBP equivalent).
Trading Costs And Fees
IQ Option is transparent with its fees and costs. In order to see what trading at IQ will cost, you need to consider:
- Spreads – The difference between buying and selling prices. This is often variable and will depend on volatility, liquidity, leverage, currency pairs and even the time of day.
- Swap Fees – These are fees applied for positions held overnight. Charges vary from 0.1% to 0.5% and will be higher when you hold positions over the weekend. International clients can access zero swap trading conditions.
- Dormant Account Fees – If an account is inactive for 90 days, IQ will start applying a charge of €10 (or currency equivalent) each month, assuming the account balance is above zero.
- Withdrawal Fees – There are no fees on the majority of payment service providers, but bank transfers do attract a charge of $31 (or currency equivalent).
- Commission – On certain cryptocurrency trades, a commission of 2.9% will be charged. This charge does not apply to any other asset.
Customer service is one of IQ Options strongest suits.
To guarantee that traders at IQ Option can receive the help they need whenever they need it, the broker has made its support services accessible 24 hours a day, seven days a week.
They may contact the support staff by email, live chat, or phone. IQ Option has also translated its website into a dozen additional languages for the advantage of traders whose first language is not English. All that make IQ Option support team one of the best in option trading.
Deposit & Withdrawal request
Concerning deposit and withdraw funds, the broker has supported many types of money transfers for financing IQ Option accounts.
These methods include credit card transfers, e-wallets, and bank wire transfers.
IQ option accepted VISA and Mastercard. The eWallet choices include well-known wallets such as Neteller, Skrill, Perfect Money, and Webmoney.
Traders may withdraw money using the same ways they used to deposit funds in the first place.
eWallets normally process withdraw funds within one business day but may be completed in as little as a few hours if the withdrawal method is eWallets.
The full withdrawal procedure for credit cards and bank wire transfers might take up to 10 business days.
IQ Option Growth in the Asian Markets
Growth in Asian markets has also prompted copy trading IQ Option to expand its presence in the area. As a consequence, bank transfers from a variety of banks in this region are now possible:
- Thailand – Bangkok Bank, Kasikorn Bank, Krung Thai Bank, Siam Commercial Bank, Bank of Ayudhya, Government Savings Bank, TMB Bank
- Vietnam – Vietcombank, Asia Commercial Bank, Bank for Investment and Development, Techcombank, Vietin Bank, Sacombank, Donga Bank, Eximbank.
- Malaysia – Maybank, Hong Leong Bank, RHB Bank, Public Bank, CIMB Bank, AmBank
- Philippines – Help2Pay – Accepts both BDO (BDO Unibank) and MTB (Metrobank)
South American possibilities are also being expanded:
- Brazil – Jeton Wallet (Supporting Boleto Bancario) and AstroPay (Boleto, Itau, Bradesco, Banco do Brasil, Caixa, Santander)
- Argentina – AstroPay (Supported banks; Pago Facil, Santander, Banco Galicia)
South America, including Colombia, also accepts Perfect Money. Perfect Money is also a viable option in Nigeria and Pakistan, as well as portions of Europe.
Jeton will now accommodate copy trading IQ Option traders from India, and a number of South African banks have been added.
Traders in mainland China, Hong Kong, Taiwan, and Macao may use China Union Pay to make deposits and withdrawals.
Is IQ Option suitable for Day Trading?
Searching at the types of instruments available for trading is one of the most significant elements to consider when looking for a broker to conduct day trading with.
Because the copy trading IQ Option provides CFDs, which enable traders to open and liquidate market positions at any time, it is a good broker for day trading. Furthermore, the adequate regulation of the broker helps to guarantee that your funds are handled professionally and ethically.
Thailand, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other nations are welcome to trade with IQ Option.
Traders from the United States, Japan, Israel, Turkey, Belgium, Russian Federation, Australia, Canada, Spain, Portugal, the United Kingdom, Ireland, the Czech Republic, Switzerland, Belarus, Afghanistan, Albania, and Saint Barthelemy do not have permission to use copy trading IQ Option.