IQ Option Review [year]
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
How we rank DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Ranked 411 out of 426 Trading List Check out our top brokers List.
DailyForex.com Team.
| Created on February 21, 2022 | Updated on February 21, 2022.
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.
Forex Brokers We Recommend.
Editor’s Verdict.
Wide Choice of Assets Easy Website Demo Account.
Only One Option Type.
Overview.
Review.
Regulation and Security.
IQ Option remains an unregulated broker operating out of St. Vincent and the Grenadines. IQOPTION LTD, the owner of IQ Option, is duly registered as an international business company (IBC) with the financial regulator, St. Vincent and the Grenadines Financial Services Authority (SVGFSA). The SVGFSA maintains the responsibility of IBC registrations but does not provide regulatory oversight over brokers, as the current legal requirement does not require that. IQ Option does not offer independent audits or confirmation of its performance claims. IQ Option is not a member of the Hong Kong-based Financial Commission, which is the primary insurance policy for unregulated brokers, nor does it take any steps to ensure the safety, security, financial stability, or transparency of its operations. Given the foregoing, this unregulated broker resembles many aspects of its binary options past. The terms and conditions show the only reference to its jurisdiction. The SVGFSA published an advisory in June 2022 confirming that Forex and binary options brokers remain unregulated entities.
Fees.
IQ Option offers commission-free trading with competitive spreads. The EUR/USD commences with a mark-up of 0.4 pips, one of the most competitive offers without additional costs. Other currency pairs feature an average pricing environment. Equity CFDs remain free of commission costs, but spreads are above-average. IQ Option notes that a maintenance fee applies to cryptocurrency CFDs, which increases over time to a maximum of 2.50% after eighteen months.
Swap rates on leveraged overnight positions apply, but IQ Option fails to disclose how it processes corporate actions such as dividends, splits, and mergers. The lack of transparency raises a significant red flag. No deposit fees exist, and this broker does grant one free withdrawal per calendar month; subsequent withdrawals (within a calendar month) are assessed a 2.00% withdrawal fee. After 90 days of inactivity, IQ Option deducts a monthly charge of $10.
Spreads and swap rates represent the principal fees at IQ Option, but cryptocurrencies face a maintenance charge.
What Can I Trade.
Remaining loyal to its binary options past, which was highly profitable for brokers, IQ Option offers 50 binary options and lists them first. Forex traders have just 41 currency pairs to trade, but 26 cryptocurrencies, with leverage of up to 1:100, grant above-average exposure to that sector. Only four commodities are available; namely, gold, silver, and two oil contracts. Most retail traders will find the 181 equity CFDs and 24 ETFs sufficient for their portfolios. The overall asset selection remains average.
IQ Option offers traders 326 assets across six categories.
Account Types.
IQ Option offers the same account to all traders. The minimum deposit is just $10, and the maximum leverage is 1:1000 but applies to Forex trading only. Commodities and cryptocurrencies have a maximum leverage of 1:100, while equity and ETF CFDs have a maximum of 1:20. While this broker lists index CFDs as an option, presently, there are no assets in this category.
All traders, regardless of deposit size, will trade from the same account type, under identical trading conditions.
Trading Platforms.
Clients at IQ Option may only trade on its proprietary trading platform, available as a desktop client, webtrader, and mobile app. It does not support automated trading or third-party developers but does allow traders to establish alerts based on more than 100 technical indicators and an economic calendar. It also allows traders to create a multi-chart layout; unfortunately, IQ Option does not properly introduce it to potential new traders, perhaps due to the absence of more competitive features.
IQ Option only provides its proprietary trading platform.
Unique Features.
IQ Option provides a sentiment indicator and appears to allow social trading via a feature labeled Community Live Deal, but fails to provide further information. Regrettably, the lack of transparency is pervasive.
Community Live Deal offers traders access to social trading.
Research and Education.
Research is not available at IQ Option, but a News Feed features trading ideas and market commentary from various sources. It represents an acceptable solution, and the product is an excellent source of information. Traders may filter through it based on the desired asset, or use the search bar to locate content specific to an individual instrument or keyword. The most intuitive feature is icons of assets impacted by the article; clicking on it will direct traders to a screen with information about it and the ability to place a trade. The News Feed offers tremendous value to traders and is the best asset that IQ Option possesses.
Traders can notably benefit from the IQ Option News Feed.
Clicking on the asset icon in each article will direct traders to a new screen where more information awaits, together with the ability to place trades.
IQ Option does provide an extensive video library for education purposes. Since most traders at this broker are millennial ones, who generally have a preference for short videos over written content, the educational section at IQ Option caters perfectly to the core client-base. Most videos are less than 100 seconds long but of good quality. New traders can view them directly on the website or access them on Vimeo, where IQ Option hosts them. The cryptocurrency sector remains a focal point at this broker, and most videos cater to it. While IQ Option delivers an introduction to trading, it fails to provide more in-depth content. The only written article covers the basics of margin trading.
The video library offers new traders a basic introduction with short videos less than 100 seconds in length.
IQ Option provides just one written article.
Customer Support.
Customer support is available 24/7 via e-mail, while the support section also allows for the submission of questions. Phone numbers in seventeen countries, most of which are toll-free, provides the most convenient access to multi-lingual customer support. The FAQ section attempts to answer most questions and also points to live support for clients after they have logged into the trading platform. Most traders never require customer support, but the lack of transparency at IQ Option may warrant above-average assistance, which this broker provides through 79 support representatives. This broker offers outstanding customer support, a rare asset at IQ Option.
IQ Option offers 24/7 customer support.
The answering times via live chat and e-mail are excellent.
Bonuses and Promotions.
A the time of this review, IQ Option hosted three trading tournaments, each of which requires a buy-in, similar to a poker tournament. The 72-hour Tournament lasts three days, and traders must pay a buy-in of $2 to enter with a prize pool of $5,000. The New Year Warm-Up is a nineteen-day tournament with a prize pool of $20,000 for a buy-in of $4. For a buy-in of $20, traders can enter the Grand Finale, which lasts one month and has a prize pool of $50,000. Terms and conditions do apply, and anyone interested in participating in any of the tournaments should take the time to read and understand them. New traders should remain cautious, however, as trading tournaments tend to promote a false sense of knowledge and risky trading in order to win a portion of the prize pool.
IQ Option hosts trading tournaments throughout the year, which require a buy-in to participate, mimicking poker tournaments.
Terms and conditions apply to all tournaments, and traders should read and understand them before participating.
Opening an Account.
Per well-established industry standards, an online application processes new accounts; a name, e-mail, phone number, and country are required during the initial step. IQ Option allows new clients to complete this step via their Facebook or Google accounts. It is important to remember that while IQ Option is an unregulated broker, it does implement AML/KYC requirements; as such, account verification is mandatory. This step is generally accomplished by sending a copy of the trader’s ID and one proof of residency document (no older than three months). Each trader must determine if the trading environment of IQ Option satisfies their needs for trust, safety, security, and transparency.
An online application handles new accounts at this unregulated broker.
IQ Option complies with global AML/KYC requirements.
Trading Platform.
Summary.
IQ Option remains an unregulated broker that made the transition from the now-defunct binary options sector to a CFD broker that provides rebranded digital options. Regrettably, this broker continues to deploy the same marketing gimmicks as before, making unconfirmed claims. It does offer an innovative news feed from where clients can trade directly with a few clicks, but the overall product and services portfolio remains average.
Transparency remains an issue, but the asset selection is sufficient for most new retail traders. Only one account type exists; it requires a minimum deposit of just $10 for maximum leverage of 1:1000. IQ Option added a respectable cryptocurrency CFDs offering, but overall it fails to ensure clients of a safe and secure trading environment. Each trader must draw their own conclusion as to whether or not they view IQ Option as a trustworthy broker. Most traders will find significantly better brokers elsewhere.