Iq option forex 3

IQ Option Broker Review.


Accepts Kenyan Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. IQ Option platform supported. IQ Option is regulated by CySEC.


Is IQ Option a Scam? Trading Fees Non-trading Fees Opening an Account at IQ Option IQ Option's Trading Account Deposit & Withdrawal Base Currencies Trading Platforms Mobile Apps Trading Tools IQ Option’s Financial Instruments IQ Option for Beginners Educational Materials Analysis Material Customer Support Evaluation Method IQ Option Risk Statement Overview.


Last updated on October 14, 2022.


by Editorial Director Chris Cammack.


75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.


Our verdict on IQ Option.


Forex-Kenya does NOT recommend IQ Option due to insufficient regulation.


IQ Option appeals to beginners with its unique social trading platform, low minimum deposits, and low trading costs. However, IQ option’s non-trading fees are high, and its global entity is unregulated.


IQ Option offers one live commission-free account with competitive spreads (starting at 0.80 pips on the EUR/USD) and a minimum deposit of only 10 USD. However, while deposits are free, IQ Option charges unreasonably high withdrawal fees and an inactivity fee of 10 EUR (or equivalent) per month after 90 days of inactivity.


IQ Option’s global entity is registered in Saint Vincent and the Grenadines (SVG FSA). The SVG FSA is not a Forex broker regulator and does not supervise any trading-related activities, but IQ Option claims to segregate all client funds from its operating capital and provides traders with negative balance protection.


IQ Option provides little in the way of market research or educational materials, forcing beginners to self-educate elsewhere.


Is IQ Option a Scam? Trading Fees Non-trading Fees Opening an Account at IQ Option IQ Option's Trading Account Deposit & Withdrawal Base Currencies Trading Platforms Mobile Apps Trading Tools IQ Option’s Financial Instruments IQ Option for Beginners Educational Materials Analysis Material Customer Support Evaluation Method IQ Option Risk Statement Overview.


IQ Option Key Features.


�� Min. Deposit USD 10 ��️ Regulated By None �� Trading Cost.


Overall Summary.


Regulation.


Trading Conditions.


Trading Platforms.


Deposit & Withdrawal.


Education & Research.


Assets Available.


Customer Service.


Beginner Friendly.


Welcome Bonus.


Deposit & Withdrawal Methods.


Supported Platforms for IQ Option.


Account Information.


Base Currencies.


EUR, GBP, USD.


Number of FX Pairs.


Crypto Pairs.


Copy Trading.


Hedging Allowed.


Scalping Allowed.


Islamic Account.


Trading Conditions.


Account Name.


Trading Desk.


Market Maker.


Commission.


Fees Included in Spread.


Negative Balance Protection.


Company Details.


Company Name.


IQOption LLC.


Website Language.


English, Portuguese, Chinese, Vietnamese, Indonesian, Thai, Swedish, Hindi.


Support Language.


English, Portuguese, Chinese, Vietnamese, Indonesian, Thai, Swedish, Hindi.


Office Locations.


Saint Vincent.


Support Email.


Deposit & Withdrawal Methods.


Supported Platforms for IQ Option.


Pros.


Low minimum deposit of only 10 USD Tight spreads starting at 0.8 pips (EUR/USD)


Cons.


Unpublished spreads Expensive withdrawals on most options Limited education.


Is IQ Option a Scam?


A company incorporated in Saint Vincent and the Grenadines, IQ Option is essentially unregulated. As such, any claims it makes regarding the safety of client funds cannot be verified.


Founded in 2013, IQ Option is managed and owned by IQOption LLC , a financial services provider registered in Saint Vincent and the Grenadines. See below for company registration details:


IQOPTION LLC is registered in Saint Vincent and the Grenadines (SVGFSA), registration No. 905 LLC 2021.


Kenyans will be trading under the subsidiary, IQOPTION LLC, registered in Saint Vincent and the Grenadines (SVG FSA).


For all intents and purposes, the SVG FSA is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities. Clients must rely solely on the reputation of IQ Option, as no additional measures exist to ensure client protection. However, IQ Option offers negative balance protection to all its clients in good faith.


One concern traders may have is that IQ Option does not offer independent audits or confirmation of its performance claims. Additionally, IQ Option offers high leverage to its clients – up to 1000:1. It also has a low minimum deposit requirement, which means for traders who deposit small amounts, it will be difficult to hold a substantial trading position without getting stopped out and losing the money in their trading account.


Additionally, traders should proceed cautiously should they decide to trade binary options. Many global regulators have clamped down on allowing binary options trading because of the risk involved in this type of trading.


Considering the lack of regulation and oversight, IQ Option cannot be considered a safe broker. Additionally, traders should be aware of the high leverage and low minimum deposit requirements, which could see their trading accounts wiped out.


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Group Regulators.


Trading Desk.


Year Founded.


Office Locations.


Additional Fees.


Market Maker.


Saint Vincent.


Inactivity Fees and Withdrawal Fees.


Trading Fees.


IQ Option has some of the most competitive trading costs in the industry.


Unlike other brokers that offer a range of accounts with higher minimum deposits linked to tighter spreads, IQ Option offers one live account on its proprietary platform (click here for more on IQ Option’s platform).


IQ Option has a simple account structure with trading costs that are significantly lower than the industry average. However, although IQ Option states that its revenue is derived from the spread, it is not transparent about how the spreads are derived and does not publish the average spreads on its site.


IQ Option’s account was assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:


Spread x Trade Size + Commission = Total Trading Cost (USD):


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Trading account.


Min. Deposit.


Min. Spread EUR/USD.


Commission.


Trading Cost (USD)


Live Account.


Spread Only.


As you can see from the table above, IQ Option offers one commission-free account with trading costs included in its variable spreads. This means that the spread will fluctuate and get wider or tighter depending on trading volume and market volatility. However, at 7 USD per lot traded, IQ Option’s trading costs are significantly lower than the industry average. The trading costs on the EUR/USD at other good brokers tend to be around 9 USD per lot traded.


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Trading Conditions.


Base Currencies.


EURUSD (Standard)


Trading Cost (Standard)


EURUSD (Best)


GBPUSD (Best)


USDJPY (Best)


Commission.


EUR, GBP, USD.


Swap Fees.


Another important cost to consider is the swap rate charged on positions held overnight. Interest is paid (or received) for each night a position is held. When trading a currency, you are borrowing one currency to purchase another. The swap interest fee is calculated based on the difference between the two interest rates of the traded currencies.


IQ Option charges a swap fee of 0.01% – 0.5%, and during times of extreme volatility, up to 1.7% of the face value of the position for keeping a position open overnight. This is in addition to the interbank interest rates charged by the bank.


Overall, IQ Option’s trading fees are some of the lowest for a market maker in the industry.


Non-trading Fees.


IQ Option’s non-trading fees are higher than other similar brokers.


Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.


IQ Option does not charge account or deposit fees, but it charges high inactivity and withdrawal fees. For example, a fee of 2% of the withdrawal amount is charged for each withdrawal on all payment methods. IQ Option also charges a flat fee of 31 USD or equivalent in local currency for bank wire withdrawals (click here for more on IQ Option’s deposits and withdrawals).


Additionally, IQ Option charges an inactivity fee of 10 EUR (or equivalent) per month after a period of 90 days of account dormancy.


Overall, IQ Option’s non-trading fees are extremely high.


Opening an Account at IQ Option.


The account opening process at IQ Option is user-friendly, and fully digital and accounts are ready for trading immediately.


All Kenyan residents are eligible to open an account at IQ Option but must meet the minimum deposit requirement of 10 USD.


Creating an account is straightforward; the process is fully digital, and accounts are usually ready immediately.


New traders will have to click on the “Sign Up” button at the top of the page, where they will be directed to register an account. Traders will automatically be directed to a demo account with a balance of 10,000 USD. To open a real account, IQ Option, in line with regulatory requirements, requires at least two documents to accept you as an individual client: Proof of Identification – IQ Option accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last three months and must contain a trader’s full name, current residential address, issue date, and issuing authority.


After the application is approved, traders can log in and fund their accounts. We suggest you read IQ Option’s risk disclosure, customer agreement, and terms of business before you start trading.


Overall, IQ Option’s account-opening process is fully digital and hassle-free, and accounts are generally ready for trading once all documentation has been approved.


IQ Option’s Trading Account.


IQ Option offers only one trading account, which is limited compared to other brokers, but its account is suitable for both beginners and more experienced traders.


A market maker, IQ Option offers trading on multiple assets, including Forex, cryptocurrencies, commodities, ETFs, and shares (click here for more on IQ Option’s tradable assets).


IQ Option offers a single live commission-free account for Forex and CFD trading. With a single registration, IQ Option clients can open both a real and a demo account, but trading is only offered on IQ Option’s proprietary platform.


IQ Option’s account is suited both beginners and more experienced traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek. IQ Option’s account has a low minimum deposit requirement of 10 USD, putting it within the reach of beginner traders.


Experienced traders often prefer higher minimum deposits and tighter spreads, in exchange for a commission per lot, which is unavailable at IQ Option. However, the tight spreads on its account makes it appealing to experienced traders too.


Again, it should be emphasised that because IQ Option has a low minimum deposit requirement and offers leverage of up to 1000:1, it means that it will be difficult for traders to hold a substantial trading position without getting stopped out and losing the money in their trading account.


IQ Option prohibits hedging and scalping and does not support copy trading on its proprietary platform, but it offers Islamic Swap-Free accounts.


Real Account.


Ideal for beginner traders, this account requires only a 10 USD minimum deposit and offers trading on 400+ trading assets. The maximum leverage offered on this account is 1000:1, and spreads are much tighter than other market makers, at 0.80 pips pips on the EUR/USD. While IQ Option does not allow hedging, scalping, or copy trading, it offers Islamic Swap-Free accounts.


VIP Account.


Traders achieve VIP status by depositing 600 USD for 60 consecutive days with a trading volume of 6000 USD. Unlike other brokers that offer tighter spreads on higher deposit accounts, the spread on the EUR/USD remains at 0.7 pips, but VIP account-holders receive additional trading benefits, such as free participation in trading promotions, 3% in returns, and the service of a personal manager.


Demo Account.


Those afraid to risk real money on trading will be glad to learn that IQ Option has an unlimited, free demo account. Upon opening the account, it is loaded with $10,000 in virtual dollars for trading on 400+ assets.


Overall, IQ Option’s account is more suited to beginners than experienced traders, and trading costs are significantly lower than other market makers. However, traders should be aware of trading with high leverage and low initial deposits, as this may cause an account wipeout.