IQ Option Review 2024: Is It Worth It?
This Trading Platform is available in Ukraine
IQ Option stays ahead of its competitors with solid marketing and technology, providing advanced tools for analysis. Its interface might seem complex, but it has excellent charting and unique features like topic chats. Although it has issues like country restrictions and platform lags, it creatively blends options and forex for a great trading experience. IQ Option has expanded to include digital options with high yields and cryptocurrency assets. It holds a decent rating, making it worth trying with a demo account.
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
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HOW DOES IQ STAND OUT?
Below are some points that will surely make you think, “Wow, IQ is great!”
Novice-friendly: IQ is not only great for novice but also for advanced users. It is especially suitable for those who want to develop trading skills but are intimidated by the world of FX options.
Plenty of assets: IQ provides access to over 30 currency pairs (CFDs), and there are more than 50 forex options.You can also trade CFDs in: stocks, ETFs, and commodities like gold and oil.
Several accounts: IQ has many different types of accounts, so you can choose one based on your needs.
Multiple deposits: IQ accepts deposits in various ways, such as debit and credit cards, WebMoney, CashU, and Skrill.
Efficient customer support: They also provide 24/7 customer support, so contact them whenever you want, and they will be glad to help.
Minimum deposit: The initial investment is only 20 euros; isn’t that crazy? It’s true, though!
WHAT IS IQ OPTION?
IQ Option started in 2013. It’s a relatively new addition to online trading. Did you know that it is based in Cyprus? Let’s talk in detail about the broker.
In the most straightforward words, IQ is an online trading platform. It is one of the most reputable platforms out there. The broker was founded in 2013 and has grown exponentially since then.
Oh, and did I mention there is no trading fee? Fun fact: More than 1 million transactions occur across IQ every day!
HOW DOES IQ OPTION WORK?
IQ Option is convenient, practical, and simple to use. You do not need to install an application on your computer. But how does it work? Let me explain:
Firstly, I must inform you that binary options are not allowed in the EEA (European Economic Area), and IQ Option isn’t available to US customers. Once you have set up your account, you will see the balance and the asset list on the top of the screen. With IQ’s simple user interface, you can use the search function to find the assets you are looking for.
IQ Option homepage
Once you’ve decided which asset you’d like to trade, decide whether you want to buy or sell. You can also use the multiplier option to multiply the potential profit. Also, if you want to close your trade automatically, simply enter an upper threshold, and you won’t even need to look at your trade until it’s finished!
IQ Option instruments include forex, stocks, metals, commodities, and cryptocurrencies. Here’s a complete list of assets you can trade:
- Forex
- EUR/USD
- EUR/CAD
- USD/JPY
- AUD/CAD
- GBP/JPY
- GBP/USD
- EUR/JPY
- USD/NOK
- USD/DKK
- GBP/CHF
- USD/HKD
- EUR/CHF
- EUR/AUD and 20 more
- Stocks
- Apple
- Alibaba
- Netflix
- Meta
- Tesla
- Citi Group
- Microsoft
- McDonald’s
- AIG
- PayPal
- IBM
- Coca-Cola
- Nvidia
- Snap Inc.
- Intel
- Starbucks
- Visa
- Qualcomm
- Costco
- JPMorgan C
- American Airlines and 170 others.
- Commodities
- Brent Oil
- Gold
- Crude Oil
- Cryptos
- Bitcoin
- Ethereum
- Ripple
- Cardano
- Bitcoin
- Bitcoin Cash
- Litecoin
- Dash and 11 others.
- ETFs
- S&P 500 ETF
- Ishares Russell 2000 ETF
- Dow Jones Industrial Average ETF and 20 others.
To select an asset to trade, go to the asset page. IQ Option gives you a selection of account currencies. These include
- EUR
- USD
- GBP
HOW DOES THE IQ OPTION TRADING PLATFORM WORK?
IQ Option allows you to trade major shares, currency pairs, and indices in form of CFDs. You may also access the platform whenever and wherever you wish. It is open 24 hours a day, seven days a week all over Europe. Let’s go through the IQ’s platform in depth.
At first glance, the platform looks to be clear and well-structured, and it is possible to customize your dashboard. Several chart types, indicators, or other tools are available to you for technical analysis on the asset. IQ Option has a mobile trading platform and includes candlestick chart analysis as well as an economic calendar.
The trading platform is regularly updated to ensure ideal trading conditions. To learn how to set take-profit and stop-loss on the IQ Option platform, check our detailed guide here.
WHAT ARE THE TRADING INDICATORS AVAILABLE IN IQ?
We know that technical indicators aid the trader in identifying trends and monitoring them to the best of their advantage. The technical indicators that are available in IQ are:
- Volume
- Bollinger Bands
- Alligator RSI
- Moving Average Convergence Divergence (MACD)
- Moving Averages (MA)
- Stochastic Oscillator
- Parabolic SAR
- Awesome Oscillator
- Average true range (ATR)
- Fractal
- ADS
- Commodity Channel Index (CCI)
- Ichimoku Cloud
- KDJ
- Detrended Price Oscillator (DPO)
- Belkhayate Timin
WHAT KIND OF ACCOUNTS DOES IQ OFFER?
IQ offers four types of accounts. You can choose the one that best fits your needs. All types of accounts provide good trading conditions. Let’s discuss them in detail.
IQ gives traders the freedom to pick the type of account they prefer, depending upon what they require. Let’s look at three types of accounts:
DEMO ACCOUNT
The demo option is standard for several trading platforms to allow users to get familiar with the interface. The demo account gives users $10,000 as virtual funds. It is perfect for users looking to understand the platform and find out if it is the right fit for them.
Even if you decide to open a real account, you can still keep this demo account. Even though the account is a demo does not mean it is any less advanced; you can still make trades and actual investments. The good part is that, unlike other trading platforms, you do not need to enter your personal information to register for a demo account.
STANDARD ACCOUNT
The standard account enables users to participate in investments in real-time. With the standard account, more than 300 assets are available to you.
These assets include CFDs in: forex pairs, stocks, and cryptos. The minimum deposit for this account is 20 euros. The standard account is suitable for novice traders.
RETAIL CLIENT TRADING ACCOUNT
This account gives EU residents and traders access to CFDs in: ETFs, cryptocurrency, forex, and stocks.
PROFESSIONAL CLIENT TRADING ACCOUNT
This account provides EU traders access to the same financial assets mentioned above, and adds a few other financial instruments. All of the above content has given you a lot of information about how IQ Options works. Now, let’s take a closer look at the details.
DOES IQ OPTION OFFER A DEMO ACCOUNT?
Yes, IQ offers a demo account. That is just one of the great things about IQ Option. This is great for newcomers to obtain a sense of the platform. You may use your demo account for as long as you like.
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HOW SAFE IS IQ OPTION?
IQ Option looks to be a legit platform. It is bound to be safe then, right? Indeed, it is actually proven to be reliable and safe to use. Let’s dig deeper!
There is no need to worry; IQ Option is entirely safe. The user’s funds are safeguarded for up to 20,000 in compensation. For customers in EEA, it is regulated by CySEC.
I’d say that is pretty safe. Like with any other platform and trading medium, just remember to only invest as much as you can afford to lose.
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WHERE IS IQ OPTION LOCATED?
The broker’s website does not include a location page. All of the information is available on the “About Us” page. As a result, I had to go further. Let’s find out where IQ Option is:
IQ has its headquarters located in Cyprus.
HOW DO YOU DEPOSIT FUNDS IN FOR IQ OPTION?
As mentioned earlier, the minimum deposit for a real IQ account (not a demo) is only 20 euros. IQ does not charge any fee for depositing the funds. Each trader has to go through a verification process. So, let’s explain!
In order to verify an account, the trader will need to submit proof of identity (POI) and proof of address (POA). As POI the broker can accept an Identity card or passport, while utility bills, government correspondence and account statements will be accepted as POA. More detailed information regarding the accepted documents can be found on the official website.
IQ is pretty flexible when it comes to both deposits and withdrawals. IQ accepts many types of E-wallets like Maestro, Skrill, Cash U, Neteller, and credit and debit cards.
HOW DO YOU WITHDRAW FUNDS FROM IQ?
IQ withdrawals are easier than you might expect. First, to issue a withdrawal request, you need to verify your identity, taking about three days (sometimes less). This is to protect your account from any fraudulent activities. Let’s dig deeper!
Once the verification process is completed, it only takes one business day to process the withdrawal. After this, it won’t be long for your account to be credited. The best part is that IQ allows bank transfers from various banks in Europe. There are no fee involved on the part of IQ Option.
The minimum amount you can withdraw is $2 for most payment methods, apart from bank transfers, where the minimum withdrawal amount stands at 100 euros. You must also use the same payment method you used for the deposit of funds, because the amount will be returned as a refund. Talk about inclusivity, am I right?
IQ option deposits and withdrawals
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HOW DO I CONTACT IQ OPTION?
What if your platform isn’t working or you’re having another problem? If that happens, you may need to contact the company. What options are available? Let’s find out.
IQ has efficient customer service. Users can contact by email, phone, and online chat and get the help they need in under 30 minutes. The registration address of IQ is Leoforos Spyrou Kyprianou Street & Evgeniou Voulgareos, 82nd road, Number 2, Limassol, Kato Polemidia, 4153, Cyprus. If you want to contact them directly on their website, here is eu.iqoption.com. Email suits you more?
They’ve got you covered. Send your concerns to [email protected]. No, I did not forget to give you the official number. Here, you can find an up-to-date contact information https://eu.iqoption.com/en/contacts
No need to panic about being left on hold when you need help since IQ has about 90 representatives ready to assist users.
IQ Option customer support
DOES IQ OPTION CHARGE TAXES ON PROFITS?
Taking out taxes involves withholding taxes. Typically, IQ Option does not deduct taxes. They don’t have complete info on it. But they do provide general info.
IQ Option is not a tax agent. Any payable tax depends on the rules and regulations of traders’ own countries.
IQ Option terms and conditions
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FAQs
- How much can I profit from the IQ Option demo account?
Since a demo account is virtual, the profit are, too. You get virtual funds and perform virtual transactions on a practice account. It is only intended for training purposes. To trade with real money, you must first fund a real account.
- What is the IQ Option’s minimum and maximum investment per trade?
According to current trading circumstances, the minimum investment amount can be seen on the trading platform/website. You can invest up to $20,000 in total.
- What if I want to change the base currency of my IQ Option account?
When you initially try to fund your account, you can only set the currency once. You can’t change the base currency of your trading account. So, you have to be careful when initially selecting your account currency.
- How long does it take to withdraw funds through bank transfers?
The withdrawals can take time, depending on your payment method. It takes 1 business day for IQ Option to process payments. However, it can take longer for the fund to appear on the balance.
- What is the minimum and maximum amount you can withdraw?
The minimum withdrawal amount is $2, while the maximum withdrawal amount depends on the payment method you choose. For instance, if you choose a debit/credit card, the minimum withdrawal limit is $10.
- Does IQ Option charge an inactivity fee?
If your account is inactive for 90 days, then IQ Option will charge a fee of $10. The broker says it charges an inactivity for trading platform maintenance.
- What is the IQ Option platform’s purchase time and expiration time?
IQ Option platform has two lines that represent time points. The white dotted line represents the moment of purchasing. The solid red line represents the expiry time. When a trade passes these lines, it is immediately closed, and you either make a profit or a loss.
- How does the IQ Option multiplier work?
In CFD trading, you may use a multiplier to control a larger position than the amount of money you have in your account. As a result, prospective profits (and risks) will rise.
- Is IQ Option legit?
Yes, the IQ Option is authentic. The parent firm, IQ Option Europe Ltd, is registered in Cyprus and holds a CySEC license. It allows them to operate and provide services within the EEA.
FINAL THOUGHTS
So there you have it! IQ Option is a spectacular choice as a trading platform for both beginners and professionals. The demo version provides a good sample of what IQ has to offer, including more than 15 technical indicators and comprehensive trading strategies.
Of course, safety is one of the most important points of this platform. After reading this, I am sure you have formed an opinion about IQ options. And it has made you come to a decision about whether you should join it or not.
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