IQOption, the first binary options broker with a downloadable trading platform
Why is there so much fuss about the downloadable trading platform that IQOption has brought to the market? It is because of the potential this brings in terms of future development of automated trading software for such platforms, in the same manner that EAs have become a staple for the MT4 desktop client. IQOption brings other things to the table, as we will discover in this review written below. Find out more.
IQOption is a binary options brand which is owned by a company operating out of Seychelles. IQOption Ltd, the parent company of IQOption, also maintains a presence in Cyprus, which handles the payment component of the business operations of this brand. IQOption was launched in 2012, and since then, the company has garnered several industry awards such as:
- Century International Quality Gold ERA Award from the Business Initiatives Directions Group
- Best Technology Application from the Web Marketing Association
- Best Binary Options Broker Europe 2015 from the Global Banking and Finance Review.
IQOption features three types of trading platforms:
- A downloadable platform for users of the Windows, Ubuntu and Mac operating systems. This requires a computer with an internet connection.
- A browser-based version which is accessible from a URL anywhere in the world.
- A mobile version for Android users, downloadable from the Google Play store.
The IQOption mobile app is available on the Google Play Store and the App Store. Designed to have the same most of the features found in the browser version, traders can accesslive charts for every traded asset. With Apple’s recent decision to delist binary options apps from its store, it is likely that the mobile version of IQOption for iOS users will no longer be available.
IQOption presents some of the largest and diverse asset base seen in the binary options industry. The asset base cuts across forex, commodities, stocks, indices as well as Exchange-Traded Funds (ETFs). The assets traded on IQOption are listed below:
Trading Accounts, Bonuses & VIP Programs
At IQOption, traders are presented with just two account types for trading: Regular accounts and VIP accounts.
VIP account holders are those who make deposits of $3,000 and above. In terms of bonuses and VIP program features, IQOption offers the following benefits to VIP account holders.
- Free access to tournaments.
- Higher payouts on trades.
- Free materials that provide in-depth technical and fundamental analysis.
In addition, deposit bonuses of up to 100% are given to all traders, irrespective of account status. Several trade tournaments are also held to provide winners the opportunity to have their winnings used as account trading capital. These tournaments are as follows:
- Go Hard: This has a prize pool of $48,000.
- Off the charts, with a prize pool of $164,000
- Salary in a Day, which has a prize pool of $10,000
- 72 Hours, with a prize pool of $5 000
- The Winner Takes it All, with a prize pool of $500
Deposits and Withdrawals
Deposits and withdrawals on IQOption can be performed using several payment methods. Accounts can be held in 4 base currencies: US Dollars, British Pounds, Russian Roubles, or Euros. A base currency cannot be changed once a transaction has been made.
- Credit/debit cards: The card brands accepted on IQOption are those issued by Visa Electron, VISA and MasterCard.
- Bank wires allow transactions to be performed without maximum limits on the transfer amount. This method is however the slowest on the platform, as it takes about 2-7 working days to process each transaction.
- Digital wallets offered by Neteller, Skrill and WebMoney are accepted on IQOption. This also allows some country-specific methods which are compatible with these platforms to be used.
The minimum deposit amount on IQOption is 200 units of base currency of the account.
A maximum of 1m base currency units can be withdrawn at once. Withdrawals are subject to account verification (submit a government-issued ID and proof of residence) as well as fulfillment of trade turnover requirements for bonuses.
The customer support desk of IQOption can be reached using any of the several available channels. Customer support on IQOption is multi-lingual, featuring support in English, French, Indonesian, Mandarin, Swedish, Portuguese, French, German, Spanish, Thai, Turkish and Russian. The available channels for communication are:
- Live chat
- Phone: +44 20 3318 7173 (international)
- Email: firstname.lastname@example.org
- Social media: Facebook (facebook.com/iqoptioncom), Twitter (www.twitter.com/iqoption) and Instagram (www.instragram.com/iqoption_official).
There have been few complaints of slow responses from the customer support, and this needs to be improved.
Extra features and resources
What are those extra features and trading resources available to traders on IQOption?
- The asset base is much more diversified than that of other brokers in the same industry. No other broker offers ETFs for trading.
- The IQOption platform features some of the best interactive charts in the industry. This is a big improvement on platforms of other brokers that only feature basic charts.
- A free demo account which can be used for life is available.
- An ebook, technical analysis resources and video tutorials are some of the educational materials available on the IQOption platform for beginners and advanced traders.
- Multi-display charting from one screen is available.
- Access to 2 years of historical price quotes, which enables backtesting of strategies and robots.
IQOption has made a bold statement to the effect that it intends to go far beyond what many other binary options brokers offer their clients. The company is not just interestedin regurgitating the same old features found on turnkey platforms, but is interested in bringing innovation to the industry. IQOption is definitely worth trying for the following reasons:
- Superlative platform
- The most diversified asset base in the industry, providing close to 10,000 assets in one single platform.
- The first downloadable binary options platform in the industry.
- Multilingual customer support
However, there are a few drawbacks:
- Weak regulatory oversight of the broker
- Only the High/Low option is supported.
Here are some of the frequently asked questions about the IQOption platform and its product offering:
- I am a US citizen. Can I open an account with IQOption?
US laws prohibit IQOption from offering its services to US citizens.
- Is IQOption regulated?
IQOption is regulated in Seychelles. However, Seychelles does not rank at the top in terms of global recognition of regulators of the binary options market.
- Do you have apps for PC, iOS, or Android?
Apps are available for the Android and iOS platforms. The advantage of the mobile apps is that it can update instantaneously, and faster than the desktop version.
- Can I top up the practice account?
Yes, you can top up your practice account for free once the virtual account balance falls below $1000. Select the virtual account by clicking the tab on the top right corner of the page, then click the green Deposit button to open a window. Choose the account to top up (practice account) and top up as required.
- How can I get a VIP account?
You can get a VIP account by making a deposit $3000.
- How does the IQOption make money?
We match buyers to sellers up to a point where the number of buyers and sellers is equal. We get a commission based on the trade volume. For every 85% as the average yield, we get 7.5% thanks to our internal clearing and trade volume.
- Do you have an affiliate program?
Yes, there is an affiliate program. Sign up for it on https://affiliate.iqoption.com.