When you visit IQ Option, you can immediately see that you are dealing with a different kind of binary options broker. This Cyprus-based site is owned and operated by IQ Option Europe Ltd., a company which has taken steps to stand out from the crowd. IQ Option is extensively regulated with oversight in multiple countries. The website has a unique design, and the company provides a fast and powerful proprietary platform for trading. On top of all that, there is a demo account, very few fees, and the chance to compete in tournaments for extra funds.
Let’s take a closer look!
Quick Details About IQ Option
- Official Website: https://iqoption.com
- Account currencies: EUR, USD, RUB, GBP
- Low minimum deposit: €10
- Payment methods: Credit or debit card, Skrill, WebMoney, Neosurf, Neteller, ECommPay, Gate2Shop, SOFORT, CARDPAY.
- Payouts up to 92%
- Fees: €2 minimum threshold to withdraw, €120 fees for bank transfers. No other fees except €50 monthly inactivity fees (after 90 days).
- VIP accounts (€3,000+) include tournament access and educational materials
- Minimum trade size: €1
- Early Close: Yes
- Platform: Proprietary (download required)
- USA traders not allowed
- Demo account: Yes
- Apps: Android, iOS, Windows, MacOS, Ubuntu
IQ Option is regulated by CySEC, #247/14. Unfortunately this means they do not accept traders from the USA. They do however accept customers from Europe, South Africa, and other regions around the world.
This broker is also registered with:
- The Financial Conduct Authority (FCA) in the UK
- The Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy
- The National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) in Spain
- The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) in Germany
- The Financial Agents Register (Regafi) in France
- The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM)
- The Financial Supervision Authority (EST: Finantsinspektsioon) in Estonia
- The Czech National Bank (Česká národní banka, ČNB).
Step 1: Account Creation
To get started on IQ Option, you need to look at the white login bar which shows up on the right-hand side of the page. If you check the very top right corner, you will see “Sign Up” in red. Click on that, fill in your first and last name, email address and password, and then click the green button which reads, “Open an account for free.”
Step 2: Funding Your Account
Once you are logged in, you will automatically be given a demo account which you can start trading with right away.
If you are ready to open a real account, you can click on the green “deposit” button which shows up in your account information on the right-hand side of the page (the same area where the log in or sign up form was originally).
This will bring you to another page where you can make your deposit. You may do so in EUR, USD, GBP, or RUB. The minimum deposit is only €10, which is amazing considering that most binary options brokers make you deposit €250 or so to start trading.
If you deposit €3,000 or more, you get a VIP account. This gives you access to higher yield assets for bigger payouts on winning trades, and the opportunity to take part in special tournaments with prize pools as high as $100,000. Additionally, you will be able to read VIP eBooks which teach you trading techniques, money management principles, and more.
IQ Option is fantastic when it comes to withdrawals. There is a €2 minimum, which is almost nothing (most sites have a minimum closer to €100). Additionally, there are no withdrawal fees except for bank transfers (which are pretty high at €120). So long as you withdraw through a means other than bank transfers, you will not pay any fees.
Trading Binary Options on the IQ Option Trading Platform
IQ Option is a bit unusual when it comes to the trading platform. It is a downloadable program, not a web interface.
To start trading, you click on the bright orange button which says “Trade Now” in the upper right-hand corner of the screen.
You will be taken to a page which allows you to download the trading app. The proprietary platform is available for Windows 7, 8, 8.1 and 10, as well as Mac OS and Ubuntu. You can get it for your Android or iOS mobile device as well.
While the platform looks a little different from what you may be used to (SpotOption being the most common binary platform and the one you have likely tried in the past), it is easy to find your way around. On the left you can view your trading history, best deals, market news, and special offers. Across the top you can see assets. You can open a number of asset windows at one time, which tile across the center of the program. Each allows you to plan trades using charting tools and execute them when you are ready.
IQ Option advertises that you can close out of your trades early if you want. I even spotted a reference on an old promo page which implied that you can do so with less than a minute to go. If that is still the case, that is outstanding.
Types of Binary Trades Offered by IQ Option:
IQ Option does not have a lot of diversity in terms of ways to trade, which is one of the site’s few drawbacks. You are pretty much left with the basics, High/Low, and Turbo trades.
This is the most basic type of binary option, where you try to guess correctly whether an asset will rise or fall against its current price. If you are correct, you win the payout. If you are wrong, you lose your stake.
This is just a fast version of a High/Low trade on a lower timeframe (60 seconds for example).
Is IQ Option a Good Broker?
Without a doubt! IQ Option is well-regulated and has a lot of fantastic features. Fees are low, you can withdraw at any time, there is a demo account to practice with, and the proprietary platform is fast and streamlined. The website is transparent and provides ample information on the company’s services. Given these fabulous policies and resources, we can comfortably and enthusiastically recommend IQ Option to our traders.