Despite being founded relatively recently – in 2013, IQ Option broker has nonetheless been able to take a leading position in the financial market. Let's see in this IQ Option review what contributed to this growth and what IQOption offers to its clients in 2020.
According to IQ Option, the overall number of registered accounts has exceeded 25 million, the traders place more than 1,8 million trades per day, the average monthly trade volume in 2017 exceeded 380 million USD and the average monthly withdrawals accounted to 10,8 million USD. It's worth mentioning that IQ Option started as a binary options broker only. However, recently it's been expanding the range of the financial products available to traders, and now IQ Option boasts the possibility to trade on stocks of more than a hundred of the biggest European and American companies, almost as much Forex pairs, thirty ETFs, most traded commodities and more than a dozen cryptocurrency assets (including the most famous Bitcoin). Most of these assets are Contracts for Difference (CFDs), with a few exceptions. The total number of available assets as of September 2018 exceeds 300, with new assets being added regularly.
IQ Option regulation
IQ Option consists of several legal entities that offer their services in different regions of the world under IQ Option brand. One of them, IQOption Ltd., is registered in Saint Vincent and the Grenadines, provides services to countries outside of EEA (European Union countries plus Iceland, Liechtenstein and Norway) and is not regulated. The other one, IQOption Europe Ltd., is registered in Cyprus and is regulated by CySEC (Cyprus Securities and Exchange Commission). IQOption Europe Ltd. holds a CySEC license 247/14 since 2014 which allows the company to provide financial services to clients in European (EEA) countries. As a license holder, IQOption Europe Ltd. adheres and acts in accordance with EU legislation, including investor protection regulations.
IQ Option trading platform
Instead of making a choice of using the SpotOption trading platform (like most of the other companies did at the time), IQ Option resorted to developing their own proprietary software in 2013. The end result was a trading platform that was user-friendly, very informative and highly customizable. This first version was immediately recognized as the best trading platform, receiving the award of the same name by Forex Awards 2014.
IQ Option was immediately recognized as the best trading platform.
Through the years, the company kept receiving awards for their trading platform, including "Best mobile trading platform" in 2015 by IFM Awards, "Best Technology Application" by the Web Marketing Association in 2016, and "2017 Award of Excellence" by the Academy of Interactive & Visual Arts. Among other things, the most recent version of the IQ Option trading platform features WebGL technology implementation, dozens of chart locations and configurations, customizable size of each chart window, two years of quotes history, a range of new and more sophisticated chart tools, including Heikin-Ashi candles, Fibonacci Lines, and indicators such as MACD, Ichimoku Cloud and Belkhayate Timing. To this day, the broker is continuing to fine-tune the platform to fit new features like trading instruments and technical and graphical analysis tools. However, as the platform is proprietary, the MetaTrader® platforms are not supported. For the more in-depth look at IQ Option trading platform features, take a look at the following sections of the review.
IQ Option trading conditions
Since its creation, IQ Option has been enjoying explosive growth thanks to the innovations meant to disrupt the market. And outstanding trading conditions is one of them. IQ Option was the very first broker to offer a truly unlimited demo account so that traders can develop their trading skills and try different trading strategies. There is no time limit and the only difference with the real account is the type of balance. To let you easily distinguish which balance type you are placing your deals on, the balances have different colors. And if you run out of virtual money, you can replenish the demo account balance to $10000 in two clicks. How cool is that?
IQ Option was the very first broker to offer a truly unlimited demo account.
From the start, IQ Option has been offering a possibility to deposit as low as $10 and to open a deal with just $1 (when the industry standard at that time was $250 and $10 respectively). And these numbers are remaining the same today so once you are ready to try trading on a real account, there is no need to deposit a substantial amount at once. And once the total amount of deposits for your account reaches $3000, you get the VIP status which brings a lot of privileges with it, including a personal VIP manager that can call you at the time of your preference, personal tutoring, access to exclusive educational materials and increased profitability on a number of assets.
IQ Option features
1. Traderoom features
One of the main IQ Option growth factors is, of course, their proprietary trading platform. It can be accessed on the official IQ Option website, by downloading the standalone application to your Windows, MacOS or Ubuntu PC, or by using mobile apps from App Store or Google Play. The platform's traderoom seems to be designed with a simple goal of giving you all the tools you might need for trading with no distractions and need for external sources. And, although the IQ Option traderoom is not perfect, it comes pretty close to achieving that goal and definitely stands out from the crowd. It's easy to use and to get used to and it gives you the ability to keep all the information you need in front of you. Let's take a closer look.
IQ Option traderoom definitely stands out from the crowd.
First of all, you can customize the color scheme of the traderoom. Here's the overview of the available options:
As you can see, there's a list of selected assets on the top, the left side of the traderoom houses various menus, the right side allows to configure the parameters of the trade, and the center is all about asset price graph and various indicators.
Left side panel
The left panel tabs include your trading portfolio with your active (open) positions and pending orders, trading history that shows all closed positions which can be filtered by trading instruments, market analysis with the latest news as well as Forex, earnings and crypto calendars, video tutorials can be watched directly in the traderoom, public and support chats, and a few others. The tabs are fully interactive, for example, if you click on a closed position in your trading history, you will see the details of the trade including a small chart that shows when you entered and exited the market, your investment amount, and the result of the deal. And you can even take a screenshot of your trade and share it with others in one of the public chats! But the best thing about these tabs is not just that they contain tons of useful information but that their positions are fully customizable. By default, all the tabs are located on the left. But you are free to drag and drop them to the right side as well or to place one tab under the other. Here's an example:
In this screenshot, there are four tabs located in different positions:
- Trading history
- Market analysis
- Video tutorials
Oh, and did you see that there are not one but two charts on that screenshot? That's because the charts can be customized as well. There are more than 20 different chart grids that can be applied by clicking on the button in the upper right corner of the traderoom as shown below:
Using different grids is extremely useful for traders that would like to be able to see the same asset but with different candlesticks time intervals to assess both long-term trends and more recent price fluctuations. One of the other scenarios is to look at different assets that are correlated, such as EUR/USD and GBP/USD in Forex. And of course, you can just set up the layout that is just helpful for tracking your open positions.
Right side panel
The right side of the traderoom is all about deals configuration. It also hosts your current balance and a button to make a deposit which can be used to transfer money to your real balance or instantly top up your demo account balance to $10000. But let's get back to configuring our next trade. Let's assume that we want to invest in one of the top gainers or 2018 - NVIDIA Corporation. It can be chosen in the Stocks tab of the asset selection menu. The interesting fact is that if you place your mouse over the asset line, you will be able to see the summary about this specific company as well as useful details about its performance. The same can be done when the asset is chosen and its chart is shown on the screen by moving your mouse over its logo and name.
- Click on the "Open new asset" button.
- Type the asset name in the search field.
- Place your mouse over the asset line.
- The details about the asset are shown.
Let's move on. Once we've chosen the asset, the available deal configuration options can be seen on the right side of the traderoom. From the top to bottom, they are: investment amount, multiplier (also known as leverage), take profit and stop loss levels, buttons to open a long or short position and a pending order configuration. As you can see, for this example I opted out for a hundred dollars investment with leverage of 10, take profit at $300 and stop loss at $260, and a market-on-open order. If you are not very accustomed to all those terms, it means that my position will be opened at the first asset price when the asset is available and will be closed automatically if the asset price falls to $260 (with a loss) or if it rises to $300 (with a profit). And of course, the position can be closed manually so there is no need to wait for one of those outcomes if you want to exit the market. It is also important to note that the trade configuration menu may differ for different asset types.
You may have noticed that I have chosen to hide my exact balance. If you are interested in doing the same, the option can be found in the Settings menu that is accessed by clicking on the gear icon in the lower right corner of the traderoom.
Chart analysis tools
In the lower-left corner, next to the left panel, there is a set of buttons responsible for how the chart is displayed. The top two of them allow you to change the chart type and the time interval. More information about IQ Option chart types and their configurations can be found in the article "How to set up the chart type in IQ Option". The bottom two buttons are responsible for graphical tools and indicators. The graphical tools include lines, trend lines, horizontal lines, vertical lines, and Fibonacci lines. Upon clicking the "Indicators" button, you will be able to choose from 17 indicators, including trend, volatility and momentum indicators, and 3 widgets.
2. Website features
As complex and feature-packed the traderoom may seem, the IQ Option website contains a ton of useful information as well. However, in some cases, the information can be found both in the traderoom and on the website.
This useful feature allows you to see not the stocks of individual companies but the collections of stocks based on some uniting feature, for example, Warren Buffett's favorite companies, 10 largest US companies or top 10 most profitable companies.
This section of the website allows you to sort the stocks by the companies' industries, like information technology or real estate, and to invest (or to open a short position) in any company of your choice. Upon clicking on one of the collections, you'll see all the companies in that specific collection.
Economic Calendar and Earnings Calendar
To help you find a good time to enter the market, there is an economic calendar and earnings calendar available. The IQ Option Economic Calendar shows the events that may influence the price on a certain currency, the expected impact of those events, and their previous and forecast values. Once an event comes to pass, the actual value appears as well. You can filter events by the impact level, country, date, and category. Moreover, if you click on an event, you can see how the affected assets reacted to that event. This tool is crucial for Forex traders as it allows them to take into account macroeconomic influence on the asset's price movement.
Earnings calendars are a very powerful tool for any investor.
The IQ Option Earnings Calendar allows you to keep an eye on the companies who are expected to release their earnings reports and to act accordingly. Earnings calendars are generally considered to be a very powerful tool for any investor trading stocks.
The analytics section of the website contains a range of articles covering news and opinions about Forex assets, Cryptocurrencies and a stock market from IQ Option analysts to help you make a better-informed decision.
There are more than a dozen helpful videos meant to acquaint you with the basics of trading on the IQ Option platform as well as some of the indicators and trend patterns.
This useful feature allows you to check the exact quote for a specific asset down to a second. You can choose an asset from the list, set your timezone, and specify the required time period.
IQ Option mobile apps
IQ Option offers mobile apps for Apple iOS (iOS 9.0 and higher) and Google Android (Android 4.4 and higher) available for both smartphones and tablets. Mobile apps are easy to use and have all the main features and the intuitive interface of the desktop app. More information can be found in the mobile apps review article.
Mobile apps have all the main features and the intuitive interface of the desktop app.
As was mentioned above, IQ Option has several legal entities for different regions of the world. However, there are some countries that IQ Option does not work with: Australia, Belgium, Canada, Iran, Israel, Japan, North Korea, Palestine, Russia, Sudan, Syria, and the USA. So if you are from one of those countries, you will not be able to trade with IQ Option. Let's hope that IQ Option will start offering their services there as well by obtaining the necessary licenses in a foreseeable future.
IQ Option deposits and withdrawals
With IQ Option, you have a variety of deposit methods at your disposal, such as Visa or MasterCard debit or credit cards, e-wallets such as Skrill, Neteller, WebMoney, Qiwi, ADVCash, and Fasapay, or payment systems such as TrustPay, Trustly, Przelewy24, Giropay, Sofort, MyBank, Verkkopankki, EPS, Entercash. The methods available for your account depend on your country. For some countries, it is possible to make a deposit by a direct wire transfer. And keep in mind that the minimum deposit amount is as low as 10 USD. In most cases, the funds are credited to your account immediately.
The minimum deposit amount is as low as 10 USD. And all withdrawal requests are processed in just one working day.
As for withdrawals, there is a simple basic rule – you have to withdraw using the same method as the one you used for deposits. For example, if you use a MasterCard to deposit funds, you will have to withdraw funds to the same card. However, it is a bit more complex for bank cards – you will be able to withdraw to a bank card only the amount of the deposits you made using that same card in the last 90 days, and any amount exceeding that will have to be withdrawn using alternative methods like e-wallets. This may seem like an inconvenience for some but in general, it's little to no hassle to make an e-wallet account these days if you don't have one already. It's important to note that all withdrawal requests are processed in just one working day.
You can find more information on how to deposit to IQ Option in the How to deposit funds video.
IQ Option customer support
Support specialists speak more than 15 languages.
IQ Option broker looks like it has given a lot of attention to details to make your trading experience as enjoyable as possible, be it a free unlimited demo account, an easy to use and intuitive proprietary trading platform of their own design, or 24/7 customer support in 15 languages. The seasoned traders will appreciate the trading conditions and the variety of assets and asset types while not so experienced traders are welcome to use the demo account for practicing and to start small with just a $10 minimum deposit.
- free unlimited demo account
- unique customizable trading platform
- regulated broker
- a low minimum deposit of $10
- excellent customer support
- fast withdrawals
- lots of trading assets
- service is not available in Australia, Canada, USA, and some other countries
- some withdrawal methods may not be available in your country
- no Metatrader (MT4 or MT5) support
Risk warning: Financial products offered by IQ Option include CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.