As we discussed in the IQ Option review, you can trade on the IQ Option platform using a variety of devices and operating systems: Windows or macOS for desktops or laptops, and Android or iOS for mobile devices. So you don't have to be near your desktop (or even own a laptop) to trade on more than 300 assets IQ Option offers today. Let’s have a closer look at the IQ Option mobile apps and see how they work.
IQ Option mobile apps can be downloaded from both the App Store and Google Play. On both platforms they look almost the same, so you will have a hard time finding a difference between the Android app and iOS app. Both applications allow you to open an IQ Option account directly in the app or to log in to an existing account. The applications have a modern clean-looking design, and the interface feels very intuitive even if you don't have a lot of prior experience in trading. And if you previously used mobile apps of other brokers, you will definitely be surprised with IQ Option mobile app as it has no clunkiness, freezes, or outdated interfaces that still prevail in the industry.
IQ Option mobile app startup screen
Somehow, IQ Option managed to cram a lot of features of their desktop app in the form-factor of the mobile device without overwhelming the user experience, and that is truly impressive. However, it should be noted that not all the features are available in the mobile apps as of now: for example, you can participate in the tournament but cannot register for it without leaving the app which can be somewhat frustrating.
IQ Option managed to cram the features of their desktop app in the form-factor of the mobile device without overwhelming the user experience.
As for the performance, apps work flawlessly even on the older devices, with no visible lags or loading screens. The official requirements are at least Android 4.4 for Android devices and iOS 9.0 or later for iOS devices. Of course, you need a stable internet connection for the best experience possible but in practice, even the 2G connection was enough in the majority of the cases we tested: making a deposit, reading market news, opening and closing deals on both demo and reals accounts, participating in the tournament, and withdrawing the profit. For improved security, the apps also support two-step authentication using one-time SMS codes sent to your phone.
Of course, mobile apps have most of the features of the full-fledged PC or Mac apps, including the possibility to trade risk-free on a practice account. To choose the account type just tap on the balance number in the upper right corner of the app and select one of the accounts. A practice account balance is easily recognizable by its orange color whereas the balance with real money is shown in green. More advanced users will also remember that there can be a third balance type – a tournament balance that is shown in purple. It should also be mentioned that you can always top up your demo account balance to $10,000.
How to trade with IQ Option mobile app
We mentioned earlier that the interface of the IQ Option mobile apps is far better than the interface offered by legacy brokers (actually, some of them don’t even have mobile apps for trading) and is quite intuitive. Still, if it’s your first time, it may not be too obvious what everything you see on your smartphone’s screen means and how to start trading with the mobile app.
IQ Option mobile app trading interface explained
The screenshot above shows the interface of the IQ Option mobile app on the Android platform. The iOS application from IQ Option will have very few, if any, differences. Let’s go through the process of opening the deal and understanding the main features step by step:
- Decide on how much to invest: the minimum amount is $1 and the maximum is $20,000.
- The profit percentage is always known before opening a deal.
- Decide on the direction: if you think that the price will go up, tap Call; if you think that the price will go down, tap Put.
- After you open a deal, your investment amount is shown in the upper panel. As you can see, in this example we bought a $10 AUD/JPY Put option on the demo account. In other words, we invested $10 with the expectation that the price of the AUD/JPY currency pair will be lower than it is now.
- EXP. PROFIT shows how much profit you are expected to receive once the deal closes. In our case, the expected profit is $8.12 which means that if the deal is successful, we will receive a total of $18.12: $10 is the initial investment and $8.12 is the profit.
- P/L SELL shows the amount of profit or loss that you will incur if you close the deal (i.e. sell the option) before the expiration time. The profit amount is shown in green and the loss amount is in red.
- The SELL button is quite self-explanatory: if you use it, the option will be sold and the deal will close. In our example, if we tap the Sell button, we will receive $10.87 – the amount is shown in the button. Closing the deal before the expiration time is a great way to lock in profits or to cut the losses if your prediction wasn’t correct.
- When you enter the market (that is, when you buy an option), the entry point is shown on the chart indicating the asset price and the time when the deal was opened. That makes it easy to visually analyze the current market situation.
- Lastly, there are two vertical lines – white and red – next to the price chart. The white line indicates how much time is left to buy an option for the selected expiration time: once the chart reaches the white line, the expiration time will change to the next nearest time and the white line will be redrawn on the screen accordingly. As a rule, it is possible to buy an option up to 30 seconds before the expiration allowing for ultrafast trading. The red line shows when the open deal closes: once the price chart reaches the red line, the option expires and the deal result is shown.
Once the deal is closed, its result can be seen on the chart as shown below:
IQ Option mobile app deal result
Just like in the web version of the platform or the desktop apps, you can customize the chart to better suit your needs. You can choose one of the following chart types: line, bars, candlesticks, or Heikin-Ashi candlesticks. To set up the chart type, use the button in the lower-left corner of the trade room. And of course, you can add your favorite indicators and graphical tools too. At last, the Other Settings tab allows you to add widgets to your chart, such as Trader's Sentiment (showing the overall direction the other traders predict for the asset) or Live Deals (showing the trades opened by your fellow traders). More detailed information about widgets can be found in the IQ Option widgets article.
READ ALSO: How to set up the chart type in IQ Option
The trading portfolio is one of the very useful features that are essential if you are into serious trading. It allows you to track your open positions, pending orders (orders that will open once the conditions you set up will be met) as well as your closed positions – you trading history. Each of the deals can be tapped on to reveal more information: for open positions – time of entering the market, the entrance point and the current status; for pending orders – their settings can be also modified; for closed positions – the time and price at which the deal was opened and the result of the deal.
IQ Option mobile app trading portfolio
IQ Option mobile apps for Android and iOS have other useful features for you to explore: video tutorials, market analysis and public chats to name a few. Scroll, tap and watch to make a more informed decision about any particular asset or a group of assets, add assets to the Favourites list, look at the price movements, check the earnings calendar or set up the alerts – these mobile apps got you covered.
Support in IQ Option mobile apps
There is a built-in live chat that allows you to get help almost instantly as IQ Option support is available 24/7. What's even more impressive is the ability to attach images to the support chat so you can take a screenshot of your problem and share it with support with no hassle in less than half a minute. Also, the company boasts having specialists who talk a total of more than a dozen languages and undergo comprehensive training before getting to help customers. Our test results show that the support was very client-oriented, professional and, well, supportive. We never waited for an answer for more than a minute.
Starting trading with a mobile app
So you set the chart up, tinkered with settings and feel ready to start trading? Let's get to it then. First of all, decide on the instrument (e.g. options or Forex) and the asset you want to trade on. To do that, tap on the plus button in the upper left corner of the screen. After choosing the asset, head over to the right-side panel of the trade room to configure the deal settings: the investment amount and the leverage (if applicable). Now all that's left is to decide whether the asset price will rise or fall, and to tap on the Buy or Sell button to enter the market. For CFD or Forex assets, the last step is to set the Stop Loss and Take Profit limits and to tap Confirm to enter the market. The open deal will be shown on the chart and can also be tracked in the Portfolio tab.
Verdict and afterthoughts
It's obvious that IQ Option tries to provide a mobile trading experience as close to more conventional desktop trading as possible, and they pretty much succeed in that. IQ Option mobile apps cannot be labeled perfect but they get damn close to that. In our opinion, all the competitors fall short in one aspect or the other and fail to take the crown from IQ Option as it provides a complete suite of features blending seamlessly into the intuitive and user-friendly interface IQ Option is famous for.
If you don't have an IQ Option account yet, feel free to sign up by clicking on one of the buttons below. It's completely free and shouldn't take more than a minute.
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.