IQ Option Review 2023: Is It Worth It?

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
  1. EUR/USD
  2. EUR/CAD
  3. USD/JPY
  4. AUD/CAD
  5. GBP/JPY
  6. GBP/USD
  7. EUR/JPY
  8. USD/NOK
  9. USD/DKK
  10. GBP/CHF
  11. USD/HKD
  12. EUR/CHF
  13. EUR/AUD and 20 more
• Stocks
  1. Apple
  2. Alibaba
  3. Netflix
  4. Meta
  5. Tesla
  6. Citi Group
  7. Microsoft
  8. McDonald’s
  9. AIG
  10. PayPal
  11. IBM
  12. Coca-Cola
  13. Twitter
  14. Nvidia
  15. Snap Inc.
  16. Intel
  17. Starbucks
  18. Visa
  19. Qualcomm
  20. Costco
  21. JPMorgan C
  22. American Airlines and 170 others.
• Commodities
  1. Brent Oil
  2. Gold
  3. Crude Oil
• Cryptos
  1. Bitcoin
  2. Ethereum
  3. Ripple
  4. Cardano
  5. Bitcoin
  6. Bitcoin Cash
  7. Litecoin
  8. Dash and 11 others.
• ETFs
  1. S&P 500 ETF
  2. Ishares Russell 2000 ETF
  3. 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

1. EUR
2. USD
3. GBP
4. BRL
5. MYR
6. CHY
7. THB
8. ZAR
9. IDR
10. VND

If you are looking for an in-depth guide on binary options, check our guide here.

HOW DOES THE IQ OPTION TRADING PLATFORM WORK?

IQ Option allows you to trade major shares, currency pairs, and indices. You may also access the platform whenever and wherever you wish. It is open 24 hours a day, seven days a week worldwide. 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.

IQ Option trading platform

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

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 $1,000 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 forex pairs, stocks, and cryptos. The minimum deposit for this account is $10. The standard account is suitable for beginners.

VIP ACCOUNT

The option of a VIP account is available for those who deposit $1900 or more in a two-day period. The perks of this account are synonymous with the name itself (VIP): users get access to a personal account manager and 3% additional returns. This account also provides traders with monthly reports of their trading.

Like other VIP accounts on different platforms, IQ options allows its VIP user to participate in trading tournaments. Unlike standard account holders, VIP holders get access to tutoring on trading. It must be noted that VIP accounts are not available to citizens in the EU. But don’t fret if you are in the EU; the account types below are options for EU residents.

RETAIL CLIENT TRADING ACCOUNT

This account gives EU residents and traders access to ETFs, cryptocurrency, forex, and stocks.

PROFESSIONAL CLIENT TRADING ACCOUNT

This account provides EU traders access to the same financial assets mentioned above, and adds digital and binary options. 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.

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.

IQ has its headquarters located in St. Vincent and Grenadines.

WHO OWNS IQ OPTION?

We spoke about the IQ Option location in the previous section. Now I’ll tell you who owns it. That information is key too.

So, let us read it together. The founder of IQ options is Dmitry Zaretsky.

Depending on your country of residence, you will have to go through a slightly different process than others. You may be asked for a photo verification, or you may just have to go through a less tedious account-verification process. You won’t know until you try.

IQ is pretty flexible when it comes to both deposits and withdrawals. IQ accepts many types of E-wallets like Maestro, Skrill, Cash U, Moneybookers, Neteller, and credit and debit cards.

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 worldwide, including Asia Commercial bank and China Union Pay. There may be a small fee, but it’s not a big deal.

The minimum amount you can withdraw is $2. You must also use the same payment method you used for the deposit of funds, because the amount will be returned as a refund. IQ also accepts bank transfers from several banks in Thailand, Vietnam, Malaysia, and Indonesia. Talk about inclusivity, am I right?

IQ option deposits and withdrawals

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 Hinds Building, Kingston, St. Vincent, and Grenadines. If you want to contact them directly on their website, here is iqoption.com. Email suits you more?

They’ve got you covered. Send your concerns to support@iqoption.com. No, I did not forget to give you the official number. Here, you can have a direct conversation almost instantaneously: +44 20 8068 0760.

No need to panic about being left on hold when you need help since IQ has about 90 representatives ready to assist users. If you have a VIP account, things are even easier for you since you have your own personal account manager – basically at your doorstep!

IQ Option customer support

It may not offer bonuses, but IQ enables users to participate in trading competitions. These competitions have huge prizes, ranging from $100 to $100,000. However, these competitions are not for those in the EEA. Standard account holders need to pay a fee to participate in such competitions, but VIPs can enter for free.

DOES IQ OPTION OFFER BONUSES?

As mentioned above, IQ Option has lots of deals and promotions. But do you know they change every day? That may be a good thing or a bad thing. Let’s find out more!

Unfortunately, IQ does not offer any bonuses. But, once the client signs up with IQ, they will receive awards and can earn up to 70% of the profit depending on their trading activities.

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

1. 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.

2. 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.

3. 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.

4. How long does it take to withdraw funds through bank transfers?

The withdrawals can take time, depending on your location. It takes 3 business days to withdraw funds through bank transfers. Sometimes it can take longer for IQ Option to process payments.

5. 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.

6. 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.

7. 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.

8. 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.

9. What is an IQ Option tournament, and how can I participate?

A tournament is a trading competition where anybody may compete for a set fee. Each player receives the same amount of money in their tournament account. You can trade any asset and invest any cash you have available.

10. 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. IQ Option ltd manages trading accounts for clients outside the European Economic Area.

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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