IQ Option Review 2024

IQ Option vs. Pocket Option

Both of these trading platforms offer easy access to the world of investing, especially for beginners, while providing their users with dedicated mobile apps, demo accounts, and plenty of trading tools and features. However, while Pocket Option has some 100 global trading assets on offer, IQ Option boasts a larger base of over 300 assets. 

With IQ Option, you can join the world of trading with as little as $10, whereas Pocket Option asks for a higher minimum deposit of $50. On the other side, Pocket Option has the highest payouts in the market of up to 218%, whereas those who go for IQ Option can expect up to 100% (in case of correct predictions).

IQ Option vs. Binarycent

Binarycent also belongs to among the leading binary options brokers. Established in 2017, Binarycent boasts low fees and commissions, and an easy approach to trading. However, there are some differences when compared to IQ Option. Namely, IQ Option has a $10 minimum deposit requirement, whereas Binarycent asks users to fund their accounts with a minimum of $250, which is quite steep in comparison. 

At the same time, Binarycent has one of the lowest minimum trading requirements of only $0.01. The trading size for IQ Option is a bit higher and stands at $1. On the other hand, while Binarycent asks for a minimum of $50 to be able to cash out, IQ Option withdrawals can be as low as $2. 

Finally, Binarycent boasts 24/7 video chat support, which we have never seen in the trading industry so far. IQ Option doesn’t fall behind and offers email and phone support in multiple languages. 

How IQ Option Works

With IQ Option, both novice and experienced investors can trade over 300 assets, including stocks, forex pairs, commodities (gold and crude oil mainly), exchange traded funds, indices, and cryptocurrencies. There are three main types of trading accounts available to IQ Option users: a training account, a standard account, and a VIP account.

Those who want to practice their trading skills before spending money should go for the IQ Option demo account loaded with $10,000 in virtual funds. Demo account holders can join Tournaments where they can trade in virtual money and get real funds as an award into their trading accounts.

Then, there’s a standard account that you have to fund with at least $10 before you start trading, and that provides you with basic trading tools and support. 

Those who wish to get the most out of their trading experience should go for a VIP account. It provides special privileges for clients, including unique offers, increased profitability, a personal account manager, and access to training materials. 

Opening an Account With IQ Option

Depending on whether you need a demo, standard, or the VIP account, you have to meet certain requirements. However, whichever path you take, the procedure is quick and easy. 

To get started, you have to provide your email and country of residence, as the platform won’t accept users from the US, Australia, Switzerland, Czech Republic, Belgium, Canada, Israel, Japan, Russia, and Turkey, among others.

You can also sign up using Google or Facebook. Once you create a password and register your trading account, you can either practice using the demo version or start depositing and trading. To fund your account or cash out, you can use your Visa or Mastercard or go for digital wallets - Advcash or Perfect Money.

Trading Tools and Features

Before you decide to open a trading account with IQ Option, you should parse through the tools and features it has to offer. The award-winning broker boasts an advanced web-based platform available for Windows and macOS, as well as a mobile app for all your iOS and Android devices. It comes with a multi-chart layout, technical analysis, historical quotes, and more.

Analysis and Alerts 

If you wish to stay up-to-date with all the financial trends, IQ Option has over 100 technical indicators and widgets to help you out. You can also read the latest market news, get robust technical analyses, check Economic Calendars, or get customizable price alerts to warn you of turmoils in the financial markets.

Risk Management 

IQ Option offers an array of features that will help its users manage their profits and losses and stay within their budget. Traders, especially inexperienced ones, can take advantage of the Stop Loss/Take Profit, Negative balance protection, and Trailing Stop tools to control their investment strategies and protect their funds.

Trading Community

As the platform is especially designed for novice investors, the broker has done everything to make trading easier. By joining the ever-growing IQ Option community, you’ll be able to scroll through their posts and learn tips and tricks, get in touch with other investors, and copy their strategies. 

Features like Traders' Sentiment and Community Live Trades will help you further develop your binary options trading strategies and skills. 

Mobile App

The mobile app is available for both iOS and Android devices and is a handy platform to use when you’re on the go. Simply download the app from Google Play or App Store, and you’ll be able to trade all the assets and use all the instruments available on the desktop and web versions. 

However, there are some features available exclusively on the mobile platform. First, there’s the Price Movements alert function that sends push notifications in case the stock prices fall or rise to a specific price. 

Then, there is a built-in chat feature that lets you share your trading experience in real time with other IQ Option investors around the globe or communicate with support agents. 

Fees and Commissions

We were satisfied with the structure of fees and commissions, which are both transparent and straightforward. Opening an account is free, while you’ll have to deposit at least $10 to start trading and make bids with as little as $1 per trade. 

You won’t be charged for depositing money into your account, but you’ll have to pay a 2% withdrawal fee starting from the second withdrawal per month. There might be a currency conversion fee, too, depending on the provider. 

The IQ Option trading platform also charges a swap fee of 0.01%-0.5% and, in extreme circumstances, up to 1.7% of the face value of the position for keeping a position open overnight. This refers to CDFs on forex, ETFs, cryptocurrencies, and commodities. 

The last item on our list is the dormant account fee which will be charged after 90 days of inactivity. Those who put their account on hold will have a $10 fee (or the equivalent amount in another currency) deducted monthly from their balance. 

Customer Support

With trading platforms, quick and efficient customer support is essential, especially for those new to the trading world. IQ Option doesn’t fall short when it comes to customer service and offers round-the-clock assistance via email, contact form on the site, and phone.

While clients might have to wait a bit longer to get an email response, phone support is an excellent way to get help in no time. The support agents from IP Option will examine your issue and offer their expertise in English, Russian, Chinese, German, Spanish, and eight other languages. VIP account holders can get 24/7 assistance from a dedicated support agent.

On the flip side, there isn’t live chat support, even though it has become standard with online trading platforms. 

As with most online brokers, the IQ Option trading platform offers an extensive knowledge base where novice investors can learn the ropes before they start trading. The website constantly updates its blog section with new posts, offers video tutorials with valuable resources, and has an FAQ section.