IN-DEPTH ANALYSIS

IQ Option Review 2024

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Written By
G. Dautovic
Updated
October 09, 2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

IQ Option is one of the most popular online all-in-one trading platforms that makes investing hassle-free and accessible to everyone, even those without prior trading experience. Its award-winning platform allows users to invest in well-established industries and up-and-comers using intuitive tools and an array of trading features.

Our IQ Option review will help you on your investing journey by explaining the way the platform works, discussing the features, listing all the pros and cons, and comparing it against the competitors.

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Risk Warning: YOUR CAPITAL MIGHT BE AT RISK
Account minimum:
$0 to open an account

Withdrawal time: 1-3 business days (instant with Visa/Mastercard)

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Risk Warning: YOUR CAPITAL MIGHT BE AT RISK

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Account minimum:
$0 to open an account
Minimum deposit:
$10
Account management fee:
0%
Withdrawal fee:
2%
Investment account ratios:
N/A
Withdrawal time:
1-3 business days (instant with Visa/Mastercard)
Demo account:
Yes
Trading Instruments:
Forex, CFD Stocks, Crypto, ETFs, Commodities, Indices
pros thumb up Strengths
  • Over 250 trading assets
  • Low minimum deposit requirement
  • 24/7 phone support
  • Max. returns of up to 100%
pros thumb up Weaknesses
  • No live chat feature
  • Dormant account fee

IQ Option Overview

Both novice and experienced traders needing instant investment access should check IQ Option. Headquartered in Saint Vincent and the Grenadines and operated by Goshawk Finance LLC, IQ Option is an all-in-one trading platform that offers more than 250 trading options, including stocks, forex currency pairs, and cryptocurrencies.

Founded in 2013, IQ Option has already built a base of over 80 million registered users. According to IQ Option reviews we’ve come across, one of the features that attracted them to the platform is its ease of use. IQ Option was designed with a beginner investor in mind, offering intuitive trading tools, a fully customizable interface, a variety of indicators, and a supportive community. 

Traders with different levels of expertise can take advantage of the low minimum deposit requirement of only $10, along with a $1 minimum investment per trade. On top of that, the IQ Option platform provides a free $10,000 demo account which you can use to experiment with an array of investment strategies. Once you learn the ropes, you can try investing in IQ Options’ 250+ assets.

How Does IQ Option Compare to Other Trading Platforms?

IQ Option Logo
IQ Option
Minimum Deposit:

$10

Minimum Trade:

$1

Pocket Option Logo
Pocket Option
Minimum Deposit:

$50

Minimum Trade:

$1

Binarycent Logo
Binarycent
Minimum Deposit:

$250

Minimum Trade:

$0.01

IQ Option vs. Pocket Option

Pocket Option and IQ Option are both online trading platforms that offer easy access to the world of investing, especially for beginners. Both brokers provide 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 250 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 top-rated binary options brokers. Established in 2017, Binarycent also 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 Does IQ Option Work?

With IQ Option, both novice and experienced investors can trade over 250 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. 

How To Open an Account With IQ Option?

Depending on whether you need a demo, standard, or IQ Option 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.

IQ Option Trading Tools and Features

Before you decide to open a trading account with the IQ option, you should review what 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 IQ Option platform is especially designed for novice investors, the broker has done everything to make trading easier. By joining the ever-growing IQ Option trading 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 IQ Option 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. 

IQ Option Fees and Commissions

We were satisfied with IQ Option fees and commission structure, which is 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 of IQ Option pricing 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. 

IQ Option 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 review 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, 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.

Final Thoughts

Having gone through all the perks and rough edges of the platform and analyzed IQ Option features, we can conclude that this online broker has plenty to offer. With over 300 trading assets, a user-friendly mobile app, a free demo account, low fees, and robust trading tools, IQ Option is an excellent choice for investors. 

Those who are new to trading will appreciate the efficient customer support, intuitive dashboard, and extensive knowledge base with learning resources. On top of that, a low deposit minimum and trade amount will attract investors but won’t break the bank. 

General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

FAQ

Is IQ Option trusted?

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Our review of IQ Option found no red flags when it comes to opening an account and trading with this online broker. The company has been in the industry since 2013 and has acquired a base of over 80 million active users, thus proving to be a reputable and trustworthy online trading platform. It has won numerous prestigious awards, including the Forex Awards 2014 Best Trading Platform, 2017 Award of Excellence, and Century International Quality Gold ERA Award, among others. 

How much money can I start with on IQ Option?

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If you want to fund your IQ Option account and start trading, you can do so with a minimum of $10, which makes trading accessible to those with a low budget. Opening an account is free of charge, and you’ll need only $1 for a minimum initial investment. 

Can you make a lot of money on IQ Option?

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As with other online trading platforms, you should always be cautious when investing money and never invest funds that you cannot afford to lose. If you have a good trading strategy and a bit of luck, you can earn a lot, as the broker’s expected payouts are up to 100% in case of correct predictions.

How long does IQ Option withdrawal take?

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Even though IQ Option will review and process your transaction request instantly, the money will be in your account in one to three business days in the case of digital wallets. When you withdraw money using your Visa or Mastercard, your funds will arrive straight away.