IN-DEPTH ANALYSIS

IQ Option Review

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Written By
G. Dautovic
Updated
June 27, 2022
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 trading platforms. It offers a wide range of features, making it an excellent choice for both novice and experienced traders.

In this IQ Option review, we’ll take a look at everything this company has to offer. We’ll explain how it works, discuss its standout features, and compare IQ Option against its competitors to help you decide whether it’s the right platform for you.

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Risk Warning: YOUR CAPITAL MIGHT BE AT RISK
Account minimum:
$0

Withdrawal time: 1 to 3 business days

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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
Deposit minimum:
$10
Account management fee:
0%
Pricing plans:
N/A
Investment account ratios:
N/A
Withdrawal time:
1-3 business days
pros thumb up Strengths
  • Offers a demo account
  • Low minimum deposit requirement
  • 24/7 customer support
  • Advanced trading tools
pros thumb up Weaknesses
  • Not available to US customers
  • Inactivity fee

Overview

IQ Option is a comprehensive trading platform that provides users with a wealth of options, including stocks, forex pairs, and cryptocurrencies. Since its founding in 2013, IQ Option has helped more than 80 million investors take control of their financial future and achieve their investment goals.

One reason for IQ Option’s popularity is its ease of use. The platform is designed to be beginner-friendly and intuitive, making it perfect for those who are new to online trading. There are also various IQ Option features that make online trading smooth; even if you have no prior experience, you’ll be able to quickly learn how to use IQ Option and start trading.

Another thing we appreciate about IQ Option is its low minimum deposit requirement, which lets you start trading with just a $10 deposit and as little as $1 per trade. The platform also has a demo account, so you can practice trading before putting any real money at risk. So, whether you're an experienced trader or a complete novice, IQ Option is worth considering as your broker of choice.

How Does IQ Option Compare to Other Trading Platforms?

When it comes to online trading, there are a lot of options available to investors. While all platforms allow clients to buy and sell stocks, bonds, and other securities, they vary widely in terms of features, fees, and ease of use. So, how does IQ Option compare to its competitors?

IQ Option vs Pocket Option

Pocket Option is another company that has been gaining popularity in recent years. Like IQ Option, Pocket Option is a web-based platform that offers a wide range of assets to trade.

One of the key differences between the two platforms is the minimum deposit requirement. Pocket Option requires a minimum deposit of $50, while IQ Option only asks for $10. 

And while both providers have demo accounts, dedicated mobile apps, and a variety of payment methods, IQ Option has one significant drawback; its list of restricted countries is much longer than Pocket Option’s. If you live in the US, Canada, the UK, Australia, or one of several other countries, you won't be able to open an account with IQ Option.

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IQ Option vs Binarycent

Binarycent is an online trading platform that was established in 2017 and has since become one of the most popular brokers around.

Like IQ Option, Binarycent offers a wide variety of assets to trade. Both also offer three types of accounts. With IQ Option, traders can go with a training account, a real account, or a VIP account. With Binarycent, they get to pick between Bronze, Silver, and Gold accounts.

There is, however, a major difference when it comes to minimum deposits. While IQ Option has a $10 minimum, Binarycent’s is $250. So, if you're looking for a platform with low starting requirements, IQ Option would be the better choice. 

There's also a significant difference in terms of withdrawals. IQ Option withdrawals can be as small as $2, while Binarycent has a $50 minimum.

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How Does IQ Option Work?

IQ Option is an online trading platform that allows clients to trade a variety of financial instruments, including stocks, forex pairs, binary options, and cryptocurrencies. The platform is owned and operated by IQ Option LLC.

The platform is designed for both beginner and professional traders. For beginners, there is a demo account with virtual funds that can be used to practice trading. IQ Option also offers a variety of educational resources such as video tutorials, webinars, and e-books. 

For experienced traders, there are over 300 assets to trade, including currency pairs, stocks, indices, commodities, and cryptocurrencies. This platform also offers competitive spreads and the IQ Option VIP account, which comes with exclusive benefits such as a personal account manager and a monthly analysis of your trading activity.

The Registration Procedure

Creating an account with IQ Option is quick and easy. All you need to do to make a profile is provide your email address and country of residence, then come up with a password. As soon as you register your account, you can deposit money into it using a variety of methods, including a credit/debit card, bank transfer, or eWallet. 

Once you have deposited money into your account, you can start trading. And if you're still not sure about investing real money, you can always practice with the IQ Option demo account and trade with virtual funds. 

Terms and Fees

When it comes to pricing and fee structure, things are pretty straightforward with IQ Option. You can open an account completely free, and as soon as you make a deposit of $10 or more, you can start trading with as little as $1 per trade. 

There are no deposit fees, but there is a withdrawal fee of 2% starting from the second withdrawal per month. Remember that a currency conversion fee might also apply. And if you’re interested in trading cryptocurrency, you should know that the trader reserves the right to charge a maintenance fee for cryptocurrency positions.

One of IQ Option’s fees you should be aware of is the dormant fee. If you don't log into your account for 90 days, you will be charged a $10 inactivity each month, which is why it's important to keep your account active. 

Portfolio Management

Portfolio management is the process of selecting and managing a group of investments in order to achieve specific financial goals. Once you create an account, you should check the main trade room on the platform, as that’s where you'll find tabs for all the different types of assets. 

On the left side of the trade room, you'll find a panel with several actions. The Total Portfolio icon at the top of the panel gives you an insight into all your pending positions. That’s where you can check your balance, equity, and margin. 

Your IQ Option account will also allow you to keep track of all of your past deals and results and check how much you've invested in total.

The trade room also includes the Market Analysis section, which shows all news related to the assets you're interested in, including economic calendar events. This is a great way to stay up-to-date with what's happening on the markets and make informed investment decisions. 

In addition to all this, you can check out the Video Tutorials section to help you get started with trading.

Who Is IQ Option for? 

IQ Option offers great support channels and tutorials for those who are just starting out in the world of online trading. With a minimum deposit of only $10 and a minimum trade amount of only $1, it’s one of the most accessible brokers on the market. What's more, IQ Option has a free demo trading account that traders can use to practice without risking any real assets.

But it's not only suitable for beginners; the platform offers a wide range of assets, such as stocks, forex pairs, commodities, and cryptocurrencies. And with its user-friendly interface, IQ Option is also a great choice for more experienced traders who are looking for a broker that offers a good selection of features without being too complicated.

Another thing you’ll notice once you get to review IQ Option is its excellent customer support. The team is available 24/7 to answer any questions you may have. 

Mobile App

When it comes to mobile trading, IQ Option has you covered with an app that works on both Android and iOS devices. You can download the app from the App Store or Google Play in just a few easy steps. If you’re having any trouble during the process, there is an extensive guide on the IQ Option website that can help you out.

Once the installation is complete, all that's left to do is log into your account, then you can start trading CFDs and other options anywhere you go.

In addition to allowing you to trade on the go, the app also offers some exclusive features such as push notifications for price alerts and economic calendar events. You can also use it to chat with other traders in real time and ensure you don't miss out on any important market movements.

Customer Support

Customer support is one of the most important departments of any serious company, and the IQ Option support team is tailored to accommodate the needs of every user. Having access to knowledgeable and reliable customer support is essential, especially if you're a newbie to online trading and need some assistance getting started.

IQ Option offers customer support via email or phone. The team is available 24/7, and support agents are always happy to answer any questions you may have. The platform offers phone support in English, Spanish, and various other languages. And if your inquiry isn't urgent, you can send an email to [email protected]; you’ll receive a response within 24 hours.

IQ Option also has an extensive blog section where you can find answers to the most common questions and learn some helpful tips and tricks for trading.

Final Thoughts

As we wrap up this IQ Option review, we’d say that this online trading platform is an excellent choice for anyone looking for a reliable and user-friendly experience. It offers a wide range of tradable assets, a free demo account, a mobile app, and great customer support. 

So if you're new to online trading or you're simply looking for a broker that offers all the features you need without overwhelming you, IQ Option is definitely worth checking out. And if there's anything you need help with, the site's customer support team is always at your service.

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

How do I verify my bank card on IQ Option?

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The process is pretty simple. All you need to do is log into your account through the desktop version or the IQ Option mobile app, go to the "Deposit" page, then select the bank card you want to verify. After that, you'll be asked to enter your bank card details. 

You’ll have to provide photos of the front and the back of the card so that the first and last four digits of the card number are visible. You should hide the CVV number and the middle eight digits of the card number.

Can you use IQ Option in the USA?

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The answer is no. Unfortunately, US-based traders are not accepted on IQ Option for regulatory reasons. IQ Option reviews your location and IP address when you try to make an account. If it detects that you're in the US, you won't be able to use this trading platform.

There are some other countries that are also not accepted, so if you're residing in one of the following, you might need to reconsider your options: Australia, Japan, Canada, the UK, the USA and its territories, Belgium, Belarus, Russia, Palestine, Israel, Iran, Syria, North Korea, Gibraltar, or any country within the European Economic Area.

How long does an IQ Option withdrawal take?

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Once you initiate a withdrawal, it takes one to three business days for IQ Option to review and approve it. This depends mainly on the method you use to withdraw your money; it can sometimes take even less than 24 hours to process.