A Comprehensive 2020 IQ Option Review: Is it legit or scam?

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Overview

With the rise of multiple online trading tools and software, the traders have become more cautious about their choice. Every software claims to bring fortune. But not all are reliable & legit. The invention of automated online tools has made life easier. However, one should be attentive while handing over the hard-earned capital to trading robots.

Here, we are going to provide an in-depth analysis of a leading software, i.e., IQ Option. Founded in 2013, it is winning over the hearts of traders worldwide. It is a multi-asset trading platform that brings a simplified approach for both the Forex Brokers and traders.

What is IQ Option?

what is iq option?what is iq option?

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IQ option is a well-designed online trading platform. It allows you instant access to asset trading, anywhere & anytime. Unlike other standard platforms, IQ option has an exclusive custom-built trading platform to cater to the unique needs of users. A wide range of assets is supported including binary options, cryptocurrencies, stocks, ETFs, digital options, and commodities.

The traders can start with a minimum deposit of $10. There are no fees on deposit or profit withdrawals. To make things easier for beginners, IQ Option provides intuitive tools and newsfeed that enhances its simplicity. You can test this application with a demo account.

Pros and Cons

Pros Cons
 Advanced trading tools  Restricted leverage for standard accounts
 Mobile application (Android and iOS)  No fixed spread accounts
 Multiple trading instruments
 Segregation of client funds
 Customizable UI
 Award-winning platform
 24/7 customer service
 Strict regulations

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IQ Option Features & Functionalities

IQ Option is a helpful trading platform. It opens up advanced features and functionalities for traders. Below we have curated a detailed list of each. Let’s get started!

Trading Instruments

Options

Under options, IQ Options allow you to trade Binary, Digital, and Forex options according to our review. Talking about Forex options, this platform is the one of a kind that offers this feature to traders. Presently, this feature is available for 5 main currency pairs. You can start with a minimum trade amount of $30 for Forex options. You can sell Forex options anytime, even before expiration time. In general, the payouts for FX options can reach up to 2000 percent.

Moving ahead with the Binary options, it is a well-known feature of IQ Option. These options are not available to all EU citizens. Certain EU citizens who have a professional platform’s trading account can leverage binary options trading. Free demo account is valid. You can start with a minimum deposit of $10 and a minimum investment of $1 while making profits up to 96%.

Lastly, IQ Option allows trading digital options. There are more than 20 assets to choose from currencies and commodities. The traders can choose between assorted strike prices. IQ Option claims maximum payouts of around 600% along with maximum CPM payouts of up to 90%. For weekend trading, OTC digital options are available.

CFDs

Under CFDs, the IQ Option users can explore Stock CFDs, Forex Trading, Commodities, Crypto CFD Trading, and ETF Trading.

Stock CFDs: Over 170 stocks to choose from with a minimum stock investment of $1. The minimum deposit is $10 with super-tight spreads. Non-EU traders and pro EU traders can leverage Stock CFDs trading with IQ Option.

Forex Trading: One-click FX trade execution with a minimum trade size of $1. Minimum deposit is the same as others, i.e., $10. No trade expiration. Free Demo Account access, leverage up to 1:1000 for non-EU and pro EU and 1:30 for EU citizens.

Commodities: Minimum deposit amount is $10 with minimum investment of $1. No trade expiration. The platform claims to provide unlimited profit potential with commodities. Commodity CFDs can be traded on the short and long side. Non-EU and pro EU traders can leverage up to 1:150. Simple EU traders can leverage up to 1:20 (on gold) and 1:10 on other commodity CFDs.

ETF Trading: Simple and convenient ETF trading with IQ Option via web, desktop, and mobile apps. Over 25 ETFs available covering market sectors including energy, metals, semiconductors, technologies, and others. Minimal investment amount of $1.  Leverage of up to 1:100 for non-EU and pro EU traders. For standard EU traders, leverage of 1:5 (limited by the European securities and Markets Authority).

Crypto CFDs: Over 15 cryptocurrencies (Bitcoin, Ethereum, Ripple, Dash, Litecoin, etc.) available for trading with a minimum deposit of $10. Minimum trade size is $1, unlimited access to Demo account, earning OTN tokens. European traders can get maximum crypto leverage up to 1:2 and for non-EU and Pro EU traders, it is up to 1:10.

Customer Support

IQ Option provides 24/7 customer support. The clients can easily reach its support team via web or mobile platforms. It is accessible over phone, email, and live chat. It is a multilingual feature supporting 13 languages. Its toll-free access to customer support is available for the citizens of the United Kingdom, India, Brazil, Singapore, South Africa, Australia, Colombia, Spain, Mexico, Chile, Argentina, and Portugal.

Presently, there are over 90 customer support representatives available for users. The average wait time over live chat is 38 seconds. For email queries, there is 14 minutes response time. In our review, we utilized this feature for all the three modes.

Trading Account Types

With IQOption, there are four account types available for trading. Find detailed information below:

Demo Account

Like many trading platforms, IQ option provides a demo account. You can use this feature as long as you wish to. Within Demo Trading, the users will receive $1,000 virtual money that you can replenish anytime. The purpose of this feature is to educate the users and make them familiar with different trading strategies.

You can access the demo account without registering or sharing your personal information. This is not always the scenario with other trading software online.

Standard or Live Account

Standard or Live account is for trading assets with real money, in a real-time environment. It allows you to trade over 300 assets available covering the classes like cryptocurrencies, CFDS, digital options, binary option (s), and currency pairs. It is noteworthy that both digital and binary options are not available to EU citizens but for the United States.

The minimal deposit amount is USD10. It offers the minimum trade size of USD1. This makes the IQ Option standard account more convenient for the beginners.

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VIP Account

IQ Option offers VIP accounts for traders who deposit $1900 or more within 2 days. As the name suggests, the offering of this account is special and unique to VIP account holders. With a VIP account, the traders get access to personal account managers, 3% additional returns, free participation in trading tournaments offered by IQ Option.

Moreover, the VIP account holders get personal tutoring and extra education material on trading in comparison to standard users. Due to ESMA restrictions on trading, VIP accounts are not available for EU citizens.

EU Client Trading Account

For European Traders, IQ Option offers two accounts, i.e. Retail client trading account and Professional client trading account. In the retail client trading account, the traders have access to Crypto, ETFs, Stocks, and Forex. There is a negative balance protection, leverage up to x30, and all the trades are covered under the ICF.

The Professional account holders will have access to the same assets including Forex, Cryptos, ETFs, and Stocks. Plus, they can access digital and binary option (s). There is a leverage up to x500, free entry to trading tournaments, and a negative balance protection. These are not covered under ICF.

Cryptocurrency Multiplier

Recently, IQ Option launched a product named ‘Cryptocurrency Multiplier’. Its workflow is similar to a leveraged trade, where asset price movements are maximized by a multiplier. The concept of cryptocurrency multiplier was first used by Bitcoin X 100. It boosted the price movement by 100 times leaving room for great trader opportunity as well as risk.

After its success with Bitcoin X 100, IQ Option exploited this concept to Ethereum, IOTA, Ripple, and other supported cryptocurrencies. With IQ Option, the traders can choose from options like X50, X20, and X100. This feature is limited to non-EU traders.

Orders Types

To reduce the risk, software allows the clients to choose from a wide range of order types. Doing so allows them to enjoy a custom trading experience as well as to create trade strategies including short, medium, or long-term.

Using multiplier orders allows the clients to increase the risk while expecting increase in ROI.

Stop loss orders are meant for the traders who wish to define maximum loss capacity. Whenever the limit triggers, the stop loss option will automatically close the trade.

If the traders specify a certain profit amount, Take profits is the suitable order type.

Avail an auto-close at loss with a Trailing stop order. Unlike other automatic trading platforms, it lets you stop loss and take profits out as per your desires.

Lastly, you can enter the market flexibly as per your convenience. To activate this feature, choose pre-order type. You need to set a market condition, the trade will start automatically when the market reaches the same.

Affiliate Program

Affiliate ProgramAffiliate Program

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This platform provides an affiliate program for its users. Those who wish to earn more can encourage other traders to use IQ Option. Once you choose to become an IQ Option affiliate, you need to share your affiliate link on a website, or blog. The ones who click the link and sign up with the app will be considered as your referrals. The identification is done via generating a unique ID when they sign up.

Once the user who signs up starts trading, you will receive the rewards. You can earn up to 70% of the traders’ profit, based on the clients’ trading activity. You can choose your preferred payment mode to receive rewards. It is the best life-long method of having passive income. Presently, there are over 116,410 IQ Option affiliates across 178 countries.

Withdrawals

WithdrawalsWithdrawals

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IQ Option facilitates easy and flexible withdrawals. It takes 1 business day to process your withdrawal request. To request withdrawal, you need to verify your identity that will take up to 3 business days. This is done to prevent fraudulent activities and to protect your money from spammers.

The IQ Option withdrawals work similarly to the refund process. Therefore, you need to choose the same payment method as of deposits, when requesting withdrawals. Afterward, you can withdraw with any mode of payment. Notably, there is a small fee for bank transfers.

IQ Option Mobile Trading

IQ Option provides a mobile application for both Android and iOS users. The traders can download the app on various devices like iPhone, iPad, and other Android devices. Now you can start trading CFDs and other options anytime and anywhere. The mobile trading is easy to use and has a clean and user-friendly in-app UI. Just like a web platform, it has charting options available.

With IQ Option mobile app, you can execute trades, use charting tools, check trade status, stay connected with market development, and set up custom push notifications and alerts too.

Progressive Web Application (PWA)

Apart from a mobile application, the system supports the PWA, or progressive web application. This application works on every kind of smartphone or device. You can get access to all of the IQ option trading assets including binary options. Unlike mobile apps, there is no need to download IQ Option PWA on your device.

To use PWA, simply click on the ‘add to home screen’ choice from the web platform. Get started with single tap trading in no time. With IQ Option PWA, you can overcome the cons of non-availability of binary options on iOS devices. Switch between live and demo trading accounts without exiting the PWA.

Is IQ Option Legit or Scam?

To date, IQ Option has over 71,014,795 registered users with 1,800,000+ active investors daily. The monthly investing volume of this trading platform is $380,000,000. In our review we analyzed the data of the past 5 years, there are no signs of declining (neither traders nor active investors).

Apart from this, IQ option is regulated by CySEC, i.e., Cyprus Securities and Exchange Commission. This trading platform is registered in Cyprus under the name of “IQ Option Europe LTD”. IQ Option adheres to the legislation put by CySEC. It is fully-authorized to sell products to clients (both EU and non-EU citizens) under multiple jurisdictions.

Why trade with IQ Option?

Why trade with IQ Option?Why trade with IQ Option?

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Undoubtedly, there are several trading platforms available for you. Why should you choose an IQ Options broker?

First of all, you should know that IQ Options is the platform that is in the list of Top Forex Brokers in Australia and Top Forex Brokers in UK. Apart from that, Below is a list of some advantages of IQ Options broker trading platform.

Award-winning software

IQ option trading software has won several awards for its seamless UI and extraordinary ways of investments. In the past, it has been praised by many experienced and reputed traders of the industry.

Flexible Deposits Options

IQ Option allows you to start trading with a minimum investment of $10. There are multiple ways to deposit including Credit cards, wireframes, e-wallets (Maestro, Skirll, Cash U, WebMoney, and Moneybookers).

Customizable platform

For optimal trading experience with IQ Option, you can customize the platform. From dashboard appearance to keyboard shortcuts, notifications to privacy, you can give a custom touch as desired.

Convenient payouts

The app offers easy and convenient payouts. The minimum withdrawal amount with IQ Option is $2. The process time is 3 business days due to the verification process involved. Once verified, the withdrawals are processed in 1 business day.

24/7 support

IQ Option offers a flexible and instant customer support team. The traders can access this feature 24/7 over email, phone number, or live chat. The customer support team is available for both IQ option mobile app and browser platform.

How does IQ Option work?

All trading activity with IQ Option is 100% automated. The company executes client’s funds in financial instruments like binary options, contracts for differences (CFDs), and digital options. When trading client’s orders, the tool takes into account multiple execution factors. These include size and nature, price, costs, market conditions and variations, speed and likelihood of settlement. However, there are times when the software chooses unique execution criteria based on clients’ custom instructions on order types.

Is IQ Option Safe?

We have performed various reviews of trading platforms. We found IQ Option unique in its ways. It falls under Cyprus Securities and Exchange Commission. Talking about security, it offers in several ways including login, fund management, data encryption, and more. Let’s have a quick look at its security norms followed below:

  • IQ Option has complete SSL encryption.
  • It meets AES 256 Bit encryption standards for communicating between trader and brokers.
  • Lastly, this trading platform maintains segregated accounts for trader funds.

Having said this, we conclude that IQ Option is safe to trade financial instruments like fx options, CFDs, etc. No matter if you are a beginner or an experienced trader, your data and money are safe with IQ Option.

Tips for Novice Traders

Try demo account

Try Demo AccountTry Demo Account

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We advise every new trader to start using the demo account. It will help to understand the system in a better way. There is plenty of education and no money involved. With IQ Option, you can keep practicing demo trading as long as you desire.

Invest small

If you are a beginner with trading, it is important to invest small amounts. Because investing in financial instruments like CFDs, fx options, etc. involves risk to your capital. Therefore, we advise the new clients to invest under their risk appetite.

Watch or read tutorials

Almost every reputed trading system online provides tutorials on trading instruments. It is a great way to learn and enhance your knowledge regarding trading online. There are multiple methods like video tutorials, blogs, real-time charts and graphs that allow the traders to learn market trends.

Ask for help

For the one who is new to a trading platform, it is important to seek help from its customer support team. Almost every reputed platform has one available over phone, email, and live chat with 24/7 availability.

All-in-all, beginners need to stay cautious while exploring and investing with an online trading platform. All the tips listed here are helpful and hold proven results for the new clients.

How to Open an Account with IQ Option?

IQ Option is one of the leading trading platforms today. If you wish to open an account, visit the official website of IQ Option. Afterward,

Fill the Account Opening Form

Enter your email address and set a password to sign up. Once done, the system will send a verification link over the provided email ID. Click on the link and verify your credentials.

Select Asset & Fund the Account

With IQ Option, the traders are exposed to numerous tradable assets including CFDs, Cryptocurrencies, Commodities, etc. Choose your preference and deposit money in your account to get started. The minimum investment amount varies as per the asset selected.

Start Earning

Once you are done with the asset selection, hit the trade now button, and enjoy the money coming in. You can enjoy trading sessions over both browsers and mobile apps. Choose as per your convenience.

To wrap up

IQ Option is an incredible broker that strives to evolve and improve every time. Its services are available to a vast audience except to Australia, the United States, Japan, Canada, Turkey, Syria, Iran, and Israel. The platform caters to cryptocurrency, stock, Forex traders and the clients who wish to explore the horizons of online trading.

Like other trading platforms, IQ Option lets you use a demo account. The only distinction is there is no expiration date for this account. The traders can keep using this account as long as they want. With this platform, the traders can enjoy multiple features including technical indicators, trading tools, educational tutorials, and widgets for free. Lastly, the customer service of this platform is highly responsive on all the platforms (be it mobile apps or browser). You can access it 24/7 every week.

FAQs

1. Is there a customer service team?

Yes, there is a 24/7 available customer service team. You can reach out via phone number, email, or live chat (for both browser and mobile app platform).

2. What is the expiration of a demo account?

Unlike other trading platforms, there is no expiration date for iq option demo accounts. You can use it as long as you want to.

3. What is the minimum investment amount?

You can invest a minimum amount of $1 in a single option available. However, the initial deposit amount is $10.

4. How much can I withdraw from profits?

You can withdraw any amount of money from your profits earned. The minimum withdrawal amount is $2.

5. Which instruments can I trade with IQ Option?

IQ Option platform offers one a plethora of tradable instruments including CFDs (on cryptos, ETFs, commodities), binary options, and digital options.

6. Are deposits and withdrawals possible via e-wallets in South Africa?

Yes. Just like traders from the United Kingdom or other countries, South Africa traders can use e-wallets. One can easily pay and withdraw via the same e-wallet.

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