IQ Option Review 2024

Last updated Feb 26, 2024
Логотип IQ Option
4.1/5
№4 in the brokers' list72% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

Today, we want to present a detailed review of one of the most popular brokers for binary options and CFDs - IQ Option. Over the past few years, the company has established itself as a reliable and functional trader partner. But is it trustworthy enough for you to invest your funds and time? In this review, we will dissect all the features of working with IQ Option, explore its functionality, trading conditions, and much more to assist you in making an informed decision on whether to choose this broker for trading in the financial markets. Join us and learn all the details about trading with IQ Option.

IQ Option Broker Overview

Foundation Year2012
Official Websitehttps://iqoption.com
Regulated in CountriesSaint Vincent and the Grenadines, CyprusMore Details
Minimum Deposit
  • 10 USD
  • 10 EUR
  • 10 GBP
  • 1000 RUB
Spreadfrom 0.5 points
Max Leverage1:500
Trading Assets
  • Forex
  • Stocks
  • Cryptocurrency
  • Precious Metals
  • Energy Carriers
  • Agricultural Commodities
  • Indices
  • ETF
Trading Platforms
  • Quadcode
Email Support
  • support@iqoption.com
Hotline Phones
Social Media

IQ Option is an international broker for binary options and CFDs, founded in 2013. The company provides trading services for financial instruments such as currency pairs, stocks, indices, cryptocurrencies, and commodities.

Since its inception, IQ Option has continuously evolved and enhanced its platform, making it user-friendly and accessible for traders of all experience levels. Today, the company offers many tools and services that help traders implement their trading strategy and succeed in the financial markets.

IQ Option Review Summary

In our review of the IQ Option broker, we employ a comprehensive approach to evaluation based on various criteria, including the quality of the trading platform, the range of available trading instruments, the level of commissions, the quality of educational materials, and the efficiency of technical support. Our broker assessment methodology is designed for traders of various levels and experience.

We hope our review will provide you with all the necessary information to make an informed decision. To learn more about the IQ Option broker and its features, continue reading our detailed review.

Reliability and Regulation

Rating:4/5
Legal EntityRegulator

IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC), one of the few authoritative agencies that oversee binary options. This significantly enhances their credibility compared to most unregulated binary options brokers.

Account Opening

Rating:5/5

Opening an account on the IQ Option platform is a simple and quick process. Here's a detailed description of the account opening steps:

  1. Fill in the registration form. Find the registration form on the IQ Option website's main page. You must enter your email, password, and country of residence. It is also necessary to read and agree to the terms of use, privacy, and cookie policies. Then click on the "Open an Account for Free" button.

  2. Email confirmation. After filling out the registration form, an email will be sent to the address you provided with a link for confirmation. To activate your account, follow this link.

  3. Phone number verification. In your IQ Option personal area, you must provide your phone number. After entering the number, an SMS with a verification code will be sent to your phone. Enter this code in the appropriate field on the site to confirm your phone number.

  4. Fill in personal details. In the private area, under the "Personal Data" tab, fill in all the necessary fields, such as your first name, last name, date of birth, residence address, and so on. Be careful when filling out the information, as it should match the data on your identity document, which will be needed to verify the account.

  5. Identity confirmation. IQ Option will require you to upload copies of documents confirming your identity to verify your account. Typically, this can be a passport or a driver's license. Upload copies of the documents on the website and wait for them to be checked. Verification can take several hours to days, depending on the support service's workload.

After completing all the stages, your account will be open and ready to use for trading on the IQ Option platform.

IQ Option Registration form
IQ Option Registration form

Minimum Deposit

One of the most attractive aspects of IQ Option is the ability to start trading with a minimum deposit of just $10. This feature makes the platform accessible to traders with varying experience and financial capabilities.

Account Types

Rating:5/5

IQ Option offers a wide range of accounts and services that cater to the needs of various categories of traders. With a minimal deposit of just $10 and a variety of account currencies, the platform makes trading accessible for both beginners and experienced investors. The demo and Islamic accounts are excellent additions, allowing traders to test strategies without risk and comply with religious norms. Such account diversity makes IQ Option one of the most flexible and accessible brokers on the market.

Trading Accounts

-
Account CurrencyUSD, EUR, GBP, RUB
Minimum Deposit10 $10
Trading PlatformsQuadcode
Spreadfloatingfrom 0.5 pipsfor EURUSD~ 0.87 pips
Commission per Trade
Trading AssetsForexStocksCryptocurrencyPrecious MetalsEnergy CarriersAgricultural CommoditiesIndicesETF
Opened Positions
Leverage1:1-1:500
Margin Call / Stop Out100% / 50%
Order ExecutionMM
Demo Account
Islamic Account
Register

The IQ Option trading account is suitable for all traders who want to trade in the binary options and CFD market using real funds. The minimum deposit to open a real account is only $10, which makes trading accessible to a broad range of investors. Traders have access to all trading instruments and features of the platform.

Demo Account

The demo account is designed for beginners and those who want to familiarize themselves with the platform before trading on a real account. The demo account provides a virtual balance, allowing traders to test different strategies and get acquainted with the platform's functionality without the risk of losing real funds.

Islamic Account

IQ Option also offers an Islamic account, a swap-free account. This type of account is intended for Muslim traders who follow the principles of Islamic banking law, which prohibits the payment or receipt of interest (riba). Islamic accounts do not have swap commissions for carrying positions overnight, allowing Muslim investors to trade according to their religious beliefs.

Binary Options

Below is a table presenting the main trading conditions for options on the IQ Option platform:

Types of Options

Binary Options

Digital Options

Trading Assets

Currency pairs, stocks, indices, commodities

Currency pairs, oil

Expiration Times

From 1 minute to 1 month

From 1 to 15 minutes

Option Yield

Up to 95%

Up to 900% (depending on the selected strike price)

Minimum Investment

From $1

From $1

Difference Between Binary and Digital Options

Binary options are a financial instrument that allows traders to predict whether the price of a selected asset will be above or below a certain level (strike price) at a specific time (expiration time). If the prediction is correct, the trader receives a predetermined profit, usually expressed as a percentage of the investment amount. If the prediction is incorrect, the trader loses the investment.

Digital options are a type of binary option that provides traders with the opportunity to choose different levels or "strikes" of the strike price. Unlike classic binary options, where the option yield is fixed, the yield of digital options depends on the chosen strike and can be significantly higher. The further the strike is from the current market price, the higher the potential profit and risk. If the trader's prediction is correct, they receive a profit dependent on the strike; if incorrect, the investment is lost.

Digital Options on IQ Option platform
Digital Options on IQ Option platform

Both options allow traders to profit based on their predictions of asset price movements. Still, digital options provide more flexibility and potentially higher returns due to the ability to choose different strikes.

IQ Option Tournaments

One of the unique aspects of IQ Option is the hosting of tournaments. These are events where participants each prepare an equal predetermined amount and compete against each other.

IQ Option Tournaments
IQ Option Tournaments

Tournaments have a fixed start and end time. A new tournament account with a virtual $100 is created for each participant. Each competitor trades based on their strategy, and at the end of the tournament, valuable prizes are awarded. The cost of entry fees for contests currently ranges from $1 to $20 - meaning, in principle, anyone can try their hand at trading competitions.

Commissions

Rating:3.5/5

IQ Option offers transparent and competitive commissions for its clients. Here are the main types of commissions charged by the broker:

  1. Spreads. IQ Option operates on a spread basis, which is the difference between an asset's buy and sell prices. Spreads on the platform are variable and start from 0.5 pips for major currency pairs. Spreads for other trading instruments can vary.

  2. Swaps. If traders hold positions in CFDs or Forex overnight, the broker charges a commission for rolling over the position to the next day. The size of this commission depends on the asset and the duration of the position holding.

  3. Withdrawal Fees. IQ Option provides one free withdrawal per month for most payment methods. For the second and subsequent withdrawals within a calendar month, the company charges a 2% fee.

  4. Inactivity Fee. If your account remains inactive for 90 days or more, IQ Option may charge an inactivity fee of $10 or the equivalent in the selected currency of the account. The charge will equal the remaining balance if the account has insufficient funds.

IQ Option may also charge a fee for holding cryptocurrency positions over an extended period.

The period from the Position Opening

Fee for holding cryptocurrency positions

3 months

0.25%

6 months

0.50%

9 months

0.75%

12 months

1%

13 months

1.25%

14 months

1.50%

15 months

1.75%

16 months

2%

17 months

2.25%

18 months and more

2.50%

Note: IQ Option does not charge a commission for trading binary options.

Overall, IQ Option's commissions are transparent and comparable to those of other brokers in the market.

Deposit and Withdrawal

Rating:3.5/5

The broker IQ Option offers a variety of methods for depositing and withdrawing funds, allowing traders to choose the most convenient and accessible options. The main methods of depositing and withdrawing funds include:

  1. Bank Cards. Usually, deposit transactions are instant, while withdrawal times range from 1 to 3 business days.

  2. Electronic Wallets. Deposits are also instant, and withdrawals may take up to 24 hours.

Unfortunately, depositing or withdrawing funds from IQ Option via bank transfer or cryptocurrencies is impossible. This may limit some traders.

As for commissions, the broker does not charge a fee for depositing funds. However, the broker does charge a 2% withdrawal fee if a trader withdraws more than once in a calendar month. That is, you can withdraw money once a month without a commission.

Methods of Depositing Funds

Payment SystemCurrenciesDeposit FeeOperation Limit
NetellerNeteller
USDEURGBP
0%
from 10 USDfrom 10 EURfrom 10 GBP
SkrillSkrill
USDEURGBP
0%
from 10 USDfrom 10 EURfrom 10 GBP
AdvCashAdvCash
USDEURGBP
0%
from 10 USDfrom 10 EURfrom 10 GBP
Perfect MoneyPerfect Money
USDEURGBP
0%
from 10 USDfrom 10 EURfrom 10 GBP
VisaVisa
USDEURGBP
0%
from 10 USDfrom 10 EURfrom 10 GBP
MastercardMastercard
USDEURGBP
0%
from 10 USDfrom 10 EURfrom 10 GBP

With any method of depositing funds, the money is credited instantly.

Methods of Withdrawing Funds

Payment SystemCurrenciesWithdrawal FeeOperation Limit
NetellerNeteller
USDEURGBP
2%
from 10 USDfrom 10 EURfrom 10 GBP
SkrillSkrill
USDEURGBP
2%
from 2 USDfrom 2 EURfrom 2 GBP
AdvCashAdvCash
USDEURGBP
2%
from 2 USDfrom 2 EURfrom 2 GBP
Perfect MoneyPerfect Money
USDEURGBP
2%
from 2 USDfrom 2 EURfrom 2 GBP
WebMoneyWebMoney
USDEURGBP
2%
from 2 USDfrom 2 EURfrom 2 GBP
VisaVisa
USDEURGBP
2%
from 2 USDfrom 2 EURfrom 2 GBP
MastercardMastercard
USDEURGBP
2%
from 2 USDfrom 2 EURfrom 2 GBP

A withdrawal request is processed within 3 business days.

Markets and Products

Rating:4.2/5

IQ Option offers its clients a wide selection of trading assets, covering various markets and categories.

What markets are available?

Here are the main categories of trading assets available on the platform:

  1. Forex: 19 currency pairs, including majors and cross-rates.

  2. Stocks: 168 US stocks featuring significant companies like Apple, Google, and Amazon.

  3. Commodities: Gold, silver, and two types of oil.

  4. Cryptocurrencies: 32 popular cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, etc.

  5. ETFs: 23 exchange-traded funds based on indices, commodities, stocks, and other assets.

With such diversity, clients can choose assets based on their preferences, strategy, and market analysis. This makes IQ Option an attractive choice for traders looking for a wide range of trading opportunities.

Trading Platforms

Rating:4.5/5

The IQ Option trading platform is a proprietary development of the company, created with the needs and preferences of modern traders in mind. It offers a user-friendly and intuitively understandable interface and a wide array of analysis and trade management tools.

Here are the main features and capabilities of the IQ Option trading platform:

  1. Charts: The platform provides various charts (lines, bars, Japanese candles) and the ability to customize timeframes and indicators.

  2. Indicators: Over 100 technical indicators on the platform can be added to the chart for market analysis and strategy development.

  3. Flexible Customization: Users can customize the platform's workspace according to their preferences, adding and removing tools, panels, and other interface elements.

  4. Mobile and Desktop Versions: There is access to trading from mobile devices through apps for iOS and Android, allowing for account management and trading on the go.

  5. Educational Materials: Users can access educational videos, webinars, and other materials to help novice traders learn how to use the platform and develop their trading skills.

IQ Option trading platform
IQ Option trading platform

The IQ Option platform is one of the company's strengths. It provides a convenient and functional interface suitable for beginners and experienced traders. With a wide selection of indicators and analysis tools, traders can develop and test various strategies and manage their trades and risks with maximum efficiency.

Analytics

Rating:3/5

IQ Option provides its clients with access to various analytical materials that can be useful for making trading decisions:

  1. News Feed: A real-time updated news feed containing important economic and political events affecting financial markets.

  2. Economic Calendar: A tool that displays scheduled economic events and statistics publications, such as inflation rates, employment figures, GDP, etc. The economic calendar helps traders keep track of important macroeconomic data and anticipate possible market changes.

  3. Earnings Calendar: A tool that contains information about upcoming financial report publications from significant companies. This information can be helpful when trading stocks and stock options.

IQ Option News Feed
IQ Option News Feed

These tools can be valuable for traders of different experience levels. However, it's worth noting that many competitors offer more in-depth and detailed analysis and services from professional analysts and consultants.

For experienced traders accustomed to working with deeper analysis and specialized tools, the analytical materials provided by IQ Option may seem insufficient. In such cases, traders should supplement their research with information from other sources or choose a broker with a more developed set of analytical tools.

Education

Rating:3/5

On the IQ Option website, the following educational materials are available for beginners:

  1. Educational Videos: Video tutorials covering various topics such as the basics of trading, technical and fundamental analysis, trading strategies and tactics, risk management, and more.

  2. FAQ: A section on the website containing answers to frequently asked questions related to trading, the platform, depositing and withdrawing funds, and other aspects of working with the broker.

IQ Option Educational Videos
IQ Option Educational Videos

IQ Option offers a basic set of educational materials suitable for beginner traders. However, experienced traders seeking more profound knowledge and wanting to delve into specific topics may require additional information and training.

Some competitors offer more diverse and in-depth educational materials, such as expert webinars, multi-level educational programs, text articles on complex subjects, and even personal consultations with professional analysts.

The educational materials provided by IQ Option may be reasonably sufficient for novice traders. However, for more advanced users, it may be worth considering using additional learning resources or choosing a broker with a more developed educational infrastructure.

Customer Support

Rating:5/5

The technical support team of IQ Option operates 24/7 to assist their clients with any questions and issues that arise. The following channels are provided for contacting support:

  1. Email: Clients can send their inquiries to support@iqoption.com. Responses usually arrive within a few hours.

  2. Online Chat: An online chat on the broker's website is available for prompt communication and resolving urgent issues. Support specialists respond in real-time and strive to assist as quickly as possible.

  3. Phone: Those who prefer telephone communication can call +357 24 257 707. Calls to this number may be charged, so checking the terms with your phone operator is recommended.

Customer reviews about IQ Option's technical support are predominantly positive. Many highlight the specialists' quick response to inquiries, professionalism, and willingness to assist in problem-solving. Of course, there may be individual cases of delayed responses or misunderstandings, but overall, the technical support service is rated as high-quality and efficient.

IQ Option Pros and Cons

Advantages of IQ Option

  1. User-Friendly Platform: The platform is designed to meet user needs, offering an intuitive interface that simplifies the learning process and operation with tools.

  2. Wide Range of Trading Instruments: IQ Option offers a broad spectrum of trading assets, including binary and digital options, Forex, CFDs on stocks, cryptocurrencies, and commodities.

  3. Low Entry Threshold: A minimum deposit of just $10 makes trading accessible for many investors.

  4. Free Demo Account: The opportunity to test the platform and strategies without risking personal funds.

Disadvantages of IQ Option

  1. Withdrawal Fee: Unlike some competitors, the broker charges a fee for fund withdrawal, which can negatively impact the overall profitability of investments.

  2. Limited Educational Materials: While the broker provides some educational materials, they may be insufficient for advanced traders.

  3. Restrictions for Some Countries: Residents of some countries cannot open an account and trade via IQ Option due to legal restrictions.

  4. Absence of MetaTrader: The IQ Option platform is a proprietary development of the company, and some traders may find its functionality limited compared to popular platforms like MetaTrader 4 and MetaTrader 5.

Conclusion

IQ Option is a reputable broker offering various trading instruments, including binary and digital options, Forex, CFDs, and more. With its simple and intuitive interface, low entry threshold, and the provision of a demo account, this broker is suitable for both novice traders and experienced investors looking for a reliable trading platform.

Despite some drawbacks described in our review, IQ Option can become a dependable partner for most traders on the path to success in the financial markets.

Visit IQ Option72% of retail investors lose money when trading CFDs with this broker
Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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