Many trading platforms offer a broad range of financial instruments, but support for cryptocurrencies can vary. Our IQ Option review, therefore, looked into what currencies the platform supports for both trading and transactions.
In this category, IQ Option put in a fairly strong showing when it comes to crypto trading, and the platform certainly seems to be committed to offering it as a mainstay. At the time of writing, IQ Option offers trading in Bitcoin, Bitcoin Cash, Ethereum, Dash, Ripple, EOS, Litecoin, Tron, Ethereum Classic, ZCash, Qtum, and OmiseGo. However, it is made clear on the website that IQ Option will review this offering, with plans already in place to offer additional coins in the near future.
Our IQ Option review was slightly disappointed in the platform’s support for depositing and withdrawing cryptocurrency. Currently, users can only fund their accounts with Bitcoin, which obviously limits options for those with more diverse portfolios. However, once again this is something that hopefully IQ Option will review soon.
Of course, another key part of any IQ Option review is the fees involved in trading. IQ Option doesn’t charge any fixed fee for trading, but the cost for trading is included in the spread, which is fairly standard in the industry – particularly with platforms that offer multiple financial instruments. There are also a few other fees that potential IQ Option traders need to be aware of. The platform charges a swapping fee for positions held overnight, which varies from 0.1% to 0.5% depending on the currency.
There is also a commission charged on certain cryptocurrency trades – up to 2.9% will be charged. This is something traders will want to be aware of and are advised to check with the exchange before making transactions. Finally, IQ Option also charges a €10 inactivity fee after 90 days.
IQ Option is well established internationally and is used by traders from all over the world. Based in Cyprus, the exchange is regulated in the EU by the Cyprus Securities and Exchange Commission (CySec) which is an advantage for traders who prefer an exchange with a higher degree of accountability. IQ Option is continually expanding its global reach. At the time of writing, the platform is available in over 213 countries – which our IQ Option review found to be an impressive number and one that the exchange has increased regularly since its inception in 2013.
However, unfortunately, there are a few countries in which the platform is not permitted. These are currently listed as the United States, Japan, Israel, Turkey, Belgium, Russian Federation, Australia, Canada, Germany, Italy, Netherlands, Romania, and Spain. Hopefully, this is something IQ Option will review moving forward.
Now our IQ Option review has looked at the different features of the platform, it’s time to look at how to actually make trades.
The first thing you’ll need to do is set up a new user account. This is very straightforward and fairly quick if you have the necessary documentation to hand. Users visiting the site will see the “Sign up” tab in the top right corner. Clicking on this will ask for your name, email address and to set up a password. At this stage, you can also select whether you want a demo account or one that uses real funds. Once your account has been set up, you will need to complete the verification process, which is one of the requirements set by CySEC, IQ Options main regulator. This process involves capturing a proof of ID and proof of address. IQ Option currently states that the whole process should be completed within 3 days.
When your account is up and running, you’ll be able to access the IQ Option trading platform. Here you will see a large “Deposit” button in the upper left-hand corner of the screen. Clicking this will bring up the form for adding funds to your account. This is fairly self-explanatory, you will see tabs on the left-hand side for each payment method and options to choose or enter the amount you wish to add to your account.
The IQ Option trading screen is one of the most straightforward and easy to use on the market. IQ Options does not allow users to buy cryptocurrency directly, but instead trade CFDs, which allows you to potentially profit even if the value of a given coin drops. Making a trade is simple. You select the cryptocurrency you wish to buy/sell by clicking the “Open new asset” button at the top of the trading screen. After this, you can enter the value of coins you wish to trade, before confirming with the “Buy” or “Sell” button on the right of the screen. After the transaction is completed, you can then monitor it in real-time, or issue take-profit/stop-loss orders if desired. When monitoring your positions, IQ Option gives you several technical indicators that can be added to the trading screen, such as the Parabolic SAR, MACD, the MA, and the Stochastic Oscillator.
Making withdrawals from IQ Option is a similar process to making deposits. You simply select the “Withdraw Funds” option from the “Personal Cabinet” tab on the left side of the screen. Here you can choose your withdrawal method and amount. However, users should note that an account must be verified before withdrawals can be processed.