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IQ Option Review 2020

IQ Option is an industry-leading platform for trading a broad spectrum of financial instruments, including stocks, forex, commodities and, of course, cryptocurrency. The platform emerged in 2013 and quickly garnered a reputation as an innovative and robust platform. As such, today IQ Option boasts an impressive 48 million registered users and it’s platform facilitates over a million transactions a day. With an easy to use interface, a broad range of trading options and relatively high liquidity, IQ Option is often recommended as a suitable platform for both novice and experienced traders. The following IQ Option review takes a look at the platform and considers its advantages and disadvantages.

IQ Option: Pros & Cons
  • Intuitive interface
  • Broad range of trading instruments
  • Established track record
  • Regulated
  • Offers free demo account
  • Customer service slow to respond
  • Not suitable for US traders

Usability, Look & Feel

IQ Option uses its own in-house trading platform which is both intuitive and comprehensive in terms of the metrics on offer. Whilst some experienced traders might be put off by the lack of MT4 or other reputable third-party trading platforms, our IQ Option review found that the in-house system was extremely well-designed and easy to use, whilst also offering plenty of professional trading tools at the touch of a button.

Generally speaking, the IQ Option platform is clearly laid out and even novice traders will find they can quickly navigate the different options without getting lost. The platform offers plenty of industry-standard charting options, such as multiple layouts, technical analysis, historical quotes, volatility alerts  and market updates. Charting options include Area, Line, Candles, Hollow Candles, and Bars. Most options are clearly signposted, so using the platform is self-explanatory to a large extent.

Our IQ Option review also notes that the platform has a streamlined mobile app, which impressively offers all the same charting options that you can find on the web-based platform. As such, it is a good contender for one of the best crypto trading apps on the market.

Payments

Another important thing to consider when appraising crypto brokers is what payment options are supported.

At the time of writing, Bitcoin is the only cryptocurrency that IQ Options supports for transactions. Naturally, this is a little restrictive for potential users that wish to avoid fiat currency transitions but deal predominantly in other coins.

Our IQ Options review was, however, impressed by the platform’s options for depositing/withdrawing in fiat currencies.  The platform allows traders to open accounts using the following fiat currencies: GBP, EUR, USD, Yuan, MYR, IDR, and RUB. However, it should be noted that this is set when opening the account and cannot be changed later – you can still deposit using other currencies but they will always be converted to the one with which the account was originally opened.

IQ Option also allows a range of different methods to be used when funding or withdrawing from your account. Options include Mastercard/Visa, Skrill, Sofort, Paypal, and wire transfer. There are no commission fees on any of these methods, whoever there is a minimum deposit of 10USD or 10GBP.

Customer Service

Our IQ Option review found that there was a fairly comprehensive customer support offering, despite noting occasional complaints with regards to response time. Users can contact the 85-strong team of customer advisers via email, contact form or webchat. The website promises to respond to web chat requests within 46 seconds and pledges that tickets raised will be resolved in an average of 24 minutes. The figures are fairly impressive and, if accurate, would put IQ Option ahead of many other crypto trading brokers when it comes to customer support. Traders who upgrade to the VIP account will get a more personalised service, as the package includes a dedicated account manager.

License & Security

As a regulated broker, IQ Option offers a greater degree of security than many other crypto exchanges on the market.  The platform is licensed by the CySEC (Cyprus Securities and Exchange Commission) and the FSA (Seychelles Financial Services Authority), which have certain requirements with regards to the protection of client funds. In addition, IQ Option is also a member of the Investors Compensation Scheme, which protects client funds up to a maximum of $20,000. There are also several safeguards to ensure funds can only be withdrawn by the account holder and withdrawn to a single registered account. This is largely thanks to the KYC procedures that are carried out when opening an account.

Of course, IQ Option also employs all of the industry-standard technology to keep your data safe. The website, platform and communication systems are all SSL encrypted and equipped with DDoS protection. In addition, users also have the option of two-factor authentication for increased account security.

IQ Option Crypto

Trade Offer

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.

Trading Costs

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.

Trading Conditions

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.

Product Conclusion

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.

Register

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.

Deposit

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.

Start Trading

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.

Overall Conclusion

As part of our IQ Option review we looked at the platform’s reputation and the general sentiment found in various customer feedback platforms. Older posts show that users were critical of the range of trading options that platform offered, however, this has very much been rectified in recent years – particularly when it comes to cryptocurrency trading.  At the time of writing, the IQ Option crypto trading offering is highly competitive and the platform is committed to regularly reviewing the coins it supports. The only other thing that a few customers noted, was a slow response time for customer service inquiries. However, the platform pledges to respond to tickets in an impressively short time, so it is possible these complaints are either dated or were isolated incidents. Our IQ Option review found that, in general, the platform had a good reputation and reliable track record.

Our IQ Option review found the platform to be a very user-friendly and powerful platform that is suitable for both novice traders and those with a little more experience. The proprietary trading screen presents information in a clear way and allows for a high degree of customisation. It is also very easy for new users to pick up, with intuitive, well laid out controls. IQ Option also benefits from being fully regulated by CySEC, which means it is also a MiFID compliant broker. This, of course, means the platform is subject to greater accountability than unregulated competitors, which should bring peace of mind to traders who want to be sure they are using a trusted exchange.

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