IQ Option Review 2020

(You invest on your own risk)

IQ Option is one of the top online forex and CFD brokers in Europe as well as globally. The broker has is also a personal favorite among many professional traders due to their incredible product.

On the following page, we’ve created a completely unbiased and honest IQ Option review so that you can study the broker in all its glory, before register an account.

To create this review, our team of experts as spent well over 100 hours researching, trading, and putting IQ Option to the test.

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IQ Option Background

IQ Option was first launched in 2014 as a binary options broker, although it didn’t take long before the broker was rebranded as a forex and CFD broker to better suit the European market.

Today, they are one of the biggest online brokers in the world with over 6,000,000 active customers from more than 30 countries in Europe as well as many more in the rest of the world. The brains behind the broker are very proud of the fact that the broker’s monthly trading volume has increased by 1,700% since the launched.

Furthermore, IQ Option is fully regulated by both CySEC and the FCA, meaning it is completely safe to use its services.

One of the best things about IQ Option is the unique and playful platform that’s been designed to suit professionals just as well as beginners. The platform also has support for everything from stocks and forex to cryptocurrencies.

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Is IQ Option a Legitimate Broker?

Yes, IQ Option is 100% legitimate, trustworthy, and safe to use! We would never recommend or even review a broker that wasn’t.

Since 2015, IQ Option has had not just one but two different licenses that regulate their services in Europe. The first, and main license, is one from the Cyprus Securities and Exchange Commission (CySEC), making CySEC the organization that oversees IQ Option in Europe.

The second license is one from the Financial Conduct Authority (FCA), which is only for the UK market. All financial institutions in the UK are required to have a license from FCA or a similar organization.

Moreover, IQ Option has been audited and approved by a range of other European financial regulatory bodies.

In addition to these two licenses, IQ Option has served millions of customers over the past years and there are very few to no complaints about their services.

Pros and Cons with IQ Option

Even though IQ Option is regarded as one of the top CFD brokers in Europe, the broker also has a few flaws. So, in the interest of creating unbiased broker reviews, we’ve listed some of the main pros as well as cons with using IQ Option to trade.

IQ Option Pros:

• An exciting and innovative trading platform that’s different from their competitors.
• A great selection of assets from several markets, ie. stocks, forex, crypto, etc.
• Separate cryptocurrency wallet for long-term investments.
  Fantastic reputation in the industry.

IQ Option Cons:

• No customer service for unregistered customers.
• IQ used to be a binary options broker which has hurt its reputation slightly, especially in the past few years.
• Somewhat limited analytic tools on offer.

Assets and Markets to Trade with IQ Option

Now it’s time to take a look at the assets and instruments that you can trade and invest with using IQ Option. Note that this list may not be comprehensive, meaning we haven’t listed all of the specific assets offered on the IQ Options platform.

Please note that you cannot trade binary options with IQ Options any longer due to new trading regulation that was issued in early 2018. Only professional traders with special accounts can use IQ Option for digital and binary options.

Forex

With this forex broker, you have the option to invest in currency pairs, also referred to as the forex market. Currencies are exciting and very quick derivatives, and also one of our personal favorites. The goal is to buy a currency pair for a low price and then sell it when the exchange rate is higher, thus making a profit from the price difference.

IQ Option offers more than 100 different currency pairs, which is more than enough for most people. For example, you can trade with American dollar (USD), British pound sterling (GBP), euro (EUR), Swedish krona (SEK), Turkish lira (TRY), and many more.

Stocks

IQ Option is also a great stockbroker offering a whole bunch of stocks that you can trade as CFDs. You were not always able to buy stocks at IQ option and even today they are not specialized in stock trading although still pretty good at it. If you are looking for volumes you can find other brokers who offer more stocks.

IQ Option is currently offering 478+ stocks that you can trade as CFDs. Everything from Netflix to Micron Technology INC. Looking to trade Stocks? IQ Option may be the right choice for you. You can find more information about IQ Option stock trading if you jump down a bit.

Cryptocurrencies

IQ Option was an early adopter of cryptocurrencies and has long been recognized as one of the leading brokers for trading them. For a while, IQ Option had a separate cryptocurrency wallet called Hodly but today, the wallet features have been moved to the regular trading platform instead.

IQ Option is currently offering between 12 and 16 cryptocurrencies, with several smaller assets that other brokers do not support.

ETFs

You can also use IQ Option to trade a bunch of exchange-traded funds. These assets are traded similar to stocks and are a great way to change things up a bit at times.

Options

Lastly, IQ Option offers FX options which are options that you can place on the forex market. This is slightly different from their regular currency pairs. Similar to EFTs, forex options are a great alternative to their main forex platform.

As mentioned earlier, some professional traders can still trade digital and binary options with IQ Option but not retail traders.

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IQ Option Fees, Commission, and Charges

You might already understand why we consider IQ Option to be one of the top brokers in the market and we think that most of the features are incredibly well thought out. However, if there is one thing that we would like to see improved and wished was fairer it would be the fees and spread.

Compared to many of their competitors, IQ Option has very high spreads for trading, especially cryptocurrencies. In fact, the spread for cryptocurrencies can be anything from between 2.5 percent all the way to 10 percent. Another thing we don’t like is that IQ Option advertises that they have “Competitive Spreads,” which isn’t true since it’s higher than the average.

On top of the spread, IQ Option takes out a 2.9 percent fee, or commission, for every cryptocurrency trade (buy and sell) completed on the platform. In addition, the broker charges an overnight fee for holding cryptocurrency and stock CFDs overnight.

With that said, IQ Option’s fee and commission system can feel quite confusing and we suggest you contact the IQ Option customer support if you have any questions. You must have an understanding of what each trade will cost before you get started so that you don’t get disappointed.

With all that said, forex and stock trading is completely commission-free on the IQ Option trading platform which we think is very fair. Most online brokers today are commission-free, but not all of them, which is why we tend to recommend the ones that are to our readers.

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IQ Option Platforms

Some brokers chose to use a platform designed by third-party providers. MetaTrader 4 is the most common one. Other brokers prefer to design their own platforms which is what IQ Option has done.

Designing your a trading platform from scratch can be a bit of a hit or miss, but it’s something that IQ Option has excelled at.

The IQ Option platform is of high quality and fun to trade with. It feels stable, it’s clear and easy to use, and it is aesthetically pleasing. More importantly, it makes the trading experience easier for us traders – something we always expect but rarely get to experience.

The focus lays on charts and analytical tools, and we couldn’t be happier with that part. The only downside with the IQ Option platform is that we wish it had longer closing times.

Most of their underlying assets are limited to the markets opening hours, which is fine if you’re a day trader. However, we know a lot of traders that like to combine shorter trades with investments that last for a few days. Unfortunately, that is not possible on the IQ Option platform.

Because of this, we think that IQ Option might miss out on a big group of potential clients that would rather use a broker with more time options. We do however think that the IQ Option platform is one of the best in the industry and the broker is definitely comparable with some of the other big brands in the industry.

Do you want to test the IQ Option platform? Then sign up for a free demo account. You can read more about the IQ Option demo account in the section below.

IQ Option App

IQ Option offers an award-winning trading app for Android and iOS, which allows customers to trade on the go.

Similar to other trading apps, the IQ Option app is slightly limited compared with the desktop. Although, the app is more than enough to open and close positions, analyze markets, and keep an eye on positions that you’ve already opened.

We always recommend that you use the app in combination with the desktop platform to get the most opportunities possible.

Open an Account with IQ Option

Today, IQ Option provides two different trading accounts for retail traders. The traditional trading account is what you use to trade CFDs and forex for real money, and the demo account can be used for risk-free trading with actual market conditions.

There is nothing wrong with the regular account and with low deposit limits, it’s suitable for most people.

There is also a professional account aimed at and designed for pros. In order to open that account, you have to live up to several strict requirements.

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IQ Option Demo Account

On top of their regular trading account, IQ Option has a free and completely unlimited demo account.

It takes no longer than 1 minute to create an account to start trading in a risk-free environment, and it doesn’t require a deposit or that you submit your bank information.

As the icing on the cake, the demo account is unlimited which means that your amount of virtual money gets refilled every time you reach a certain minimum level.

IQ Option Deposits and Withdrawals

You have several options to choose from when funding your IQ Option account. Besides Visa, Mastercard, and regular bank wires, you can use Paypal, Skrill, and Neteller to deposit money to your account.

Withdrawals are always made to the same account as the original deposit came from, so keep that in mind when signing up.

Final Words

All things considered, IQ Option is a great online broker for people looking to trade stocks, cryptocurrencies, and forex. Their platform is one of a kind, their selection of assets is more than satisfying, and the broker has a reputation of being very trustworthy.

Better yet, as a professional trader, you’re able to trade digital and binary options, which is very unique today thanks to new regulation.

With that said, it should come as no surprise that we recommend IQ Option to any of our readers that think this broker could be a good fit for them.