IQ Option
This trading platform founded in 2013, is based out of Cyprus. Owned and managed by a Cyprus Investment Firm (CIF) called IQ Option Europe Ltd IQ Options is a regulated entity. Within a short period of time, this broker has managed to stand out and make a name for themselves. When you offer your customers a $10 minimum deposit account, you are letting them know that you want people to trade here regardless of their starting capital.
One thing that made IQ Options shine is the in-house built proprietary platform that they created. Opting not to use one of the third-party options available, they built a system that can be upgraded and improved regularly. We will go into more detail on the platform below, but for now let’s begin our review with the types of accounts you can choose.
Account Types
When you are beginning your IQ Options adventure you will have a choice of three accounts to choose from, Standard, Demo, and VIP. The money-based accounts differ in minimum deposit required and as expected, VIP account presents traders with higher volume of trading with several advantages not offered in the Standard account.
- Standard Account: With an industry low $10 minimum deposit requirement, this account type jumps of the page. With this account you will gain access to all the tools and instruments IQ offers and gain the chance to enter IQ Option’s weekly tournaments.
- VIP Account: When you want extra special service, a this is the way to go. With a minimum deposit of $3,000 you will open an IQ Options VIP account with such benefits as 3% extra payout, Personal Manager and Free entry into IQ Options weekly tourneys
- Demo Account: this account is where we recommend all traders start, regardless of experience level. If you are newcomer to trading you can benefit from practice and eliminate your learning curve before investing any real money. With a $1,000 of virtual currency to play with you can take your time and familiarize yourself with IQ Options homemade trading platform.
Trading Platforms
While the rest of the industry has multiple platforms for their users to pick from IQ Option, only offers their in-house proprietary trading platform. The latest version IQ Option 4.0 release in December 2015. This new update brought about new functions for traders to use, including the ability for traders to extend their market analysis to a time frame of one month using a feature called candlesticks. Also, with the new upgrade IQ Options was able to increase its historical price database to include 2 years worth of prices.
With a dark and slick interface, and countless new technical indicators such as, Awesome Oscillator, Stochastic Oscillator, MACD, RSI and Parabolic SAR, you will be able to chart with the best of them. Also features like ‘Position Top-Up’ will allow you to hold a trade open as it approaches a stop loss. This and many more functions and tools will shape your trading strategy to perfection.
Mobile Trading
Life doesn’t stop, or take a break, so why should you. When you want to trade on the go, regardless of your location you can use the free mobile application offered by IQ Options. You can download this app from Apple App Store on IOS or Google Play Store for Android operating systems. The app looks and operates very similar to the web-based platform offered by download on computers or online. Don’t let motion stop you from making money and trade on the go with IQ Options.
Banking Options
As you start setting up your account you will need to decide how to fund your account. IQ Options presents you with 3 methods to do this. These methods are:
- Major Credit Cards – Bank Wire Transfers
- eWallets (Skrill, Neteller, Webmoney)
All three options process your transaction rather quickly while Credit Cards and eWallets are the recommended options for funding.
Withdrawals are carried out the same way as the deposits, as you have the same 3 options to process your requests. You can fill out a request for withdrawal from the website and usually it will be done within 24 hours, while it is worth mentioning the time for the withdrawal to go through might take up to 7 days, this is a high number compared to majority of IQ Options competitors.
Spreads & Commissions
While they allow all traders to partake with a low minimum deposit, the spreads offered by IQ Options leave a sour taste in a trader’s mouth, especially when talking about Forex. While some competitors offer as low as 0.0 pip spread on EUR/USD IQ Options offers 18 pips. This astronomical difference really does make trading Forex with this broker a choice that’s tough to make. While the platform is wonderful, it is better to avoid spreads like GBP/USD at 20 pips and rather go with one of the other competitors, as you will make a lot more money on your trades. With only 22 currency pairings available the list of choices is not too extensive.
Leverages
While they offer 25:1 leverage on such things as cryptocurrencies, when you look at Forex and other instruments, this number can rise as high as the 300:1 offered by most competitors. Always important to know how to adjust your leverage especially as a beginner to avoid rookie mistakes from ruining your portfolio and budget. With leverages comes great rewards and risks, trading on a margin can make and break traders so it is extremely advised that you proceed with caution.
Regulations & Security
You don’t win this many awards in a short time without providing your customers with a safe and reliable platform for trading. With the latest SSL technology in place your money and information are protected by the highest of encryption protocols.
As a company that is regulated by Cyprus Securities Exchange Commission (CySEC) under the jurisdiction of Cyprus, this company doesn’t mess around when it comes to your peace of mind.