IQ Option

IQ Option logo
  • 💵 Currencies
  • 🛠 Platforms
  • ⇔ Spread
    GBPUSD: 5 pips
    EURUSD: 14 pips
    GBPEUR: 15 pips
  • # Assets
  • 🪙 Minimum Deposit
  • 🫴 Bonus Offer

Our Opinion On IQ Option  

IQ Option is a popular binary options and CFD broker. Our team likes the beginner-friendly platform that lets you trade high/low options on popular currency pairs in one click. The $10 minimum deposit is also accessible and you can fund your account using a range of fee-free payment methods.

On the negative side, the broker offers fewer forex pairs than many alternatives. IQ Option also trails other forex brokers when it comes to education and market research.


Pros & Cons 

  • Easy-to-use trading platform with customizable interface
  • $10 minimum deposit and $1 minimum trade
  • High payouts on options up to 95%
  • Access to the IQ Option community
  • Flexible leverage multiplier feature
  • Regulated by the CySEC in the EU
  • 24/7 customer support
  • Free demo account
  • PayPal supported
  • Narrow product portfolio with limited forex assets
  • Below-average education and research
  • $30 withdrawal fee for wire transfers
  • No MetaTrader access

  Is IQ Option Regulated?  

IQ Option operates with regulatory oversight in the EU. IQ Option Europe Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC), registration number 247/14. The firm is also registered with Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) and the Czech National Bank (ČNB)

This is a reassuring sign that the broker offers important safeguards, including negative balance protection so your account can’t drop below zero, segregated client funds so your money is accessible should the brokerage run into financial difficulties, and access to the Investor Compensation Fund (ICF).

On the negative side, we don’t consider CySEC a tier-one regulator. Also, traders outside of the EU may receive limited legal safeguards.

Live Accounts 

IQ Option offers a single retail trading account. This makes it quick and easy to sign up and start trading.

A minimum deposit of $10 is required to open an account, which reduces the entry barrier for rookie traders, and puts IQ Option in the same league as low-deposit brokers like Deriv ($5).  

A Professional account is also available, offering higher leverage to traders who meet certain criteria. To qualify, you must satisfy at least two of the following:

  1. An existing financial portfolio with a value of over €500,000
  2. One year in a professional position in the finance sector
  3. Proof of at least 10 significant transactions per quarter over the past four quarters

Our minor complaint is that there is no swap-free account for Muslim traders. Experienced traders may also be disappointed to see no VIP account with extra perks for clients who deposit larger sums.

How To Open A Live Trading Account 

Opening an account took me less than 2 minutes, in line with top brokers. To get started:

  1. Complete the registration form (name, country of residence, email, and password creation) 
  2. Review and agree to the terms and conditions
  3. Select ‘Open An Account For Free’  
  4. Sign in to your email and confirm your new account request by clicking on the link provided 
  5. Proof of identity and address documents are required

Trading Fees

IQ Option offers average trading fees. There are zero commissions. Instead, traders pay a floating spread that varies depending on the asset and market volatility. This straightforward fee structure will appeal to traders looking for spread-only pricing.

During testing, we got spreads from 0.8 pips on the EUR/USD and 0.9 pips on the GBP/USD. These are reasonable but not the lowest.

There is also a swap fee if you hold positions overnight, which averages between 0.01% and 0.6% in our experience.

We found that traders will also encounter an options premium, which constitutes the spread and markup. This fee varies based on market conditions.

Non-Trading Fees

Our team is pleased to see no fees at the deposit stage, but the $30 withdrawal fee on wire transfers is disappointing. This isn’t a charge we see at many alternatives, so we recommend using a different payment method.

There is also a $10 monthly inactivity fee which kicks in after 90 days of no trading activity. This won’t affect active traders but casual investors should be aware of this charge.

Finally, there is a 1% post termination fee which applies if you close your account with no withdrawal request.

Payment Methods 

We rate the wide selection of supported payment methods, including credit/debit cards, bank wire transfers, and e-wallets such as Skrill, Neteller, and PayPal. The near-instant processing times also mean we can start trading promptly.

It is good to see IQ Option processing withdrawal requests the same day if received within business hours. But although this is fast, processing times vary by payment method and no withdrawal methods provide instant transfers.  

How To Make A Deposit 

I find depositing into my IQ Option account easy and fast.

  1. Sign in to the client dashboard and select the green ‘Deposit’ logo from the top right of the page 
  2. Choose a payment method from the menu on the left 
  3. Fill in the ‘Deposit Amount’ box or select one of the pre-defined values from the list 
  4. Review and tick the box to confirm you accept the T&Cs 
  5. Select ‘Go To Payment’ 
  6. You will be redirected to the relevant approval page to enter your card or e-wallet details 
  7. Select ‘Pay’ to confirm the deposit 
  8. You will need to verify card transactions with a 3D Secure code which can be entered on the following page  

Note, you need to fully verify your account before you can make a deposit.

Deposit methods at IQ Option

Forex Assets 

IQ Option’s list of 24 currency pairs is a weak point that may deter serious forex traders. The selection is limited compared to many alternatives, including Pocket Option, which offers 50+ currency pairs.  

With that said, IQ Option does offer CFD and binary options trading on most popular forex assets, which should provide enough opportunities for beginners.

Forex PairAvailableForex PairAvailable

Non-Forex Assets 

IQ Option offers a reasonable suite of additional markets, though it doesn’t compare to the thousands of CFDs you can find at traditional brokers like CMC Markets or IG.

You can speculate on:

  • Stocks: 185 shares including Amazon, Tesla, Apple, and Johnson & Johnson 
  • Cryptocurrency: 26 digital currencies including Bitcoin, Ripple, and Ethereum 
  • Commodities: 9 soft and hard commodities including natural gas, gold, wheat, and crude oil 
  • Indices: 12 index funds such as the S&P 500, ASX 200, and FTSE 100 
  • ETFs: 22 exchange-traded funds including QQQ Trust and iShares Russell 2000

The broker offers particularly competitive binary options trading conditions. Payouts are higher than many alternatives climbing to 95%. The minimum stake is also low at $1 and you can trade currencies, indices, gold and silver from the same user-friendly platform.


IQ Option is a no-dealing desk broker.

This means you should be able to access competitive pricing and reliable execution, subject to daily fluctuations – we certainly had no complaints on this front, as we were offered competitive spreads of less than 1 pip on major forex pairs. 


Access to leveraged trading varies depending on where you reside.

In the EU and UK, leverage up to 1:30 is available, in line with regulatory requirements and other brokers.

Outside of the EU, you can trade with leverage up to 1:1000. We recommend caution if trading with this high leverage, especially for newer traders.

We found that you can easily adjust leverage when you open a position by using the ‘Multiplier’ tab in the order screen.  

Note that positions will be automatically closed if your account equity falls below 50% of the margin maintenance requirement. 

Platforms & Apps 

I think IQ Option’s proprietary platform is a reliable solution that is easy to use. The interface has been well designed so you can clearly navigate charts and place trades in a few clicks. There are also 20 chart and grid layouts, so you can find a setup that works for you.

Amending grid layouts on IQ Option trading platform

Other features I find useful are the economic calendar, live news stream, and investor community dashboard for idea sharing and discussion.

There are plenty of risk management parameters available including stop loss, take profit, and trailing stop orders, similar to the popular MetaTrader 4 (MT4) platform.

However, it does trail MT4 in other areas. Despite the 100+ indicators and drawing tools, advanced technical analysis is trickier on this platform which is ultimately a better fit for beginners and intermediate traders.

The platform is available for download to Windows and Mac desktop devices, through a web-based solution, or on iOS and Android (APK) mobile apps.

How To Place A Forex Trade 

I can place a binary options trade directly from charts in a matter of seconds:

  1. Choose a currency pair from the list above the chart. You can use the ‘Forex’ icon for quicker navigation 
  2. Input how much you want to invest in the ‘Amount’ section to the right of the chart or toggle the ‘+’ or ‘-‘ icons 
  3. Confirm the expiry time and strike price in the right-hand widget
  4. Click ‘Higher’ if you think the price will finish above the strike price and ‘Lower’ if you think it will finish below the strike price
Forex chart on IQ Option web platform

Forex Tools 

IQ Option offers an average selection of extra tools. An economic calendar, earnings calendar and live news feed are available, but there is little else.

To rival the best forex brokers, we would like to see the firm introduce useful extras like copy trading and a Virtual Private Server (VPS). Trading calculators to help users plan trades and understand costs would also add value.

Forex Education 

We are not too impressed with IQ Option’s educational resources. While the brand provides some useful video tutorials, there are no step-by-step user guides, trading tips or forex training ebooks. All the information feels very specific to using the platform rather than learning about the forex market in general.  

The IQ Option Blog is slightly better, with some decent strategy content. Approaches covered include the turbo, Martingale, RSI, candlestick, and king strategy, alongside setups focussing on different timeframes such as 1-minute or 5-minute. 

Overall, IQ Option has a long way to go if it’s to match the quality of resources offered by traditional forex brokers like eToro and Plus500

Technical Analysis articles in IQ Option Blog

Demo Account 

IQ Option offers a free demo account, which comes pre-loaded with $10,000 in virtual funds and replicates the conditions of the live account.

You can reset the balance as often as required. There is also no time limit, so you can continue practising until you feel comfortable with the platform’s features. The other bonus for me is that you can switch between demo and live mode in just a few clicks, making it convenient to use alongside my real-money account.

Paper trading account at IQ Option

How To Open A Demo Account 

It took me just a couple of minutes to sign up for a demo account. The registration process is straightforward, with just a short online application form to complete.  

  1. Select ‘Free Practice Account’ on the IQ Option website 
  2. Add your name and email address and create a password 
  3. Agree to the terms & conditions 
  4. Select ‘Start Trading’ 
  5. Choose the ‘Start Trading On Practise Account’ icon to launch the web trader 

Bonus Offers 

IQ Option does not offer a no-deposit welcome bonus or alternative sign-up offer. This is standard practice at EU-regulated brokers.

With that said, an interesting offering from IQ Option is their demo trading contests. These can run anywhere from one day to one month and can be joined by traders of all experience levels. Prize pools vary but historically have been in the region of $10,000, which is split between the top traders.

For details on upcoming competitions, select ‘Tournaments’ from the side menu in the client dashboard.   

Trading Restrictions 

We did not come across any trading restrictions while testing IQ Option.

Our team also reviewed the terms and conditions and did not find rules against hedging, scalping, or news trading.

Customer Service 

IQ Option offers 24/7 customer support which provides help in 10 languages including English, Dutch, and Italian.

The team can be reached via a helpline telephone number, email address, or ticket-based question portal.

I tested the question box and received responses within 30 minutes, which is reasonable. The broker also boasts an average response time of 20 minutes for email queries.  

Alternatively, a chat service is available to registered traders. Not only does this provide a fast way to contact the broker’s support team, but there are also threads relating to specific asset classes, such as forex, stocks and cryptos. My tip is to check these out if you need trading ideas – there are often active traders discussing market opportunities.

Contact details: 

  • Phone Number: +357 24 257 707 
  • Email: 
  • Chat: Click on ‘Chats & Support’ in the left of the platform interface
  • Headquarters Address: Spyrou Kyprianou 83, Eleneio Megaro, 1st Floor, Larnaca, 6300, Cyprus 

In addition, an FAQ portal is available on the broker’s website with topics including how to trade, make a deposit, use a trading robot, and more. However, I find the search function frustrating, with irrelevant information often provided.  

I also found that the broker is active on social media sites including Facebook and Twitter. Posts include the latest financial market news and trading polls.  

Company Details 

IQ Option was founded in 2013. The brand offers services in 28 EU countries including Denmark, France, Germany, and the Netherlands.

In 2020, the broker counted more than 7 million registered customers and executed over 20,000 daily trades.  

IQ Option has been recognized with multiple awards. This includes Excellence in Forex Trading Platform at the 2022 Global Business Review Magazine Awards and the Best Mobile Trading App at the 2023 World Business Outlook Awards.  

Trading Hours 

IQ Option’s trading hours vary by product. This is industry standard, due to market opening and closing times. The broker publishes weekly trading specifications by instrument on their website. 

Forex, for example, can be traded between 12:00 am and 12:00 am (UTC +1) Monday to Thursday, and 12:00 am to 10:00 pm (UTC +1) on Fridays. The best time to trade is often when multiple key forex hubs are open at the same time, facilitating more trading activity and liquidity.  

Who Is IQ Option Best For? 

IQ Option is best for investors interested in trading binary options on popular currency pairs, indices, gold and silver. Payouts are high reaching 95% and the trading platform is well-designed and easy to use.


Is IQ Option Legit Or A Scam?

IQ Option is a legitimate trading platform that has been operating since 2013. Millions of traders have signed up with the EU-regulated broker.

Can I Trust IQ Option?

We consider IQ Option a trustworthy broker given its CySEC authorization and account safeguards, including segregated client funds and negative balance protection. The multiple industry awards are also a reassuring sign for us. 

Is IQ Option A Regulated Forex Broker?

IQ Option is regulated by multiple bodies, including the Cyprus Securities and Exchange Commission (CySEC), Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) and the Czech National Bank (ČNB). 

Does IQ Option Offer Low Forex Trading Fees?

IQ Option offers zero commissions with competitive floating spreads that averaged 0.8 pips on majors like the EUR/USD during testing.

On the negative side, there is a $10 inactivity fee, a $30 withdrawal fee for wire transfers, and a 1% post-termination fee when you close your account.

Is IQ Option A Good Or Bad Forex Broker For Beginners?

IQ Option will appeal to beginners with its $10 minimum deposit, unlimited demo account, and straightforward binary options trading products.

With that said, we would like to see better educational materials and copy trading to improve its offering for rookie traders.

Does IQ Option Have A Forex App?

Yes, IQ Option offers a bespoke mobile app, available to download on Android (APK) and Apple (iOS) devices. Simply search ‘IQ Option’ on the Apple App Store or Google Play.

You can access your account details, monitor the markets and make trades in the mobile app.

How Long Do Withdrawals Take At IQ Option? 

IQ Option processes withdrawal requests the same day if received within business hours. However, the time taken to receive funds will vary by method with e-wallets and credit/debit cards often the fastest. 

Can You Make Money Trading Forex With IQ Option? 

IQ Option offers access to popular currency pairs with competitive pricing on its CFD and binary options products. The trading platform and app are also reliable with sophisticated analysis tools.

Still, forex trading is risky and many investors lose money. With this in mind, only risk what you feel comfortable losing and adopt good risk management.

Article Sources

IQ Option Website

IQ Option Europe Ltd CySEC License

IQ Option Europe Ltd ACPR License

IQ Option Europe Ltd CNMV License

IQ Option Europe Ltd CONSOB License

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