IQ Option offers Forex trading in a small number of currencies. Spreads are high and the brand hasn’t done well in this area. IQ Option is a Cypriot financial services provider operated and owned by IQ Options Europe Ltd. The trading platform, designated a Cypriot Investment Firm, is under the jurisdiction of the Cyprus Securities and Exchange Commission. They have been offering online trading services for years and continue to expand their offering.
Trading platforms
Rather than opting for a standard trading platform, IQ Option decided to provide its clients with a proprietary platform designed specifically to meet their trading needs.
The same platform is used to trade CFDs and Binary Options. Well designed to be user friendly, the platform has a large chart which is a great help for traders who want to keep track of conditions in the markets. Margin trading is now also available with some instruments.
In addition, the platform comes with a wide selection of trading instruments that are usually not found on any binary trading platform. Some of the advanced trading tools that we can see are popular technical indicators such as Moving Averages, Bollinger Bands, MACD and RSI.
The brand often adds new features to the platform to offer traders more flexibility. One of these functions is “position replenishment”. This allows the trader to keep a trade open if it gets close to the stop loss. This gives the trader more options to allow trades to recover before the close. It needs to be used in a disciplined manner, but it offers traders new opportunities for risk management or trading strategy.
Mobile trading
For traders who are unable to stay on their trading terminal for an extended period of time, they can install the mobile trading application, which is provided free of charge by IQ Option.
Suggested trading accounts
IQ Option only offers 3 types of trading accounts: standard trading account, VIP account and demo account.
To open a standard account, only a minimum deposit of $ 10 is required.
Potential traders who want to try out the platform can sign up at first for a demo account
Assets on IQ Option
Currently, IQ Option traders can trade over 90 different types of underlying assets. They consist of a collection of currency pairs, market indexes, shares and commodities. Recently, IQ Option also added 12 different types of cryptocurrencies that their clients can trade.
Trading costs and commissions
- Spreads are the difference between the buy and sell price. This is often variable and depends on volatility, liquidity, and even the time of day.
- Swap Fee is a fee applied to positions held overnight. The commission ranges from 0.1% to 0.5% and will be higher if positions are held on weekends.
- Dormant Account Fee – If the account is inactive for 90 days, IQ will start charging a fee of € 10 (or currency equivalent) every month, provided the account balance is greater than zero.
- Withdrawal Fees – Most payment service providers do not charge a fee, but there is a US $ 31 (or currency equivalent) fee for wire transfers.
- Commission – For certain cryptocurrency transactions, a 2.9% commission is charged. This fee does not apply to any other asset.
Deposit and withdrawal
To fund trading accounts with IQ Option, the broker has provided support for several transfer methods. These methods include credit card transfers, e-wallets, and bank transfers.
To withdraw funds, traders can also use the same methods they used to deposit in the first place. Withdrawal requests usually take one business day to process, but can take only a few hours if withdrawals are made via e-wallets. For credit cards and bank transfers, the entire withdrawal process can take up to 10 business days.
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