Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
IQ Option, managed and owned by the company IQ Options Europe Ltd, is a financial services provider founded in 2013 and headquartered in Cyprus. It claims to provide its clients with various tradable financial instruments with leverage up to 1:500 and floating spreads from 0.6 pips on the web-based trading platform via two different live account types, as well as 24/7 multilingual customer support service. Here is the home page of this brokers official site:
The company is authorized and regulated by the Cyprus Securities and Exchange Commission - CySEC (License No. 247/14), but it has received many complaints from traders. That is why its regulatory status on WikiFX is listed as “Complaints” and receives a relatively low score of 1.90/10. Please be aware of the risk.
Note: The screenshot date is January 16, 2023. WikiFX gives dynamic scores, which will update in real time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Market Instruments
IQ Option offers investors a range of financial instruments, including forex, CFD stocks, cryptocurrencies, commodities, indices and ETFs.
Account Types
Apart from free demo accounts with $10,000 virtual capital, IQ Option also offers two account types for investors to choose from, namely the Standard Account (the minimum deposit of 10 USD) and the VIP Account (the minimum deposit of 1,900 USD). Of these, the VIP Account will grant the account holder additional trading benefits such as free participation in trading promotions, an additional 3% return and the services of a personal manager.
Leverage
According to the official website, IQ Option offers leverage of up to 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads
IQ Option offers variable spreads. The spread of EUR/USD is 0.6 pips, while the spreads of AUD/USD and GBP/USD are 0.9 pips and 1.7 pips respectively.
Trading Platform Available
IQ Option has a self-developed trading platform that provides traders with a range of tools, including multiple chart layouts, technical analysis, economic calendars, stock filters, historical quotes, volatility alerts and market updates. The platform runs on Desktop, Windows, macOS, Web and Mobile devices.
Deposit & Withdrawal
Clients can make deposits/withdrawals through a variety of methods, including Advcash, Perfect Money, Visa and MasterCard.
The minimum deposit is $10. There is no deposit fee charged, while the broker charges a 2% withdrawal fee. You have 1 free withdrawal per calendar month. This doesn't depend on the payment method you use.
Perfect Money deposits require 1-2 minutes to be processed, while deposit via other methods is instant. It takes up to 3 business days to process a withdrawal request. Some withdrawals may take longer than you expect as the withdrawal time also can depend on the payment service provider and the payment method. When you withdraw funds to a card, it may take up to 21 calendar days for your issuing bank to process the payment.
Fees
IQ Option charges certain fees for different trading services. First, IQ Option does not charge a commission for most trades, except for cryptocurrency trades where a commission of 2.9% is charged. Secondly, swap fees range from 0.1% to 0.5%, with these fees being three times higher for positions opened on weekends. Finally, if the account is left idle for 90 days, the company will charge a monthly fee of 10 GBP (or currency equivalent) until the balance reaches zero.
Customer Support
To ensure that traders get help when they need it, IQ Option offers 24/7 support services. Customers can contact the support team via phone: +13468009001, +6621040795 (Bangkok, Thailand), +582127710472 (Nairobi, Kenya), email: support@iqoption.com, telegram or ask questions online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook, Instagram and YouTube. Company Address: First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines. For the benefit of traders whose native language is not English, IQ Option also translates their website into over a dozen different languages.
Pros & Cons
Frequently Asked Questions (FAQs)
2022-12-26 13:47
