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IQ Option Broker Review

Review By: Alan LittleReview Updated: 2021-02-22

Address: Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102 Agios Athanasios, Limassol, Cyprus

forexetfstockscfdcryptocommoditiesbin_opt

Spread

From 0.8 pips

Max. Leverage

1:500

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Spread

From 0.027%

Max. Leverage

1:500

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Spread

Floating

Max. Leverage

1:500

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Spread

From 0.027%

Max. Leverage

1:500

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Spread

From 0.22%

Max. Leverage

1:100

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Spread

From 0.074%

Max. Leverage

1:500

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Spread

From 0.006%

Max. Leverage

1:500

Deposit Protection

€20,000 EUR

Min. Deposit

$10 USD

Our Overall Rating

Rating4.3

Our full IQ Option Review is coming soon.

IQ Option is an international online broker, offering a range of tradeable instruments, including Forex and cryptocurrencies, as well as a wide choice of assets across 11 different industries.

IQ Option Broker Review | IQ Option Intro | We Compare Brokers

The firm is based in Cyprus and is fully authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker has well over 6 million registered users and processes almost 300 thousand transactions a day, with a monthly trading volume of around $130 million. The company currently offers 57 Forex pairs, 12 cryptocurrencies, 169 Stocks (available to trade via CFDs)  and 25 ETFs.

Commissions & Fees

Rating

At IQ Option, as at any broker, commissions, fees and spreads will depend on the instrument being traded. Spreads vary depending on market conditions and liquidity. Typical spreads are around 0.011% on the EUR/USD, and 0.019% on the EUR/GBP. As you would expect, spreads on trading cryptocurrencies are higher, with Bitcoin currently quoted at 2.541% and Ethereum at 4.131%. There is also a rollover fee which is charged for holding a position overnight. Withdrawal fees may apply, depending on your country and withdrawal method. There is an inactivity fee of 10 EUR per month, which applies after 90 days of inactivity. Fees for each instrument are clearly displayed on the website.

IQ Option Broker Review | IQ Option Fee Table | We Compare Brokers

Platforms & Tools

Rating

The broker offers a well-designed proprietary trading platform, which includes various charting tools and technical indicators such as Bollinger Bands, oscillators, volume indicators and moving averages. The interface is clean and intuitive, and it is easy to navigate your way around and find all the necessary tools and features.

There are options to switch quickly between assets and instigate various types of orders, including stop loss and trailing stop-loss orders. There is a mobile app for both Android and iOS devices. The broker does not currently offer MT4 or MT5 as trading platforms.

Customer Service

Rating

Customer service is available via email, contact form, or live chat. While it is possible to contact the company by phone, there is no dedicated customer support line. Response times, however, are very fast, and the responses themselves very helpful. The company states that response time for live chat is now just 46 seconds, and that they respond to email support tickets within 24 minutes.

IQ Option Broker Review | IQ Option Support | We Compare Brokers

The broker also runs social media accounts on Facebook, Twitter, and Instagram, offering clients an extra, and very convenient, way to get in contact.

 

Regulatory details

IQ Option prohibited countries:

American Samoa | Australia | Belgium | Canada | Guam | Iran | Israel | Japan | North Korea | Northern Mariana Islands | Palestinian Territory, Occupied | Puerto Rico | Russia | Sudan | Syrian | Arab Republic | United States | Virgin Islands, U.S.

CySEC Regulated LICENCE 247/14

IQ Option Broker Review | IQ Option CySec Licence | We Compare Brokers

From their website:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 87% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Final Thoughts

IQ Option is an efficient, flexible, fully-regulated broker with a range of tradable instruments. This Award winning Broker has a high level of transparency, with fees and spreads clearly displayed on the website. The broker provides almost 60 Forex pairs, and 12 major cryptocurrencies, as well as many other instruments and assets. The proprietary platform is very intuitive and functional, with an excellent range of tools and indicators, although MT4 traders will no doubt feel the lack of the commonly used MetaTrader software. Overall, IQ Option is a solid choice, especially for traders who want to diversify the assets in their portfolio.

IQ Option Broker Review | IQ Option Awards | We Compare Brokers

Before you go…. have you spotted any data in our IQ Option review which you think is inaccurate? If so please tell us

FAQ

Our broker IQ Option review has been written by industry experts. All platforms from customer care teams to the trades, have been robustly tested.

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Ratings

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