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IQ Option Broker Review

Review By: Max Webster Review Updated: November 13, 2019

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

Phones: 44 2080680760

Forex ETF Stocks CFD Crypto Commodoties

Spread

1

Max. Leverage

1:30

Deposit Protection

$30,000

Min. Deposit

£1

Spread

Varies

Max. Leverage

1:5

Deposit Protection

$30,000

Min. Deposit

$10

Spread

Very low, Varies

Max. Leverage

1:5

Deposit Protection

$30,000

Min. Deposit

$10

Spread

Varies

Max. Leverage

1:2

Deposit Protection

$30,000

Min. Deposit

$10

Spread

Varies

Max. Leverage

1:20

Deposit Protection

$30,000

Min. Deposit

$10

Our Overall Rating

Rating 4.1
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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.

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. 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

CySEC Regulated LICENCE 247/14

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. There is 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.

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