IQ Option Review
IQ option is managed and owned by IQ options Limited. It is a financial service provider that has a day is in Cyprus. IQ option is designated as Cyprus investment firm trading platform is regulated by the Cyprus securities exchange commission. They have been in the business of offering trading services for many years and they continue to expand their services. IQ option is authorized to offer financial services two clients from the European Economic Area.
Their trading platform was first launched in 2018 and ever since then it has taken gallon strides in leaps and bounds. One of the attractive features of the IQ option is that you can use the minimum deposit of $10 on the demo account. Plus, the demo account is also free and is accessible by anyone.
Over the recent years that IQ option has been operational it has warned several awards praising the quality of its reliability and service. Currently it is recognized as one of the most reputable brokers in the industry. To throw more light on its reliability Traders will be happy to know that IQ option is well regulated under the legislation and jurisdiction of the Cyprus securities exchange commission which is the holding name company of the IQ option in Europe. As a registered broker under the CySec. IQ option is also a member of the Investors Compensation Scheme.
In this scheme, each of IQ options client funds is well protected up to a maximum amount of 20000 Euros. However, Traders outside the EEA have their accounts managed by a separate sister company known as IQ option Limited. This company is based in Mahe and is also regulated by the say Kelly Financial Services Authority.
Instead of going for the standard trading platform IQ option has chosen to provide its Traders with a proprietary platform customized specifically to handle their training needs. This same platform is also used for CFDs and for binary options trading as well. It is user-friendly and features A big chat which is of great assistance to traders who are looking to monitor the conditions in the market.
On the plus side margin trading is also available with certain instruments. Furthermore, the platform comes with a wide variety of training tools that are typically missing on any binary-capable trading platform. Example of the advanced tools you will likely find on the platform Bollinger band, moving averages, MACD and RSI.
IQ option have the penchant of adding new features with time as it allows traders more flexibility. An example of such feature that has been added recently is the position top up. With this feature tree that can hold a trade open if it is approaching a stop loss. This gives the Trader a wider scope to allow trades to recover before the end. However, this feature must be used with discipline.
Traders.com stay on trading terminal for an extended period of time can leverage the IQ option mobile trading app. This trading app is free of charge and has been designed specifically for smartphones and mobile devices. With this app readers can check the account status and stay updated with all the developments in the market and also execute trades.
Unlike most binary brokers and CFDs, IQ option makes use of three types of trading account. We have a standard filling account, a VIP account, and a demo account. If you wish to open a standard account you need a minimum deposit of $10. The VIP trading account comes with a minimum deposit of $1900.
The standard account and the VIP account entitle the account holder to participate in some trading promotions. The demo account is provided free of charge for potential Traders who are looking to get familiar with the platform. on the good side it doesn’t require any pre deposit like the other two accounts and comes with $1000 practice money which you can use to practice.
Trading costs and fees
IQ option I’m very open and transparent with their costs and fees. If you are looking to see what trading at IQ will cost you, you need to consider some of the following factors below.
This refers to the difference between buy and sell prices. It is often the variable and will depend on liquidity volatility and even the time.
These fees are applied for positions held overnight. These charges often vary from 0.1% to 0.5% and will likely get higher when positions are held over the weekend.
Dormant account fees
If your account happens to be inactive for 90 days like you will start applying a charge of €10 each month assuming the account balance is beyond zero. Step for period withdrawal fees. You may find it shocking to know that they are no fees on the majority of payment service providers. However, bank transfers do attract a fee of $31. Step 5. Commission. When it comes to certain cryptocurrency trades there will be a commission of 2.9% charge. Discharge isn’t applicable on any other assets.
Deposit and Withdrawal
When it comes to funding of your trading account at IQ option the platform provides a variety of methods of fund transfer. These methods include transfer buy credit cards bank wire transfer and he wallets. Accepted credit cards on the platform include MasterCard Maestro visa. The e-wallet options I have payment means such as Neteller, Perfect Money, Skrill and WebMoney.
As regards withdrawing funds, traders can also explore the same methods they used for making their deposit. Processing of withdrawal request takes up to one business day. However, it can be fast as a few hours if the withdrawal is done by e-wallet. For bank wire transfer and credit cards the withdrawal process can take as long as 10 business days to be validated.
IQ option scores a major point when it comes to their customer service. They always ensure that Traders can get the assistance they need or want whenever it is required. The platform has made its support system available 24/7. You can contact their customer support team through live chat email or the telephone. Also, IQ option has their website translated into a dozen different languages for non-English speakers.