IQ Option Review. Due to the introduction of online financial services, there is a list of options anyone can choose to start investing. However, most of these services may be unsafe as they might scam anyone, even if they are regulated.
IQ Option (https://iqoption.com/en) is one of the safest online financial services available on the Internet. Through their service, anyone can invest their money into binary options, stocks, forex, ETFs, commodities, and cryptocurrency.
Where is the headquarters of IQ Option?
Its main headquarters is based in Cyprus, a country in Europe. It is registered under the HE 324593. Aside from that, they also have another branch in St. Vincent and Grenadines licensed under the number of 24840 IBC 2018.
Who is IQ Option?
In an interview with Dimitry Zaretsky, he got the idea in 2013 after learning how binary options weren’t offered to the public using the latest technology. At the start, they offered binary options first. Years later, they grew into a company with customers in 2013 countries.
As of the moment, they have more than 48 million registered users in the online trading platform. For each day, their service encounters more than one million transactions total.
They acquired their Cyprus Securities and Exchange Commission (CySEC) license in 2014, under the number 247/14. With this license, they can provide their services across the European Economic Area (EEA). They are also registered under the UK’s FCA, Italy’s Consob, Germany’s BaFIN, and France’s Regafi.
As they provide their services over the years, they garnered various awards. This includes their 2016 Rising Star award for “The intelligent trading app for binary options.” In the same year, they received the Best Technology Application from the Web Marketing Association due to their mobile application.
What financial services does IQ Option offer?
Once a person opens their account through this platform, they can offer the following services:
- Contracts for Difference (CFDs) – the company can provide an array of CFDs in stocks across more than 176 different companies listed in the NASDAQ and NYSE
- Exchange-Traded Funds (ETFs) – anyone with an account with them can gain access to any of the 4288 ETFs available
- Forex – trade among 188 various currency pairs
- Options – speculate the price of currencies, stocks, indices, and commodities using a database of 10 million options
- Cryptocurrencies – a person can trade using Bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Omisego, IOTA, and Dash among others
As beginners, what can we expect?
If anyone is interested in trading in this platform for the first time, they allow you to sign up for a demo account. This is one of the few demo accounts where any person can use it for as long as they wanted. That way, they can familiarize themselves with the platform.
After opening the demo account, it comes with $10,000 of virtual funds. The account owner can also have the option to replenish the amount. Doing this will help the account holder learn by themselves how to trade better.
However, unlike other trading services, a person who opens this type of account does not require providing the company with personal information. With that in mind, any demo account holder can protect themselves and their trading strategies simultaneously.
What are the transaction fees?
There are two types of real accounts that any person can sign up. The first one is called a Standard account. IQ Option requires this account holder to deposit at least $10. Getting a VIP account would ask a deposit of at least $1,900 or more within two days of creating the account.
Aside from replenishing the account to be used in this platform, they also charge a certain amount for certain transactions. For example, IQ Options asks you for 2.9% on top for every ‘long’ cryptocurrency position as an opening fee.
Meanwhile, keeping any trading option open overnight will ask the account holder to pay a certain fee. This will affect trades of CFDs on forex, ETFs, cryptocurrencies, commodities, and indices. For CFD positions, the fee ranges between 0.01% to 0.5% as a Swap Fee. In addition to that, overnight fees will be charged by the brokers on the platform.
Aside from the required amount of money to deposit, there are also needed fees when it comes to retrieving the money from any of these accounts. Every calendar month, any real account holder on this platform gets three free withdrawals. However, once those are spent, each withdrawal is $31 per transaction unless you use a Payment Service Provider (PSP).
If any real account holder does not perform any transaction on the platform for 90 days, a fee is charged to them. It is 10 Euros for every month after 90 days have passed.
A fee is also incurred if an account holder has submitted their verification details 15 days after making the first deposit. All funds will be returned to the account and charged 5 Euros if the amount is below 5 Euros.
As a trader, what are the advantages and disadvantages?
Trading on this platform using a demo, Standard, or VIP account has the following advantages:
- Make use of an in-house, robust trading platform
- This trading platform has an attractive, easy-to-use interface
- Accessible through desktop and mobile devices
- Provides an overview of open positions and trading history
- Fast withdrawal and deposit times
- Included library of video tutorials for beginners and experienced traders alike
- Various trading products available, including cryptocurrencies and ETFs
- Account signup made easier through linking with a Facebook or Google account
- Includes options such as a multiplier, stop loss, take profit, and trailing stop
- An array of indicators to help the account holder trade properly (e.g., Moving Averages)
- Join an exclusive affiliate program
- Contact the company through their 24/7 Customer Support Service team through chat or email
There are two known disadvantages that the platform does not offer. First, they are incapable of integrating with MT4. Aside from that, they do not allow any robo-traders on the platform.
Based on the information given above, IQ Option is one of the most well-established and safe options for online trading. Even though they only have less than ten years of experience under their belt, they can amass a huge amount of traders and handle millions of transactions daily. This makes it reassuring for any trader, novice to professional, to earn their respective investments back on their platform.
I’m Jon, owner of Trade Wise at https://tradewise.community/ and https://www.youtube.com/channel/UC7VmOx8DbvX4Rbrac2pPcjw
I review forex and crypto trading products and services to find the best of what’s out there for creating a passive income without becoming a full-time trader.