- Is IQ Option A Scam?
- Trading Platform
- Mobile App
- Download the IQ Option App
- Demo Video
- Trading Options (CFD, Forex and Binary)
- FX Options
- CryptoCurrency Multipliers
- Deposit & Withdrawals
- Account Type
- Forex And CFD
- Promotional Code
- Open Trade Network
- Demo Account
- Signals And Automated Trades
- Review Conclusions
IQ Option provide some great benefits for binary option traders. The free demo account is a great feature, and not time restricted. The trading platform is cutting edge, but still user friendly – and the IQ Option mobile app (with tailored android and iOS versions) is equally well designed.
They have also started to expand beyond binary trades, offering forex, cfds and even direct access to over 14 cryptocurrency markets such as Bitcoin, Ripple, Ethereum and others. They also deliver the risk management tools needed for forex and cryptocurrency trading – adding ‘stop loss’ and ‘take profit’ tools.
Our detailed review covers each of those features, plus all the other elements that traders want to know about their broker – so tips and strategy, minimum deposit and withdrawal methods (like Paypal and Neteller), bonus codes, login information, tutorial videos – and even whether IQ Option is a scam (It is not, by the way!). All this and more is explained in our review.
The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose
Is IQ Option A Scam?
IQ Option is licensed and regulated by CySEC, but they have also sought to register with other regulatory bodies (full details can be found on their website). They are a ‘legit’, reliable business. Their affiliate network all market responsibly and ensure the nature of trading is reflected accurately. They are licensed by the FCA in the UK as the regulatory landscape recently changed there.
Trading with IQ Option is legal around the world, from India to Ghana, Vietnam to the UK. While the available products may change, there are very few countries where you are not allowed to trade with IQ.
Established in mid 2013, the brand is – in our opinion here at BinaryOptions.net – one of the most reliable and innovative binary brokers in the industry. Their reputation is also enhanced by various awards that they have won from a range industry reviewers. They list their full array of awards on their website – The list of awards quoted on their website are reputable comparison sites and confirm their credibility. IQ Option is safe and not a scam.
Our user satisfaction feedback is positive for IQ – Users have few complaints and use the IQ option platform for many months and years. The forum response is also positive.
Problems of site connection (site “not working” or “not loading”) is often a local issue for the user rather than a genuine issue with the platform. Likewise ‘server down’ or similar errors are normally the client end rather than a genuine problem at IQ Option
The firm operates in a very transparent way, in order to maintain their reputation and user confidence, for example:
- Free Practise / Demo Account – This runs in parallel to the real money account and is not time restricted. IQ Option are happy for traders to hone their skills for as long as it takes, and have faith in their trading platform to maintain trader retention. A demo download is available, but traders can also simply use the full, mobile friendly, website. The demo balance can be reset by contacting the support teams.
- Offers – Deposit match bonuses have been dropped entirely since December 14th due to CySec rules. The regulator deemed this type of bonus as being high risk, and as a regulated brand, IQ have stopped offering them.
- Hedging – IQ are clear on how and when they will hedge their own positions. This should act to reassure traders who fear ‘over the counter’ brokers only want to see traders lose. IQ actively manage their risk.
- Support – Support is offered in a range of languages and includes live chat for quick resolution of any complaints. Users needing to Unblock, Delete or Close an account need to contact telephone support.
- News – Event Calendars and brand news is fed through to the user area.
To provide their clients with access to the financial markets and online trading, IQ options developed their own bespoke platform and range of instruments. It was overhauled and improved again at the start of 2016, to version 4.0. As such, the interface and features of the trading platform may not be what most binary traders are used too as it is modelled on the more advanced trading platforms used by the spot forex trading industry.
This includes tools such as stop losses, or take profit levels – features not available at ‘standard’ binary operators. To add trader risk management and trading strategy choices, the firm also created a ‘Position top-up’ feature. This is a mechanism which allows trades to be kept open beyond the stop loss.
The strike price and trading buttons are clear and intuitive, as are the price graphs and charts. Navigation is simple, traders can easily switch between assets and markets. On top of that, the whole layout is configurable and customisable – so traders can move multiple graphs or analysis tools where they like in order to suit their trading strategy. The customisable elements do make this one of the best trading platforms in the industry.
The platform is available as a web-based hub, or alternatively, traders can download a version for either PC or Mac. The download is fractionally quicker. There is also the mobile platform.
At present, there is no Metatrader 4 (mt4) integration. Users trading on mt4 will need to trade manually.
It is clear then, that the software is one of the most sophisticated trading platforms around in the binary industry, particularly the over the counter (OTC) brokers.
The website is available 24/7 so there are no ‘opening times’. Assets will however, only be available to trade when the relevant market is open. SO many forex pairs are traded around the clock during the week, but US stocks can only be traded when the NYSE is trading.
Apart from having a refreshing user interface, the trading platform allows traders to change the view of their chart from a choice of four different layouts:
The timescale for the bar and candlestick charts can be chosen from an impressive 18 different intervals – and multiple graphs can be used, in order to confirm trends over more than one time frame. In addition, there are also various other tools such as a line drawing tool which traders can use to plot their own trends on the live charts. The latest updates also added a wealth of technical analysis features too. Multiple indicators such as Bollinger bands, moving averages or relative strength index (RSI) can be laid over the chart. Nearly 20 different indicators are available.
Trade size ranges from just $1, up to a maximum investment of $10,000 on the classic options. The charting enables active traders to use options trading patterns to spot opportunities across different time frames, making correct prediction more likely.
Perhaps one of the most useful features about the trading platform is the ability for traders to make multiple trades on the same graph. This is especially useful when you want to employ more sophisticated trading strategies or trade signals. Turbo and Martingale strategies are easier to implement when you can monitor open positions on the same chart.
There are a range of useful tutorial videos provided once users sign up (two are included within this review) and these provide a demo of every aspect of the trading platform. So there are tutorials about the platform itself, some of how to trade with multiple charts or trading windows. The range of educational material is very big, and ensure new traders can trade with confidence.
The newer products such as forex and cryptocurrency trading display slightly different options based on the market being traded. For example, the forex trades will bring up leverage and stop loss features. Assets such as Bitcoin or Ethereum, traded via contracts for difference, do not have an expiry time. They do however ever, carry a stop loss and take profit feature. The new forex offering also makes weekend trading possible.
The look and feel remains the same throughout the trading range however, and all the relevant information is available to the trader. So a trader used to binaries can still feel at home if they want to trade forex.
The IQ Option mobile trading app follows the development of the bespoke trading platform, and delivers a seamless mobile user experience. The trading area is shown in the same way, and the screen, buttons and ‘look and feel’ match those of the full website, or desktop download.
The mobile application has been delivered as a tailored product for each operating system, so the IQ Option Android app, has been developed solely for android devices. Likewise, the iOS app has been written with the iPhone or iPod in mind, and ensures it gets the most out of those devices. It is the sort of attention to detail that IQ are becoming known for.
Apple’s recent changes regarding binary related applications have been swiftly dealt with by IQ Option. They have redeveloped the iOS version to adhere to the new rules. Their ability to adapt to the changing investing landscape is reassuring. The new version includes forex and CFD trading – and cryptocurrency trades will also be available once released.
There is also an ‘IQ Option for Windows’ version, as well as the android and iOS versions. The download buttons below will take you straight to Google Play or the App Store, and the most up to date version of the mobile trading app:
Download the IQ Option App
Below is an IQ Option demo video. It is a full demonstration of all the developments added during the recent ‘platform 4.0’ upgrade. The demo includes how users can amend the trading area to suit their own needs. It shows how to check the same price chart over more than one timeframe, how to add technical analysis overlays and how all this can improve trading results.
While the video is not an out and out tutorial, it does deliver a full demo of the user experience, the new trading platform, and how it differs from other binary options broker platforms.
Trading Options (CFD, Forex and Binary)
IQ Option has consistently added to the portfolio of underlying assets. Traders are able to trade in the 4 major asset classes such as forex, commodities, equities and indices. They also respond to user demand, for example, the Cryptocurrency range is now huge.
Currency pairs are a particular strength at IQ, with some of the more exotic currencies available, including NOK, SEK and TRY. The asset list is comprehensive, so traders can deploy their winning tricks across a range of markets. Dollar, Euro, Yen and Pound sterling still dominate the majority of forex trades and produce the bulk of trading volume. EUR/USD remains the most popular pair for trading.
The firm have also added to their range of expiry times. Previously specialising in short term expiries, IQ now offer many more options – including the popular End of day expiry, and longer term End of week and End of Month. Trader choice has never been greater.
Forex and CFD trades expand the user choice even further. Foreign exchange can be traded per pip (in addition to binary trades) and CFDs can be traded with no expiry for longer term trades. The recent cryptocurrency expansion offers access to bitcoin and 6 other cryptocurrencies, via contracts for difference – meaning no expiry.
Forex multipliers are a feature that IQ Option added to provide a level of leverage. The maximum multiplier now reaches an exciting x1000 – but remember this impacts both profit and loss. So you can magnify your trade size by x1000 to take advantage of even small moves in the currency markets.
IQ Option have added FX Options to their list of products. A cross between binary options (limited expiry, limited risk) and traditional forex (profit depends on the underlying price movement), FX Options will offer EU traders an alternative to binaries. With ESMA banning binaries in the EU, IQ Option want to create a product that is similar, but does not fall foul of the ban.
The options allow traders to select their own strike price, and trade higher or lower from there. Payout %’s vary based on the price movement required for the trade to finish ‘in the money.
As these are more like traditional options, they can be closed at any time using the ‘Sell’ price and the volatility and time left will impact the value of the trade as the expiry nears.
As a newly released product, IQ only provide hourly expiries at present. The choice is likely to expand however, if the product is successful
The screenshot above shows the possible strike levels on the right, alongside the trading buttons. The red / green bar illustrates the potential payouts and these will vary and change based on the strike price, time to expiry and the current market value.
In addition to traders having the ability to trade crypto assets using CFDs, Forex or Classic options, IQ Option also introduced a new vehicle – Cryptocurrency multiples. These trades are effectively a leveraged trade. The underlying price remains the key element, but with a multiplier, the trade is magnified. This increases the potential profit, or loss, made on any deal.
Initially, IQ only offered Bitcoin x 100. As the name suggests, it was a multiplier of 100 applied to the Bitcoin price. Increased volatility, for an already volatile asset – ideal for traders.
The product was so successful that IQ have expanded the offering. So multiples are not available on more cryptocurrencies, e.g. Ethereum (ETH), IOTA and Ripple. The multipliers range from x20 to x50 and x100 on Bitcoin. It offers another high risk / reward route for traders to profit on crypto assets. TRON x50 was also recently added.
Deposit & Withdrawals
Deposits can be made using a range of options – these will vary based on the user country, but popular methods include debit and credit card, e-wallets such as Skrill and Neteller and even crypto currencies via the Hodly service. IQ Option also recently introduced AstraPay to facilitate payments from regions that may have had fewer options in the past, such as Brazil or Vietnam.
Deposit errors are rare, and the support desk can usually help if users encounter issues. It is safe to deposit with IQ Option.
Withdrawals can be made using the same list of methods. Verification is often required before a withdrawal method can be used, and withdrawal proof remains in the user area for the lifetime of the account for auditing etc.
The standard trading account requires just the minimum initial deposit of $10. The basic account includes all the option types, withdraw options and functionality as the higher level accounts.
The firm offer a VIP Account. In order to get a the VIP account type, a trader needs to deposit $3000 or more in one deposit. Benefits to VIP status include:
- Higher Payouts (For example, +3% on FTSE or Google trades)
- Entry to larger tournaments, with prizes up to $100,000
- Educational materials exclusive to VIP account holders.
In term of returns on investments, the standard payouts offer very competitive rates. Under the right circumstances, traders can up to 91% payout in the case of a successful trade. These payouts will vary based on the asset and expiry time selected. The ‘headline’ payout of 91% is among the best offered in the industry. Note the term ‘profit percentages’, does not imply guaranteed profits, simply the profit made for a single trade when it is successful.
Forex And CFD
Payouts on products such as Forex and CFD trades will depend on the performance of the underlying asset. IQ provide the sort of risk management tools you might expect when trading these tools. They include stop losses and user defined leverage (which can be set to zero). The new products move IQ Option into the leagues of major global brokers, and their offering is certainly up to that level. They even offer direct access to bitcoin and ethereum trades – which many larger brokers do not.
The spreads on foreign exchange and CFD trading are ultra competitive too. So the costs or fees of doing business with IQ are low, and certainly on par with the larger, established online brokerages. The free practise account is a good way to experiment with other asset types, risk free.
IQ previously offered monthly promo codes for new customers as a welcome offer. These were paid as a deposit match, and the level would ‘scale’ based on the size of the initial deposit. These types of offer have been withdrawn following CySec advice however. As a responsible regulated broker, IQ no longer offer this type of incentive. Reviews still referring to bonuses are likely to be out of date.
As indicated on their website, IQ Option Europe Ltd is operated by Infofield Premier Ltd (Registration No: HE324593) and Investlab Holdings Ltd (Registration No: HE327751). Since Investlab Holdings Ltd is regulated by CYSEC (License Number: 247/14), this means traders trading on the platform are also protected under the provisions of the MiFID.
Open Trade Network
IQ Option started the roll out of their blockchain based cryptocurrency exchange. Called the Open Trade Network (OTN), it is built on the Ethereum blockchain platform.
It delivers a stand alone cryptocurrency wallet and exchange. Designed to meet the needs of a growing market, and regulators who will want to oversee the operation. The system is due to be live in early 2018.
IQ Option is not raising money for this project through an ICO, and this presents an opportunity for traders. Instead OTN coins will be awarded to traders, wallet users and token holders as an incentive to use the platform and provide liquidity.
IQ Option will recoup their investment through a portion of coins held for that purpose. The total number of coins to be issued is 100 million with 42 million going to the traders and wallet users over the next 2 years. Once the platform is live OTN tokens will be tradable and sellable on the open market.
This is a significant development. This blockchain innovation reflects the major disruptive influence IQ are trying to generate in the finance sector as a whole.
IQ offer the best demo account terms in the industry. It is a No deposit demo account. The balance can be restored to $1000 as often as required, and the practice account is useable long term, there are no time restrictions.
The demo, or virtual, account can also run alongside a real money account – not “instead of”. This allows real money traders to change into the demo account, and trial a new strategy or strategies without risking real money. It is the most flexible demo account available and is entirely risk free. This offering, coupled with the low minimum deposit, is why this broker have grown so quickly. It is also why the brand attracts beginners and novices. It demonstrates a real confidence with the brand that they have the best trading platform, and know that once traders have used it – they will stay with them.
IQ offer trading in a range of countries, and also support across multiple languages. In 2014, the firm operated in 18 countries – in 2016 it was up to 178. There are however, some countries where trading is not possible with IQ due to regulations or local laws. So traders from Canada, USA and Australia are not permitted to open accounts at present.
Having started operating mainly in Europe, the UK (United Kingdom) is one of the largest trader ‘bases’ for the brand, followed by other European trading hubs, such as Germany and Sweden.
The firm are also growing very quickly in Asia, with binary becoming legal in India. They have recently added multiple regions to their list, including:
Other areas of growth include Africa, where Ghana and Nigeria are seeing large numbers of new traders. This growth is aided partially by a ‘softer’ regulatory regime. With responsible brands such as IQ Option, this actually works well. Similar reasons have led to marketing pushes in UAE, Brunei and even Japan.
Traders in these regions are now able to register at IQOption. The login process is very quick, and the demo account sign up requires only an email address. Beyond the login screen, traders will need to make a deposit before trading for real money. The minimum deposit however, is just $10 – among the lowest in the industry. The minimum trade is equally low, at just $1 per trade.
There are regular trader tournaments across the trading platform – each carries their own set of terms and conditions. These are generally a competition based on trading success with a leaderboard. They are a method by the broker to encourage trading, so the tournaments are usually decided via the amount of total profit over a given period.
They offer a great way for traders to compete against each other, and create a lot of interest. The terms will often vary – so one tournament might focus on short term options, while the next might look at a specific asset class, like forex.
Often there are substantial prizes for the winners of these competitions. These range from cash rewards, to more unique prizes, such as the recent Aston Martin race day experience. These gave winning traders the chance to enjoy a race day in one of the sponsored Aston Martin Racing cars. These tournaments really increase the customer friendly feel promoted by the firm, and they are worth looking into.
Specific strategies for use at IQ Option are difficult to detail due to the vast options available. From rainbow strategy to technical analysis a trader’s choice is endless. A winning strategy for eur/usd may not work for trading oil, and learning lessons from a 60 second strategy may not improve results for 5 minute or longer trades.
The demo account is a great place to experiment and find winning strategies however. Every trader will need to find their own system, and the unlimited demo at IQ gives traders a better ‘sandpit’ than vs Plus500 for example.
The binary vs forex debate is another complex argument when looking at strategy – it will always come back to the trader, their risk appetite and their favoured length of trade. Our strategy section may contain useful ideas, as will the forum. Our blog entries often contain trading tips, but how they are implemented or acted on is of course up to the trader.
Strategy elements like money management are really a question for each trader, as only you can know your risk appetite.
The last point on strategy is that there is no such thing as a ‘no loss’ system. Some trades will win, some will lose, but a winning strategy is profitable in the long term. Anyone offering 100% accuracy (or anywhere near) is very likely to be dishonest. Discussions on Reddit or Youtube are extremely unlikely to be legitimate traders giving away winning systems for free!
Signals And Automated Trades
At present, IQ do not deliver signals to traders. There are sentiment indicators which give a feel for market sentiment, but no automated signals.
Expert advisors are often a feature promoted at other brands, but ultimately an employee of the broker acting on behalf of the trader is unlikely to be impartial. IQ do not offer an expert advisor service on a standard account.
The firm prefer to enable and educate their traders to make their own trading decisions.
• High Returns of up to 91% payout in case of successful trade
• Low Minimum Initial Deposit Requirement – open account with $10
• Regulated Broker with CySec
• Cutting edge Trading Platform
• Direct access to Crypto markets such as bitcoin
• Secure account verification
• Quick withdrawals
• Smaller range of markets than some rivals on forex and cfd
• Self build robot / auto trading feature removed.
• No MT4 integration
Some critical users of IQ point to the site not loading, not working or being offline. These issues are generally at the end of the user rather than the platform. The website boasts impressive uptime statistics and they have a strong motivation to ensure their platform is open for business! It is rare for the site to be unavailable or inactive and we have never encountered such issues when connected via a reliable signal.
The platform offers some very user friendly features, and a very low minimum deposit of just $10. With a minimum trade size of just $1, and the best demo account terms available, they are the best choice for anyone starting out in binary options trading. The loss of the robots area was a blow, but may return in future.
Beyond that, the trading platform is excellent. They offer a wide choice of deposit and withdrawal options including bank transfer, or credit and debit cards, generate the fewest number of problems and complaints and are constantly improving. All in all, IQ currently lead the way in binary options, and their rapid growth shows little signs of stopping.
Customer Service Rating – 10
• 24/7 Live Chat
• Trading platform translated into 13 languages
• Phone support for all supported languages. Helpline available during trading hours.
Trading Choice Rating – 9
• Full range of stocks, Forex and Indices
• Silver, Gold and Oil
Deposit Method Rating – 10
Payment methods include;
• Credit Card / Debit cards
• Wire Transfer
• Web Wallet (Paypal, Skrill, Neteller, AstroPay)
• Cryptocurrencies including Bitcoin, Ethereum and OTN
The addition of AstroPay has opened up payment options in countries such as Nigeria, Ghana and Brazil – countries where methods of deposit have often limited trader options.
Minimum Deposit Rating – 10
Minimum Trade Rating – 10
• $1 Minimum
Trading Features Rating – 10
• Industry leading platform in our opinion.
Payout% Rating – 9
• Up to 91% payout in case of successful trade
• Up to 900% on digital trade
Offers Ratings – 4
• Deposit match offers have been withdrawn as per CySec guidelines.
Site Intangibles Rating – 9
• IQ Option demo videos and training videos
• Free No Deposit Demo account – Unlimited funds, no time restriction
• Real time price feed from Thomson Reuters
• IQ Option VIP account – Better trading terms and VIP only tournaments
The IQ Option registration process just requires an email and only takes a few moments. Once verified, you then have access to the demo account, and the real money markets. In order to trade on the real account, a deposit will need to be made. The deposit process is simple, much like the register process. The minimum is currently $10, and the smallest trade is $1 per option.
IQ Option offer a variety of contact methods:
- Email – email@example.com
- Telephone Support – Offered in 18 countries including Australia, India, Thailand, Brazil, Germany and Spain (Helpline details on the site)
- Group Details: Registration No. HE327751
Address: Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33,
4102, Agios Athanasios, Limassol, Cyprus
Customer support can be accessed via telephone, e-mail or live chat. Customers are supported in over 20+ languages.
General risk warning: your capital is at risk