Founded in : 2013
Headquarters : Cyprus
Regulation : CySEC
Platforms : In-House Platform
Leverage : 1:30 and/or 1:1000
Minimum Deposit : USD$10
IQ Option is a European financial service provider, who are considered a role model to other European brokers. They have authority to offer their services to the EEA zone, and with several other licenses in other jurisdictions in Europe.
Who is IQ Option?
IQ Option is a brokerage company that is developed under the IQ Option Europe company. It is headquartered in Cyprus and was founded in 2013. IQ Option contains a CySEC license from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option provides financial services in trading in binary options, stocks and shares, currencies, and ETF trading. However, it is considered to be one of the highest expanding companies across the world with over twenty-five million traders.
IQ Options have traders in 178 different countries, all over the world. However, due to strict restrictions, IQ Option cannot access traders in the United States. There are other countries that cannot be accessed, such as: Sudan, Canada, Syria, Russia, Australia, Japan, Iran, Turkey, and Israel. The trading platform and website are available in thirteen different languages, which permit clients from anywhere the world to be able to trade in a language they prefer. IQ Option also allows traders to choose the currency they are more comfortable trading with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.
Licenses and Regulations: Is IQ Option Safe or a Scam?
IQ Option is operating under a license from Cyprus, the Cyprus Securities and Exchange Commission (CySEC). In order to qualify and keep the license, it has managed to reach the minimum necessities to be able to qualify for the CySEC license, and continues to do so. These requirements include: trading commodities, trader funds, and marketing limitations.
Because of the various CySEC rules and regulations, all traders’ funds are kept in isolated accounts that IQ Option cannot reach for any issues relevant to the business. The CySEC license also provides a level of insurance when it comes to deposits, which looks after all the investments that took place with IQ Option as a contingency plan.
Along with the act of keeping traders’ funds in segregated accounts, IQ Option provides different security regulations that are additional to those of the CySEC. The brokerage firm has a full SSL encryption that allows all the communication between the traders to the server of the broker are protected and encrypted. That encryption hinders for hackers to reach information or access traders’ funds or personal information.
Despite the fact that it is a growing brokerage firm, the domain and all the financial rights are registered to IQ Option Ltd, in Seychelles; this is a drawback since the Seychelles domain is known to be a hub for offshore and unsafe brokerage firms. The Cyprus branch only deals with managing payment transactions, so it is not the main office.
What are the Trading Platforms of IQ Options?
When it comes to trading platforms, IQ Options did not follow the trends of incorporating into a mainstream trading platforms such as MT4 and MT5. They now have their own in-house platform, which is cheap for the broker and beneficial for the trader. However, there is a lack of options when it comes to analysis and charting. The trading platform consists of a prominent interface, and it is available online and downloadable formats. Unfortunately, the downloadable version of the software is an imitation of the web-based trading platform, with the same advantages and drawbacks.
According to client reviews, the IQ Option platform is an uplifting experience; there are visually appreciative and most traders deal directly from the charts. The trading platform provides an outline of every trader’s open positions, as well as their trading history. There is also a section for Chats and Blogs, which is the highlight of the social side of the brokerage firm.
There is the option of the charting tool that allows traders to select from various charts that is useful for detecting chart patterns. The trading platform for this brokerage firm is functional and visually pleasing, but it may not be helpful in analysis.
There are three types of trading accounts when it comes to IQ Option; these accounts are: the Demo Account, the Real Account, and the VIP Account. The first account, which is the Demo Account, is an unlimited simulation for traders to try out the account without any financial risks. The keyword is unlimited, because it is almost unheard of for brokers to offer an unlimited Demo Account, and yet that is exactly what IQ Option provides. The Demo Account gives traders the option to trade and not worry about financial repercussions, with virtual funds up to ten thousand dollars. With the IQ Option, traders do not need to give personal information before signing into the Demo Account. With traders not providing their personal information, this helps the client to protect their privacy and helps them trust the broker.
Real vs. VIP Account
For real trading accounts, IQ Option requires a minimum deposit of ten dollars and new traders can spend only ten dollars to get the live account up and running. The real account can be reached with a ten dollar investment, at a minimum, and there are no limitations when it comes to the functions of trading. The real account offers the option that traders can participate in several trading competitions that are events on the trading platform, but for traders residing outside the EU. The third and final trading account, which is the VIP Account, can be created under two conditions. The two conditions are as follows: traders who have made a deposit of 1,900USD or an equivalent of that amount in other currencies, and\ or clients who have a trading volume of 15,000USD. The VIP Account consists of the features of the Real account and personalized features; the personalized features that they provide are a personal manager at the trader’s beck and call and a monthly report on the trading records of the trader.
What is the Leverage of IQ Option?
The Forex market is known for its unique trading volume and liquidity, because it is much more stable than that of the crypto-currency markets and stock markets. With IQ Option, the maximum leverage level provides up to 1:30 (x30 investment multiplication) on Forex tools for their commercial clients in the EU. For the traders who are not part of the European Union or if they are professional EU traders, they have a maximum leverage level of 1:1000 (x1000 investment multiplication). The alternating leverage level is an asset for IQ Option that allows traders to implement different settings to different trades, but from the same trading account.
Deposits and Withdrawals
With IQ Option, there is a minimum amount to deposit of ten USD or GBP or EUR. Traders can choose their method of deposit, while this trading provider does not make the client pay fees for depositing funds.
There are certain steps that need to take place for traders to make their first deposit, where they need to participate in the account verification process.
IQ Option provides its traders various methods of deposits and withdrawals to and from the trader’s account. Traders can now use methods such as: Debit Cards (Maestro and Visa Electron), Credit Cards (Visa and MasterCard), along with electronic payments (Skrill, MoneyBookers, CashU, and Neteller). IQ Option is able to process payments through Wire Transfer; with the current minimum amount for withdrawal is two dollars. The time it takes to process requests for withdrawal is one business day, but the local financial institution may pay for this process. Unfortunately, IQ Option does not allow deposits that come through PayPal. But, they are attempting to make it a viable option.
With withdrawing funds from trading accounts from IQ Option, the method traders’ use can contrast against the method of the deposit. The electronic wallet for withdrawals is similar to those for deposits. If a deposit was made through an electronic payment, then traders must withdraw funds to the same electronic account.
However, despite the method of withdrawal the trader chooses, it processes the trading order or request in the span of three business days. With bank cards and payment mediators, there may be added time in processing the request.
What are the Educational Resources and Materials for IQ Option?
IQ Option is highly-regarded for its myriad of educational resources and materials that are widely available for all of its clients and traders. The website contains training material that targets audiences of novice traders, as well as expert traders. The educational resources and materials include trading videos, webinars, and tutorials. Traders have the ability to reach several of e-books and a FAQ section that handles all of the most common questions. These training resources offer beneficial information for traders of different capabilities and experience.
Along with the training resources, the website of the broker allows clients the opportunity to reach various video tutorials, analysis methods, and how-to guidelines on the structure of the IQ Option platform.
In conclusion, IQ Option is a safe and regulated broker that would take care of the trader’s private information and trader’s funds. IQ Option is a trustworthy broker that offers many features and elements, unlike most brokers.