Published on March 18th, 2020 | by John Kane2
Broker Review: IQ Option (Demo, Withdrawal)
IQ Option is an online trading platform and brokerage which gives clients the ability to trade several financial assets and instruments such as stocks, cryptocurrencies, Forex, and of course Binary Options. They were founded in 2013 and as of now, they boast of having over 25 million account holders from all over the world. Based in Cyprus Europe and regulated by the Cyprus Securities and Exchange Commission, the company adheres to strictly to the commission’s legislation and has the authorization to trade in a number of jurisdictions.
IQ Option Offerings
Using the IQ Option platform, you can trade CFDs (Contract for Difference) on the following products:
- Forex– FX trading or Forex as it is popularly known as is a renowned trading market. You get access to over 188 currency trading pairs. This makes it possible to trade your favorite foreign currencies easily.
- Options– With this one, a user can successfully predict the price of different assets such as commodities, currencies, indices, and stocks. The platform gives a getaway to more than 10 million options.
- Stocks– CFDs on stocks is among the new products in the trading industry. IQ Option gives traders the option of purchasing shares and trading different stocks from over 7485 successful companies in the world. This includes some of the most successful businesses on the NYSE and NASDAQ.
- ETFs– ETF trading is also a relatively new product. It works by tracking indices, commodities, and baskets of assets. All these are traded just in the same way as other common stocks. Traders can choose from over 4000 different ETFs.
- Cryptocurrencies– The platform allows users to trade in some of the top cryptocurrencies namely Bitcoin, Litecoin, Ethereum, Zcash, Iota, Monero, Omisego, and Dash.
The IQ Option Trading Platform
IQ option has come up with its own custom-made platform, which is very user-friendly. The trading platform has an attractive interface available in both the downloadable and web-based format. Unfortunately, the downloadable one is, in essence, a replica of the web-based format thus retaining the exact features and shortcomings as well.
Nevertheless, the platform offers an enjoyable experience. You can trade directly from charts, which by the way are visually appealing. There are different time frames and the minimum number of charts that can be displayed at an instance is nine.
In addition to the above, the platform gives you an overview of your positions and the trading history section. There is also a Blogs and chart section. Still, on the interface, you can access video tutorials. Conclusively, the platform is attractive, and it offers traders a functional way to conduct their business and interact with the community.
It’s also worth noting that the platform is compatible with all the Best IQ Option robot software for signals as well. There is also a tool I reviewed, MT2IQ, which connected MetaTrader to their platform, and allows you to automate your trades. I recommend checking out both of these resources.
Demo and Live Accounts
IQ Option has a demo account facility for users that want to test out the platform first. To access the live account you only need to deposit $10. Currently, there are two trading options:
- Real Account– can be accessed with a minimum investment of $10 and it does not have trading functionality restrictions. Traders can access over 70 assets and withdrawals are processed within 24 hours. Account holders can take part in the trading competitions on the platform.
- VIP Account-if you deposit more than $3000 you get access to the VIP account. An added benefit apart from those in the real account is that traders get a personal manager who assists in queries and any other issue. Traders also get monthly reports on their trading records.
The broker offers a number of ways to make deposits and withdrawals. One can use debit services like Visa Electron and Maestro or credit cards like Master Card and Visa Card. You can also go for other payment processors such as WebMoney, Neteller, Skrill, Cash U, and Moneybookers. Those who like it can go for wire transfer. The minimum withdrawal amount is $2.
IQ Option is an award-winning broker and is recognized by industry experts. Among the awards received are best Binary Options Broker/Trading Application, Most Innovative Binary Options Broker, Most reliable Binary Options Broker, the Intelligent App for Binary Options, 2017 Award of Excellence, Century International Quality Gold Era Award, Best Technology Application, and many others.
IQ Option allows clients to fund their account even if they have not the KYC documents. However, some clients expressed some dissatisfaction when the withdrawal was delayed until the submission of the correct KYC docs. These are just the same procedures at most Bitcoin exchanges where KYC docs are a mandatory requirement.
This broker is no doubt one of the best options for traders that want to trade derivative instruments on various Forex assets, ETFs, Cryptocurrency pairs, and stocks. The trading platform is impressive given the extension device applications. You can try it out today by first using the demo account and discover how amazing it is.
With a stellar reputation in the market, millions of clients, and quick withdrawals, IQ Options remains one of the top places to trade binary options.
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