If you’re interested in trading, you can pick from cryptocurrency only platforms, or multipurpose platforms which allow you to trade in fiat currencies, cryptocurrencies, commodities, CFDs and ETFs amongst others.
One of these platforms is IQOption, a multi-purpose platform that offers beginner and more advanced traders the ability to trade in multiple different assets.
In our IQOption review, we will go through all the details of the platform – from deposits and withdrawals to how to actually trade.
So without further ado, let us read on to find out more!
IQ Option: Overview
- Name: IQOption
- Website: www.iqoption.com
- Country: Cyprus
- Regulation: CySec
- Trading Options: Forex, Cryptocurrencies, Stocks, ETFs, Binary Options
- Cryptocurrency: BTC, ETC, LTC, XRP, XMR, ZEC, OMG, IOTA, DASH
IQOption is a one-stop shop for all of your trading needs.
Whether you want to trade Forex, stock, ETFs, or cryptocurrencies then this is a platform that allows you to do a bit of everything.
It bills itself as one of the fastest growing trading platforms in the world and has also been voted as the best mobile trading platform globally, it offers a full range of services for the intrepid trader.
Founded in 2013, it has grown exponentially and now has over 17 million active users.
The platform has undergone a lot of changes during this five years and users can now engage in trading between a wide range of assets from Bitcoin to binary options.
Based in Cyprus, it is regulated in the EU by the Cyprus Securities and Exchange Commission (CySec) and it is entirely compliant with its legislation, as well as being authorised to sell its products in a number of international jurisdictions.
While it originally started out as a binary options trading broker, it now allows its users to trade CFDs, stocks, ETFs and of course, cryptocurrencies.
Currencies it supports include 12 virtual currencies such as Bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Omisego, IOTA, and Dash.
IQ Option: Features
IQOption is a great starting point for beginners as it offers the ability to practice trading with a demo account before you take the plunge and opt for a live one.
It also provides a vast amount of trading materials for anyone that uses the site and it has materials for both beginners and more experienced traders.
You can take your pick from FAQs, articles, videos, webinars and tutorials as well as a selection of e-books that are available to download for free.
They are a valuable source of information for traders of all levels as well as providing comprehensive answers to some of the most commonly asked questions.
Another great feature of the platform is the unique ability to earn OTN tokens.
IQOptions have created a way of compensating users that trade in cryptocurrencies and that compensation is the OTN Token.
In a collaboration with the Open Trading Network, IQOptions have created this way of giving something back to traders. These tokens are currently allocated to traders on a weekly basis and the amount awarded is based on the number and the value of the trades made.
The more trades an individual makes, the more OTN tokens they are able to receive. These tokens can be used to pay for fees incurred on the platform such as commission, amongst other things.
The IQOptions platform is great in that it offers users a lot of easy to use features. You can use it on a basic level or really delve into the complexities of trading, depending of course, on your level of experience and knowledge.
IQ Option: Deposits
Making a deposit on IQOptions is also rather user-friendly.
At the moment, traders can deposit to their trading accounts via:
- Visa Electron
- Cash U
- Wire transfers
To make a deposit into your account, you need to go through a series of identification and verification processes including adding your phone number, name, address, trading experience, and uploading a copy of your photographic identification.
Be aware that different countries will have different requirements when it comes to this procedure, so always check what is required beforehand so as to prevent any delays to your trading experience.
IQ Option: Withdrawals
When it comes to withdrawing your funds, you can only withdraw in the same way that you deposited.
For example, if you used an e-wallet to deposit your funds, then you need to request your withdrawal in the same way.
There are some other security features in place such as you not being allowed to withdraw more than you deposited via card. But with e-wallets, this is not an issue.
When it comes to bank cards, you can enjoy instant withdrawals instead of having to wait up to three business days for your application to be processed.
It is worth noting, however, that this does not circumvent the time it takes for the money to be credited to your account so don’t be alarmed if it is not instant.
Withdrawing is pretty straightforward and all you need to do is navigate to the user tab on the top right-hand side of your browser and click on “withdraw funds”.
Select the relevant payment system and follow the instructions that come up on the screen.
IQ Option: Fees
When it comes to fees, there are no withdrawal fees as such.
There is a minimum withdrawal amount of €2 or equivalent.
Should a trader wish to withdraw via bank transfer as opposed to through an e-payment provider or credit card, the fee is €50 per withdrawal and regardless of the amount. When it comes to deposits, there are no fees or percentages charged.
If you have made deposits in a combination of different methods, then be aware that you must withdraw the relative amount in the same way.
IQ Option: Trading Software and Interface
It is pretty straightforward to sign up to and you can do so through Facebook, Google, or just by entering your email address and a few details about yourself.
When it comes to searching for cryptocurrencies, it is very easy to do so and you can analyse the most relevant and up to date information with just a couple of clicks.
It is also very easy to navigate towards trading charts, history, and customer support options which is a welcome change when it comes to online trading platforms.
Another one of the great features of the interface is the easy access to educational materials and guides to help beginners find their feet when they first start training.
You can quickly get short training videos and guides that will give you the tips and tricks you need to get your head around trading.
The demo version is exactly the same as the live version, so there are no nasty surprises when you progress from learning to trading.
The ability to “play” with up to $10000 of demo funds means that even if things go badly, you can learn from trial and error without making any dents in your balance.
IQ Option: Mobile Trading
For those that want to trade when they are on the go, IQOption offers a mobile trading facility as well as an application which means you can stay up to date with the markets wherever you are.
The application is available across multiple platforms, or you can use the browser version that has been especially optimised for mobile use.
When it comes to usability, you can expect the same level of clean, clear, and intuitive design as the desktop version.
You also have the ability to set up push notifications on the application so that you will know when trading levels have reached a certain point, amongst other things.
IQ Option: Customer Support
Should you end up getting stuck and you are not able to find an answer to your question in the help section, then there are a couple of different ways you can get in touch with their customer support section.
You can send an email via contact form, or alternatively, you can speak directly to an agent via the live chat function on the website.
They claim to resolve all tickets within 24 minutes, which puts them head and shoulders above various other platforms which can take days to acknowledge or resolve customer issues.
They also state that they have around 83 customer service agents, and if you upgrade to a VIP account, you even get your own dedicated account manager.
Support is provided in multiple languages – English, French, Italian, Spanish, Portuguese, Chinese, Korean, Arabic, German, Turkish, Thai, Hindi, Urdu, and Norwegian.
Whilst IQOptions is international in some ways, it does not provide its services to anyone that is either a citizen of, or resident in US, Australia, Canada, Belgium, Israel, Palestine, Sudan, Syria, North Korea, or Russia.
IQOption: Safety and Security
When it comes to safety and security, IQOptions has a pretty good reputation.
Whilst not much is known about where money and funds are kept, the fact that it is regulated by CySec is a pretty good indicator that they are reliable, trustworthy, and do things by the book.
In the world of online trading platforms, this is a pretty rare assurance!
Clients can also take comfort in the fact that there are lots of security measures in place as well as stringent verification processes to be followed.
We particularly like the fact that you have to withdraw in the same way in which you deposited, meaning that a hacker cannot come along and drain your account into their own personal account or credit card.
All in all, this is a very secure platform that has not experienced any data or security breaches to date.
All in all, we give IQOptions a solid 8.0/10.0 and this is for several reasons.
We love the way in which it offers practice accounts so you can try your hand at trading before you have to put your money where your mouth is.
This is great for beginners or those that are not that experienced at trading as it allows a no-risk way to get the hang of things.
Secondly, we find the interface on both desktop and mobile, really simple and easy to use. So many online platforms are incredibly complicated and difficult to use, but IQOptions is not one of them.
This easy to use interface combined with the handy tutorials and how to guides means that even those that have never traded a thing in their life, can get to grips with it in a relatively short space of time.
The customer service response time has to be one of the best out of all the online trading platforms, and we were satisfied with its level of security in terms of verification and due diligence.
IQ Option is one of the best trading platforms, but comparing to for example eToro, it does not offer a cryptocurrency wallet or an exchange.
Overall, while writing the IQOption review, we haven’t come across any significant complaints online, which gave us an extra reassurance.