IQOptions Review by Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the iQoption.com broker in this IQOptions Review.
What Is IQOptions?
IQOptions is a binary options provider, which offers multiple trading instruments and a unique trading platform. The company offers free demo accounts, which most binary brokers don’t.
While IQoptions broker doesn’t offer multiple account types, like many other brokerages, they do have a VIP account available to those who deposit more than $3,000. It is worth pointing out, the sum shouldn’t be deposited in a single, initial transaction (as is most often the case), but all of your deposits must amout to $3000. The VIP account grants you slightly better payout percentages.
IQ Options is regulated by the Cyprus Securities and Exchange Commission (CySEC), one of the few reputable agencies which oversees binary options. This raises their credibility a lot, especially when compared to the majority unregulated binary options broker.
In case you didn’t know financial regulation is a key factor of a broker’s reputation. When dealing with an unregulated company, you are basically taking their word as the only guarantee you will ever get your money back. CySEC, on the other hand, enforces a lot of rules on the firms it oversees. In terms of the security of client funds, two stand-out as the most significant: client funds must be kept in segregated accounts and brokers must participate in the local compensation scheme.
Segregated accounts are a special type of bank account, which the broker can not access freely. This implies, they can’t “borrow” the money you are not using for trading and spend it on company expenses. Additionally the compensation scheme is a collective pool to which all brokers contribute a portion of their profits. The fund then serves the purpose of a guarantee, in case one of the brokerages happens to become insolvent. If you are trading with a binary options or forex broker, regulated by CySEC, your money is safe (against their bankruptcy) to a limit of €20,000.
One of the several unique aspects of IQOptions is the addition of Tournaments. These are events in which participants each put-up an equal predetermined amount up-front and then compete against each other. Tournaments have a fixed start and end time. A new tournament account, with a virtual $100 is created for each participant. Each contender trades, based on his own strategy and at the end of the tournament the top-ranking gainers are awarded. Tournament entry fees currently vary from $1 to $20, which means basically anybody can try them out. Do keep in mind, trading in these events is very aggressive and we would not recommend doing the same with regular options.
On the downside, there are multiple negative reviews of this company in various online forums. While we can’t confirm nor deny their credibility, the fact they exist is troubling. The complaints vary from poor execution to slow (or even non-existent) withdrawals, which are serious issues.
Minimum Initial Deposit
The minimum deposit at IQOptions is only $10. This is very low, even when compared with the lowest levels demanded by forex brokers. That being said some of them like the FCA-regulated industry pioneers at IG do not require a minimum deposit at all.
The payout level at IQOptions is 87% for the most basic binary options. This is slightly higher than what other brokers offer. As a comparison, Grand Capital usually offers 86%. With digital options, depending on the price level one chooses to trade based upon, the payout can reach up to 900%. However, in order for that to happen, the prediction will have to be a fairly unlikely one.
IQ Options has its own proprietary trading platform, which is rather nice. They do have mobile app versions, as well as a stand-alone desktop application, which most binary brokers do not provide (unlike most forex brokers, who rely on MetaTrader4). Having the ability to open the platform separately from your browser can prove to be invaluable, if you are not running with great hardware or like to open multiple tabs. That being said, the platform feels very smooth, especially when zooming in and out of the charts (with the mouse wheel).
The design is rather minimalistic, with all the options being available through additional menus. Some technical indicators are also available, although the list is not as extensive as those offered by most forex brokers. Candlestick charts are available, which can’t be said for all binary option providers.
Methods of Payment
The payment methods at IQOptions include Credit/Debit Cards, Skrill, Neteller, Giropay, Sofort and “many more”. We are not sure about the full lost of e-wallets but those seem to cover the most popular ones.
IQOptions is a CySEC regulated binary options provider. The company offers its services via a proprietary platform, which seems better than a lot of the ones offered by competitors. Interesting option types, like the digital ones are available. Tournaments are also a nice addition, which some clients may enjoy. Unlimited, free demo accounts are available, which is a rarity in the binary options world.
IQOptions Review Conclusion
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