IQ Option Review 2024: Is It Worth It?

WHAT IS IQ OPTION?

IQ Option started in 2013. It’s a relatively new addition to online trading. Did you know that it is based in Cyprus? Let’s talk in detail about the broker.

In the most straightforward words, IQ is an online trading platform. It is one of the most reputable platforms out there. The broker was founded in 2013 and has grown exponentially since then.

Oh, and did I mention there is no trading fee? Fun fact: More than 1 million transactions occur across IQ every day!

HOW DOES IQ OPTION WORK?

IQ Option is convenient, practical, and simple to use. You do not need to install an application on your computer. But how does it work? Let me explain:

Firstly, I must inform you that binary options are not allowed in the EEA (European Economic Area), and IQ Option isn’t available to US customers. Once you have set up your account, you will see the balance and the asset list on the top of the screen. With IQ’s simple user interface, you can use the search function to find the assets you are looking for.

IQ Option homepage

Once you’ve decided which asset you’d like to trade, decide whether you want to buy or sell. You can also use the multiplier option to multiply the potential profit. Also, if you want to close your trade automatically, simply enter an upper threshold, and you won’t even need to look at your trade until it’s finished!

IQ Option instruments include forex, stocks, metals, commodities, and cryptocurrencies. Here’s a complete list of assets you can trade:

• Forex
  1. EUR/USD
  2. EUR/CAD
  3. USD/JPY
  4. AUD/CAD
  5. GBP/JPY
  6. GBP/USD
  7. EUR/JPY
  8. USD/NOK
  9. USD/DKK
  10. GBP/CHF
  11. USD/HKD
  12. EUR/CHF
  13. EUR/AUD and 20 more
• Stocks
  1. Apple
  2. Alibaba
  3. Netflix
  4. Meta
  5. Tesla
  6. Citi Group
  7. Microsoft
  8. McDonald’s
  9. AIG
  10. PayPal
  11. IBM
  12. Coca-Cola
  13. Twitter
  14. Nvidia
  15. Snap Inc.
  16. Intel
  17. Starbucks
  18. Visa
  19. Qualcomm
  20. Costco
  21. JPMorgan C
  22. American Airlines and 170 others.
• Commodities
  1. Brent Oil
  2. Gold
  3. Crude Oil
• Cryptos
  1. Bitcoin
  2. Ethereum
  3. Ripple
  4. Cardano
  5. Bitcoin
  6. Bitcoin Cash
  7. Litecoin
  8. Dash and 11 others.
• ETFs
  1. S&P 500 ETF
  2. Ishares Russell 2000 ETF
  3. Dow Jones Industrial Average ETF and 20 others.

To select an asset to trade, go to the asset page. IQ Option gives you a selection of account currencies. These include

1. EUR
2. USD
3. GBP

HOW DOES THE IQ OPTION TRADING PLATFORM WORK?

IQ Option allows you to trade major shares, currency pairs, and indices in form of CFDs. You may also access the platform whenever and wherever you wish. It is open 24 hours a day, seven days a week all over Europe. Let’s go through the IQ’s platform in depth.

At first glance, the platform looks to be clear and well-structured, and it is possible to customize your dashboard. Several chart types, indicators, or other tools are available to you for technical analysis on the asset. IQ Option has a mobile trading platform and includes candlestick chart analysis as well as an economic calendar.

The trading platform is regularly updated to ensure ideal trading conditions. To learn how to set take-profit and stop-loss on the IQ Option platform, check our detailed guide here.

WHAT ARE THE TRADING INDICATORS AVAILABLE IN IQ?

We know that technical indicators aid the trader in identifying trends and monitoring them to the best of their advantage. The technical indicators that are available in IQ are:

• Volume
• Bollinger Bands
• Alligator RSI
• Moving Average Convergence Divergence (MACD)
• Moving Averages (MA)
• Stochastic Oscillator
• Parabolic SAR
• Awesome Oscillator
• Average true range (ATR)
• Fractal
• ADS
• Commodity Channel Index (CCI)
• Ichimoku Cloud
• KDJ
• Detrended Price Oscillator (DPO)
• Belkhayate Timin

WHAT KIND OF ACCOUNTS DOES IQ OFFER?

IQ offers four types of accounts. You can choose the one that best fits your needs. All types of accounts provide good trading conditions. Let’s discuss them in detail.

IQ gives traders the freedom to pick the type of account they prefer, depending upon what they require. Let’s look at three types of accounts:

DEMO ACCOUNT

The demo option is standard for several trading platforms to allow users to get familiar with the interface. The demo account gives users $10,000 as virtual funds. It is perfect for users looking to understand the platform and find out if it is the right fit for them.

Even if you decide to open a real account, you can still keep this demo account. Even though the account is a demo does not mean it is any less advanced; you can still make trades and actual investments. The good part is that, unlike other trading platforms, you do not need to enter your personal information to register for a demo account.

STANDARD ACCOUNT

The standard account enables users to participate in investments in real-time. With the standard account, more than 300 assets are available to you.

These assets include CFDs in: forex pairs, stocks, and cryptos. The minimum deposit for this account is 20 euros. The standard account is suitable for novice traders.

RETAIL CLIENT TRADING ACCOUNT

This account gives EU residents and traders access to CFDs in: ETFs, cryptocurrency, forex, and stocks.

PROFESSIONAL CLIENT TRADING ACCOUNT

This account provides EU traders access to the same financial assets mentioned above, and adds a few other financial instruments. All of the above content has given you a lot of information about how IQ Options works. Now, let’s take a closer look at the details.

DOES IQ OPTION OFFER A DEMO ACCOUNT?

Yes, IQ offers a demo account. That is just one of the great things about IQ Option. This is great for newcomers to obtain a sense of the platform. You may use your demo account for as long as you like.

HOW SAFE IS IQ OPTION?

IQ Option looks to be a legit platform. It is bound to be safe then, right? Indeed, it is actually proven to be reliable and safe to use. Let’s dig deeper!

There is no need to worry; IQ Option is entirely safe. The user’s funds are safeguarded for up to 20,000 in compensation. For customers in EEA, it is regulated by CySEC.

I’d say that is pretty safe. Like with any other platform and trading medium, just remember to only invest as much as you can afford to lose.

WHERE IS IQ OPTION LOCATED?

The broker’s website does not include a location page. All of the information is available on the “About Us” page. As a result, I had to go further. Let’s find out where IQ Option is:

IQ has its headquarters located in Cyprus.

HOW DO YOU DEPOSIT FUNDS IN FOR IQ OPTION?

As mentioned earlier, the minimum deposit for a real IQ account (not a demo) is only 20 euros. IQ does not charge any fee for depositing the funds. Each trader has to go through a verification process. So, let’s explain!

In order to verify an account, the trader will need to submit proof of identity (POI) and proof of address (POA). As POI the broker can accept an Identity card or passport, while utility bills, government correspondence and account statements will be accepted as POA. More detailed information regarding the accepted documents can be found on the official website.

IQ is pretty flexible when it comes to both deposits and withdrawals. IQ accepts many types of E-wallets like Maestro, Skrill, Cash U, Neteller, and credit and debit cards.

HOW DO YOU WITHDRAW FUNDS FROM IQ?

IQ withdrawals are easier than you might expect. First, to issue a withdrawal request, you need to verify your identity, taking about three days (sometimes less). This is to protect your account from any fraudulent activities. Let’s dig deeper!

Once the verification process is completed, it only takes one business day to process the withdrawal. After this, it won’t be long for your account to be credited. The best part is that IQ allows bank transfers from various banks in Europe. There are no fee involved on the part of IQ Option.

The minimum amount you can withdraw is $2 for most payment methods, apart from bank transfers, where the minimum withdrawal amount stands at 100 euros. You must also use the same payment method you used for the deposit of funds, because the amount will be returned as a refund. Talk about inclusivity, am I right?

IQ option deposits and withdrawals

HOW DO I CONTACT IQ OPTION?

What if your platform isn’t working or you’re having another problem? If that happens, you may need to contact the company. What options are available? Let’s find out.

IQ has efficient customer service. Users can contact by email, phone, and online chat and get the help they need in under 30 minutes. The registration address of IQ is Leoforos Spyrou Kyprianou Street & Evgeniou Voulgareos, 82nd road, Number 2, Limassol, Kato Polemidia, 4153, Cyprus. If you want to contact them directly on their website, here is eu.iqoption.com. Email suits you more?

They’ve got you covered. Send your concerns to [email protected]. No, I did not forget to give you the official number. Here, you can find an up-to-date contact information https://eu.iqoption.com/en/contacts

No need to panic about being left on hold when you need help since IQ has about 90 representatives ready to assist users.

IQ Option customer support

DOES IQ OPTION CHARGE TAXES ON PROFITS?

Taking out taxes involves withholding taxes. Typically, IQ Option does not deduct taxes. They don’t have complete info on it. But they do provide general info.

IQ Option is not a tax agent. Any payable tax depends on the rules and regulations of traders’ own countries.

IQ Option terms and conditions

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