In this ultra-comprehensive IQ Option review I give my straightforward opinion. I will share my personal IQ Option experiences and show if this is the perfect broker for beginning traders.
Like all my reviews, this IQ Option review also contains a lot of information. So use the table of contents for easy navigation.
What is IQ Option and what about the offer?
IQ Option is an online broker where you can trade to your heart’s content in a delicious range of instruments. Like other brokers, IQ Option offers you as an investor a platform that gives you access to the financial markets.
This gives you the opportunity to profit from rises and falls in, for example, shares or crypto. Below is an overview of the range of more than 400 (!) Different assets.
- Forex (trading currencies, including exotic pairs)
- CFD Stocks (trading stocks by contract for difference)
- ETFs (baskets of stocks, for example in a particular sector)
- Crypto (currently 18 cryptocurrencies)
- Indexes (all the big boys like the Down Jones and the DAX)
Commodities (such as oil and gold)
In addition, IQ Option also offers the possibility to trade options for professional clients. For the status of a professional customer you must meet a number of conditions. Think of a certain level of knowledge and a minimum amount to be spent for investing.
Is IQ Option reliable?
The most important question for a novice trader is of course whether a broker like IQ Option is reliable. After all, it’s about your hard-earned money and you don’t just park it anywhere, right? In this part of my IQ Option review, I answer the question of whether IQ Option is reliable.
The company behind the broker
The European arm of the company is controlled by Iqoption Europe Ltd. They started in 2013 with a focus on options, but have since grown into an important player that now offers many more options.
There are brokers that have been in the market for some time, but what IQ Option has accomplished in a short time is quite impressive.
Some figures in a row:
- 30 million registered users
- 2 million trades per day
- Trading volume of $ 380 million per month
- Customers from more than 30 countries
- 78 support employees
Like I said… quite impressive!
Awards for best broker
And if that’s not enough, they have also won all kinds of awards in recent years. For example for best broker, best platform and fastest growing broker.
And I wholeheartedly agree with the award for best software. What a gem that is, but I will come back to that later.
Regulation and permits
Like many European brokers, IQ Option is based and regulated in Cyprus. Regulation goes through the CySec and in order to be able to operate in the Netherlands, they have to comply with very strict rules, just like other European brokers.
How safe is your money with IQ Option?
When it comes to protecting your capital, the broker is doing an excellent job. This is of course closely related to the strict regulation.
First of all, there is a compensation fund. In the unlikely event that problems arise, as a result of which a broker can no longer meet its obligations, the claims will be paid from this fund. So a kind of insurance.
In addition, all money from customers is in a separate account. Your money is therefore not in the company’s bank account. So should something happen to the company, the customers’ money is untouchable for creditors, for example.
Conclusion: is IQ Option reliable?
If I then add up based on this information:
- Great track record in a short time
- A huge number of users and trading volume
- Won many awards
- Regulated by European regulations
- Registered with the AFM
- Then I have to come to the conclusion that IQ Option is reliable.
Try it out for yourself with an IQ Option demo account
Do it right away. It takes a minute of your time and you can start right away with € 10,000 play money.
My experiences with the IQ Option trading platform
This is where this broker really stands out from the competition. And it is really more than right that you read in every IQ Option review that the software is great.
IQ Option uses a system they built in-house. It looks spectacular and it runs incredibly smoothly. It doesn’t matter which broker you have used in the past, you feel like stepping from a Kia into a Lambo!
I fall right in the house; the platform is not (yet) available in Dutch. This may be a problem for some traders, but it will not matter to most. Apart from this one downside, I have nothing but praise for the software.
It is clear and can be mastered very quickly even for beginners. And it is built for speed. Everything loads super fast (especially if you download the desktop app). Big fat plus in this IQ Option review.
The same actually applies to the graphs and how everything is depicted. It is a feast for the eyes and as soon as you log in it seems like you are stepping into the future. That’s the way it’s supposed to be.
And you can compile your own dashboard by dragging and dropping the various parts. As a trading nerd I of course think this is great.
Conclusion trading platform and software
If I had to sum it up in two words: next level. The only two drawbacks I can think of are that it is not (yet) in Dutch and that there might be some extra drawing tools, such as channels.
For the rest really great! Especially for novice traders who are looking for an accessible platform without too many bells and whistles.
Deposit money at IQ option
Suppose you have opened a demo account and your strategy appears to be working. Then of course you want to trade with real money after a while. This broker offers several options for depositing money:
Bank transfer (1 to 3 days)
Sofort (works just like iDeal. 1 to 5 minutes)
Credit card (instant)
Verify account (KYC)
In order to transfer money, you must verify your identity. This is mandatory according to European rules and all brokers must comply with this. So it is also for your own protection.
Once you have submitted your data, you can then easily withdraw your winnings.
Minimum Deposit IQ Option
The minimum deposit at IQ Option is only € 10. So another great reason for beginners to choose this broker. They really try to keep the threshold as low as possible, also financially.
The minimum deposit per trade differs per instrument, but the minimum is € 1.
Cash out IQ Option
Another big plus in this review is the payout speed at IQ Option. Payouts to credit cards and e-wallets such as Neteller and Skrill are instant and free. I recommend that you create a Skrill account anyway.
Other costs for trading
When you open a trade, you automatically pay the difference between the buying and selling price. This is called the spread. In addition, you pay a so-called overnight fee if you want to keep your positions open for longer than 24.
This only applies to Forex, Crypto and CFDs. FX Options have no fees or commissions.
These costs are comparable to those of other brokers in the same segment.
Experience with customer service
As in every broker review, I also tested IQ Option’s customer service. A good helpdesk is important anyway, but when it comes to money and investment products, good service and accessibility are of vital importance.
These are the contact options:
- Live chat
Via the general telephone number I had someone on the line within 2 minutes who spoke perfect English and was able to answer my question without any problems. My email was answered after 2 hours, which I think is a bit long.
But where IQ Option really shines is the live chat. This is integrated in the trading platform and works perfectly. A helpdesk employee responds within a few seconds, who answered my question within 45 seconds and also provides an extra explanation. Very big plus in my IQ Option review and a pleasant experience.
The IQ Option app is superior
In fact, all the benefits of the desktop app are reflected in the IQ Option mobile apps. Free to download for Android and iOS.
Just like the desktop version, the software on your phone runs like a charm. The interface is almost the same and the orders come through super fast.
And it all looks graphically perfect again. If you’ve used other brokers in the past, you really don’t know what you’re seeing.
IQ Option bonus
This broker is regulated in Europe and that means they have to adhere to the strict rules of ESMA. One of those rules is that as a broker you are not allowed to give or reward bonuses for a registration.
These are the main benefits of this IQ Option review.
- Huge offer
- Healthy and fast growing company
- European regulated
- Very accessible
- Minimum deposit € 10
- Perfect for beginners
- Great platform and apps
- Fast payout via e-wallets
- Very good help desk
- Clear tutorials about the platform