IQ Option Review 2023 – Is it a Safe Broker? All Pros & Cons

IQ Option was first introduced to the binary options traders across the globe back in 2013. Since then, it has gained a considerable amount of popularity by providing a vast range of assets, including CFD, Forex, and a significant number of cryptocurrencies. IQ Option is headquartered at Hinds Building, Kingstown, St. Vincent and Grenadines and their official website is in several different languages English, Russian, Arabian, German, Turkish, and many more. In the beginning, one of the main reasons behind this brokerage website’s popularity was the facility to trade binary options with a very short amount of deposit. As binary options are known for their quick returns, the demand and acceptability of IQ Options escalated rapidly. With time, this website also included cryptocurrency trading with 12 very popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar Lumens, NEO, etc.

In recent times, Forex, options, and cryptocurrency trading has become tremendously popular among the traders of South Africa. New investors from this country are joining these booming markets everyday making it one of the leading nations in both Forex and cryptocurrency trading. Therefore, it is quite natural that South African traders would be veritably interested in IQ Options as well. Here, a few aspects of this brokerage website would be discussed for their convenience.

IQ Option Website

Overview:

• Minimum Deposit: Real a/c- $10
• VIP Account available
• Max. Leverage: Stocks- 1:20, Forex- 1:500, Crypto- 1:5 (T&Cs apply)
• Max. Return: Up to 100% (in case of correct prediction) for Binary Options *
• Tradable Assets: Stocks over 190, Forex over 30 pairs, Crypto- 12
• Demo Account: Yes

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Registration

Registration is very easy. Besides an easy registration form IQ Option allows registration via Facebook or Google+ accounts. Once the age of the newly registered trader is verified, s/he can begin trading right away on this website.

Account Types

IQ Option offers mainly three types of accounts for their non-European clients namely the demo or training account, regular or real account, and the VIP account. Each of these accounts comes with their own sui generis features. The demo account is strictly for the neophyte traders where they can learn about various aspects of Forex or cryptocurrency trading and were given $10,000 as virtual deposit. As for the regular accounts, the traders need to register following due process and providing age verification. In case of real accounts, the trader has to possess at least $10 as initial deposit and can trade over 300 various available assets according to their individual predilection. VIP accounts are usually chosen by veteran traders as it is available to clients that deposit significant amounts (the exact amount is subject to change). VIP traders can have access over more than 300 various available trading assets also. VIP account holders also have their own personal managers.

Trading Conditions

The website of IQ option is very much user-friendly and easily manoeuvrable. The traders signing up for both real and VIP accounts are given a wide array of different tradable assets. If we delve into IQ Option’s trading conditions, we would find:

Assets: IQ option offers all three kinds of assets to the investors including Forex, Cryptocurrency, and Stocks. They offer over 30 currency pairs including EUR/USD, GBP/ USD, USD/CAD, etc. to the Forex traders while providing the leading 12 cryptocurrencies to the crypto-traders. For the investors interested in stock market, they offer over 190 different stocks from companies like Microsoft, Google, IBM, Apple, and many others. They offer 66 options for the option traders as well. 

Minimum Deposit: The minimum deposit amount for all kinds of traders having a real account is $10 whereas the VIP account is available to clients that deposit significant amounts (the exact amount is subject to change).

Negative Balance Protection and Spreads: IQ Option also protects their traders from acquiring a negative balance during certain trading procedures. This website also offers tighter spreads and does not demand any commission form the investors.

Trading Instruments

IQ Option offers two major trading instruments for their registered traders namely the binary option and digital option.

Binary Option: In case of binary option, the payoff amount is fixed beforehand and is structured on the basis of the amount of indemnity the trader should receive if the trading expires. These options last for a very short period of time and offers considerable returns on investments.

Digital Option: The only difference of digital option for the binary option is that in this case the payoff amount can be manipulated by changing the strike price. Digital option is also becoming very popular among the traders of South Africa for its flexibility.

CFDs on Stocks

• Assets:  Over 190 tradable assets from renowned organisations including Facebook, Google, Apple, Amazon, IBM, Microsoft, and many more.  
• Maximum leverage: 1:20 (T&Cs Apply)
• Spreads: Reasonable tighter spreads that might vary according to market condition

CFDs on Forex

• Assets: Currency pairs including Euro, US Dollar, Canadian Dollar, Great Britain Pound, Japanese yen, Swiss Franc etc.
• Maximum leverage: 1:500 (T&Cs Apply)
• Spreads: Reasonable tighter spreads that might vary according to market condition

CFDs on Cryptocurrencies

• Assets: 12 major cryptocurrencies  consisting of Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, IOTA, Zcash, Omisego, Tron, Stellar Lumens, Bitcoin Gold, Ethereum Classic, Qtum etc.
• Maximum leverage: 1:5 (T&Cs Apply)
• Spreads: Reasonable tighter spreads that might vary according to market condition

On the IQ Option trading platform, the leverage tool is termed as the multiplier. Their development team has also implemented other innovative options like ETFs in the meantime. 

Trading Platform

IQ Option depends on its own unique software program unlike other websites and goes through frequent developmental updates for making further ameliorations. They endeavour to offer a very user-friendly as well as accurate trading platform for their traders. The trading platform is suitable for both inexperienced and veteran traders and is supported on browsers like Mozilla Firefox, Google Chrome, etc. along with operating systems like iOS, Android, and Windows.

IQ Option Tournaments

IQ Option arranges free weekly tournaments from various financial markets. Despite the risk factor, these tournaments can be highly rewarding to the participants as the traders would get a price to the balance of his account after winning the tournament.

IQ Option App and Download

Interested traders can easily download the IQ Option app form Google Play Store as well as Apple Store. As the trading platform of this brokerage website is supported by both iOS and Android, any Smartphone holder can use this ingenious application for trading various assets.

Deposits and Withdrawals

In the brokerage website of IQ option, the traders can have a fast and accurate deposit and withdrawal system. Deposits are free of charge (*currency conversion fee might apply), and one withdrawal per month is free, for each subsequent withdrawal a fee is 2% of the amount withdrawn, but not less than $1 and not more than $30.
Options like credit cards, wire system, and eWallets are always available for conducting such procedures. IQ Option accepts a vast range of cards including Mastercards, VISA, Maestro, and eWallets. For eWallets, the withdrawal process usually takes one business day whereas for wire transfer it can take as long as 10 business days.
Please note that there is 31$ fee for withdrawals via bank transfer. So we recommend using eWallets.

Demo Account

The demo account of IQ Options has been proven to be extremely effective for novice traders as it provides a significant number of useful trading tools such as currency charts for getting accustomed to the current trading methods. The demo account holders are given $10,000 as virtual money for practising their trading prowess before opening a real or VIP account.

Education

IQ Option’s education section is accessible to everyone and comes with several tutorials and trading tools like candlesticks charts to educate the newcomers with the nuances of Forex, CFD, or cryptocurrency trading.

Customer Service and Support

This website offers a 24x7 customer service to their clients and answers every possible query. The traders can also email their personal queries and complaints to This email address is being protected from spambots. You need JavaScript enabled to view it.. This website offers their customer support in multiple languages as well suitable for traders who are not well-versed in English.

Frequently Asked Questions

No, it is not, as IQ Option operates in more than 150 countries and has more than 100 million registered users all over the world.

The minimum deposit amount is $10, only for real account holders. However, for VIP account is available to clients that deposit significant amounts (the exact amount is subject to change).

The withdrawal process can last from a few hours to 10 business days depending on the medium of transfer. For eWallets it usually takes one business day.

The IQ Option trading platform is very user-friendly and can be manoeuvred by newcomer traders as well.

Final Thoughts

For countries like South Africa, where more traders are getting interested in foreign exchange or cryptocurrency trading every day, IQ Option offers a huge opportunity to be a part of the vast world of trading. It provides some unique features that make this website even more acceptable. Some of these features are: 

1. Stop loss and take profit options
2. High leverage for all kinds of assets including CFD, Forex, and Cryptocurrency.
3. Free of commission facility

Ergo, with so many advantages available, registering yourself to this website seems like an option worth choosing.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

 * Amount will be credited to account in case of successful investment