IQ Option Forex and CFD Broker Review 2023 - Is it a Safe Broker?

IQ Option has gained popularity among CFD and FX brokers as well as traders from the rest of the world. Founded in 2013, IQ Option is based at Hinds Building, Kingstown, St. Vincent and Grenadines. Other than English, the brokerage website supports several languages such as Russian, Chinese, Italian, Korean, Portuguese, Arabic, French, German and Turkish. Therefore, the traders can choose to visit the website in their mother tongue.

IQ Option Website

Overview:

• Minimum Deposit: Real a/c- $10
• Maximum Leverage: Stocks- x 10, Forex- x 500, Crypto- x 5 (T&Cs apply)
• Tradeable Assets: Stocks- 190+, Forex- 30+ pairs, Crypto- 12
• Demo Account: Yes

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Registration

The registration process on IQ Option is not a big deal. The Forex or CFD trader can do so by simply clicking on the “Sign Up” icon and entering their real name, email id and by giving a password. The trader has to confirm that they are above 18 years and accept the broker’s Terms & Conditions.

Account Types

IQ Option basically offers three types of accounts for its non-European clients; training account, real account and VIP account. The segregation of the accounts are necessary to let the traders can decide on how much risk they are going to take. The training account does not take any commissions. The traders do not have to provide their credit card information and the trader can deactivate the account at any moment. In case the trader has shifted to the real account, they have to make an initial deposit of $10 and can trade over 300 various available assets. Those who opt for VIP account will have to deposit a significant amount (the exact amount is subject to change). By opening a VIP account the trader will have a personal manager.

Trading conditions

The website of IQ Option is easy to navigate and a trader can simply follow the icons to start trading Forex or CFDs. The online broker provides a wide variety of tradable assets to its clients.

Spreads: The broker offers tighter spreads to its clients and does not take any other commissions.

Assets: For Forex trading, the user can choose either of over 30 currency pairs. The CFD traders can choose to the stocks, cryptocurrencies, indices and the forex market. The traders can choose the stocks of tech giants like Google, Apple, IBM, Microsoft and Apple.

Minimum Deposit: The minimum deposit for forex and CFD trading is $10 for the real account only.

Negative Balance Protection: The online broker also has a negative balance protection in place so as to prevent the traders from running into a negative balance account. This stops the trader from losing more funds.

CFDs on Stocks

• Assets: Over 190 tradable stocks including Apple, Facebook, eBay, Google, Amazon, IBM, Microsoft etc.
• Maximum leverage: 1:20*
• Spreads: Tighter spreads, may vary according to market

CFDs on Forex

• Assets: currency pairs consisting Euro, the US dollar, Canadian dollar, British pound, Japanese yen, Swiss franc etc.
• Maximum leverage: x500*
• Spreads: Tighter spreads, may vary according to market

CFDs on Cryptocurrencies

• Assets: 12 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, IOTA, Dash, Ripple, Zcash, Omisego, Tron, Stellar etc.
• Maximum leverage: x5*
• Spreads: Tighter spreads, may vary according to market

Leverage tool is called the multiplier on the IQ Option trading platform. Other instruments like ETFs will be made available by IQ Option soon.

Trading Platform

IQ Option relies on its own software and constantly update it such as to remain ahead of the other trading platforms. Their aim is provide the best of experience to their clients in forex and CFD trading by providing faster and more accurate trading platform. The trading platform of IQ Option suits the trader irrespective of their trading experience. The trading platform is supported on Android and Apple smartphones, desktop and on browsers like Google Chrome, Opera, and Mozilla Firefox.

IQ Option tournaments

IQ Option offers free weekly tournaments from different financial markets to participate in. After winning the tournament a trader receives a prize to the balance of his account. The traders may have to take a little more risk but it may yield into larger rewards.

IQ Option App

The IQ Option app can be easily downloaded from Google Play Store and from Apple store. The trading platform of IQ Option is compatible with all the smartphone versions can the trader will feel at ease as they felt with the desktop version.

Deposits and Withdrawals

The deposit and withdrawal process at IQ Option is fast enough and the 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. Credit cards, eWallet and bank wire are available for the deposit and withdrawal. The company accepts Mastercard, Visa and Maestro and eWallet like Skrill, Netellerand and Webmoney. The withdrawal process usually takes one business day when the medium is eWallet. But, for credit card and bank wire it may take as long as 10 business days.

Demo Account

The demo account of IQ Option is an essential feature, especially for the beginners in Forex and CFD trading. It is similar to the live version except that the traders are provided virtual money worth $10000 to trade with. Once the beginner has gained some experience through the demo account and understood how the Forex and CFD markets work they can transfer to the real account if they want to. The broker allows for easy transfer process.

Education

The education section of IQ Option is available to everyone. They provide detailed guides on how to trade forex and CFDs and have the technical charts like candlestick, line and bar to explain it all the way. The education part provided by the broker makes it easier for the trader to approach the market.

Bonus and Special Offers

IQ Option doesnt offer bonuses anymore. 

Customer Service and Support

For any query or complain the trader can contact IQ Option support centre through email This email address is being protected from spambots. You need JavaScript enabled to view it. or through telephone. Their support team is available 24x7 and eagerly help out their clients and potential clients. In the meantime, the broker does have a live chat support option too.

Best Features of IQ Option

Features of IQ Option: Stop Loss and Take Profit: IQ Option offers the stop loss option to their clients. It is essential for the CFD traders to do risk management. The trade will automatically close after it has reached the predetermined profit percentage. The stop loss and take profit tools can be used at the same time. The trader just needs to specify the conditions. Leverage: The range of multiplier offered by IQ Option is usually x1, x10, x25, x50, x300 and even x500 for the forex, CFD and cryptocurrency traders. (T&Cs apply) No Charges: The broker does not charge anything for trading forex and CFDs. Their income comes from the spreads.

 

Frequently Asked Questions

No, IQ Option has more than 100 million users and operates in more than 150 countries worldwide.

The minimum deposit for forex and CFDs is $10 only.

The withdrawal process can last from a few hours to 10 business days depending to the medium of transfer.

IQ Option offers its own trading platform to the forex and CFD traders.

The maximum leverage that a trader can take advantage of at IQ Option is x500. (T&Cs apply)

Conclusion

IQ Option is renowned among the traders for forex and CFD trading. Their trading platform is competitive and contains many innovative features. One can trust the broker as it is well-known and has more than 100 million users worldwide. The website displays risk warnings and does not fool a person to invest into anything. This is one advantage of logging into IQ Option.

RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK