IQ Option: Trading App Review and Tutorial 2021

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IQ Option is one of a few brokers that offers its own trading platform as opposed to ready-made solutions such as MT4 and MT5. The platform combines the best-known practices with a unique interface. Altogether, they make trading easier to understand and practice.

General information

IQ Option ranks among the leading Forex, stocks, options, crypto, commodity, and ETF brokers. It’s regulated by the international authorities, which makes it a safe playground for traders’ investment experiences.

IQ Option was founded in 2013. A year later, it received the Best Trading Platform Award on Forex Awards and came to be known on an international scale. Now, the company has a multimillion global user pool, numerous fintech awards, and the reputation of an industry-leading broker.

Pros and cons

Pros:

  • Custom-made trading platform. The IQ Option developers and designers re-thought the principle of the trading platforms with the goal of making trading accessible to the general public, and not just for advanced investors. Thanks to the platform’s smart user interface, traders have more control over it, spend less time learning the interface, and make decisions faster. 
  • A wide range of analysis tools: more than 100 technical indicators, traders' sentiment, news, widgets, alerts, etc.
  • Low barrier to entry. The initial deposit is $10 or an equivalent in your account currency. The minimum trade amount is only $1. 
  • $10,000 Demo account. The play money is replenishable anytime, which means unlimited free practising without an expiration date. 

Cons:

  • Only two account types available: Demo and Real. Limited flexibility of trading conditions.
  • No MT4 and MT5. One can trade only with the IQ Option platform. Although it’s much easier in terms of interface, some traders familiar with Metatrader might be lacking some of its features. 

Trading conditions

IQ Option boasts one of the most beneficial condition schemes in the market. Low minimum deposits of $10 allow entering the market without large investments yet operate a higher amount due to the available leverage. 

Whenever you deposit money to your IQ Option account, it goes to the segregated bank accounts to keep it safe and sound. On top of that, IQ Option is a member of the Investor Compensation Fund. If something goes wrong, you can receive up to a $20,000 compensation.

Tradable assets

IQ Option offers 7 types of trading instruments: Forex options, Forex pairs, stocks, cryptos, commodities, indices, and ETFs:

  • Forex. Best-performing currency pairs, from majors to exotics, leverage up to 1:1000*
  • Forex options. Contracts that give you the right to exchange one currency to another at a preset exchange rate at a specified moment of time in the future. Unlimited potential returns**
  • CFDs on stocks. Hundreds of stocks, including such giants as Apple, Tesla, Amazon, Netflix, Boeing, and more. Leverage of 1:20*
  • Commodities. Oil, gold, silver, and platinum. Leverage of up to 1:150*
  • Cryptocurrencies. Bitcoin, Ethereum, Litecoin, Ripple, Monero, Zcash, Omisego, IOTA, and more. Leverage is up to 1:100*
  • ETFs (Exchange-Traded Funds). Many different assets are combined into one basket. You can trade them in a bulk, similarly to the regular stocks. Leverage 1:20*

*Leverage is indicated for the non-European accounts. The values for the EU-based users would be different.

**Amount to be credited to the account in case of a successful trade.

Trading platform

IQ Option has a proprietary trading platform, which differentiates the broker from the majority of competitors that use third-party solutions. The platform won several awards for innovative interface and user-friendliness.

The IQ Option trading platform is available on Mac, Windows, web, iOS, and Android in 17 languages. The app is free and available in App Store and Google Play.   

If you are interested in trading binary options, the broker offers two alternative mobile solutions: APK mobile app and Progressive Web App (PWA). 

APK (Android Package Kit) is the file format used by Android to distribute and install apps. It gives you all the benefits of a regular app in addition to the ability to trade binary and digital options (unless you trade from the EEA). 

PWA is a web app that looks and works like a normal app. To install the PWA, click the “Add to home screen” button in any browser. This app works for both iOS and Android.

Trading accounts

The broker offers three account types: Demo, Real Standard, and VIP. Upon registration, each user automatically gets access to both Demo and Real account types. 

  • Real account gives traders access to the real market. It requires filling out a registration form and verifying your identity, address, and payment method. The default account currency is USD, but you can change it to EUR, GBP, or another currency in the settings upon the first deposit. You can deposit money in any currency, and it will be converted to your account currency automatically.  
  • Demo account fully duplicates the Real account’s trading functionality, but with play money. It allows learning the interface and practicing strategies without actually investing money and taking real risks. The practice account comes with replenishable $10,000 in virtual coins and has no expiration date. 
  • VIP account requires a larger initial deposit and gives unique perks normal account holders don't get, such as increased profitability on certain assets and a personal manager. 

Deposits and withdrawals

Traders can deposit and withdraw money via several payment methods: Neteller, Skrill, PayPal, Visa/Mastercard, wire transfer, Neteller, Skrill, Boleto, and other international and local payment systems.

Normally, deposits made with e-wallets and credit cards are processed instantly. Wire transfer payments might take up to 5 days and implies a banking commission of ~$20. IQ Option doesn’t charge any fees for deposits.

The minimum withdrawal amount at IQ Option is $2. Note that if you deposited with a bank card, you’ll need to request a withdrawal to the same card. The reason for that is the fact that withdrawals are processed as refunds. The withdrawal amount in this case has to be equal to your initial investment amount, including deposits made within the past 90 days. In order to withdraw the rest of the money (your profit), use one of the available e-wallets. 

Withdrawals usually take no longer than 1 day, but that may vary depending on your payment operator.  

Traders education

IQ Option has a collection of free trading videos on various topics: Forex, options, crypto, and CFD trading, indicators, platform hints, etc. The video tutorials are available from the website or in the self-titled section of the Traderoom. 

On top of that, users can check out the IQ Option blog, which contains numerous useful articles with trading strategies, tips, and analytics.

Customer support

Traders can contact the broker 24/5 via email, online chat, or by phone. Live chat is the quickest means of communication, the reply usually comes in 40 seconds or less, and you can ask your questions in your mother tongue. Local phone numbers are available for different countries. 

Should I trade with IQ Option?

IQ Option aims to be a fully-equipped trading playground. Thanks to a low initial deposit and a lightweight modern interface, it is easy to take your first steps in the market, even with zero experience.

IQ Option offers a free demo account that is available to traders immediately after registration. No need to make a deposit first, traders can practice as much as they like and switch to a real account in a click.

To make trading decisions easier, the broker offers one of the largest indicator collections in the industry (over 100) and other analysis tools.

The broker offers free deposits, one free withdrawal per month, tight spreads, and no hidden fees. There is a large selection of assets and a leverage feature.

Sign up and get $1,000 in a demo account