IQ Option Review
IQOption, a trusted binary options regulated in two jurisdictions
For the past two years, the binary options trading industry has been experiencing turbulent changes. This is due to the fact that many of the financial regulatory authorities around the world are warning retail traders of the dangers of trading with unregulated binary brokers. In addition, many regulatory authorities are drawing up new and stricter regulatory requirements which binary options brokers are required to abide by. One such regulatory body is the Cyprus Securities and Exchange Commission (CySEC).
As a result of the additional regulatory requirements which CySEC has imposed on the financial services providers under its jurisdiction, many binary options brokers are now finding themselves unable to maintain their operations in Cyprus. This has forced them to move elsewhere with less stringent regulatory requirements. Nevertheless despite the exodus of brokers from CySEC, there are a few established brokers such as IQOption that has decided to expand their operations in the more stringent regulatory environment. In fact, IQOption has recently upgraded its trading platform to accommodate Spot FX and CFDs trading.
A well known brand among binary options traders since 2013, the IQOption brand is under the management of two companies, IQOption Ltd and IQ Options Europe Ltd. The head office for the former is located at Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles. For IQ Options Europe Ltd, it is based in Cyprus with its office Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol. This is due to regulatory requirements imposed by the Cyprus Securities and Exchange Commission (CySEC) which forbid CySEC brokers from soliciting clients outside of the Eurozone. Hence in order to service clients from the Eurozone legally, IQOption’s operations outside of the Eurozone are handled by IQOption Ltd which is based in the Seychelles under the jurisdiction of the Seychelles Financial Services Authority.
The trading platform which IQOption has provided its traders with was developed in house and is proprietary. Unique to IQOption, the trading platform boast of numerous advanced features and also allow traders to conduct Spot FX and CFDs trading. In other words, the IQOption’s trading platform has increased in sophistication tremendously. It now comes integrated with a dozen different technical indicators which IQOption’s traders can overlay onto their trading charts to improve their market analysis. Apart from the numerous technical indicators, the trading platform also has several drawing tools which traders can use to plot trend lines into the trading charts. The chart type can also be changed from a line chart to a candlesticks chart.
With 7 billion recorded smartphone users around the world, it is only to be expected that a significant portion of the online trading population comprises of smartphone users. To cater for this segment of the online trading population, IQOption has also provided a dedicated mobile trading app which smartphone and tablet users can download onto their mobile devices. This mobile trading app is available free of charge and readily be downloaded either from Apple’s App Store or from Google’s Playstore.
Another major change that we can see in IQOption today is the range of financial instruments which are available for trading. The assets that are available for trading are categorized into 5 different classes namely Cryptocurrencies, currency pairs, ETFs, Equities and Options. Altogether, there are 12 types of Cryptocurrencies, 188 currency pairs, 4288 types of ETFs, 7485 stocks and in excess of 10 million types of options. To get an idea of what IQOption has to offer in terms of trading assets, below is a table showing some of the more frequently traded assets.
JP Morgan Chase
|Dubai Financial Market
Hang Seng Index
Tel Aviv-25 Index
Bonuses, Accounts and VIP programs
IQOption typically does not discriminate their clients on the basis of how much they have deposited with the broker. Instead, all traders are treated equally as much as possible and as such, IQOption offers only one type of standard trading account to offer its traders. The broker has also made it extremely easy for anyone to open a trading account with them through the low minimum deposit requirement of $10. Trading is also affordable as the minimum trade size is merely $1. For potential traders who are still undecided, they can try out the services offered by IQOption by taking advantage of the free practice account provided by IQOption.
But for traders that have deposited a total of $3000, IQOption automatically award the VIP status. As a VIP trader, there are some additional perks that the trader will receive over the standard account holders. Examples of these extra perks include:
- » Increased Payout Ratios
- » More in-depth trading education
- » Personal Manager
Due to the recent regulatory requirement imposed by CySEC forbidding brokers from offering conditional trading bonuses, IQOption today no longer offers its clients any kind of bonuses. Instead, IQOption’s traders are now encouraged to participate in the regular trading competitions held regularly by the broker. Here, traders can win prizes up to $50,000 in value.
Fees, Payouts and Trading Features
As for trading fees, IQOption does not charge its traders a separate commission or spread on the trades that they had make. Instead, all the trading costs are already factored into the price quoted to the traders. In short, the investments which the trader had made represent the entirety of what the trader has to pay for his investment. With regards to the payouts, traders at IQOption can expect an average return of 75%.
Deposits and withdrawals
Traders at IQOption are given a choice of several payment methods. They can either fund or withdraw their trading accounts with their credit/debit cards, eWallets or do a bank wire transfer. For credit cards, major credit cards such as VISA, MasterCard and Maestro are supported. IQOption also support several popular eWallets such as Neteller, Skrill and WebMoney. There is no minimum withdrawal amount but the maximum withdrawal amount is limited to $1000. The typical withdrawal processing time is 3 days,
To ensure that traders at IQOption are able to get assistance whenever they request it, the customer support services at IQOption are available 24 hours a day 7 days a week. Access to the support services are further facilitated with the multiple channels which traders can utilize to communicate with the support team. For example, traders can use their email, or talk to the customer support representatives through live chat or the telephone. An added plus point about the IQOption’s telephone support is the fact the broker has also provided localized telephone numbers for 19 different countries around the world.
Extra Features and Resources
In terms of extra resources, IQOption has provided traders with an extensive range of video tutorials. There is also a blog which traders can refer to for the latest news developing in the markets.
From our review, IQOption is definitely one of the more reliable binary options brokers in the industry. Despite all the changes that are happening within the industry, IQOption has remained true to its primary objective of providing its traders with a safe and secured trading environment. The broker has a strong loyal following of traders, as it has won their trust and confidence. This relationship with the traders has remained strong over the years as the broker has never resorted to high pressure selling to sign up clients. If you are looking for a safe and dependable broker, then IQOption is the right broker for you.
- » Around The Clock Customer Support
- » Extensive Coverage of Markets
- » Localized Support Available
- » Regulated Broker
- » No trading account choices
Is IQOption a regulated broker?
Yes. IQOption is a regulated broker by the Cyprus Securities Exchange Commission and the Seychelles Financial Services Authority.
What is the maximum payout for IQOption Binaries?
The maximum payouts at IQOption varies
What is the minimum deposit requirement at IQOption?
The minimum deposit requirement for a live trading account at IQOption is $10.
Is IQOption reliable?
Yes IQOption is a reliable broker. Apart from the fact that the broker is a regulated broker, it has won numerous awards in recognition of its service excellence.