IQ Option Review 2024: Pros, Cons and How It Compares (2024)

Editor’s Verdict

IQ Option grew into a significant CFD broker over the past decade, home to 48M+ trading accounts, executing almost 1.4M trades daily valued at nearly $300M. IQ Option notes monthly client withdrawals exceeding 20M. Traders get its user-friendly trading platform and mobile app, and IQ Option has established itself among the leading social and copy trading brokers. I conducted an in-depth review of this broker to evaluate its trading conditions. Should you trade at IQ Option?

Ratings

Overview

IQ Option is a leading copy and social trading broker with quality trading tools.

IQ Option Five Core Takeaways:

• Massive trading community with 48M+ accounts
• Excellent trading statistics and fast order processing with an average time of 0.6 seconds
• User-friendly proprietary trading platform with a built-in chat function
• High-paying affiliate program
• Manual-only trading with support for copy and social trading

IQ Option Regulation & Security

Trading with a regulated broker will limit potential fraudulent actions and malpractice. I always recommend traders check for regulation and verify it with the regulator by checking the provided license with their database. IQ Option has one regulated subsidiary with a clean track record.

Is IQ Option Legit and Safe?

My review found no misconduct or malpractice by this broker since 2013. Therefore, I confidently recommend IQ Option and its clean track record, as it is a legitimate and safe broker.

IQ Option regulation and security components:

• Operational in its current form as a CFD broker since 2013
• Regulated by the CySEC for EEA-based traders as IQ Option Europe LTD
• International traders will deal with the unregulated but duly registered subsidiary from Antigua and Barbuda operated by Sky Ladder LLC
• Segregated client deposits from corporate funds, preventing comingling of funds and ensuring that in any insolvency event clients will be able to have their funds returned quickly.
• Negative balance protection

What would I like IQ Option to add?

While IQ Option has an investor protection fund for its CySEC-registered traders, I would appreciate one for all clients. Another security feature IQ Option could consider is a third-party insurance package or membership with the Hong Kong-based Financial Commission.

Fees

IQ Option features a commission-free cost structure with average trading fees. Forex fees start from 1.0 pips, or $10.00 per 1.0 standard round lot for major currency pairs. Minor currency pairs show spreads above 2.0 pips or $10.00 per 1.0 lot. IQ Options charges a €10 inactivity fee after 90 days of dormancy. Deposit and withdrawals are free of internal costs, except for a $31 bank wire withdrawal fee. Traders may face third-party processing costs and currency conversion fees.

The minimum trading costs for the EUR/USD at IQ Option are:

Here is a snapshot of IQ Option’s trading fees:

Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights in the commission-free IQ Option account.

Taking a 1.0 standard lot buy/sell EUR/USD position, at the average spread and holding it for one night in the IQ Option account will cost the following:

Taking a 1.0 standard lot buy/sell EUR/USD position, at the average spread and holding it for seven nights in the IQ Option account will cost the following:

Noteworthy:

• The swap rate structure makes IQ Option ideal for longer-term buy-only trades, where it delivers a notable cost advantage versus most competitors.

IQ Option Trading Hours

Range of Assets

Traders at IQ Option get a diversified CFD asset selection suitable for most strategies. I like the mix of Forex and cryptocurrency assets. Most equities are US-listed, with a handful of German and Italian blue-chips for the Antigua and Barbuda subsidiary, while the CySEC unit presents a broader choice.

IQ Options offers the following trading instruments:

• 32 liquid currency pairs (63 for the CySEC subsidiary)
• 26 cryptocurrencies
• 9 commodities
• 181 equities (376 through the CySEC subsidiary)
• 12 indices
• 22 ETFs

While the Forex selection is below average, it consists of the most liquid ones, plus several exotic pairs.

IQ Options Leverage

What should traders know about IQ Option leverage?

• Maximum retail Forex leverage is 1:500 for its Antigua and Barbuda subsidiary.
• The CySEC-regulated subsidiary restricts retail leverage for Forex traders to 1:30.
• Equity and ETF traders get 1:20.
• Cryptocurrency leverage maxes out at 1:5.
• Maximum commodity leverage is 1:50.
• Index CFDs max out at 1:100.
• Negative balance protection exists, ensuring traders cannot lose more than their deposit.
• Traders must always use appropriate risk management with leveraged trading to avoid

Account Types

IQ Option offers identical trading conditions from the same account type for everyone. The minimum deposit is only $10, making it one of the most accessible CFD brokers. Traders may deposit in their local currency, or the currency of any country where we accept residents as clients. An Islamic account is available upon request. The CySEC subsidiary has a professional account upgrade, which presents identical trading conditions as retail traders receive at the Antigua and Barbuda unit.

The pros of the account type structure at IQ Option are fairness and no upselling of better trading conditions for higher deposits. I also want to note the downside, the absence of a rebate program for high-volume traders.

IQ Option Demo Account

Demo trading does not grant exposure to trading psychology and can create unrealistic trading expectations. Therefore, I want to caution beginner traders when using demo trading as an educational tool, and they should consider the limitations.

What stands out about the IQ Option demo account?

• Traders can sign up for a risk-free demo account by providing their country of residence, name, and e-mail.
• The IQ Option demo account has no time limit and a $10,000 balance.
• Traders can easily switch between demo and live trading from within their trading platform.

Trading Platforms

IQ Option presents its proprietary trading platform, which is available as a desktop client, a web-based alternative, and a mobile app. The IQ Option mobile app has 100M+ downloads on the Google Play Store with a 4.1 rating from 669K+ reviews, making it one of the most downloaded mobile apps. The IQ Option trading platform includes a built-in chat function, social trading tool Trader Sentiment, copy trading tool Community Live Trades, a news feed, an economic calendar, 100 technical indicators, customizable price alerts, and straightforward risk management tools. While I like the user-friendly interface of the IQ Option trading platform, it only supports manual trading. As an active trader, I miss MT4 and its algorithmic trading functionality.

Overview of Trading Platforms

Unique Features

The impressive client and trading statistics at IQ Option stand out, confirming an industry leader in manual copy and social trading.

Research & Education

IQ Option does not publish research, which I do not consider a negative, as IQ Option is a leading copy and social trader, where the community provides trading ideas. Traders also get Trader Sentiment and Community Live Trades, which can help them identify trading opportunities.

What about education at IQ Option?

IQ Option offers quality education to beginners via its blog and video library. I appreciate the well-designed content, which shows that IQ Option cares about this segment and does not maintain it for marketing purposes.

The following educational aspects stand out at IQ Option:

• A well-structured blog filled with high-quality educational content.
• 9 videos covering the basics of trading.
• 2 videos on margin trading.
• 11 videos introducing CFD trading.
• 5 videos covering fundamental analysis.
• 6 videos on technical analysis.
• A dedicated section on margin trading at IQ Option.

My conclusion:

• I advise beginners to take advantage of the educational content at IQ Option.
• I also recommend additional in-depth education covering trading psychology and the relationship between leverage and risk management.
• Avoid paid-for courses and mentors.

Customer Support

IQ Option offers 24/7 multilingual customer support, but only registered traders can access live chat. Non-registered users may reach out via e-mail, but I recommend traders browse the IQ Option blog and the FAQ section before contacting customer support, as IQ Option answers many questions in both sections.

Customer support languages are:

• English
• Russian
• Portuguese
• Spanish
• Italian
• Thai
• Hindu
• Indonesian
• German
• Turkish

Noteworthy:

• Phone support is unavailable, and I miss a direct line to the finance department, where most issues can arise.

Bonuses and Promotions

IQ Option hosts trading tournaments similar to poker tournaments, where traders pay a small entry fee to compete for a prize. Terms and conditions apply, and I recommend traders read and understand them before participating. IQ Option also maintains a quality partnership program for passive income seekers.

Customer Support Methods
Support Hours	24/7
Website Languages	EN ES IT FR TR DE ZH RU PT MS TH ID SV Other

Opening an Account

IQ Option has a swift online account application asking for the country of residence, name, and e-mail address. Clicking “Open and Account for Free” completes the registration.

What should traders know about the IQ Option account opening process?

• Traders may use their Facebook or Google IDs to open an IQ Option account.
• IQ Option complies with global AML/KYC requirements.
• Account verification is mandatory.
• Traders can verify accounts by uploading a copy of a government-issued ID and one proof of residency document.
• IQ Option may ask for additional information on a case-by-case basis.

Minimum Deposit

The IQ Option minimum deposit is $10 or the local currency equivalent.

Payment Methods

IQ Option accepts bank wires, credit/debit cards, Skrill, Neteller, Paypal, Advcash, Perfect Money, and Web Money.

Accepted Countries

IQ Option accepts clients resident in most countries but singles out Australia, the USA, Canada, Iran, Israel, Japan, Latvia, North Korea, Pakistan, Palestine, Russia, Sudan, Syria and Turkey as restricted countries. It further adds that it does not provide services to “any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.”

Deposits and Withdrawals

The secure IQ Option back office or user-friendly mobile app handles financial transactions for verified clients.

What are the key takeaways from the deposit and withdrawal process at IQ Option?

• IQ Option does not levy internal deposit fees.
• Withdrawals incur fees, including an internal bank wire levy of $31.
• Third-party payment processing costs may apply.
• Traders should consider potential currency conversion fees.
• The minimum and maximum transaction amounts depend on the payment processor but start from $10 for deposits and $2 for withdrawals.
• IQ Option notes that credit card withdrawals may take up to 21 days.
• Wire transfers take between 3 and 5 business days.
• Most e-wallets have instant to near-instant processing times, but IQ Option asks traders to wait for up to three business days.
• The average internal withdrawal processing time at IQ Option is eleven hours.
• Deposit currencies are USD, EUR, GBP, SGD, and RUB.
• The name on the payment processor and IQ Option trading account must match in compliance with AML regulations.
• Payment processor availability depends on the geographic location of traders.

Is IQ Option a good broker?

I like the trading environment at IQ Option for copy and social traders who deploy manual trading strategies, as IQ Option has 48M+ trading accounts. I can also recommend IQ Option for beginners due to its quality educational content and low minimum deposit requirement of only $10. The well-balanced asset selection, fast order execution of 0.6 seconds, 1.4M executed trades daily valued at nearly $300M, and average withdrawal time of eleven hours make IQ Option a suitable broker for active traders. I miss MT4 and its algorithmic trading environment, but I rank IQ Option among the best manual-only brokers.