IQ Option Review 2023: Key Features & Alternatives

Bizreport - Bailey Schramm
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Reviewed by Kristina Knight, Journalist , BA
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  • Cost Value
  • Customer Service
  • Ease of Use
  • Included Features

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IQ Option is an investment platform and software development company for international traders.

Pros

  • Very user-friendly interface
  • Easy to deposit money
  • Highest levels of remuneration for binary trading

Cons

  • Not available to traders in the US
  • You will need a lot of RAM
  • Cannot withdraw money suddenly
  • Stocks, forex, crypto, and CFD trading
  • Trading online on desktop and mobile trading
  • Multi-lingual support
  • Refillable free account for practicing with virtual money
  • Founded in 2013
  • Trading platform 
  • Based in St. Vincent and Grenadines
IQ Option Review

IQ Option was created in 2013 and is a proprietary trading platform for investing in binary options, ETFs, cryptocurrencies, and more. 

They make it easy to deposit and make withdrawals, and are available both on desktop and mobile app access, so online trading is possible on IQ Option from anywhere you have Internet access. Plus, with an IQ Option demo account, you can practice your trades beforehand in order to avoid losing real money. 

They also provide a multi-chart layout, technical analysis, historical quotes on a financial instrument, and much more to help you make good investment decisions. 

However, it is essential to point out that the IQ Option trading platform is not available to people in the United States. So if you live in the US and want to make a trading account to invest money, you’ll have to consider some other trading platforms available for binary options trading.  

IQ Option Advantages

Let’s go over some of the top reasons why you would use IQ Option over another binary options broker. 

User-Friendly

It’s easy to start trading as a beginner on IQ Option because of the intuitive layout and simple-to-use interface they have. The IQ Option mobile app also makes it easy for you to trade from anywhere, which is a great perk for users of the platforms. 

Advanced Trading Tools

Another great factor of IQ Option is that there are great and advanced tools on the platform to help you execute trades with precision and insights. The different capabilities like technical indicators on forex and CFD trades and other aspects of IQ Option make it a great online trading platform. 

Winning Award Trading Platform

Overall, they are an award-winning trading platform that has been around for nearly a decade, so it has garnered quite a bit of support and respect over the years. Many view them as a reliable broker given their history in the space, especially as a mobile trading app. 

24/7 Support Services

Lastly, they offer 24/7 customer support for their customers with trading accounts from all over the globe. They can help you troubleshoot a number of issues like bank transfers, a withdrawal request when you’re trying to withdraw funds, account status, and more. 

IQ Option Features

IQ Option Review

Now let’s cover some of the features of having an account with IQ Option. 

IQ Option Platform: Safe and Trustable

Many view IQ Option as safe and reliable, though be aware that there are many reviews out there that voice issues with getting withdrawals properly and adequate assistance from the support team. Their long-standing position in the industry is a plus, though don’t overlook some of the concerns from prior customers, either. 

Investment Products

There are a variety of investment products on IQ Option, including stocks, cryptocurrency, forex pairs, and exchange-traded funds on their intuitive trading platform. 

Different Types of Trading Account

Another feature of IQ Option is that they have a number of trading accounts available to users, which we’ll cover here. 

Practice Account

IQ Option’s free demo account is a place where traders-both beginners and experts–can try out new strategies without the high risk of losing like in the actual markets. 

Real Account

The base account for IQ Option traders is the Real Account, giving traders the full experience for just a minimum deposit of $10. This account gives you access to over 300 assets and a practice account. 

VIP Account

The VIP Trading Account with IQ Option gives exclusive benefits and offers to users, which include high profitability rates, a personal account manager, and free participation in IQ Option’s tournaments with a VIP Account. 

Professional Account (EU Traders only)

Users in the EU can get a Professional Account, which is for experienced traders who can make good risk assessments and good trading decisions. They must be properly authorized and must have over 20,000,000 euros on their balance sheet, among other financial restrictions. This also comes with negative balance protection and higher leverage permitted. 

Withdrawals

You can’t withdraw cash instantly from the platform, though many users show that you can get a withdrawal fairly quickly from your account. 

Flexible Deposits

There is only a $10 minimum for deposits, which is very accessible for most people who want to trade on the platform. You can use a number of different payment service providers to replenish your account with all your funds, including WebMoney, Neteller, AdvCash, Skrill, Perfect Money, Government Savings Bank in Thailand, credit cards, and more. 

Affiliate Program

They also offer another way for its users to make money by joining their affiliate program. 

IQ Option Quick Overview

iq option

4.6 stars

Best Overall Value

  • Low minimum deposit and trading costs
  • Helpful technical indicators and trading tools
  • Exciting trading competitions to earn more

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IQ Option Customer Reviews

IQ Option doesn’t have a great reputation with customers as you can see on Trust Pilot. Let’s see what some users have to say. 

I use their platform to implement my short-term trading strategies and some of the medium to longer time ones, and the good thing about this platform is it can host both strategies. It is adaptive and fairly easy to use even for newbies.

Thiago

They have reduced my payout percentage drastically and never restored it despite many requests. This happened when I asked them whether I can connect a bot. I never connected a bot though…

Deshiya

The platform is designed with an algorithm that follow rules that works in the interest of the platform only, and in this business it is a zero sum game. I made a long term trade with them hoping that I will just buy some crypto and leave it for few years until it’s value goes up, but the platform decided to activate an algorithm that will make me exit the trade (as if I was short buying!!) without my consent and without notifying me.

Mazen

This broker is a total scam. This broker stole a total of 405 USD from me. When you withdraw money they will send the money to your account but after a few days, they automatically refund those transactions back to themselves. I gave them proof by sending them my bank statement but their support agents just keep dodging whenever I ask them about this

Talha

IQ Option Service Review

IQ Option Review

Review of IQ Option

Overall Pricing and Value
92%
92%
Cost Value
95%
95%
Customer Support
90%
90%
Ease of Use
95%
95%
Included Features
90%
90%

Let’s do a final review to see if IQ Option is a good choice for you among the other online trading platforms available. 

Is IQ Option Right For You?

If you don’t have the risk tolerance for losing money rapidly, using a platform like IQ Options, or any other similar broker may not be for you. So first assess what your risk tolerance is, and whether trading binary options is a good fit for you and your financial goals. IQ Options is one of the platforms that’s been around the longest, and their web platform is extensive, helpful, and easy to use by beginners. So, it can be a good choice for you to utilize. 

Cost Value 

Many believe that IQ Option offers good cost value for their services, especially given the different tiers of accounts that are available to trade with IQ Option at a level that fits your budget. 

Customer Service

They have a customer support team that is available 24/7 and offers multilingual support for its international customers. This is a great offering if you need help with your account, though some reviews from actual customers reflect that it may actually be challenging to get in touch with the IQ Option support team when needed. 

Ease of Use

The platform is very simple to use, so it’s even a good match for beginners. There is only a slight learning curve to get started on the platform and doesn’t require a ton of background knowledge in order to use it.  

Included Features

IQ Option has a helpful variety of features on their platform that are a great match for investors at different levels. Even those who are used to retail investor accounts and are on the more advanced level will enjoy the different trading tools that you can find on the platform. 

Overall

There is a general risk warning against trading binary options and other forex securities by many major governing bodies. However, those who feel comfortable with the risk they are exposed to with this type of investment strategy can consider IQ Option. 

2 Top IQ Option Alternatives

Pocket OptionQuotexIQ Option
Minimum Deposit$5$10$10
Demo Accountcheckiconcheckiconcheckicon
Rating4.84.74.6
DetailRead Review Read Review Read Review
Link

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Pocket Option

Pocket Option is another broker where you can trade binary options, and is a part of Gembell Limited Holding. The platform is mass-market requirements-based, so it has great services and account types in the OTC markets. Overall, Pocket Option tries to make trading easy, clear, and straightforward to provide a stable experience for users. 

Quotex

Quotex is an online broker that supports binary options trading for customers. It has been around since 2019 and allows customers to trade currency paries, metals, oil, cryptocurrencies, stock indices, and more. 

They have their own proprietary platform that can be customized by users with ease. The minimum deposit is just $10 to get started, which makes it accessible for many people. Plus, they have 24/7 support to help users, as well as two-factor authentication for added security for your financial assets. 

Read more: Top 10 Best Binary Options Brokers & Trading Platforms 2023

Conclusion

Above all, consumers should be aware that trading binary options, forex, crypto, and other investment securities can be very risky, and there is never any guarantee that you will earn a lot of money. This risk warning should be apparent to all, though IQ Option is a place to go if you want to trade CFDs, crypto, and other related securities. 

They have been around for nearly a decade, and offer demo accounts for practice, and many other great features. However, be aware of the negative reviews from past customers and only use the platform at your own risk.

Frequently Asked Questions (FAQs)

Does the company carry an option like a practice account?

Yes, you can open up a practice account to make demo trades before doing the real thing.

What are swap fees in forex trading?

Swap fees are based on the swap rate, which is the rate of interest where one currency is exchanged for an interest in another currency. The difference between them is referred to as the swap fee.

Does IQ Option charge a dormant account fee?

Yes, they are permitted to charge you up to 10 euros after 90 days of inactivity in your account.

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ABOUT THE AUTHOR

Bizreport - Bailey Schramm
Bailey Schramm, BS
Finance Advisor
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Bailey Schramm is a writer based out of Jackson Hole, WY, primarily covering topics and trends in financial services, business, and the blockchain. With a background covering stock market developments for a major FinTech company, she now provides SEO and content strategy services to financial service companies and tech startups.

ABOUT THE REVIEWER

Kristina Knight-1
Kristina Knight, Journalist , BA
Content Writer & Editor
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Kristina Knight is a freelance writer with more than 15 years of experience writing on varied topics. Kristina’s focus for the past 10 years has been the small business, online marketing, and banking sectors, however, she keeps things interesting by writing about her experiences as an adoptive mom, parenting, and education issues. Kristina’s work has appeared with BizReport.com, NBC News, Soaps.com, DisasterNewsNetwork, and many more publications.

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Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.

  1. IQ Option. Iqoption.com. Published 2018. Accessed December 21, 2022. https://iqoption.com/en
  2. IQ Option Reviews | Read Customer Service Reviews of iqoption.com. www.trustpilot.com. Accessed December 21, 2022. https://www.trustpilot.com/review/iqoption.com
  3. vasiliychernukha. How to make a deposit with your Local Bank in Thailand, Indonesia, Malaysia and Laos. IQ Option Broker Official Blog. Published December 18, 2018. Accessed December 21, 2022. https://blog.iqoption.com/en/how-to-make-a-deposit-with-your-local-bank-in-thailand-indonesia-malaysia-vietnam/
  4. Gembell Limited company Certificate of compliance. ifmrrc.com. Accessed December 21, 2022. https://ifmrrc.com/index.php?page=gembell_limited-2021
  5. The Most Innovative Trading Platform. Pocketoption.com. Published 2018. Accessed December 21, 2022. https://pocketoption.com/
  6. Checking your browser – reCAPTCHA. quotex.com. Accessed December 21, 2022. https://quotex.com/
  7. Types of Brokerage Accounts | Investor.gov. www.investor.gov. Accessed December 21, 2022. https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-brokerage-accounts