IQ Option review – should you trade with the broker or not?
There are a lot of Forex brokers in the FX industry, competition is large and therefore it is not easy for FX brokers to have an evergrowing number of customers. It is very hard for the good FX brokerages and is impossible for bad ones. IQ option is one of the very few good brokers that can be proud of their big list of customers. It is so far the fastest growing FX brokerage worldwide.
The brokerage was established in 2013 and quickly grew in popularity, but can IQ option be trusted? The broker is regulated by CySEC, which already gives a bit of trustworthiness. IQ option offers a large variety of trading instruments to its customers including currency pairs, cryptocurrencies, and different CFDs. The broker has a minimum deposit of ZAR140, 1:30 leverage and a quick withdrawal process. The traders have access to various educational content, can enroll in tournaments and many more. WebTrader is the primary trading platform for the brokerage, but they also field the IQ Option mobile app, which was named the best app for trading. Now let’s have a closer look at the features the broker offers in the IQ option review.
IQ option broker overview
IQ option Forex brokerage is registered in Cyprus and fully regulated by the local financial watchdog CySEC. It was established in 2013 and based on the numbers I can say that it is one of the fastest growing Forex broker that operates in the industry today. While the total number of registered active customers in 2015 was 8 110 000 in just two years it went up to the 25 580 000, which is quite an impressive number knowing how many brokers there are. The broker covers more than 150 countries. The numbers are still growing, therefore we can say that the IQ option scam or fraud cannot be the case when the broker has such a big audience of loyal customers worldwide. The company states that they have received numerous awards such as the award for the best broker, award of excellence and the award for the most intelligent trading app. To be honest, when seeing such information I always take it with a grain of salt as it is so easy and common to claim to be the best. However, after checking the legitimacy of the awards I was happy to see that it was not just a claim but a real thing. Despite this massive popularity, can IQ Option be trusted with South African customers? In order to determine that, we need to check their website.
I will be straightforward and say I am not a big fan of the broker’s website design. It has a rough design that does not look professional to me. Usually, the website talks loudly about the brokerage, if the website looks like there is not much time and resources put into making it – it means that the broker either does not have the money or does not have enough people to care about it. Is IQ option legit with a website like this or not? Let’s go through it.
As the brokerage is quite a large one there is no doubt that the broker is not short on money or staff, therefore I can say that the design can be a matter of taste or an unfortunate decision. Moreover, all the other features of the website are well built and the navigation is easy. Once you go to the website you can find all the information you need very easily without much hassle. Most importantly the website is accessible in 13 different languages that again underlines that the broker is prevalent globally. So I can say that the design does not damage the IQ option rating too much.
What IQ option has to offer
Some might like the website, some not but what matters, in the end, is what the broker has to offer to its customers. IQ option offers six classes of trading instruments that include:
- Over 167 stocks (CFDs) of the best-performing companies listed by NASDAQ and NYSE
- 89 currency pairs to trade with
- Over 30 most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and more
- Indices of US, European, Asian and Australian stock markets
- CFDs of commodities such as gold, oil, gas and more
- Over 20 ETFs
IQ option education
Besides the wide range of trading instruments, IQ option Forex broker has various educational content for its customers or simple visitors of the website. Not all Forex brokers understand the importance of Forex education for the customers and thus do not provide it. IQ option is an exception, the broker provides a lot of video tutorials that teach how to trade Forex successfully in a short video series that are easy to understand. Besides that, the broker hosts a blog where one can find many interesting topics about trading and can learn a lot. As there are not too many brokers that actually care about educating its customers, among those who do so, many have certain fees for getting access to the educational content. Happy to say that IQ option is not among them, all the educational content is accessible without any extra fee and the customers enjoy it as IQ option opinions state.
IQ option tournaments
The broker does not offer any bonuses, instead, IQ option hosts tournaments for its customers. The tournaments are different from each other but the main idea behind it is the same for all. The trader which gets the most profits during the tournament is the winner. Some tournaments last a day, while some can be ongoing for two weeks or more. The entry fee can be as low as ZAR 55, as for the prize, it usually is a large amount of money. There are several ongoing tournaments now and you can find upcoming ones on the IQ option website as well. These kinds of tournaments are popular with both beginners and veterans. It’s the perfect way to test yourself.
Deposit, leverage, and withdrawal
With IQ option one can start trading with a minimum deposit as low as ZAR 140 and have maximum leverage of 1:30. As for the IQ option withdrawal, it is a bit controversial. The good part is that the withdrawal process only lasts 1 working day when for some brokers it can go as long as a week. On the bad side, however, the broker has a small fee for withdrawing the money which is ZAR 415. Usually, the withdrawal fee is never something welcomed by the traders, however, by having a fixed fee, the broker makes sure that large withdrawals will not be discouraged.
Another advantage of trading with IQ option is the variety of payment methods. One can deposit the funds and withdraw them via credit/debit cards, Wire Transfer, Maestro, WebMoney, Skrill or Netteller.
IQ option account types
IQ option offers three kinds of account types. Training account, Standard trading account, and VIP account. As the name suggests the Training account is not a real account, it is a demo version that helps beginners test out the platform without depositing any money. The Standard account is a real one, those who have the standard accounts can enroll in IQ option tournaments. Traders who have VIP accounts have free access to the tournaments, high profitability rates and access to personal managers.
IQ option trading platform
WebTrader is the primary trading platform for IQ Option customers. While I would like to see more variety of IQ option trading platforms I need to say that more and more people are enjoying the WebTrader simply because it does not need installation and thus is hassle-free. Furthermore, the IQ option WebTrader has in-built tools that help you trade better. The WebTrader was created in 2013 and thanks to the rapid digitalization of the world, has improved massively. The WebTrader is very fast, simple to use and intuitive.
Speaking of the trading platform I need to mention the IQ option app which was named as the number one trading app.
IQ option support
There are several ways one can get help and support from the IQ option customer service team. You can submit your question on the website in several categories such as trading, financial, technical questions, questions related to the mobile application, accounts and etc. You can also reach the broker via email, however, if your issue requires to be solved immediately you can call the customer service team according to the country of your residence or the language you speak. On the website, you can find the contact details of the customer service representatives in more than twenty countries including South Africa. This kind of professional approach to the customer service definitely adds points to our IQ option rating.
Is IQ option legit?
The most important question is if IQ option scam is real or if the broker is trustworthy. As the broker is one of the fastest growing online Forex brokers in the FX industry it is hard to believe that it is capable of fraud. Moreover, the broker is fully authorized by one of the most respected financial regulators. Hence, I can confidently say that IQ option is a legit broker that can be trusted.