IQ option review

IQ option review print screen

Many platforms that have been involved with more “traditional” assets for trade have included cryptocurrencies within their platforms. With growing number of online exchanges, it is important to consider not only cryptocurrency exchanges but also other platforms that have many other trading instruments as well. IQ option is one of them, seeing how popular bitcoin and other coins became after the Augusts’ fork.

The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

In this article, we review IQ Option’s registration & verification processes, security & support, deposit methods, trade features, functions, and fees. The main goal is to provide you with pros and cons of the platform, so you can accurately compare the trading platform with other rival companies, such as SimpleFX, eToro, and AvaTrade.

General Information about Platform

IQ Option is a trading platform specialized in binary options trading. The company is based in Cyprus and is a regulated business.

The platform offers its own, custom-built trade marketplace for binary options, where you can predict on the asset’s price trends. With over 500 assets to choose from, the IQ Option offers a variety of choices for its clients. As for the cryptocurrencies, they have been added in 2017. The available coins for trade are bitcoin, Zcash, Ripple, Litecoin, DASH, Ethereum, IOTA, Ethereum Classic, Bitcoin Cash and Omisego, as shown below.

IQ option general information

Services are available in all of the countries around the world except USA, Canada, Australia, Belgium, Russia, Israel, Palestine, Japan, Sudan, Syria, Iran and North Korea. The licensed support is provided only for traders that reside in EU states.

Registration and Verification Processes

Registering an account at IQ Option takes up to 2 minutes and is free of charge. All you have to do is to provide your first and last name, email, and password. In next step, simply verify your email by clicking on the link sent to you, and you are set to trade at IQ Option.

As for the verification requirements, depositing and trading do not require you to verify your identity. Withdrawing, on the other hand, is a process that does require identity check, much like eToro, AvaTrade, Plus500 and SimpleFX.

Verification process starts with you verifying email and phone number. Then, you would need to simply fill out your personal information, such as address, first and last name as well as ZIP Code. As for the scanned ID, you will provide those while withdrawing funds, meaning that you do not need to before you even start trading at IQ Option.

The verification process may be different for different countries (residents of the EU are asked for documents when depositing while residents of other countries pass verification during withdrawals).

Deposit Methods and Fees

There are several deposit options available for you at IQ Option platform. You can use credit or debit cards (VISA, MasterCard, and Maestro), WebMoney, Skrill, Neteller, Qiwi and Yandex.Money. All of these methods do not come with commission fees, meaning that what you deposit is what you will find in your balance at IQ Option.

IQ option review deposit methods

The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

This is in line with many other options in the market, as eToro, Plus500, and many others also do not charge any fees for deposits, cryptocurrency ones included. The withdrawals do come with costs, also as with many other competitors.

At IQ Option, you will have to pay 2% of the bitcoins you wish to withdraw from your account. Bank account withdrawals cost €50 or equivalent in other currencies, regardless of the value transferred. Lastly, e-payment systems like Skrill, Neteller, and others, do not have withdrawal fees.

Trading fees and Exchange Rate

Apart from deposit and withdrawal costs, you also have to be aware of commission costs when trading cryptocurrencies at IQ option. The commission for the unleveraged CFD cryptocurrency positions stands at 10%. The fee is in line with costs seen in many other trade platforms.

The company also offers tokens as a means of fee payments instead of fiat currencies, which would bring you slightly lower costs than if you paid them with real money.

Swap trade fees stand at maximum 0.085% of the position’s face value. There are also other fees that you should know about, them being:

– account inactivity: €50 if there is balance monthly if the account is inactive for 90 days and more.

As for the spread between buy and sell price of coins, it is pretty large, when compared to eToro, SimpleFX, and others. The spread range can go up to 7% between buy and sell price of cryptocurrency, as shown in the snapshot below.

IQ option Review trading fees

Trading Instruments

IQ Option offers over 500 assets for trade through its CFD platform, oriented towards binary trade. The four major categories of the IQ’s trade are Forex, Crypto, Digital, and Options.

Forex trading revolves around fiat currencies that IQ Option trades with, with currencies being USD, EUR, JPY, NZD, AUD, CHF, CAD, GBP and many more. They constitute a number of trade pairs, where you can predict which currency will increase in value and which ones will not.

Next in line are Options of the companies, where you predict the rising and falling value of organizations’ shares. Currently, IQ Option lets you trade with.

At last, we have cryptocurrencies, which are the target for investigation of this article. As mentioned before, IQ Option operates with 10 coins at the moment, using “Buy” and “Sell” functions, as shown below.

IQ option review trading instruments

The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

It is pretty much the same CFD as with other platforms, such as SimpleFX, InstaForex, eToro and many others. All of the offer options, Forex, and cryptos while some others offer precious metals in addition to what IQ Option has in its portfolio.

Available Platforms

IQ Option, as many competitors in the market, recognized the need for traders to have several platforms available for use. In that sense, the company developed apps for mobile phones (iOS and Android), desktop platforms (Windows, Mac, and Linux) and web browsers (Chrome, Opera, Firefox, and others).

Web and desktop platforms are almost the same, providing the same interface for crypto trade as functions involved are not numerous. Mobile apps are similar to other platforms but are simplified versions of the trade marketplace. All of them offer same trade pairs, same trade functions and operate in real time, as shown in the snapshot below.

IQ option review available platforms

Other CFD trade providers, like SimpleFX and InstaForex, have all three environments to offer for their clients. IQ Option is not unique in this feature but it is important to mention that company has all three platforms available.

Trading Interface

The interface at IQ Option can be considered as somewhat rigid, as you cannot move charts and fill orders around, as you can at BitMex for example. However, you can take snapshots and download them to your folder for analysis later on, especially if you are looking for short-term trends.

You can also change grid layout, to suit your needs depending on the pairs you wish to compare, as shown in the picture below.

IQ option review trading interface

The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

You can add as many chart grids as you want and the snapshot is downloadable for free. You can change chart types, use graphical tools to change the trend lines and use indicators. The number of indicators that are available for your account is small, as only 12 of them are included. SimpleFX uses 8 of the indicators, while InstaForex uses over 30 of them.

You can see a period of as long as the asset has been available for trading on the platform by scrolling back the chart as seen in the picture below.

 IQ option review trading chart data

Trade functions, as they are not numerous, are presented on the left side o the trade view and are very simple to use.

As a main conclusion, we would say that interface, although neat and clear, is not geared towards experts but beginners. Starters can learn about the cryptocurrency binary trading using the demo account, without investing real funds into the platform until they got the hang of it.

Trading Tools

As with interface, cryptocurrencies use a very limited number of trade tools and functions to gain profit from coin trading. You have “Buy” and “Sell” orders, alongside with 10 cryptocurrencies. Since there is no margin trading for digital money, there are no trading pairs.

Alongside “Buy” and “Sell”, you have a limit function, which specifies the value level at which the order shall close in case of the required profit and in case of the maximum amount of loss. These two functions help traders maximize their gains while minimizing the potential loss as well, as shown in snapshot down.

IQ option review trading tools

You also have an option to release the order at the immediate market value or at the specified price. Leveraging, since there is no margin trading, is not offered at IQ Option’s cryptocurrency platform. The leveraging is available for Forex trading, with the rate of up to x1.000, meaning that you get thousand times more money power in the trade than what your balance currently has.

You should be aware that binary trading means either a complete success or loss. It is predictions based on trend analysis. The platform itself is secure and is not a scam but trade itself can cause you to increase your investments or lose everything you have.

Other platforms, such as Bitfinex, BitMex, and SimpleFX use margin trading and tools that come alongside with trading pairs. This puts IQ Option at disadvantage against such platforms, which are numerous in the market.

Platform’s Cryptocurrency Analysis

IQ Option is very active in the social media and blog arenas, updating with news on the daily basis. The social media channels that company uses are Facebook, Instagram, Twitter, and YouTube. The Facebook posts usually follow the blog post but have its own agenda and marketing programs as well. Most of the time, each two or three days, the marketing department posts news article or asks for general public’s opinion.

Blogs, on the other hand, are published each day, with numerous topics coming from the industry and company included. This is possible through multiple writers and a team behind the analysis, as they post blog after blog on daily basis.

Overall, the news feed is quite frequent and IQ Option is not afraid to reach out to its customers. It keeps the base informed about its own promotions, tools, bitcoin trading and industry trends.

IQ Option Educations

IQ Option offers video tutorials on how to trade various assets and cryptocurrencies at the platform, as well education for its clients on the overall industry and market. These lessons also provide an explanation of the trading functions and tools, as to ease up the journey through the trade marketplace at IQ Option.

The educational courses are organized into videos, which equate to 16 lessons overall as seen in the picture below this paragraph. These videos vary between 30 seconds and 2 minutes, accounting for almost half an hour of lessons combined.

IQ option review available education

The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

You can also use blog posts and FAQ sections to gather information about the platform and features that IQ Option provides. The education section of the company is very similar to SimpleFX’s while many others have only FAQs and blogs.


IQ Option platform is owned by the company of the same name, with headquarters in Cyprus. The company is organized into two subdivision firms, IQ Option Europe Ltd., and IQ Option Ltd. The first organization is the one in Cyprus and is licensed by the CySEC (Cyprus Securities and Exchange Commission) for the regulated countries of the EU.

The regulations in Europe provide the necessary framework to offer its services legally in Europe. The other firm is registered in the Seychelles and is not regulated, as to offer the services beyond the EU states.

The company itself cannot be deemed as a scam since it is a regulated company, licensed in Europe. The license provides the legal framework for the company to operate in EU states only, while users outside the EU borders would not be as protected as the European investors.

In addition to the regulation, IQ Option follows privacy, KYC (Know Your Customer) and AML (anti-money laundry) policies. These require verification of the account, as to keep the market safe from the shady operations.


There are very few security functions at IQ Option that you can use. The two-factor authentication (2FA) is available for SMS factor only, while the only other tool us session history. The history can be used to track logins and nothing more than that.

When compared with similar service provides, InstaForex, SimpleFX, and Plus500, this exchange is pretty much in line with the market. When compare to cryptocurrency exchanges, it is evident that security should be improved in the near future. Adding more possible factors into 2FA (Google authentication for example) or email verification system would be more than welcome.


Support department at IQ Option uses FAQ and video sections, as well as blog and social platforms to reach customers and fulfill their needs. There is also a direct ticket system where you can post your issues to the department and representative should be in touch with you within 24 hours. IQ Option also has live chat available for all clients after depositing.

Not many are thrilled with the support of the platform according to different trading forums on the internet. The response rate can become quite slow, going over several days before someone comes back to you.

Pros and Cons

In this section, we are combining all of the gathered results after our initial investigation of the exchange. Summarizing the findings, pros and cons for the IQ Option are:


  • a number of deposit methods available for no fees, both deposits, and withdrawals
  • video and blog educational tips available
  • a regulated company, following financial laws of Cyprus
  • minimum deposit of just $10 and the minimum deal of just $1


  • verification is a must when it comes to withdrawing bitcoins and fiat funds
  • no margin trading and leveraging for cryptocurrencies
  • the low number of security functions
  • binary market very risky to engage in
  • licensed only for EU member states
  • rigid interface
  • somewhat bad reputation for the customer support

Social Media

As mentioned before, IQ Option is active in the social media, including Facebook, Twitter, Instagram, and YouTube. The Blog posts are published on the daily basis, while on Facebook, the news about the company and its promotions are posted once in several days.

Instagram and YouTube are less active than the first two social channels but are updated regularly nevertheless.

Concluding Remarks

When we put everything on the paper, we can conclude that, although a legitimate business, IQ Option lacks variety in services. The binary options trading is quite risky to engage in, and without several other tools available for traders to use, most of the assets are at risk of being lost.

You can keep the funds in your account but do make sure you do not put everything in one place. As with any type of investment, or trading instruments,  be aware of the risks before you put any capital at risk.

The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

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