On November 30, 2016, CySEC released a circular C168 that prohibits brokers from providing deposit bonus. It has been done in order to protect traders against financial losses caused by the attempt to fulfill the required trading volume, which applies to each bonus. Therefore IQ Option DOES NOT provide deposit bonus anymore and you need to ignore any website claiming that they do.
IQ Option Review & Credibility:
In this IQ Option review we discuss how IQ Option is one of the biggest and fastest growing platforms within binary options and therefore there is going to be a lot of people who have a lot to say, both good and bad, about IQ Option with people saying it is the greatest binary options platform on the market and others saying it is a scam, so which one is it?. We have taken an in depth look at IQ Option and have aimed to remove all personal opinion and simply report the facts. Like all products and services that are used on a high scale, you are going to get mixed views. Lets begin by looking at the positive facts concerning IQ Option’s credibility:
IQ Option Regulation
IQ Option are regulated, in a number of major countries and with major financial authorities. You can check out their full list on their website.
IQ Option Awards
IQ Option has won a large number of awards for their binary options software, eleven in total, a full list of them is available via their website, but here are just a few: Best Binary Options Broker & Best Binary Options Broker/Trading Application – IAIR Awards; Most Innovative Binary Option Broker – Show FX World; World’s Leading Binary Options Broker – MasterForex-V, Best Mobile trading Platform – IFM Awards 2015
IQ Option Usage
According to IQ Option the following figures outline the usage of their binary options software in 2016.
- Number of accounts in the system – 14,011 685
- Number of trades per day on average – 3,000 000
- Trading volume per month – $11,000 000 000
- Amount paid out to traders per month on average – $5,700 000
- Processing time for withdrawal requests – One working day
- Response time from support team – 46 seconds by call, 24 minutes by support ticket
- Number of countries IQ Option deals with – 178 countries (most countries except USA, Canada, Australia, Belgium, Japan, Russia, Turkey, Israel, Syria, Sudan and Iran.)
IQ Option on Mobile
IQ Option mobile app is one of the best mobile binary option trading apps on the market and that is official. The app has been #1 Binary Options Trading App in 28 countries around the world, according to the Apple App store rankings, February 2016. On Google Play it has a 4.2 star rating from over 136,500 reviews. There are other apps that get 4.3 such as Binary Options by 24Tech (their minimum deposit is $250) but that is off less than 200 reviews.
The apps user-friendly approach with its jargon free instructions makes it very easy to use. It has an full range of features that make binary trading easy to do on the go. You can analyze asset prices and generate signals at the touch of a few buttons. Plus of course there is the practice account available from IQ Option, a feature many other binary option trading software’s don’t provide.
The first thing you are offered when you open your IP Option account is the chance to start practice binary options trading with $1,000 virtual dollars (you can’t withdraw these funds they are simply there to allow you to practice before adding your own funds).
The platform is very clean and simple to navigate. You have a navigation bar to the side which allows you to check on things like your trading history, your earnings calendar, the latest market news, and access training videos as well as get help at any time 24/7.
As you will see from the image below, the IQ Option platform has a lot available at the one click of your mouse button. You can place trades from as little as $1 up to the maximum of $1,000 depending on the level of risk you are comfortable taking. It is highly recommended that when you open your IQ Option account for the first time, you opt for the practice account first, even if you are a seasoned pro at binary option trading, so that you can take however long you want to familiarize yourself with the navigation. Placing a trade is very straightforward and uncomplicated. Simply select the asset option type you wish to trade in, be it Currency, Commodities, indices or equities/stocks (see below for further explanation), select the expiration time of the option, the amount you wish to trade and then select whether you want to Call or Put.
Simply click on image to see full platform example.
Binary Options Trading Assets
An asset is the term that is used in binary options trading to explain the items available to trade as binary options. It is important to understand that these are very different from trading in stocks. With stock trading you are buying stocks in a company for example, with binary options you are trading options by guessing whether the price of the share of an asset will either go up or go down within a fix period of time.
IQ Option have over 70 assets you can trade in and there are spread over the four main areas of assets that you can trade in.
With IQ Option you are dealing in currency pairs. What that means is you use one currency, say the US dollar to buy another, say the Swiss Franc. Currency related options is similar to Forex trading but in this case you are not trading any actual currency.
Commodities are physical tangible items such as grain products, oil and precious metals investment. Items like these are highly effected in their trading by world events, such as war, political unrest and major elections.
Indices is the plural term relating to an index which is a group of financial assets brought together to indicate the overall performance of a related sector. For example the NASDAQ, The London Stock Exchange top 100 known as the FTSE 100. Because you don’t actually trade in the indices themselves, instead surmise the movement of an index without buying any assets themselves, their tends to be less peaks and troughs and therefore are seen as a more preferred investment option than say commodities.
Whenever a company wishes to raise funds it issues shares in the company so people can buy stock. Stock trading is high risk as you price can be dictated by whether others wish to buy or sell, something you don’t have control over.With binary options trading you are not buying the stock, you are speculating whether the stock value will go up or down, and therefore you know what you can potentially gain or lose.
Binary Option Tournaments:
One main feature to the IQ Option platform are the binary options tournaments. This is unique to IQ Option and is a great way to have a bit of fun with other traders. The tournament allows you to compete against other traders who have entered the tournament, which everyone enters for a set fee. The winner of a tournament is the trader who ends up with the most money in the account when the tournament ends. The prizes are divided up among the various traders and the position they finished in.
Not all tournaments are the same and therefore the rules, time frame of the tournament and the prize money available will differ from tournament to tournament. For example one tournament available recently was called ’72 hours’ because you had 72 hours in which to be the best trader among the participants to win the top prize. The prize fund was shared out among the top 15 performers. Whereas there was a very different tournament called ‘Winner Takes it All’ where literally the number one trader wins the entire prize fund.
By opening up a demo account first, you can practice binary option trading as much as you want before entering any tournaments, thereby getting used to making trades before entering competing against others.
IQ Option’s Binary Option Trading Patterns:
You should never really carry out any investment type without first deciding on what you want to achieve. Every person has there own desired outcome which is usually measured by their risk levels. Part of the risk management you will use must include much you are prepared to lose.
A major part of your trading in binary options is how you will actually carry out your binary options trading. There are a number of various patterns for trading that relate to the level of understanding and competency you have in binary options trading.
As has already been mentioned, the trading platform from IQ Option is a clean one. This makes using the platform easy to follow for most people. They also offer you training materials within the platform. You will find a full range of video tutorials that has over 20 videos to help you understand their platform. The videos start off by showing you how to start trading on IQ Option, how to trade classic options, right through to explaining a number of different trading patterns.
We could spend time explaining these various trading patterns to you, or we could share with you some of the videos that IQ Option provide and you can see for yourself what is available.
Relative Strength Index Indicator
“Your capital may be at risk. This material is not investment advice.”
Bollinger Bands Indicator
“Your capital may be at risk. This material is not investment advice.”
Moving Average Indicator
“Your capital may be at risk. This material is not investment advice.”
Binary Options Demo Trading Account:
As we have already hinted at, IQ Option provides you with a demo account when you open an new trading account with them. The first thing you must note is that the demo account is not automatically given to you, you have to select it as your option, that you want to begin with the demo account first before trading in binary options properly.You can switch from the demo account to the live account whenever you want by funding your account with any amount of funds over the minimum deposit of $10. To open the demo account, you can sign up with your email.
So what do you get with the IQ Option binary options demo trading account? – Well basically you get everything that is in the live account except for the fact that all your binary options trades are virtual. All the charts are live and actual, so there is no fake charts or dummy accounts, it is as if you were trading for real. You are given $1,000 dollars virtual funds to practice with, so there is no need to add your own funds at all and if you start off trading with say just $10 a trade, you will be able to practice binary option trading and refine your skills and strategies as much as you want, while your virtual fund has money in it. So not only does this IQ Option demo account enable you practice and improve your binary options trading skills, but it helps you decide whether you like the IQ Option platform and want to use it going forward as your live binary options trading platform.Click Here To Open Your IQ Option Demo Account
You need to verify your account first before you can begin trading properly. The first thing you need to do is verify your email account, then your phone number. Then you need to verify your personal data – name, sex, date of birth, address and country of citizenship.You then give an indication of your financial status, source of income and trading experience. And finally you need to provide proof of identity. This can be a colored copy of your passport or copies of the front and back of your identity card showing clearly your full name, photo, date of birth, expiry date, official document number and signature. You also must provide a clear copy of a recent utility bill (any bill that is not older than 6 months and clearly shows your name and permanent address of residence, e.g. water bill, electric, gas, telephone etc…) or a bank statement showing clearly your full name, address and the issue date. These proof of identity and residence can be uploaded to your profile account on the IQ Option platform for verification.
Now to some people this may seem excessive, but it is needed for two main reasons; to protect you from identity fraud and to protect IQ Option from money laundering. Once you have carried out the account verification and the personal identification properly and fully, you wont have to do it again.
IP Option Fund Withdrawal Methods
IQ Option offer six different methods for cash withdrawal. These are:
- MasterCard or Visa Credit Cards
- Cash U
- Wire transfer
Once you have selected your method of cash withdrawal and selected the amount you wish to withdrawal (no minimum amount withdrawal restrictions, although if less than $2 you need to contact customer support. Maximum withdrawal amount is $1,000,000.), you typically get your earnings within 24 hours.
IQ Options Complaints
As we pointed out at the beginning, like all products and services that are used on a high scale, you are going to get mixed views. There are over 14 thousand accounts on IQ Option and over 3 million trades carried out every day and over $5 million paid out to traders every month. When you consider these volumes, it is obvious that there are going to be issues and complaints from people who are not satisfied. We looked at a number of complaints on IQ Option’s Facebook page and at the website pissedconsumer.com, plus we did a Google search for IQ Option complaints and this is what we found.
At both sites, the complaints revolve around the same issues. People not making profit, having difficulty withdrawing funds, platform freezing and expiry strike being different than that of the market price. We went back to pissedconsumer.com 28th April 2017 to see the number of complaints and there were 43 in total. Our Google search found a small number of complaints, mostly covering the issues that we have already mentioned. Every complaint we found made directly to IQ Option was resolved. Errors can be made on both sides and so with their 24/7 support by phone and support ticket, there is every opportunity to get any complaint worked on.
Concerns /Things To Consider
The main things to consider when using the IQ Option binary options trading platform is that it is not available to every country around the world. If you live in USA, Canada, Australia, Belgium, Japan, Russia, Turkey, Israel, Syria, Sudan and Iran, then the platform is not available to you.
You will want to consider opening up a demo account first, to practice your binary options trading. Binary options trading like anything in life, carries risk. You seriously need to consider that when dealing with financial trading of any sort or investing in anything, there will be losses. Never get involved in binary options trading, or carry out any trade, no matter how small, without being prepared to take a loss. You need to carry out your own risk assessment before carrying out any binary options trade because losses will always be unavoidable in binary options trading and it doesn’t matter how good you are at it, you will at some time take a loss. Never have the mind set that you can eliminate loss, you cant, but with effective risk assessment you can at least help yourself to minimize your losses.
Naturally we would recommend you carry out your very own due diligence and make the necessary checks you want to make in to IQ Option to be satisfied in your own mind as to whether they are a good binary options trading platform to use, or they are a scam. Nothing we have seen has indicated anything to the latter. With the level of regulation that IQ Option has adhered to, it makes them far from a scam.
Also beware of online reviews that imply that IQ Option offer deposit bonuses. They don’t and in fact as you will see in the notice we placed in the side bar, no binary options platform provider is allowed to offer deposit bonuses.
If you are considering starting binary options trading then IQ Option is a good place to start due to the demo account and virtual $1,000 offered, along with the extensive library of training videos. They have one of the lowest deposit requirements of $10 and the lowest minimum investment amounts in $1. One of the main factors we like about IQ Option is the quality customer support with its 46 second response time via telephone and its 20 minute response time by support ticket. They have some of the highest reviews available for their mobile app and their binary options trading platform is one of the cleanest and easiest to use.
We recommend IQ Option as one of the leading binary options trading platforms on the market if not for their practice/demo account alone.