Review of IQOption

IQOption your Binary Option Broker

Overall Score

  • Ease of use
  • Features
  • Value for money
  • Support
  • Other
  • Overall Score:
    9.1

Since they first began operations in 2013, IQOption has emerged as one of the fastest growing binary options brokers in the industry. With a daily turnover of 1.5 million transactions and more than 7 million account holders, there is no doubt as to the validity of their claim that they are one of Europe’s leading binary options brokers.

Trading Platform

One of the main attractions of IQOption to traders is the advanced trading platform which they offer to their traders. Rather than the boring white labeled version which many of us are accustomed to, the IQOption platform is unique and exciting. While the trading platform only features 2 types of option contracts, namely classic binary options and turbo options, it comes with a wide array of sophisticated trading features which are not found on any other binary options trading platforms. For example, you can choose from 4 different plot styles for the trading chart. In addition, there are close to a dozen technical indicators such as the Moving Average, MACD, RSI, Alligator, ADX and CCI which traders can superimpose on their trading charts to get a better view of the market situation. All these advanced features are normally only found on forex trading platforms and are now available for binary traders with the IQOption trading platform.

Deposits & Withdrawals

Minimum Deposit – Currently, IQOption offers the lowest minimum deposit requirement among all the brokers in the industry. The $10 minimum deposit requirement ensures anyone can open a live trading account at IQOption.

Deposit & Withdrawal Methods – The payment methods that are available at IQOption include VISA, MasterCard, Skrill, WebMoney, Neteller, Wire Transfer and POLI. As for the withdrawals processing time, IQOption has stipulated a 3 days processing time frame but in reality, withdrawal requests are processed within a day. However for the actual funds to appear in one’s bank account, it may require as long as 9 days depending on the policy of the bank or payment processor.

Account Types

Most binary options brokers offer their clients a choice of several types of trading accounts depending on how much they deposit. Nevertheless, IQOption has opted to keep things simple by offering just one standard type of trading account with an ultra low minimum deposit requirement of just $10.

Customer Support & Education

A crucial step in evaluating a broker’s reliability is by looking at their customer support services. With IQOption, traders need not have to worry as providing quality support is one of IQOption primary focus. Hence, the support services are available on a 24/7 basis accessible through email or the telephone. We were however surprised that Live Chat is not supported by IQOption as this method of communicating will help greatly in reducing the cost of communicating with the support team. Nevertheless, with more than 35 employees manning the support services, the response is fast and efficient.

Another aspect of IQOption which we found lacking was the trading education support. The only form of trading education that is available to traders is short video tutorials. There is no ebook or articles provided on the part of IQOption.

Unique Features

As mentioned earlier, one of the key attractions of IQOption as the choice of binary options broker lies in the fact that their trading platform is one of the most advanced binary trading platforms around. Charts can be displayed as line charts, area charts, bar charts and candlestick charts. The number of technical indicators which can be overlaid onto the charts totaled 11 different types of indicators. But what is most exciting about IQOption’s trading platform is the fact the platform allows traders to open up 4 different charts in one window making it much easier to track different assets at the same time.

Conclusion

Despite some of the drawbacks that we have mentioned, it is easy to see why IQOption have become the broker of choice for many traders today. Their innovative platform and professional services and reliability are what most traders are looking for in a broker and IQOption has so far managed to deliver on all their promises.