Our expert IQ Option review team found that this is one of the simplest brokers to get started with. The setup section is basically the same as many other regulated broker. You will need to create an account first. To do this, you need to give your name, your country of residence, street address, email address, and your phone number. They will also ask you to select a base currency with which you want to trade with. Once you choose this, you cannot change it later.
Once you have created an account, your next step is to fund it. IQ Option gives you a number of different choices that you can use to fund your account. They offer the major credit cards, wire transfers, and a host of e-wallets. These include Skrill, WebMoney, Qiwi, Neteller, CashU, and a few others.
Depending on the method of funding that you use, you can get started with real money trading with as little as just $10 in your account.
IQ Option Withdrawals
When you’re ready to cash out your account or take a partial withdrawal from it, you will need to make sure that a few basic requirements are fulfilled first. According to EU financial regulations, you need to prove your identity and your address of residence before money can be withdrawn from your account. The best way to do this, our IQ Option review reveals, is to scan and submit a copy of a government ID (like a driver’s license or a passport) and a copy of a utility bill (like your electricity or internet bill). If you are using a credit card, you will need to scan the front and back of the card and send it in. You should cover up all but the last four digits of the card number and the CVV on the back. IQ Option doesn’t need this information as they encrypt their data, and it will help prevent any potential for fraud. Binary options already have a good deal of risk associated with them, you don’t want to put yourself at even greater jeopardy of losing money.
These rules might seem like needless hoops to jump through, but IQ Option follows them in their effort to prevent money laundering and other illegal activities. So while they might be a hassle, they are for the general protection of everyone.
Withdrawals from IQOption take about three business days to be processed. The time before they show up in your personal account will vary based upon the bank or other company that you use.
It’s also worth noting that whatever method you used to fund your account, you will need to use the same method when you withdraw your money. If you use a wire transfer, you will be charged a little extra for the cost of wiring money to your bank. Your first withdrawal each month with other methods of banking will be free.
How to Trade at IQ Option
Other than a low barrier to entry, IQ Option has a strong trading platform to encourage traders to use their site. They have a proprietary trading platform, and this comes with many special features. They are able to host trading contests on their site because of this.
For the record, IQOption does have a standalone app, both for Android and iPhone devices. This is another choice that traders on the go have if they do not want to sacrifice trading opportunities just because of a busy schedule. Our IQ Option review team found that mobile trading can go either way when it comes to helpfulness. If you are going to use your phone or tablet to trade, we recommend having a strong method of analysis or a signals service on your side before you execute your first mobile trade.
As far as assets go, IQ Option offers more than 70 different assets, ranging from stocks, to indices, to commodities, to currency pairs. They are based out of Europe, so they naturally have a focus on European based assets. However, they do offer a selection of international stocks and indices, too. They are one of the handful of brokers that currently offers Bitcoin options, too.
Their trades range from 60 second binary options up to longer term trades of up to the end of the current trading day. They have call and put options available in all of these expiries. At this time, they do not offer any “exotic” trades other than their short term, “turbo” trades. However, because most traders do not profit when they use exotics, we see this as more of a good thing than a bad one.
If you have additional questions about trading at IQ Option, be sure to get in touch with a customer service specialist. You can email them at [email protected], or by phone at 44 203 318 7173.
Drawbacks of IQ Option
One major drawback of IQ Option is that they only accept EU based traders as well as some other individual countries such as South Africa. This is unfortunate for traders in other parts of the world, simply because this is a unique and accessible broker. Another drawback of IQ Option is the fact that they do not have a wide range of expiries for traders that want to hedge positions with a more long term strategy. However, this is not a widely used method of risk management, and most traders do not need to worry about this. Other than this, IQ Option has a solid trading service for binary options traders.
You may also find the fact that IQOption does not offer high yield or exotic trades to be a hindrance. For most people, this is a nonfactor, and it actually saves them money. However, if having these types of options available to you is important, then IQ Option might not be the best broker for you.
The Final Word on IQ Option
Our IQ Option review concludes that this is a great broker with a lot to offer traders, especially those that are just starting out or do not have advanced strategy skills yet in place. Other, more experienced, traders can also benefit from using IQ Option, but there is a definite appeal for new traders or those without a lot of capital here. We’ve done a write-up on whether there has been complaints against IQ Option.
Whether or not this broker is right for you is up to you. Binary options trading does have a lot of risk that is associated with it, and there’s a chance that you will lose money even when you use all of the proper risk management strategies that you should be using. We encourage all traders to use demo accounts whenever they start using a new broker, and IQ Option does have a free demo trading service that you can use. This is a good way to get practice using the IQ Option platform in real time before you ever risk any of your own money. This certainly doesn’t guarantee that you will earn money trading, but it does help to reduce your chances of making a simple mistake when you are using the platform.Read More About IQ Option Demo