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24option Review: Complete Broker Overview
24option is a broker that has a relatively long history in the online trading industry.
Originally started as an online option broker, they have recently moved exclusively into CFDs. They offer traders the ability to trade CFDs on a number of different assets using both native trading technology and MT4.
However, is the broker safe and can you trust them?
In this 24option review, we will attempt to answer that question. We will give you everything you need to know about their regulation, technology and fees. We will also give you some top tips in order to make the most of your 24option trading experience.
24option was started in 2020 and is based in Limassol, Cyprus. They are located at number 39, Kolonakiou Street, CY-4103.
In Europe, they operate under Rodeler Limited as the holding company. They also have a holding company that is based in Belize called Richfield Capital limited. The latter company services their non-EU international clients.
So, a bit of background…
24option used to operate as an option broker. These are financial instruments that offer traders binary outcomes from particular trades. However, in 2020 they decided to transition fully into the CFD market.
Since then, they have been expanding their CFD offering and now give traders the opportunity to trade CFDs with leverage up to 500:1 (in certain regions). 24option provides CFDs on hundreds of different assets in numerous asset classes.
Although their headquarters are based in Cyprus, they take traders from a number of regions around the world. However, there are some regions that they do not operate in including most notably, the United States.
For those regions in which they do operate, they have tried to create a complete multilingual experience and have translated their website into over 8 different languages.
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Is 24option Safe?
This is perhaps one of the most important questions that you may have on your mind. Broker safety and regulation is of paramount importance for us.
The latter is the first and most important criteria you should think about when choosing any online broker. You will want to make sure that they are regulated by a well-regarded financial authority.
24option is regulated by two financial authorities. They are regulated by the Cyprus by the Cyprus Securities and Exchange Commission (CySEC) as well as the Belize International Financial Services Commission (IFSC).
Copy of the licence for Rodeler Limited at CySEC
CySEC has issued them a CIF licence with a number of 207/13. The IFSC has given them a license number of IFSC/60/440/TS/18. Through the MiFID directive, the CySEC licence allows them to provide their services in the European Union whereas their IFSC one covers other countries.
So, what does this mean for you?
Well, taking a look at the CySEC regulation in particular, it provides you with a number of protections that unregulated brokers and exchanges just won’t offer you. Below are some of the most important of these:
- Segregation of Funds: This is really important from a client perspective and ensures that the funds that you have deposited are kept separate from the broker’s funds. This means in the event of the broker going bankrupt, all of your funds are safe from creditors, directors etc.
- Background Checks: There are a number of background checks that the operators must undertake. These are with respect to both the holding companies applying for the license as well as the directors of the company.
- Regular Reporting Standards: It is not just about the broker getting the licence. They have to constantly send updated reports to the regulators about their operation and financial standing.
- Investor Compensation Fund: All CySEC regulated companies have to contribute funds towards the shared investor compensation fund. This protects client accounts up to €20k in the event of an unforeseen circumstance at the broker.
Apart from using a the that had to pass these numerous checks, it is great to know that you have an authority to turn to. In the event that you are ever to suspect any wrongdoing on your account then you can always report a broker to CySEC. They have internal policies in place to deal with these types of complaints.
As one can expect from any site that deals with financial information, 24option makes use of secure and encrypted communication. They have full 256-bit SSL encryption on their site.
Secure SSL Padlock for 24option
This means that when you login to 24option and when you submit credit card or personal information, it cannot be stolen by an online snoop. It is also a handy tool for you to confirm that you are not on a phishing site.
When you visit the 24option website you will see the SSL padlock in the browser address bar. This means that you are on the official 24option website and not some imitation broker or hacker’s site.
Assets & Leverage
In terms of the assets that you can trade at 24option, you have quite a selection. They offer CFDs on stocks, Indices, Commodities, Forex and cryptocurrencies. Below are the cryptocurrency assets that you can trade:
For some of these assets, they are offered crossed with the USD, EUR and GBP. Furthermore, given that lot sizes can be quite high, they also offer some “mini” cryptocurrency contracts. These usually have a small “m” in front of them.
Something that we liked about 24option was that they offered single stock CFDs. This is something that is not really available at other larger CFD brokers. Here are some of those companies that you can trade:
As mentioned, 24option is a CFD (Contracts for Difference) broker. These instruments are derivative instruments that are traded on the margin. This means that you will only require a margin amount that is a fraction of the notional trade size.
Trading on margin means that you are trading with leverage and your gains / losses are maximised. Leverage levels at 24option will differ according to the account you have as well as the region that you are based in.
The max leverage in the EU for non-professional traders is 30:1 and in other countries it can go up to a maximum of 500:1. If you are in the EU and would like more leverage then you could apply for a professional account (see below) which will allow you to trade with leverage up to 400:1.
EU leverage limits for the Pro account
In terms of the max lot sizes that you can trade, it is 30 lots for major forex pairs and 10 lots for the minor forex pairs. For stocks, it is 10 and for indices it is 3. You can find more information about the lot sizes here.
If you are going to be using 24option then you need to be aware of their protocol when it comes to margin calls and stop out levels.
For all accounts, the margin call level is 100%. This means that if your margin level is below 100% you will be called on to deposit more funds. You may also be stopped from opening new positions.
If your position continues to deteriorate and it reaches the “stop-out” level then 24option will close out your positions. This stop-out level will depend on whether you are a retail trader (50%) or a professional trader (20%).
As you can see, there are risks that come with trading on the margin and you need to be aware of these risks. Leverage is a double-edged sword which can chop both ways…
24option Spreads & Fees
Fees and spreads have a direct impact on your trading profitability. This is especially true when you are trading on a notional amount that is much larger than the margin.
There are number of different fees that you will incur at 24option so it is important that you know exactly what these are and how they could apply to your account.
CFD brokers do not charge a fixed fee on your trading volume but will instead make money on the spreads between the buy and sell price of the asset.
At 24option, these vary according to the asset in question as well as the account that you have set up. We decided to get a rough idea of the live spreads that were being charged on the platform so we jumped right into a live account. Here are some of the indicative spreads:
- EURUSD: 1.0 pip
- GBPAUD: 4.0 pips
- CHFJPY: 2.9 pips
- Oil: 2 points
- Gold: 23 points
- Boeing: 76 points
- McDonalds: 37 points
- FTSE: 600 points
- DOW: 275 points
- Bitcoin: 3,624 points
- Ethereum: 122 points
So, the spreads that they have on some of their forex pairs and stocks appear quite reasonable. However, their crypto spreads are way too high. For example, the spread on the Binance exchange on Bitcoin is only 136 points.
However, you will be happy to know that unlike other CFD brokers, you will not be charged a lot commission. You will also not be charged a financing charge.
The only other trading fee that you are likely to incur is the “Swap Fee”. This is basically the fee that is applied in order to account for interest rate differential.
Deposit / Withdrawal Fees
24option will not charge you any fees for sending money in although they will charge you for withdrawals. We were quite surprised to see how high some of these fees are and they are presented below:
Withdrawal Fees at 24option. Source: Rodeler
This does make sense in the context of other CFD brokers like Axitrader that do not charge any fees on their withdrawals.
Having said that though, 24option does give the various accounts a certain number of free withdrawals a month. If you decide to open a VIP account then you will not be charged any withdrawal fees.
There are also a few other fees that you may incur on your account that we think warrant a mention.
For one, you are charged a monthly maintenance fee of €10. This actually quite bizarre and we have not seen it at other brokers / exchanges. Merely having an account at 24option will cost you €120 a year.
However, if you do not trade on this account then you will incur “inactivity fees”.
These are fees that are charged on dormant accounts and are applied to said accounts with no activity for over 2 months. They start at €80 for 2-3 months, then go to €120 for 3-6 months and €200 for more than 6 months.
Inactivity fees are not unique to 24option however and have been used at brokers such as Plus500.
As mentioned above, the spreads that you will pay and the leverage that you will be able to trade with are dependent on the type of account that you have at 24option.
There are 4 different account types at the broker and these are your Basic, Gold, Platinum and VIP. These require different levels of funding and come with other benefits. Below is the breakdown:
|EUR/USD||2.3 pips||1.8 pips||1.4 pips||0.9 pips|
|GBP/USD||2.5 pips||2.2 pips||1.6 pips||1.1 pips|
|Lessons||1 Basic Lesson||2 Basic Lessons||3 Advanced Lessons||5 Advanced Lessons|
|Webinars||NA||1 Monthly Webinar||2 Monthly Webinars||5 Monthly Webinars|
In addition to the above, on all accounts you will get the benefit of the daily news that comes through to the platform as well as trading central and the trading central SMS alerts.
Moreover, if you are a professional trader then you can apply for their professional account. This allows you increased leverage in regulated regions like Europe. It also gives you lower stop-out levels.
In order to be a professional trader, you have to have worked in a financial services job for over a year or you have to have a certain net-worth / income.
Which account you eventually do choose depends on your own personal preferences. We think that the basic account should do just fine to start with. You can always move on up from there.
24option Demo Account
If you are still uncertain as to whether you want to trade with them, why not try the demo account? This is a great way for you to test out the platform in a non-threatening way.
Creating a demo account at 24option
Demo accounts have all of the functionality that you can expect on the live account but come without the risk. 24option will give you €100,000 demo funds when you sign up for this type of account.
Using demo funds is also a great way for you to trade as if it were real life conditions. Moreover, it does not seem as if they have placed any time limits on their demo accounts. This separates them from other brokers such as Pepperstone.
24option Trading Platform
Their main platform is their web based CFD platform. This was built in house specifically for 24option.
This platform is well laid out and relatively simple to use. On the left of the platform you have all of your markets. These can easily be filtered based on either the asset class you want to trade as well as the favourite assets on the market. Here you can switch the market that you are trading.
24option Web-trading platform
In the center of the platform you have your order forms and to the right of that you have the charts. Below these two you have all of your previous orders, open positions, economic calendar and the daily market update.
Now, while the platform is well laid out, panels cannot be detached unfortunately.
Being unable to detach the panels means that you can’t move them around into more convenient places on the screen. It also means that you cannot view more than one market at the same time. If this is a deal breaker for you then you may want to consider their MT4 platform.
In terms of the charting, it seems to be really quite functional.
Firstly, you will notice that on the left of the charts you have a sentiment indicator. This is a handy feature that will let you know the general market view of the other traders on the platform (bullish or bearish).
If you are a technical analysis trader then you will be happy to see the plethora of charting tools and features. For example, you can easily change the chart type in the top left of the chart (candlestick, line, HLC etc).
You can also overlay your chart with a number of technical studies. These include such indicators as the MACD, RSI, Parabolic SAR, Bollinger bands and over 50 other indicator types.
The 24option web platform also comes with a host of drawing tools to better map your trendlines and identify key levels. These include Gann fans, triangles, Fibonnaci levels etc.
Top tip: You can even expand the chart to the full screen in order to more easily complete your charting.
Placing orders on the webtrader platform is really pretty simple. In fact, we thought is a bit too simple.
Order functionality at 24Option
There are only two types of orders that you can place and these are the limit order and a market order:
- Market Order: The market order is the simple buy / sell that will take place at the rate that is given at the market at the time. Here you will select the amount that you would like to trade and then you will hit the “buy” or “sell” button at the rate that is being presented.
- Limit Order: This means that you will place an order at a predetermined level away from the market rate. This can be for a buy or sell and it will only be executed when the asst has reached that level. Unfortunately, there is no option to change the life of this order so can assume it is a standard “good till cleared” limit order.
It should be noted that for both of these order types you can set the stop loss as well as the take profit at the outset of the trade. You can define these as a certain number of pips away from the current market price.
These are great risk management tools that you can use to limit the amount of downside risk that you have on your position. These can also be placed at key technical levels for more efficient trading.
Those more advanced traders among you will be pleased to know that 24option also offers an MT4 platform.
For those who do not know, MT4 is the external trading program that is developed by the Metaquotes software company. It is perhaps one of the most well known and widely used third party trading platforms in use today.
This platform has been developed for traders by traders and as such, has endless functionality and tools. When you download it from 24option’s website you will link it up to their trading servers and your account.
User Interface of a typical MT4 Platform
You can run the MT4 platform in your browser just like you do the traditional web-based platform. However, the most optimal set-up is for you to install the platform on your PC. MT4 is supported in both MacOS as well as Windows and Linux.
Of course, the 24option MT4 platform may not be for everyone.
It takes some time to get used to the numerous features, widgets, chart tools and order forms. This is perhaps something that is better learned in a demo account before you put any money at risk.
However, the main benefit of the MT4 platform is that the knowledge that you learn is highly transferable to another broker. Given that it is in use at so many brokers, you do not need to re-learn trading on other platforms.
24option Mobile App
For those on the go, there is a nifty mobile app that you can use.
This is available in both iOS and Android and has some of the most important features that you could need to trade on your account. It has charting, order forms, calendars and daily news. The app has been translated into 12 different languages.
You can view the app reviews in the iTunes store or the Google play store. They appear to generally be quite positive with numerous 5-star ratings and comments mentioning the advanced technology.
24option Mobile Application in iTunes Store
What is even more encouraging is that the 24option support team is very responsive on these reviews. Even if there are negative comments the team has responded to them promptly and were receptive to development suggestions.
Metaquotes also develops a mobile application for the MT4 technology. The MT4 mobile app is the most downloaded trading app in the world and has much more functionality than the standard 24option mobile app.
So, should you trade on a mobile?
Well, you will never be able to replicate the charting functionality of the standard platforms. Moreover, there is likely to be a latency in execution given that you are connecting to mobile networks.
We would suggest that you do your primary trading on the 24option webtrader or the MT4 platform. If you have to monitor your positions on-the-go then you can always check in on the mobile apps.
Withdrawal & Funding
There are a number of different funding methods that you can use at 24option. Below are some of the most common ways that you can fund your account:
- Credit Card: They accept a number of the major credit cards including Visa, MasterCard and Discover.
- Electronic Paymets: Skrill, Neteller, Qiwi, Astropay etc.
- Wire Transfer: You can fund your account with a traditional wire into 24option’s bank account. You will need to reach out to an account manager to confirm
The minimum deposits for the Web wallets and the credit cards is $250 whereas it is $1,000 for a wire transfer. The maximum deposit limits are $10,000 per day or $40,000 per month. 24option accepts payments in EUR, Japanese Yen and GBP.
Perhaps the fastest way to make the deposit is through a credit card or a Web wallet as these are instantaneous. If you are going to be making a wire then this could take 3-5 business days depending on where it is coming from.
When it comes to withdrawal, you will need to complete an extra step.
Unlike most brokers, 24option only requires you to complete KYC once you are requesting a withdrawal, not when you are setting up the account. Hence, if you do request a withdrawal, you will need to verify your identity and details.
Instructions for Correct verifications
This KYC requirement is something that is required by law from CySEC in order to prevent money laundering. Hence, 24option will need you to submit the following:
- Photo ID: You will need to send them a copy of some form of government ID. This could be a driver’s licence or a passport.
- Proof of Address: You will need to send them a copy of a document that confirms your address. This could be a utility bill, a bank statement or an official government document.
- Copies of Credit Cards: If you have funded via a credit card then they will also need a copy of the front and the back of the credit card.
This has to be done each time that you need to confirm a new withdrawal method but if you are using the same method again then it should be sufficient. This should take about a day to process.
Take note: If you funded via credit card then they will refund you your initial deposit and the bulk will be withdrawn through another method (bank wire for example).
Withdrawals are processed during normal Cyprus office hours and there is a minimum withdrawal amount of $10. As is the case with deposits, the time that this takes is dependent on the method that is used.
It is also important to note that they will not process any withdrawals that are sent to third party accounts (those that are in someone else’s name).
24option Customer Support
No one likes waiting days for some customer support…
24option seems to have quite a few options when it comes to their support functions. Perhaps the easiest way to get hold of them is through their online chat function. This operates 24/5 and has a pretty quick response time.
Live chat window at 24option
Of course, if you have an account related query that you want to solve through email then that is an option as well. Typical response times here are a few hours.
You can also visit their contact page and you can get their local telephone support numbers. We found this quite a nice touch and it is something that more international brokers and cryptocurrency exchanges should consider.
Finally, if you have a question that is more routine in nature then you can always head on over to their Frequently Asked Questions.
It’s nice to know that a broker provides more value than just a great platform.
24option has included a number of educational resources for you to peruse at your leisure. These could be a great way for those beginner traders among you to learn about the markets and improve your trading chances.
Daily Market Reports
These are sent straight through to the platform and are pieces of advanced market analysis. They are drawn up and sent out by the team over at Trading Central who are a bunch of international investment research professionals.
This commentary will cover a number of different markets and will include potential suggestions for trade set ups. You can also have these sent you as an alert via SMS.
Example of the Trading Central reports
Something else that is included with the daily market report is the economic calendar. This contains a list of some of the most important dates that are coming up during the week which could impact the markets.
The 24option Ebook is quite a comprehensive guide that will cover the most important disciplines in trading. This is positioned at not only the beginner traders but also those that are at the intermediate level.
It covers numerous topics such as trader psychology, capital management, Technical and Fundamental analysis etc. They also have quizzes after each question where you can test the knowledge that you have just picked up.
Videos On Demand
Why read the guide when you can watch a video?
24option has included a number of handy Videos On Demand (VODs) where you can learn about some of the topics that are covered in the eBook. We viewed some of these and they were quite easy to digest in relatively short clips.
Some of the Videos on Demand
Moreover, the presenter seems to know what he is talking about and explains all the topics in a beginner friendly way. This does not mean that is unsuitable for the more advanced users though and could give them some unique insight as well.
This is something that we really liked at 24option.
They run regular webinars where you can get some live insight from a professional trader. These are run almost daily and are joined by thousands of traders all around the world. They are also a great way to ask questions and hear some of the questions being asked.
When we took a look at the webinar schedule there appeared to be quite an interesting selection of topics and included subjects such as Risk Management, Pattern recognition, gold trading and algorithmic trading.
It was interesting to see that they still included a bonus option as these have mostly being discarded by CFD brokers in recent years.
This is because the MiFID directive has outlawed the use of bonus incentive structures to those clients that are based in the EU. However, this is not the case in other international markets.
Through their Belize holding company, 24option gives their traders the opportunity to take part in a deposit bonus. They will credit your account with up 50% or $500 of your initial deposit (whichever is lowest).
Extract from Bonus T&Cs
This bonus can then be seen as free trading money that you can use to bolster your liquidity. It is, however, important to point out that there are certain terms and conditions that are attached to these bonuses.
Although the prospect of “free money” sounds great, there are always going to be strings attached. As such, we would actually suggest that you avoid all types of deposit bonuses – avoid the hassle.
What We Didn’t Like
We could not complete a full 24option review if we did not take a look at some of the things that we thought warranted improvement.
Firstly, the additional fees that are being charged are unnecessary and exorbitant. Very few brokers will charge withdrawal fees these days and even fewer will charge a “maintenance fee”. Moreover, it seems quite unfair for those traders who are away from their accounts to get whacked with an inactivity fee.
We also thought that they could have done slightly better on their cryptocurrency CFD spreads. These are really quite wide and are far above those of other CFD brokers and exchanges.
Secondly, we found the order functionality on their web-based trading platform to be really quite basic. This makes it quite difficult for the more advanced traders. If you are one of them then we would suggest the MT4 platform.
Finally, it is unfortunate that 24option is not available in some pretty large markets. For example, they are not allowed in the US, Canada and Australia. Traders from these regions will have to look somewhere else.
In summary, we found 24option to be a pretty well-established broker with a large asset coverage. They are fully regulated by a reputable governmental agency which ticks the security boxes.
Moreover, they have a healthy selection of trading technology that is well suited to users of different skill levels. They have the MT4 for the more advanced traders whereas they have the relatively intuitive and easy to understand web-trader.
Yes, there were some things that we thought warranted improvement but these can all be worked on. 24option seems to be quite a receptive broker and they may take these points into consideration as they refine their offering.
So, should you use 24option?
We can’t tell you exactly which broker to use but it seems that they have ticked most of our boxes. If you are in the market for a new CFD broker then 24option should be on top of that list.
iOption Review | iOption.com binary options trading
10 Yianni Kranidioti Street
Refund: 15% if option expires out of the money
Option Types: Up-Down, One Touch
Assets: Forex, Indices, Stocks, Comodities
Expiry Times: 30 minutes, End of Hour, End of Day, End of Week
Deposit Methods: Credit Card, PayPal, Skrill (MoneyBookers), Wire transfer
Min deposit: $200
Withdraw methods and fees:
iOption provides you with one withdrawal per month free of commission fees. Every additional withdrawal will be charged a fee of 30 USD/25 Euros. The minimum withdrawal amount is USD 25 or EUR 25.
Languages: Italian, Deutsch, French, Spanish, Arabian and English.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Beginner’s Guide to IQ Option: Complete Review
IQ Option is an online trading platform that enables customers to trade a variety of financial instruments and assets such as Binary Options, Stocks, Forex and of course Cryptocurrencies.
Founded in 2020 and operated by IQ Option Ltd, the site has quickly became one of fastest growing online trading platforms and claims to have over 20 million account holders from around the world.
IQ Option is also based in Cyprus and regulated in the EU by the Cyprus Securities and Exchange Commission (CySec), the company is fully compliant with the legislation put forward by the commission and fully authorized to sell their products to clients in a number of jurisdictions.
Risk Warning: Your capital might be at risk.
Take a look below as we walk you through the site and offer our full review of the service.
IQ Option at a Glance
What it Offers
IQ Option is a comprehensive trading platform that provides its users with a wealth of alternatives, and after starting out as a binary options broker, IQ Option now allows customers to trade Contracts for Difference (CFDs) on stocks, Cryptocurrencies, Exchange Traded Funds (ETFs), Forex, and a range of various digital options.
IQ Option Demo Account
Like many competitors, IQ Option offers a demo account. However, IQ Option’s demo account stands out. This is because there is no limit on how long you can use the demo account. That allows you to get truly comfortable with your trading techniques. It also allows you to test new trading strategies in the future.
The IQ Option demo account includes $10,000 in virtual funds. If you use all of those virtual funds, you can easily have the amount replenished, allowing you to continue practicing your trading techniques.
Another standout element of the demo account is the fact that you do not need to provide personal information before using it. This is not always the case with competitors. The lack of personal information required for a demo account helps potential clients protect their privacy.
IQ Option Real Accounts
IQ Option requires a low minimum deposit and new traders can start off by just depositing $10 in order to gain access to a live account, there are currently two trading account options:
IQ Option Signup
The best way to get started is to sign up via Facebook, Google, or to simply create an account by using an email address. After inputting your details and creating a password you can proceed.
When this is done you can immediately use your practice account or top up your real account before moving on to live trading. A pop-up will notify you of the creation of both your practice account and real account.
IQ Option has developed its own proprietary platform and this makes navigating the site an enjoyable experience. The platform has been generally well designed with an intuitive approach and it’s quite easy to locate all the various tools and features. The free demo account also provides users with the possibility to trade with all of the underlying assets. As a result, there are a variety of options regarding types of trades and users can quickly switch between their preferred assets. The platform also offers a range of charting tools such as Bollinger bands and moving averages which all help enhance trading capabilities.
IQ Option Deposits
With IQ Option, there is a minimum deposit of 10 USD/GBP/EUR. You can select your preferred form of deposit, and IQ Option does not charge any fees for depositing funds.
To make your first deposit, you will need to go through the account verification process which in the EU involves adding your phone, personal information, adding your trading experience and uploading photo identification. Different countries will have different requirements and also will need verification to make withdrawals from the site.
IQ Option offers its customers a number of ways to make deposits and withdrawals to and from their trading accounts. Users can currently use debit services such as Maestro and Visa Electron, or credit cards like Visa and Master Card. Customers can also use a host of payments processors such as Skrill, WebMoney, Cash U, Neteller and Moneybookers.
There is also the option to process payments via Wire Transfer and the current minimum withdrawal amount is $2, while the estimated time to withdraw funds is 1 business day. Your bank may charge fees for this process.
As of the time of writing, IQ Option still does not allow for deposits via PayPal. However, the platform is working to make this an option.
IQ Option Withdrawals
When it comes time to withdraw funds from your IQ Option account, the method used will vary based on the deposit method. In the case of deposits via a credit or debit card, you must withdraw the initial deposit amount onto the card. Since this transaction gets processed as a refund, you can only withdraw up to this amount to your credit or debit card, including deposits made within the past 90 days. Any profit that is over this amount will need to be withdrawn via a bank transfer or your chosen e-wallet.
The e-wallet options for withdrawals are identical to those for deposits, including Skrill, WebMoney, and Neteller. Alternatively, you can withdraw those profits via a bank transfer. Keep in mind that opting for a bank transfer does come with a fee of $31. In the case of deposits made via an e-wallet, you must withdraw the funds to your same e-wallet account.
Regardless of your withdrawal method, IQ Option will process your request within three business days. Bank cards and payment providers may require additional processing time.
Keep in mind that before you can withdraw funds from your IQ Option account, you must verify your account by submitting identification documents. This involves uploading:
How to Trade on IQ Option
Trading on IQ Option is relatively intuitive and the trading platform is very well designed. You will see the chart is in the center with buy and sell boxes to the right hand side. Your balance is displayed at the top along with any assets you are currently trading.
You can use the drop down located at the top left of the chart area to choose which instrument to trade. The drop down contains FX Options, Forex, Stocks, Crypto, Commodities, Indices and ETFs and from that you can then select or search for your chosen asset.
You trade right from the Web Trader’s interface. To the right of the graph for your chosen asset, you will see options to buy and sell. You simply fill out the amount of the asset you wish to purchase and submit your order.
You can also place an order easily via the mobile application, and the overall setup is very similar. To the right of your chart, you will see the same options, with the ability to adjust investment, leverage, and price and then select buy or sell. For clarity, this section of the trading platform will also display the spread.
Users can also easily search for their favorite cryptocurrencies and analyze all of the most relevant and up to date information. In addition to offering Bitcoin and Ethereum, IQ Option also offers at least 10 other cryptocurrencies to trade. These include Dash, Ethereum Classic, IOTA, Ripple, Litecoin, and Monero.
Risk Warning: Your capital might be at risk.
The interface also provides easy to find links to chats, trading history, and customer support, and in the event of any issues, users can quickly open up a dialogue with the support team. Another standout feature is the resources section that provides access to training and education materials. A number of short training videos are integrated into the site and traders can access these resources without having to leave their training accounts.
The demo version of trading platform is also the same as the live version, and traders can improve their skills by using the $10000 of virtual funds that come with the practice account. Even if things go badly, these funds can be replenished, giving traders a consistent pool of funds to practice with.
Order Types & Stop Loss Tools
As is expected of modern trading platforms, IQ Option gives traders a range of order types to reduce risk and customize the trading experience. The variety of order choices lets traders create strategies that are short-, medium-, or long-term and featuring a variable return. Multipliers let traders increase the risk level for an investment with a corresponding increase on the return.
Stop loss orders let traders set maximum losses that they will accept, automatically closing the trade if it is triggered. Take profits do the same thing but when the trade reaches the profit you specify. A trailing stop will lead to dynamic operation of an auto-close at loss, moving with the price in the direction the trader indicates. Purchase at preorders lets traders set a price at which enter the market.
To supplement the order types, IQ Option offers a range of tools for setting stops and take profits. While most brokers just let you select the asset price, IQ Option lets you set the take profit or stop loss at either a percentage, numerous loss, or specific asset price. There is also the choice to apply the dynamic stop loss or trailing stop and the ability to use the balance to keep a position open if it exceeds the stop loss.
There are numerous order types available with IQ Option, with the specific types of order available varying by asset.
To ensure traders can get the most from the IQ Option trading platform, the broker offers a long list of charting tools that can provide insights and help clients craft their trading strategies.
Candle charts are among the most popular for IQ Option traders. These candles indicate a period of time, with solid colors indicating volatility during the given period and points marked for the price at both the beginning and the end of the given period.
Hollow candles are similar. However, instead of always using solid colors, the positive candles are hollow and the negative candles are solid.
IQ Option also offers area charts that show the price in the form of a line, complete with shading for the area underneath. Line charts are similar, but the area underneath the line is not shaded.
Finally, bars, like candle charts, cover a period of time you specify. They indicate the prices at the beginning and end of the period but do so with vertical lines. There are complementary horizontal lines that display the prices at open and close.
With the indicators on IQ Option, you can spot trends and better identify potential trades that will lead to profit. IQ Option offers 13 indicators that are available via the charting interface.
Many can be used independently or together to maximize your results and insights.
IQ Option places a good amount of focus on its users and the platform enables customers to trade with confidence by incorporating a number of features that greatly enhance the overall trading experience. These include:
IQ Option offers a mobile web trading solution in addition to a specific mobile application, which gives users greater flexibility regarding mobile trading options. The app has a clean, intuitive graphical interface and is easy to use; it also has most of the charting options found on the standard platform. The app also provides push notifications, and users can set key trading levels which result in alerts any time these levels are breached. The app works on tablets as well as smart phones and the platform is available to both Android and Apple iOS device holders.
If you are outside the EU, then Customers are provided with the chance to test their skills against other traders via a number of Binary Option tournaments. These frequent tournaments are usually around 30 minutes in length and require a small entry fee. After signing up, users are given $10k in virtual funds and at the end of the competition; the trader with the highest returns wins a prize.
The prize can be fixed or be related to the number of people who entered the tournament, and at best allows the winner to receive a payment of up to 100x the entry fee. If users deplete their virtual funds, they can buy in again and continue to take part in further tournaments. This provides users with an interactive way to test their trading capabilities as well as pick up new trading techniques.
As always, please note it is possible to lose your entry fees when taking part in competitions.
Education and Training Resources
IQ Option also makes a wealth of data available for all its users, and the site incorporates training resources that can benefit both newer and more experienced traders. These include various trading videos, as well as webinars and tutorials. Users also have access to a number of e-books and an FAQ section that covers the most common questions. These training materials provide valuable information to for traders of different abilities and experience.
IQ Option Affiliate Program
IQ Option offers an affiliate program for those who want to supplement their income by encouraging others to sign up to use the platform. When you become an affiliate, you simply share your affiliate link, whether this is on a website, blog, or somewhere else. From there, a user will click the ad or link. When they sign up, it will be associated with your unique ID.
Your rewards arrive when the users you encourage to sign up start trading on IQ Option. Based on the trading activity of the client, you can earn as much as 70 percent of the broker’s profit. This continues for life, allowing for passive income opportunities. The earnings are paid out two times every month, and you can choose your preferred payment method. To date, IQ Option has 115,410 affiliates in 178 countries. On the day of writing, IQ Option affiliates had already earned $35,015.50 just that day alone. You can view up-to-date figures on the countries, customers, affiliates, and amount earned by affiliates for the day on the IQ Option affiliate page.
The IQ Option affiliate program does not allow for a negative balance, as there are no deductions from your profit, only profits. There is also cross-platform support with options for mobile and web, multilanguage support, and universal links. The program even provides analytics, complete with reports that include data filters.
In addition to the regular affiliate program, IQ Option offers an IQ Option CPA program, which it advertises as among “the most lucrative” programs of its type within the industry. Qualified traders can receive payments between $35 and $1,200. As with the regular affiliate program, the CPA program receives payments twice each month and gets useful data. There is also a convenient calculator to determine approximate income from CPA program affiliates.
History of IQ Option in Numbers
As mentioned, IQ Option was founded in 2020. Since then, the broker has grown considerably and includes specific figures on its website to help show its growth. Starting with the number of active users, there were 8,110,000 registered users in 2020, which had nearly doubled to 14,680,000 by 2020 and reached 25,580,000 in 2020. This represents registered user growth of a whopping 17 million just between 2020 and 2020.
Not only did IQ Option have an expansive growth in active users, but the countries that these traders were from increased. In 2020, IQ Option had traders in 135 countries, growing to 148 countries in 2020, 150 in 2020, and 151 in 2020.
IQ Option also lists the figures related to trades throughout the years. Between 2020 and 2020, the number of daily transactions increased by nearly 70 times. Between 2020 and 2020, this figure grew another 2.5 times. For those interested in specifics, 2020 had an average of 646,000 transactions each day, which increased to 956,000 by 2020 and 1.8 million by 2020.
Or you can look at the figures representing growth in terms of trading volume per month. Between and 2020, this figure increased by about 23 times. In 2020, the figure was $16 million, which became $89 million, an increase of 5.5 times in just a year. By 2020, this was $184 million, more than doubling in just a year. Between 2020 and 2020, the monthly trade volume increased to a whopping $380 million. This means that for two consecutive years, IQ Option doubled its monthly trading volume.
That trading volume does not all stay inside the platform. Instead, there is also an increase in the amount that traders withdraw from the platform each year, showing that the active users are truly earning money. In 2020, traders withdrew $1.5 million per month, which became $5.8 million in 2020 and $10.8 million in 2020. In other words, 2020 saw 1.8 times more money withdrawn by traders from IQ Option compared to the previous year.
It is also worth noting that these withdrawals have increased in speed. In 2020, IQ Option made changes to offer instant withdrawals. This allowed for 68 percent of withdrawal requests to be processed immediately. Now, the average time for processing a withdrawal from IQ Option is just one day. The order processing has similarly improved, now averaging just a second.
IQ Option also offers indications of how its customer support has improved over the years. When chat support began in 2020, there was an average wait of 7 minutes for a reply in chat, which decreased to 4 minutes in 2020, 46 seconds in 2020, and 38 seconds in 2020. On a similar note, the amount of time it took to answer a ticket decreased from two hours in 2020 to 24 minutes in 2020 to just 16 minutes in 2020. Some of this is also due to the growth of the support team, which only had 25 members in 2020 but grew to 39 members in 2020 and 78 in 2020.
The number of affiliates has also grown from 3,000 in 2020 to 84,000 in 2020. This included 21,000 affiliates in 2020 and 48,000 in 2020. Along with the growth of affiliates, those affiliates have consistently earned more every year. Affiliates earned $200,000 monthly in 2020, $810,000 in 2020, $2.3 million in 2020, and an impressive $4.6 million in 2020.
IQ Option Awards
Over the years, IQ Option has accumulated an extensive list of awards, each of which shows off one of the platform’s strengths. The Academy of Interactive & Visual Arts honored IQ Option with the 2020 Award of Excellence, which is the highest honor from the Communicator Awards. IQ Option was recognized by the voting committee as the top trading app in the Financial category.
In 2020, IQ Option earned the Rising Star award for “The intelligent trading app for binary options” from the Mobile Star Awards, the largest annual awards program worldwide for mobile software and innovations. The organization praised IQ Option for its design and efficiency.
The Web Marketing Association honored IQ Option with the Best Technology Application in 2020 for the company’s mobile application.
IQ Option also earned the Century International Quality Gold ERA Award from the Business Initiative Directions Group as recognition for the company’s commitment to Excellence and Quality, especially within Customer Satisfaction.
Going back a bit further to 2020, IQ Option earned the title of Best Binary Options Broker Europe 2020 from the Global Banking & Finance Review. The broker also earned the title of Most Innovative Binary Option Platform from the IFM Awards in 2020, as well as the Best Mobile Trading Platform in the same awards.
Global Brands Magazine, which is a reputable brand observer in Britain, honored IQ Option with the title of Fastest Growing Binary Option Brand. In the Forex Awards 2020, IQ Option was named the Best Trading Platform. Also in 2020, the MasterForex-V awarded IQ Option as the World’s Leading Binary Options Broker and the Most Reliable Binary Options Broker.
The FX Report Awards named IQ Option the Best Binary Options Broker in 2020. In 2020, the same year IQ Option was founded, the company earned the title of Most Innovative Binary Option Broker from Moscow’s ShowFx World conference. At the IAIR Awards, IQ Option earned multiple awards, including the Best Binary Options Broker and the Best Binary Options Broker/Trading Application.
IQ Option Jurisdictions, Languages, and Countries
IQ Option has clients from 151 different countries. The platform and website are currently available in 13 languages, allowing traders from around the world to trade in a language they are comfortable with. For further international appeal, IQ Option lets traders select from one of the following currencies for funding: GBP, EUR, USD, Yuan, MYR, IDR, and RUB.
IQ Option is owned and operated by a company within the European Union. As such, IQ Option has a license from CySec, the Cyprus Securities and Exchange Commission. To receive that license, IQ Option met, and must continue to meet, minimum requirements related to marketing restrictions, client funds, and trading products. The registration in Cyprus as a financial services provider has number 247/14, giving IQ Option the ability to take on European clients, who then receive full CySec protections.
Due to CySec regulations, all client funds must be stored in segregated accounts that IQ Option cannot access for its own brokerage business. CySec regulators also offer a level of deposit insurance, which protects a certain level of all investments made with IQ Option if something happens to the broker.
IQ Option USA
Unfortunately, IQ Option is not available to traders in the United States. The broker is available in 178 countries around the world, but the United States has stricter restrictions and regulations, meaning American traders cannot use the broker. Other countries that you cannot use IQ Option in include Canada, Russia, Australia, France, Japan, Belgium, Turkey, Israel, Iran, Syria, and Sudan.
IQ Option Customer Support
IQ Option allows users to contact the support team via email, contact form and a chat function. The site claims to respond to all queries within 46 seconds and aims to resolve all tickets within 24 minutes. There are currently around 83 customer service specialists on the team and traders who require a more personalized service can upgrade to the VIP account which comes with a personal account manager.
IQ Option retains an international focus and aims to cater to traders from around the world. The platform offers the possibility to trade in a variety of different currencies such as USD, GBP, EUR, Yuan, RUB, TRY, IDR and MYR. In addition to this the site also provides support in languages such as English, French, Italian, Spanish, Portuguese, Chinese, Korean, Arabic, German, Turkish, Thai, Hindi, Urdu and Norwegian.
However, due to a variety of different regulations, the site does not provide its services to citizen or residents of the United States of America, Australia, Canada, Belgium, Israel, Palestine, Japan, Sudan, Syria, Iran, North Korea or Russian Federation.
IQ Option also adheres to the required standards of identification and users should note that when they register for a trading account they must provide their personal data and verify their email address and telephone contact number. Potential users who are unable to do this will be unable to complete their account registration.
IQ Option Customer Reviews