TopOption Review – Opening an account Must Read!

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Is IQ Option a Scam?

Traders get scammed by brokers often, so it is not uncommon to wonder whether one of the most popular brokers worldwide, IQ Option, is yet another scam – but this time, a famous one. So, has IQ Option gotten away with it or is this broker worthy of its name?

We can confidently say that through our careful investigation into this broker we have concluded that IQ Option is not a scam, but truly one of the best and most professional brokers for users in South Africa.

Don’t take our word for it? Check out the five reasons below.

How Do I Know IQ Option is Safe?

1: Regulation

The first thing to look at when considering trading with a new broker is whether this broker is regulated and licensed.

IQ Option is fully regulated with a license in the EU.

IQ Option takes this regulation very seriously, which is an immediate sign of a trustworthy broker that prioritizes user’s safety.

Scam brokers are often non-regulated, fraudulent companies that comply to no rules whatsoever.

2: Transparency

Transparency is key to a company being considered safe and trustworthy.

IQ Option ensures full transparency throughout their entire site with clearly detailed information, a well-explained regulatory status, extensive terms & conditions and banking services.

IQ Option makes sure their business model, compliance and terms and conditions are clear and available for anyone to read. Specifically, through their Terms & Conditions, South African traders can find valuable information regarding binary options trading, different policies and the risks it may entail.

All relevant information is organised and divided into the following categories:

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  • Risk Disclosure
  • Privacy Policy
  • Payment Policy
  • Cashback
  • Anti-Money Laundering and Know Your Customer policy
  • Complaints Policy

Commonly, South African traders deposit first and then read the Terms and Conditions, if they even read them at all. IQ Option encourages South African traders to first gather all the necessary information and then to invest their money.

Scam brokers, on the other hand, tend to have vague sites with no real information about how they work and whether they comply to any rules. This is intentional, of course, and users are often misled by professional-looking sites and do not seek this type of information, when in reality it is extremely important.

3: Fast and Secure Withdrawals

Many traders know that the process of withdrawal is commonly a frustrating and long procedure. Some brokers, especially unlicensed companies, do not ever allow users to withdraw their money, which is part of the scam.

IQ Option ensures fast, 24-hour withdrawals for all South African users. The withdrawal process is especially secure and the fact that it is executed in such a short period of time shows that South African investors do not have any difficulties conducting payments or withdrawing their money from this broker.

4: Low Minimum Deposit and Demo Account to Practice

IQ Option is one of the only brokers that allows users to begin trading with only $10.

Such a low minimum deposit is not only extremely rare, but speaks deeper into what IQ Option’s priorities really are. They want to make trading easily accessible to anyone and even offer a free demo account which allows all South African users to practice before investing any money. This means you can practice on the IQ Option platform for free.

They also have several video tutorials available to help new traders understand the process.

Scam brokers never allow users to begin trading with such low minimum deposits and often ask for outrageous sums to only access their platform. This is because their main goal is to scam people into giving money – which they never see again.

5: Reputation

No one can deny the sparkling reputation IQ Option has built throughout the years as one of the best only brokers.

IQ Option is an award-winning broker that is fully regulated, transparent and prioritizes trader’s safety above all else. They are considered one of the top and safest brokers for users in South Africa.

Now even though a broker’s reputation is not an immediate indicator that the company is really trustworthy, IQ Option continues to prove its excellent reputation every day.

We can personally state that we have received absolutely no complaints regarding IQ Option throughout the years, but only satisfied customers that recommend IQ Option themselves.


IQ Option is not a scam, but one of the best brokers for users in South Africa.

Core Spreads Review

Core Spreads provide its clients with access to 1,000’s of markets via two trading platforms, CoreTrader 2 and MetaTrader 4. Whether traders are interested in trading CFDs or spread betting, with Core Spreads they are able to trade forex in more than 30 of the most popular currency pairs, as well as gold, silver and brent crude oil with Core Spread’s commodities options. Users can also trade across UK, European and US Shares and a host of popular indices.

Core Spreads is authorised and regulated by the Financial Conduct Authority (FCA) and is fully compliant with the European Securities and Markets Authority (ESMA). Core Spreads hold their client’s money in ring-fenced, segregated bank accounts with Barclays. These accounts are fully separate from Core Spreads’ own funds, and they can never be used for operational expenses, hedging, or any purpose not directly related to your account. By default, Core Spreads classifies all clients as Retail Clients.

In addition, Core Spreads’ clients are also covered by the UK’s Financial Services Compensation Scheme (FSCS), which guarantees a return of your funds up to £50,000.

  • Segregates client funds
  • Established in 2020
  • Regulated by Financial Conduct Authority
  • Min. deposit from €1

  • Doesn’t allow EAs (See alternatives)
  • Limited range of instruments
  • Not ASIC Regulated (See alternatives)

To open a live account, you’ll need a minimum deposit of at least €1. Alternatively, Core Spreads offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 525164). Core Spreads puts all client funds in a segregated bank account and uses tier-1 banks for this. Core Spreads has been established since 2020, and have a head office in .

Before we dive into some of the more detailed aspects of Core Spreads’s spreads, fees, platforms and trading features, you may want to open Core Spreads’s website in a new tab by clicking the button below in order to see the latest information directly from Core Spreads.

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

66.6% of retail investor accounts lose money when trading CFDs with this provider

What are Core Spreads’s spreads & fees?

Like most brokers, Core Spreads takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The commisions and spreads displayed below are based on the minimum spreads listed on Core Spreads’s website. The colour bars show how competitive Core Spreads’s spreads are in comparison to other popular brokers featured on BrokerNotes.

Core Spreads
EUR/USD (Average: 0.7 pips) 0.6 pips 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) 0.8 pips 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) 0.7 pips 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) 0.8 pips 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) 1.4 pips 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) 0.9 pips 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) 1.8 pips 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) 0.6 pips 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, Core Spreads’s minimum spread for trading EUR/USD is 0.6 pips – which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Core Spreads vs. similar brokers.

How much does Core Spreads charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with Core Spreads at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $9.15. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .

Core Spreads XTB AvaTrade
Spread from : $ 7.00 $ 2.00 $ 7.00
Commission : $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 7.00 $ 2.00 $ 7.00
$5 less $0 more
Visit Core Spreads Visit XTB Visit AvaTrade

All fees/prices are for informational purposes and are subject to change.

What can you trade with Core Spreads?

Core Spreads offers over 1,605 different instruments to trade, including over 30 currency pairs. We’ve summarised all of the different types of instruments offered by Core Spreads below, along with the instruments offered by XTB and AvaTrade for comparison.

FX / Currencies Core Spreads XTB AvaTrade
# of forex pairs offered 30 48 59
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs Core Spreads XTB AvaTrade
# of commodities offered 9 21 16
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural No Yes Yes
Index & Stock CFDs Core Spreads XTB AvaTrade
# of stocks offered 1550 1606 99
UK shares Yes Yes Yes
US shares Yes Yes Yes
German shares Yes Yes Yes
Japanese shares No Yes Yes
See Core Spreads’s Instruments See XTB’s Instruments See AvaTrade’s Instruments

What’s the Core Spreads trading experience like?

1) Platforms and apps

Core Spreads offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. Core Spreads also offer their custom CoreTrader platform.

Core Spreads also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

Still not sure?

2) Executing Trades

Core Spreads allows you to execute a minimum trade of £0.50. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument.

As a market maker, Core Spreads may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

Finally, we’ve listed some of the popular funding methods that Core Spreads offers its traders below.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss

Accounts offered:

  • Demo account
  • Micro account
  • Standard account

Funding methods:

  • Credit cards
  • Bank Transfer
  • Skrill
  • Payoneer

3) Client support

Core Spreads support a limited number including English.

Core Spreads has a BrokerNotes double AA support rating because Core Spreads offer live chat, phone, email support and less than three languages.

4) What you’ll need to open an account with Core Spreads

As Core Spreads is regulated by Financial Conduct Authority , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Core Spreads’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Core Spreads you can visit their website here.

  • Written by Marcus Taylor
  • Founder & CEO

Marcus founded BrokerNotes in 2020 after trying hard to find a broker for himself to trade and struggling to compare brokers like-for-like. You can find more about BrokerNotes & Marcus here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from on 01/04/2020.

Core Spreads not quite right?

Compare these Core Spreads alternatives or find your next broker using our free interactive tool.

5 must-read tips before opening a joint bank account

With love in the air and Valentine’s Day just around the corner, now is the perfect time to consider taking your relationship to the next level – financially that is. Financial compatibility plays a big part in relationships, so when it comes to opening a bank account with your partner it’s important you are on the same page.

But what exactly are joint bank accounts? Simply put, they are accounts that two people can deposit into and withdraw money from, which can be used to manage short term shared expenses such as household bills or to save for common goals in the long term, such as a car or a house.

Whilst joint accounts can be practical ways to reach shared goals, there are also risks involved that should be considered before you dive in. So make sure you read through our list of tips to know before opening an account so that you can make a well informed choice.

1. Do your research

Before you dive in, the first thing you’ll need to do is compare and research the types of joint bank accounts on offer and consider the benefits each type would provide for you. There are two kinds of joint savings accounts, each with a different way of accessing your money.

Both to sign – To make a transaction through this account, both parties must sign. This option may offer you more peace of mind, however, if one person is away the other won’t be able to withdraw emergency funds. This is a popular choice for people going into business together or flatmates paying rent.

Either to sign – This account allows either person to withdraw funds at any time without the permission of the other person. It is a flexible option and is good for people who can share their funds freely, for example, a married couple.

2. Know your partner’s financial values

When it comes to deciding whether to open up a joint account, you should both be on the same page when it comes to understanding where you both get your money from, how each of you value money and what your spending history is like.

According to Mozo’s report on Australia’s biggest financial relationship dealbreakers, 4 in 5 people said that excessive spending on gambling, smoking and alcohol would be real relationship enders, which goes to show why having a conversation beforehand could be vital.

Likewise, if one of you is more money savvy than the other, you’ll need to draw up a strategy and set some boundaries to avoid financial arguments so you’ll be able to use the joint account at it’s best.

3. Set up a realistic budget and savings goals

It is important to identify your shared goals and purchases, and then together work out a budget so that you can achieve them. Do you share the same financial goals? Opening up a joint account could be a great idea if you have similar savings goals and can agree on what expenses should be shared.

Setting up a budget is a great place to start, as is working out how much you’ll both contribute to a shared savings goal. For example, you might split it evenly or go 60/40 depending on income.

4. Understand the risks that come with join bank accounts

Having a joint bank account can be a great way to manage shared expenses, however there can be risks involved that need to be considered prior to opening the account. There is a potential loss of privacy as everyone who has their name on the account will have access to the account and can see the transaction history of all people on the account.

As a type of safeguard, everyone should have their own individual bank account as well as a joint bank account. The money in your personal account can be used as play money and personal spending so that it doesn’t affect the funds that are used to pay the household bills. Have this stash saved up can also act as an emergency fund, which means you will have the ability to potentially leave an unfulfilling relationship with enough to cover rent or groceries while you get back on your feet.

5. Compare accounts

Once you’ve considered these tips, you’ll be ready to open a joint bank account! But there’s one more step to consider first, and that’s grabbing a great rate to maximise your savings success.

But just how much could a different rate affect your balance? Let’s say that Will and Heidi want to deposit $10,000 in a joint account, with monthly contributions of $500. According to Mozo’s savings goal calculator, if they were to put their deposit in an account that has an interest rate of 1.50%, after five years they would have a balance of $41,912. Whereas if they deposited it in an account with an interest rate of 2.50%, they would end up with $43,250 after the same period.

Compare even more bank, savings and term deposit accounts using Mozo’s comparison tables and savings calculator to find a joint account that is right for you and your partner.

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  • Binomo

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