IQ Option Review
Pros & Cons
- Multiple deposit and withdrawal options.
- A highly secure platform with no reported attacks so far.
- Regulated by the CYSEC.
- One-click trading for easy and quick trading.
- Very quick withdrawals.
- Demo account feature for the traders who want to hone their skills.
- Only 13 cryptocurrencies are available currently.
- People from USA, Japan, Israel, Syria, Canada, and Iran are not allowed to trade on the platform.
Our Expert Rating
Average User Rating
- A custom-tailored platform which is very fast and efficient.
- Instant deposits and Fast withdrawals.
- Mobile app for both Android and iPhone.
- Excellent customer support system that’s available 24/7.
- An easy and quick verification process.
- Good educational resources of cryptocurrency trading.
- Country Where IQ Option is Based
- Cyprus and Seychelles
- Available Currencies
- 13 Cryptocurrencies
- Average (10%)
- Deposit Methods
- Withdrawal Methods
IQ Option Crypto Exchange – An Overview
Founded in 2013, IQ option started as a binary options broker and gradually added several other products such as Stocks and Forex trading to the platform. Now, it offers cryptocurrency trading as well. IQ option has extensive experience in the trading industry with an outstanding record. In 2016, IQ option has introduced instant withdrawals. This step has helped them in processing about 72% of the withdrawal requests immediately.
IQ option collaborated with the OTN organization, which provides OTN tokens. OTN which translated to the Open Trading Network is a new hybrid platform that aims to join all the isolated networks of blockchains and unite them into a unified open network. IQ option users are the first ones to get the OTN tokens. About 21 million tokens are rewarded to the IQ option traders for participating in the cryptocurrency trading.
IQ option has a very good platform that is simple, modern, efficient, fast, and most importantly user-friendly. The platform is custom-tailored by the IQ option team to provide a hassle-free trading platform to the traders. The platform offers a wide variety of assets such as binary options, Forex CFDs, Stocks, ETFs, and ultimately Cryptocurrencies. IQ option is infamously known for its One-Click trading which can be very simple and easy option for the traders.
IQ option offers a demo trading platform for registered members. Anyone who wants to test and feel the IQ option platform can register for an account and try out the demo platform. It is exactly same as the original platform but with the virtual money. Traders who want to hone their trading skills can make the best use of the demo trading platform.
IQ option currently offers mobile trading applications for both the iOS and Android users. For those who can’t sit in front of their computers for a long time can make use of these mobile apps. Along with the web trading platform, it also offers a desktop trading application for the Windows and Mac OS X users. All the IQ applications work flawlessly, as they roll out frequent updates for all the versions.
Traders can start with as low as $10 in their account to trade. Deposits over $3000 can get you VIP status which comes with several perks on the platform.
Why IQ option is in the CoinTrust trust list?
IQ option has a brief history of operations since 2013. In addition, it is regulated by the Cyprus Securities and Exchange Commission (CYSEC) which oversees different type of trading firms and their activities. It has a large trader base of over 14 million. This shows that it’s widely trusted by traders all around the world. The exchange offers the instant withdrawal option to its traders. The first thing that a trader must consider while deciding on an exchange or a broker is the withdrawal of their profits. In this aspect, IQ option scores well by offering super quick withdrawals to the traders. After all, it’s all about getting that money from the markets.
It is estimated that over 3 million trades are placed in a day. That proves the sheer amount of trading activity on the platform. IQ option requires a simple and clean verification process from the traders in order to counter money laundering activities.
IQ option promises to provide solutions to any related query within a matter of hours. They’re professional and serious in solving any issues of the trader and make sure that the trader is able to proceed without any problems. They have two main operational offices to ensure that the trading goes smoothly for all the traders. This indicates that they’re serious when it comes to providing their services to the traders. Cryptocurrency trading can be a bit complicated for the beginners, but the IQ options make sure that everyone is provided with the educational materials so that the traders can trade with a clear vision.
IQ option has never been a victim of cyber attacks since its inception. The technical team strives for the safety and security of the trading platform and traders’ funds. Recently, there were a few cyber attacks on cryptocurrency exchanges causing a substantial damage to both the exchange and the traders as well. IQ option is well aware of the potential attacks and they constantly work on combating any type of attacks that may occur. A trader can be confident about their funds with such a secure exchange with a solid technical team that ensures their funds’ security.
IQ option’s verification team has a stringent verification policy. They require proper documentation from a trader to ensure there’s no scope for illegal trading activity. Every trader’s information is encrypted on the IQ option’s server so that the data is safe and secure. The exchange utilizes SSL standard encryption, which is the best among the encryption types that the web offers. Even if someone gets access to login details, they can’t withdraw money to their financial accounts because IQ option permits withdrawals only to already used financial accounts.
How does IQ option work?
The exchange currently offers 13 cryptocurrencies to trade on their platform. A trader can buy any of these cryptocurrencies anytime they intend to. A trader can fund their account with several deposit options including bitcoin. With a wide variety of trading applications, users can access the platform no matter what device they’re using in a matter of seconds.
IQ option offers Crypto CFDs for buying and selling cryptocurrencies through their trading platform. There is no leverage aspect attached to this type of trading activity. As a user, this allows me to enjoy profits with the corresponding value of the crypto asset that I invest in. The risk factor is lowered with the no-leverage trading.
IQ option offers a wide range of technical tools for traders to analyze the cryptocurrency markets. Tools such as several oscillators, Fibonacci retracement, Fibonacci extension, trend lines, and many more are provided to the traders within the IQ option platform. The cryptocurrency assets can be accessed through different charting types such as candlestick charts, line charts, and many more.
In addition to the cryptocurrency trading, you can also mine the OTN tokes on the IQ option platform. OTN which is also known as the Open Trading Network is the very first digital currency exchange which is a decentralized platform offering secure exchanges between different blockchain networks. OTN tokens are allotted to the traders who trade cryptos on the IQ platform. Every Monday, OTN tokens are distributed to the crypto traders based on the profits generated in the previous week. OTN tokens can be utilized to pay for IQ option crypto trading commissions. While trading cryptos on the IQ option, users are notified of how many OTN tokens that will receive for that particular crypto trade that you make.
IQ option charges 10% for every cryptocurrency CFD trade made. The cryptocurrency prices are affected by the spread, which is the difference between the bid and ask prices. A trader needs to include the spread aspect into their trading plan. Usually, every cryptocurrency trading exchange works by the spread.
IQ option charges €50 for accounts that remain inactive for a period of ninety consecutive days. To avoid such case, it is prudent to login to your account for every few weeks within the period of 90 days.
Customer Service at IQ options
IQ option is backed by a knowledgeable customer support service team which is quick in responding to customer queries. Customer support is available through e-mail and phone. Most of the issues can be resolved by the trader itself by going through their FAQ page. Any further issue can be raised through a ticket and the IQ option customer service team is prompt in resolving the issues of a customer. The estimated average time taken for a ticket to be resolved is 24 minutes.
IQ option deposit and withdrawal options
When it comes to trading in general or cryptocurrency exchanges in particular, the most important thing to consider is how convenient and efficient the transaction process is. If the exchange has multiple methods for deposits and withdrawals, then it’s a bonus. IQ option meets industry standards in this aspect. There are many options to deposit and withdraw money.
An account can be funded via bitcoin, debit and credit cards, and several e-wallets such as Neteller, Skrill, and WebMoney. Withdrawals can be done through the same options. There is no fee for the deposits. Withdrawals requested through listed payment service providers do not attract any fee.
New members receive $10,000 in virtual money to test their trading platform. A trader can choose to either deposit real money instantly or can use the virtual money. If you want to withdraw your money through wire transfer, the minimum amount should be $50 or the equivalent in any other currency that the account is linked with. A fixed fee of 0.001 BTC is charged for every withdrawal through bitcoin.
By now, you must have got a clear understanding of the IQ option cryptocurrency trading exchange. For the most part, the pros outweigh the cons. If you are looking for a secure, experienced, and efficient cryptocurrency trading exchange then IQ option can be a very good choice.
For those who prefer to be a savvy cryptocurrency investor, IQ option can be the best choice to trade with. Their state-of-the-art platform provides the traders with all the technical tools needed for the analysis of cryptocurrency market. Instant withdrawals are a bonus for traders who want to see their profits in their bank accounts quickly.
Multiple deposit and withdrawal options can be a huge plus for those who do not have access to a particular deposit method. In such cases, a trader can easily go with a different transaction method that IQ option offers.
Finally, to conclude, IQ option is a cryptocurrency trading exchange which provides reliable service to the traders all around the globe following strict protocols to ensure security, hassle-free trading platform, and fast withdrawals to the traders. It would be a good idea to try out this exchange by simply registering for a demo account.
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.