We have assigned ratings for IQOption on the basis of the performance metrics commonly used by traders to seek out brokerages with which to trade binary options. These metrics are the trading software quality, bonuses awarded, customer service as well as choice of options. Assigned on a scale of 1 to 100, the ratings for IQOption are as follows:
- Software: 90/100
- Bonuses: 60/100
- Customer Support: 80/100
- Options Choice: 80/100
The trading software on IQOption is perhaps its strongest point. IQOption offers several software modes: web-based, downloadable desktop client and mobile versions. Traders can choose which of the versions they want to use. This is why a score of 90/100 is assigned for this metric.
IQOption awards bonuses of up to 100% of all new account deposits. However, the volume requirements which are placed on traders to fulfill before they can make withdrawals are quite steep and there have been complaints of traders being unable to make withdrawals for months on end as a result of not being able to fulfill the volume requirements. For this reason, the score for bonuses on IQOption is 60/100.
IQOption has just an ok customer support; nothing spectacular. It offers industry standard channels of customer support. A score of 85/100 is assigned due to the personal touch given in the course of providing customer support.
Unlike most brokerage companies in the financial space, IQOption is quite generous with its bonus offerings. The bonus offers are structured on initial deposits as well as the category of account selected. This means that the amount a trader gets as bonus increases with an increase in their investment.
IQOption was the binary options brokerage that pioneered the downloadable versions of binary options platforms, which actually worked for both Mac users and Windows OS clients. The browser-based trading software works on several browsers and is available for use on laptops, desktops and mobile devices. Some binary options robots have also been optimized to work on IQOption. This review showcases other aspects of the binary options offering of IQOption and how traders can benefit from these features.
IQOption is a brokerage company which is operated by Day Dream Investments Ltd. The firm is based in the Marshall Islands, but has regional offices in Latvia. IQOption commenced operations in 2011 and provides trading of ETFs, stocks, indices and cryptocurrencies, all as binary options assets.
IQ Option has a very comprehensive asset listing which includes 12 cryptocurrencies. The traded assets on IQOption are as follows:
- Currencies: AUD/JPY, EUR/USD, CAD/CHF, EUR/AUD, EUR/CAD, AUD/USD, EUR/USD, GBP/AUD, USD/CHF, USD/TRY, EUR/NZD, GBP/JPY and EUR/JPY.
- Stocks: Amazon, Apple, Google, AIG, Alibaba, Baidu, Citigroup, Intel, Facebook, Goldman Sachs, JP Morgan Chase, Microsoft, Morgan Stanley, Nintendo, McDonald’s, Snap Inc., Twitter, Yandex, Tesla, and many others.
- Cryptocurrencies: Bitcoin Cash, IOTUSD (IOTA), XRPUSD (Ripple), LTCUSD, Dash (DSHUSD), Bitcoin (BTCUSD), ETHBTC and ETHUSD.
- Stock Indices: Tel-Aviv-25, Hang Seng, Nasdaq100, FTSE100, Dow, S&P500, etc.
- Gold, silver, sugar, oil, cocoa, and much more.
Bonuses & VIP Programs
The bonuses available on IQOption are restricted to an account deposit bonus. This bonus is provided as a percentage of the initial amount deposited in the account as well as the account type. Bonus percentage ranges from 50% Starter account holders, to a 100% match deposit bonus for Silver account holders. Those with Gold and Platinum accounts have the option of receiving a bonus of 120% of deposit amount, while the holders of VIP accounts can expect to receive as high as 150% bonus. However, traders receiving a bonus on IQOption should be careful as the volume requirements are quite steep.
The recent clampdown on mobile apps of binary options brokers has affected many brokers in the market and IQOption is no exception. Therefore, the broker has optimized the browser-based version of its platform to work seamlessly on mobile devices. This enables those traders who love to trade in motion to participate in multi-asset trading with IQOption.
Deposits and Withdrawals
Traders have the option of maintaining their accounts in four currencies: US Dollars, British Pounds, Russian Rubles and Euros. Once a currency is selected, it cannot be changed. When it comes to actual transaction channels, traders have the option of using the following payment methods:
- Credit/Debit Cards. Cards issued by MasterCard and VISA are the preferred options.
- Digital Wallets. Skrill, Neteller, and Webmoney are the favoured digital currencies on IQOption.
IQ Option has a full contact stream when it comes to customer support. The following channels exist for contacting the support team: live chat, phone email.
- Email: firstname.lastname@example.org
- Phone: +44 20 8068 0760
Support is provided in several languages and is available round the clock.
Extra Features and Resources
Here are some of the special features that traders will find on IQOption.
- IQOption offers a downloadable desktop client for its binary options trading.
- The IQOption platform features 12 cryptocurrencies. No other binary options platform in the market offers this number of cryptocurrencies for trading.
- Traders get access to a demo account for trading.
- Trading tournaments are held periodically for those traders who want to win prizes for their efforts.
- For traders wishing to offset their bonus volume requirements, there is the option of buying back your bonus with a cash deposit.
While IQOption has done a great job in terms of innovation and bringing new stuff to the market to excite traders, there are aspects of its operations which need to be revamped to improve the brand’s image in the marketplace. These are all captured in the Pros and Cons section below.
Some of the benefits the IQOption trading platform offers users include:
- IQOption offers a proprietary platform with unique trade types.
- IQOption is optimized to work with a few binary options robots.
- The company provides multilingual support for clients.
- The payouts and return on investments are quite competitive.
Some of the major disadvantages of the IQOption product offering are highlighted below:
- IQOption is unregulated and does not hold any regulatory licenses. This is a major drawback which is hurting the brand’s reputation in the market.
- IQOption’s demo account can only be accessed by live account holders with active deposits.
- The volume requirements required to open up the account for withdrawals after a bonus has been received are quite steep and this is discouraging many traders.
Some of the frequently asked questions about the IQOption trading system include:
What payment channels does IQOption support?
IQOption allows traders access to three methods of deposit and withdrawals that include wire transfers, credit/debit cards, and e-wallets.
What trading platforms are offered by IQOption?
Traders can access browser-based versions, desktop as well as mobile versions of the IQOption trading software.
Is IQOption regulated?
Even though IQOption is based in the Marshall Islands and is supposed to work with a license, it would appear that the company is not a regulated. Due diligence is therefore required to trade with the broker.
Does IQOption provide bonuses?
IQOption provides bonuses for all categories of account holders on its platform.
What are the bonus conditions on IQOption?
Traders are required to generate trading volumes equivalent to 30 times the provided bonus. IQOption also allows traders to buy out their bonuses by depositing cash equivalent to the bonus amount in order to make withdrawals.