IQ Option has a key role on the trading market as it targets investors from various jurisdictions, offering a safe and trustworthy experience. The award-winning binary options trading platform was unveiled in 2013 and currently, it enjoys an untarnished reputation. The broker holds a license issued by the Cyprus Securities and Exchange Commission (CySEC) that proves its reliability.
Traders will certainly enjoy their time if they set up an account via IQ Option’s mobile trading app as it runs like a charm on smartphones and tablets. The brokerage also offers dedicated multilingual apps to expand its reach even more. As a downside of this platform, we can note that MetaTrader4 is not incorporated. On the positive note, IQ Option offers relatively high trading payout rates compared to other binary options platforms.
When you decide to sign up with this brokerage, you should be informed that IQ Option’s mobile trading app offers three different types of trading accounts, including a demo account, a real account, and a VIP account. Depending on your skills, you can choose which account is the best option for you. In the lines below, we will provide some detailed information regarding the different accounts you will find here.
Most trading platforms offer demo accounts that you can open for free and IQ Option’s mobile app does not make an exception. If your trading career is in its infancy, you will be advised to set up a demo account so that you can learn the ins and outs of the platform and enjoy an enthralling trading experience in a risk-free manner.
Every versed trader will advise you to demo-trade as long as you need to until you improve your knowledge in trading. IQ Option’s demo account has no time limit and the balance can be reset as often as needed. Needless to say, demo accounts come with limitations on the available trading assets. You will have access to a bit more than 10 assets. Upon setting up a practice account, you will get $10,000 on your balance. Traders should be informed that they cannot withdraw these funds or accumulate profits.
Once you feel comfortable with your knowledge and skills, you can opt for a real account. It is important to explain that if you have a demo account, you do not need to create a new account in case you wish to trade for real money. You just need to tap the Deposit button that is located in the upper-right corner to add funds.
Once you make a first deposit, you can start trading for real money. Real money accounts provide mobile traders with over 300 trading assets. To switch to a real account, you are required to make a minimum deposit of $10. The minimum trade size is set at $1, making trading available even to enthusiasts with a lower budget. Furthermore, traders with real accounts are provided with access to weekly trading tournaments that are available only to non-EU citizens.
After the implementation of the new regulations offered by the European Securities and Market Authority (ESMA), IQ Option is planning to introduce two separate accounts for the EU retail clients and non-EU customers. Under the latest changes, EU traders will face strict regulations regarding CFD trading.
IQ Option’s mobile trading app treats its loyal customers like celebrities, offering them the opportunity to have a VIP account that comes with various perks such as higher profitability rates, a personal account manager, fast processing of withdrawal requests, etc. Traders should be informed that such accounts are available only to non-EU citizens. The minimum deposit one should make in order to start such an account is set at $1,900.
VIP accounts are tailored to cater to versed traders who are craving for an exciting experience as binary and digital options are at the disposal of professional traders only. Despite the ESMA regulations, professional traders will still be offered a leverage of up to x500. The negative balance protection takes place for all real-money accounts at IQ Option.
Trading InstrumentsThe selection of trading instruments is what gives life to every brokerage’s portfolio that tries to attract the attention of new traders. Hence, IQ Option mobile trading app offers a wide selection of trading instruments, including Forex, cryptocurrencies, binary options, stocks, commodities, ETFs, and digital options. As we mentioned above, binary options have been restricted in the EU. However, professional traders can still trade CDFs on stocks, Forex, CFDs on commodities and cryptocurrencies, and ETFs in case they meet certain circumstances. What is important to mention is that the maximum investment amount per trade is $20,000 but this amount may vary according to the market conditions.
Forex and Cryptocurrencies
Investors who decide to try their luck on trading Forex will find a good-enough number of currency pairs. You can choose from trading major pairs, cross, or exotic currency pairs. Some of the options you will come across include USD/RUB, USD/NOK, CAD/PLN, AUD/SEK, GBP/CHF, EUR/DKK, etc. There are several benefits of forex trading with this mobile platform, and more precisely no fees charged for holding positions overnight, leverage of up to 1:30, and a minimum deposit as low as $10.
Assuming that you wish to trade cryptocurrencies, you will enjoy a rich selection of possibilities, as the mobile trading platform features the most popular cryptocurrencies, including Bitcoin, Ethereum, ZCash, Litecoin, Bitcoin Cash, Ripple among others. Investors should be informed that IQ Option’s mobile trading app allows enthusiasts to trade different CFDs on cryptocurrencies.
What is laudable here is that IQ Option allows investors to trade some of the most popular companies such as Tesla, PepsiCo, Coca-Cola Company, Procter & Gamble, etc. Trading stocks on IQ Option’s mobile platform means that you can enjoy a minimum trade size of just $1 and a leverage of up to 1:20. In addition to that, traders should keep in mind that the brokerage does not charge fees for trading stocks with CFDs.
If you are interested in trading hard commodities, you should know that IQ Option’s mobile trading app features 4 options, including gold, silver, crude oil WTI, and Brent crude oil. Thanks to the commodity contract for difference (CFDs), you can trade commodities without the need to actually buy them. In other words, you speculate on the price moving up or down.
Trading commodities is available to both EU and non-EU residents. The leverage for non-EU traders and EU professional investors is 1:150. EU retail clients are offered a 1:20 leverage on gold and 1:10 on the other commodities.
IQ Option also offers its fans the opportunity to trade over 20 digital options on ETFs. Some of the available ETFs options include metals, utilities, technology, energy, and others. ETF (exchange-traded fund) is a type of investment fund that is quite similar to mutual funds with the main difference that investors trade ETFs during the day on stock exchanges. The mobile trading app offers up to 1:5 leverage for retail European Union investors trading ETFs, while non-EU residents that hold a retail or professional account can enjoy up to 1:100 leverage.
IQ Option is extremely popular with its binary options. In a nutshell, binary options allow traders to speculate on the movement of the price of a certain asset. To trade binary options with this brokerage, investors are required to make a minimum deposit of $10. It is important to mention that the minimum deal size is $1. As we mentioned above, IQ Option brags about its high payout rate that reaches up to 95%. However, investors should keep in mind that this figure might vary.
Fees and Spreads
IQ Option’s mobile trading platform offers competitive fees and spreads that vary between the different trading instruments. In addition to that, the spread is determined by the volatility and liquidity of the market, time of the day, and other factors. In case you open a “long” cryptocurrency position, you should keep in mind that the brokerage will charge a fee of 2.9%. The “swap fee”, also known as “overnight funding” is from 0.01% up to 0.5% of the face value of the position. Such a fee is levied on CFDs on Forex, ETFs, cryptocurrencies, commodities, and indices.
What is laudable here is that IQ Option does not charge fees on trading activity. Even if you decide to open or close a trading position, you do not need to pay extra charges for that. However, it should be mentioned that the brokerage does charge a “Dormant Account Fee” in case the account is inactive for 90 days. If no trades are opened within 90 days, the account is considered to be inactive and a charge of $10 is imposed.
Investors should note that they need to verify their accounts with IQ Option as soon as possible. According to the brokerage’s policy, investors who do not submit the required documents for verifying their accounts within 15 days upon making their first deposit, their funds without the profits will be returned. If the balance is below $5, they will be charged a fee of up to $5.
Reputable brokers usually offer various payment solutions. In that way, investors can choose what is most convenient for them. When considering which deposit/withdrawal option to choose, traders are recommended to keep in mind that various banking solutions might come with different fees. In addition to that, some payment methods process payouts quicker than others.
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In case you feel ready to open a real money account, you should know that the minimum deposit is set at $10 and the brokerage does not charge fees for uploading funds to your account. Furthermore, the minimum investment is pegged at just $1, so even traders with a tighter budget can afford it. The maximum investment amount is $20,000. IQ Option adopted several popular payment solutions, including Visa, Mastercard, Maestro, Skrill, Neteller, and Webmoney.
Deposits are processed right away. It is important to explain that the method you selected to make a deposit method is used also for withdrawals, so you need to choose carefully. As a matter of fact, a huge number of traders prefer to use e-wallets, as these are prompt, safe, and the charges are small.
Regardless of the payment solution you select, you should not worry about the safety of your personal information as the brokerage employs a sophisticated encryption system. It is important to explain that you cannot change the currency once you set it. The mobile trading platform accepts payments in USD, GBP, and EUR. Of course, traders can make a deposit in another currency and it will be automatically changed to one of the currencies available at IQ Option.
To make a deposit, you need to have an account at IQ Options. In case you still did not verify your account, you will be able to make a deposit only via Visa or Mastercard. IQ Option’s mobile trading platform is designed in an easy-to-navigate manner, so even if you are on the move, you can top up your account in less than 5 minutes.
One of the sweetest moments for traders is withdrawing their earnings. IQ Option’s mobile trading app features a good-enough of banking solutions for withdrawing funds. It is important to explain that the withdrawal amount should not be higher than the current trading balance amount.
The number of withdrawal requests is unlimited and the minimum amount one can cash out starts from just $2. In case you wish to withdraw a sum lower than this amount, you need to get in touch with the customer support department.
Once you submit your withdrawal request, your funds will be “locked” for 24 business hours in which you can change your mind and cancel the payout. Traders should bear in mind that withdrawals cannot exceed the total amount of their deposits over the last 90 days. In case your profit exceeds this amount, you should withdraw it via an e-wallet or bank transfer and a fee of $31 will be charged.
All of the deposit methods that we discussed above support also withdrawals. Bank-dependent methods, and namely credit/debit cards might take up to 5 business days to process the payment, while e-wallets take between 24 and 48 hours. By rule, bank transfers take the longest to clear payouts. Withdrawals via bank transfers might take up to 15 calendar days. What is important to mention is that mobile traders can track the status of their withdrawal request by tapping on the Transactions History button.
In case you do not receive your earnings on the 21st day after the withdrawal request, you can present a bank statement from the date of the deposit to the 21st day after the withdrawal and send it via email at email@example.com or via live chat to the customer support representatives who will do their best to find and solve the problem.
Mobile traders should be extremely careful when choosing a trading platform. Apart from having various trading instruments and low fees, the broker should also have a valid license in order to prove its trustworthiness and reputability. IQ Option mobile trading app is a good choice for investors that are looking for a safe and reliable brokerage as it holds a license issued by CySEC (the Cyprus Securities and Exchange Commission). The brokerage is authorized to provide its services to traders from the European Economic Area (EEA).
IQ Option is a reputable mobile trading platform that went online in 2013. Currently, the brokerage has an extensive customer base that is yet another proof of its trustworthiness. What is more, IQ Option’s clients can contact the customer support department even via their touchscreen devices any time they need help.
Traders from various jurisdictions, including Austria, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Spain, Sweden, the Netherlands, the United Kingdom, and others are allowed to set up an account on IQ Option’s mobile trading app.
1. Can I make money with a demo account?
2. How do I switch from demo to retail account?
3. Is there a dedicated app that I can download?
4. How can I contact the customer support department?
5. How to verify my account?
When all is said and done, we can safely say that IQ Option’s mobile trading app is an excellent trading spot, especially for the investors who enjoy trading binary options. The brokerage is fully regulated and it provides over 300 assets. In addition to that, inexperienced mobile traders can improve their skills in a risk-free manner. Spreads and fees are not steep, which makes this brokerage one of the most preferred choices among investors.