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IQ Option - a reliable broker or PR product ?

September 26, 2024 by Michael Leave a Comment

iq-option-a-reliable-broker-or-pr-product

Binary Options Broker IQ Option was founded in 2013, and during that time had already become one of the most well-known public brokers. The first thing I would like to mention - is the company’s focus on the newbies. “Faster and easier than Forex!” - stated on the company’s website, and it is difficult to argue this fact. Everything is so simplified that it looks more like a game than a real trading. That was the main factor in growing popularity of IQ Option broker among new traders.

However, no less, the explosive growth of the broker popularity was forced by an aggressive local PR company. Attractive conditions of the affiliate program contribute to a large number of promotional articles of the similar type on the Internet that does not play in favor of the company’s reputation.

But, we still try to figure out what actually a binary options broker IQ Option represents.

Trading conditions

trading-conditions

What pleases is that demo account can be opened in a couple of clicks - completely free of charge and without any hidden charges. Nevertheless, from time to time, you will be urged to go on a real trading account. Here you should be extra careful because trading conditions on a demo and live accounts can vary significantly, and if your trading strategy makes a profit on the virtual money, it will not always be just as good working on a real account.

Judging by the reviews in the forums, the broker can arbitrarily change the option payout percentage in respect of particular (very profitable) customers. In fact, it is quite normal practice for a market maker. I hope everyone understands that the so-called binary options have nothing to do with the real exchange-traded assets, and all advertised online binary options brokers are just a reinvention of the wheel, work with which requires very nuanced approach.

The cost of real contracts starts at $1. It is not the cheapest price on the market - some brokers already provide the ability to trade contracts for 1 cent, but it’s still competitive. Only two types of contracts are available for trading: Binary and Turbo. The first one allows you to change the expiration time with a step of 5 minutes, the second – from a 15-minute step. Payout of the option can vary depending on the time, type of the contract and the trading instrument (sometimes up to 85%). Available are currency pairs, commodities, stocks indexes and shares.

binary-option-broker-iq-option

Interestingly, some OTC (Over The Counter) contracts trade is available even on the weekends when the real market does not work. Price at that time is moving in a horizontal channel, and off-exchange quotation on the companies are taken from the inter-bank transactions, from well-known quotation suppliers, such as Thomson Reuters and the like.

In fact, no official data providers do not provide output prices. On the weekend you are trading with a clever quote generator, which either modifies the previous data out of all recognition or simply creates new ones. So, the company is not lying when it says that these quotes do not appear on other platforms besides IQ Option - indeed, you won’t see them anywhere else.

binary-opcion-broker-iq-option-qoutes

Licenses and Regulation

licenses-and-regulation

IQ Option is a subsidiary of IQ Option Europe Ltd. Wherein, all rights on the domain and the trading platform are owned by Alta Vista Trading Limited, registered on the Seychelles.

The company has a CySEC license under the number 247/14, issued by the Cyprus Securities Commissions. Licensing Date - July 30, 2014. The main task of CySEC is to protect customers from the unfairness of the broker. In this case, if the broker’s support staff cannot solve your issue, or simply did not respond to your messages - you can always send a complaint to the regulator, which will act as the arbitration between you and the brokerage company. Also, all companies with this license, participate in the ICF compensation fund. That is, in the case of bankruptcy of a broker, the fund compensates customers with the amount of lost investment if it does not exceed 20 000 euros.

Also, the company has been certified by FMRRC (Financial Markets Relations Regulation Center), FCA, Consob, CNMV, BaFin, Regafi, AMF, Finantsinspektsioon. But, as non-governmental organizations, it cannot influence on on the work of the company, but it can help to satisfy some small complaints.

Trading platform

binary-opcion-broker-iq-option-trading-platform

The trading platform is represented by clients on PC, Mac, Android, iOS, as well as an online client for an Internet browser. All customers have unified interface and synchronized with each other. This means that trading on a home computer or through a browser window, you can easily continue trading on any other supported device.

According to the company, the platform has been developed by a team of experts based on feedbacks from the traders themselves, so should suit both beginners and professionals. All necessary functions are just one click away, and the interface is maximally simplified. Due to the fact that the platform is designed from scratch, designers have achieved a sufficiently high-speed processing of orders. At this point, it is one of the fastest platforms in the market of binary options.

Functionality includes several unique tools. Firstly, you can choose the way of displaying the chart - line, area, bars or candles. Also, there are graphical tools available for traders in the form of trend and horizontal lines, as well as a small list of standard technical indicators: Moving Average, Bollinger Bands, Alligator, RSI, MACD, Parabolic SAR, Stochastic, ATR, ADX, and CCI. These tools already allow for the minimum chart technical analysis, which does not exist in most other platforms for binary options. So, despite the simple appearance, in fact, IQ Option platform is one of the most advanced platforms in the market.

Let’s briefly go over the controlling elements of the mobile platform:

1. Select the option type - Turbo or binary;
2. Select the trading instrument;
3. Select the time of the contract expiry;
4. The current balance of power in the rise and fall;
5. The main chart window. The horizontal line shows the level of the transaction, the red vertical line - the time of the option expiration;
6. Select the investment amount (from $ 1);
7. The direction of the transaction – on increase or on decrease;
8. Changing the type of displaying the chart and setting indicators.

binary-opcion-broker-iq-option-trading-terminal

At the end of the expiration time, a dialogue box with the transaction details is displayed of the dialog box: the price of opening and closing, the investment amount, as well as the profit (or loss) amount.

binary-opcion-broker-iq-option-closed-option

Registration

The process of registration of new clients is maximally simplified. All that is needed is to write your e-mail address and choose a password.

binary-opcion-broker-iq-option-registration

After that, you will receive a mail with the link to activate your account. That’s it! Registration is completed.

binary-opcion-broker-iq-option-registration-complete

Upon registration, no additional documents are required, but they may be required for the verification procedure of withdrawing profits from the account.

Deposits and withdrawals

binary-opcion-broker-iq-option-deposits-and-withdrawals

To start trading you need to deposit an amount of $10 or more, depending on the currency of the account. Withdrawal requests are processed within 3 business days. The minimum amount available for withdrawal per day is $10, the maximum - $1 000 000. On the deposit amount depends the size of the deposit bonus.

binary-opcion-broker-iq-option-closed-option-deposit-and-withdrawal

Customers, who fill up their account by the amount of $3000 or more get a special VIP status, which includes a personal manager service, unlimited access to all the tools, increased deposit bonus as well as a regular newsletter of trading signals. Some contracts may be temporarily unavailable for trade (with the exception of customers with VIP status).

Supported payment systems:

• VISA and MasterCard cards;
• Yandex money;
• QIWI;
• WebMoney;
• FasaPay;
• Neteller;
• Skrill;
• Traditional bank transfer to the company (fee of $50).

Tournaments

The company regularly holds traders contests. The prize fund is formed directly from the contributions of the participants and distributed among the top 30 or top 10. Tournament’s table is sorted by descending of the trade account balance. After registering in the competition, your account is automatically charged by the amount, which is required for participation. The prize is returned to the customer’s account. Let’s note the conditions of some competitions:

IQ Wars

• Start tournament account balance - $100 (virtual money);
• Price of the competition participation - $4;
• Price of an additional purchase - $4;
• 75% of the fee goes to the prize pool.

Euro Tournament

• Start tournament account balance - $100 (virtual money);
• Price of the competition participation - $20;
• Price of an additional purchase - $20;
• 50% of the fee goes to the prize pool.

binary-opcion-broker-iq-option-contest-winners

Benefits

binary-opcion-broker-iq-option-benefits

  • Easy and simple trading platform;
  • A unified interface;
  • Quick registration;
  • Free demo account;
  • Deposit insurance (20 000 EUR)

Disadvantages

binary-opcion-broker-iq-option-disadvantages

  • Very limited selection of expiration dates (long-term traders pass by);
  • No round the clock trading opportunities for some instruments;
  • The lack of a fixed fees percentage (algorithm itself and its changes are not transparent);
  • Limited choice of contract types.

Conclusion

binary-opcion-broker-iq-option-conclusion

Despite all the disadvantages, at the moment, IQ Option is one of the best binary options brokers. In many ways, the success of the company is due to its trading platform, which was originally developed for binary options trading, taking into account the wishes of existing traders. In the future, we would like to see a greater number of contracts to trade, a broader range of expiry times, as this moment may become the key one for many traders. At the same time, IQ Option broker is a perfect for those, who didn’t have the experience of trading in the financial markets and would like to try themselves as traders.

Take care, Michael

ForexTraderPortal.com

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