Your capital is at risk
76.4% of retail CFD accounts lose money
IQ Option is one of the fastest-growing CFD trading platforms that offers trading in a variety of financial assets like stocks, cryptocurrencies, commodities, forex, options, ETFs, and indices. The CFD trading platform is owned and operated by IQ Option Ltd., which is registered at St.Vincent and the Grenadines. Since its launch in 2013, it has grown massively to acquire a customer base of over 25 million members worldwide.
Your capital is at risk
The trading platform (IQ Option Europe Ltd) is regulated and authorised by CySEC (Cyprus Securities and Exchange Commission) to operate in EU. For other jurisdictions, it is authorized by applicable laws to provide services via the Internet. Moreover, IQ Option strictly follows the standard AML (Anti Money Laundering) and KYC (Know Your Customer) policies in all the jurisdictions where they operate.
The web trading platform of IQ Option is both intuitive and accessible, to provide a seamless user experience. It provides a detailed graph/chart for users to analyze the price movements of various assets. It supports 10+ languages including Spanish, French, Italian, German and Portuguese. Moreover, IQ Option offers free practice accounts to users, allowing them to test their trading skills without the risk of losing money. In addition to the web trading platform, IQ Option is also available as a standalone desktop or mobile app.
The following review analyses several aspects of IQ Option, whilst providing you with an all-rounded detailed overview of the trading platform and its services. Although Cryptimi does its best to provide you with accurate information, whilst aiming to update it on a regular basis, we strongly recommend that you visit their site for any important updates which might occur after this review is published.
IQ Option allows users to trade CFDs of the most popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple. Apart from cryptos, IQ Option also offers CFD trading in stocks, forex, options, commodities, indices, and ETFs To get the full list of financial assets available on IQ Option, check out their website. The trading platform offers a practice account with a balance of $10,000 to help users learn trading skills without the risk of losing their money.
The trading platform of IQ Option is simple and easy to navigate. With its elaborate graphs/charts, users can easily understand the price changes of assets from a duration of 30 minutes to 30 days. If required, you can opt to receive notifications for the following:
IQ Option also offers a mobile app (Android / iOS) to help users when trading on the go.
The sign-up process on IQ Option is straightforward, since you need to provide only your email address to create an account. In the case of a forgotten password, IQ Option allows users to reset it. Apart from trading fees, there are additional fees which are clearly listed on the IQ Option website.
Follow the below steps to create your account on IQ Option:
Congratulations! You have successfully created your account on IQ Option. You will now be redirected to your account dashboard. Within a few minutes, you will receive a confirmation email from IQ Option. Click the link on that email to activate your account.
To log in to your account, follow the below steps:
After logging in to your account, you must provide your personal details and verify your phone number to start trading on IQ Option.
In order to start trading on IQ Option, you must verify your email address, phone number and provide personal information such as your full name and address. Additionally, you might be required to upload your photo. For depositing funds, you needn’t submit any documents to verify your identity. However, you need to undergo the verification process for withdrawing funds from your account. Therefore, you must upload a copy of your passport or driver’s license.
Apart from this, you should also provide proof of your payment card. For example, if you have used a credit/debit card to deposit funds, then you should upload a copy of both sides of your card. (Please remember that you should hide your CVV number and keep visible the first 6 and the last 4 digits of your card number only). For e-Wallets like Skrill, uploading your ID is sufficient.
Before buying/selling CFDs, you should have verified your account and deposited the required funds.
Follow the below steps to deposit funds on your account. The minimum deposit is 10 EUR/GBP/USD.
Follow the on-screen instructions and fill all required fields to complete the payment. Once your transaction is completed, your funds will be credited to your account.
Now, follow the below steps to buy/sell Bitcoin CFDs on IQ Option:
Follow the on-screen instructions to complete your order. Once your transaction is completed, you can check the status of your asset under ‘Total Portfolio’.
Warning: Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because it is possible to lose all of your invested capital. You should never invest money that you cannot afford to lose. Before trading in the complex financial products offered, please ensure to understand the risks involved.
Even though IQ Option supports multiple payment options, your withdrawal method will depend on the deposit method. For example, if you had used an e-wallet (like Skrill) to deposit funds, you will only be able to withdraw to the same e-wallet account. The minimum amount for withdrawal is $2, whereas the maximum limit for withdrawals is set to $1,000,000 per day. Refer to the Platform Fees and Limits section of this post to fully understand withdrawal fees.
Follow the below steps to place your withdrawal request:
The processing time of your withdrawal request is approximately 1 day for e-Wallets and 3 business days for bank transfers. Once your order has been processed, your funds will be credited to your account depending on the processing time of your bank or card provider.
At the time of writing, IQ Option supports trading the following cryptocurrency CFDs:
Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), Dash (DASH), Bitcoin Cash (BCH), OmiseGo (OMG), Zcash (ZEC), Qtum (QTUM), TRON (TRX), Stellar (XLM), NEO (NEO), Cardano (ADA), NEM (NEM).
To get the latest list of cryptocurrencies supported by IQ Option, kindly check out their website.
Except for the countries listed in the below section, IQ Option is available for all countries including UK, Switzerland, United Arab Emerites, Qatar, New Zealand, Netherlands, South Africa, Spain, Sweden, Singapore, Saudi Arabia, Portugal, Oman, Mexico, Malaysia, Italy, Germany, Bahrain, Hong Kong, Austria, Chile, Colombia, Cyprus, Crech Republic, Denmark, Finland, Luxemburg, Poland, Argentina, Bulgaria, El Salvador, Greece, Ireland, Latvia, Malta, Romania, Slovakia, Sweden, Poland.
At the time of writing, IQ Option does not accept users from the following countries:
Apart from the above countries, IQ Option doesn’t accept residents of any country of the European Economic area.
Every CFD trading platform has its own fee structure and limits.
IQ Option doesn’t charge any commissions on each trade. An Overnight Funding/Weekend fees for CFD positions (explained below) might be applicable, depending on your trading activity. The trading platform offers a leverage of up to 100x for trading CFDs in cryptocurrencies.
IQ Option doesn’t charge any deposit fee, whereas a fee is applicable for withdrawal of funds through bank transfer. Therefore, you may be required to pay a fee of $31 or an equivalent amount in another currency, depending on the country.
The overnight funding amount will be added to or subtracted from your account when holding a position after a certain time. The fee varies depending on cryptocurrency chosen. For example, overnight funding percentage for Bitcoin is -0.065% (Buy) and +0.015% (Sell). To find out Overnight fee for other cryptocurrency CFD, check out their fee schedule.
A monthly fee of 10 EUR is applicable if users would not have logged on to IQ Option for a period of 90 consecutive calendar days. The fee will not exceed the total balance in the customer’s Account.
The calculation of spread can be conducted by subtracting the selling price from the buying price of the instrument. The spread fee varies depending on the cryptocurrency. For example, it is 5.722% for BTC, 6.32% for ETH, 12.571% for XRP. To find spread fee for other cryptocurrency CFDs, check out their website.
If a position is opened for more than three months from the date of its opening, then a maintenance fee will be deducted from the user’s balance. And, the fee will get incremented by 0.25% for every 3 months as shown below.
For deposits, the minimum and maximum limits are set at $10 and $1,000,000. The minimum and maximum withdrawal amounts are $2 and $1,000,000 respectively. You can only withdraw from your bank card the total amount that would have been deposited to it within the last 90 days. There is no limit on the number of withdrawal requests per day/month.
IQ Option supports a wide range of fiat payment options with four fiat currencies (EUR, GBP, USD, RUB) which are given below:
Like most trading platforms, IQ Option also provides 2FA protection (via SMS) to protect users’ accounts from unauthorized access. For those who give more importance to privacy, IQ Option also has options to hide their real name, trading activity, and assets from other users.
IQ Option has a dedicated phone number to provide 24/7 customer support to its users. And, users can select a specific contact number to speak in their native language. In addition to this, IQ Option provides live chat support to quickly resolve the customers’ queries. For general inquiries, users can refer to articles on the FAQs section and watch How-To videos which are available on the official website of IQ Option.
Alternatively, if you would like to discuss your trading methods or other kinds of queries with like-minded people, you can join relevant chatrooms such as Forex Chat, Crypto Chat, and Stocks Chat.
Both are regulated platforms that offers CFD trading over top cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Both IQ Option and AvaTrade supports a wide range of payment options to deposit funds. Regarding fees, AvaTrade is considered better as it doesn’t charge a fee for withdrawal whereas IQ Option charges a flat withdrawal fee. IQ Option provides 2FA protection whereas AvaTrade don’t provide any additional security features.
At the time of writing, both IQ Option and AvaTrade support only a limited number of cryptocurrency CFDs. Both exchanges deduct a fee for withdrawals. IQ Option offers a fixed spread whereas spread fee on Investous is floating. Investous don’t charge any maintenance fee whereas IQ Option deducts a fee if a position is opened for more than three months. Regarding security, IQ Option is considered better as it provides two-factor authentication whereas Investous don’t offer any extra protection.
Both IQ Option and 24option offer CFD trading over a wide range of financial instruments including top cryptocurrencies like Bitcoin, Ripple, Ethereum and Litecoin. 24option is considered as more secure than IQ Option since it offers Investor Compensation Fund for its clients. Regarding fees, 24option charges a high inactivity fee of up to 80 EUR whereas IQ Option deducts only 10 EUR. The Spread on IQ Option is fixed whereas it is floating on 24option.
With its simple user interface, multiple payment options, low deposit/withdrawal limits, demo account, and 24/7 customer support, IQ Option is a good platform for novice traders to buy cryptocurrency CFDs. However, users should consider the fact that CFDs are complex financial instruments which always carries a high level of risk since leverage can work both to your advantage and disadvantage. Therefore, you cannot eliminate the possibility of losing your funds.
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