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An Honest IQ Option Review in 2023

Last updated 25th Jan 2023
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

IQ option is an easy-to-use online trading platform that will allow just about any trader out there to trade a wide range of financial instruments, from stocks to forex and even cryptocurrencies. The main ways it stands out are its flexibility, ease of use, and beginner-friendliness.

Throughout this review, we will go over everything you need to know about the IQ Option brokerage so that you can make an educated decision about using or not using it for all of your trading purposes.

IQ Option is an online trading platform that was initially developed to allow any user to trade a wide range of financial instruments, such as stocks, forex, and cryptocurrencies. It was initially established in 2013, where it started operation under IQ Option Ltd.

Throughout its time on the market, it has become one of the largest trading platforms preferred by traders in over 200 countries. They are regulated by CySec and FSA, and they use a proprietary platform that specializes in filling the specific needs of traders. This includes features such as multi-chart layouts, as well as technical analysis tools, historical practices, volatility warnings, as well as other useful tools that make the overall trading experience a much more enjoyable process.

Alongside all of this, the platform has full support for both mobile devices as well as desktop devices.

IQ Option Overview

💼 Provider Type:Broker
💸 Minimum Deposit:$10
💰 Trading Fees:Varied
💰 Deposit Fees:None
💰 Withdrawal Fees:None
💰 Management Fees:$10 monthly inactivity fee for 90+ inactive days
🔀 Minimum trade order$1
⌛ Withdrawal Timeframe:1 day for e-wallets and up to 15 calendar days for banks
#️⃣ Number of Cryptocurrencies Supported:35
#️⃣ Number of Crypto Pairs Supported:0
💱 Top supported Cryptocurrencies:BTC, OMG, ETH, BNB, DOGE
📊 Leverage:1:3-1:10 depending on location
📱 Native Mobile App:Yes
🖥️ Free Demo Account:Yes
🎧 Customer Support:Email, Phone
✅ Verification required:KYC, AML
📈 CFD AvailableYes
📊 Software:Website, web app, mobile app
⚽ Social Trading:No
✂️ Copy Trading:Yes
👮‍♂️ RegulatorsCyprus Securities and Exchange Commission (CySEC), Seychelles Financial Services Authority (FSA)

Pros and cons of using IQ Option


Fully Regulated by Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA)
Easy and convenient account-creation process that anyone can understand
A wide range of trading instruments suitable for most needs of traders
There are no deposit or withdrawal fees


You do not get access to MT4 and MT5 trading platforms
There are no fixed spread accounts available
There is an inactivity fee that occurs if you are inactive for three months
You can only operate with derivatives which can be more complex than other securities

IQ Option cryptocurrencies and trading options

When we look at the cryptocurrency offerings at IQ Options, we can see that there are only 35 cryptocurrencies available but require only a $1 minimum investment.

That said, the top-performing ones are:

Different trading options offered by IQ Option

With IQ Option, it’s possible for you to invest in CFDs, and these include Stock CFDs, ETF CFDs, Forex CFDs, Commodities CFDs, and Cryptocurrency CFDs.

When it comes to cryptocurrency CFDs specifically, IQ Option offers CFDs for cryptocurrencies such as Bitcoin or Ethereum, for example, with varying levels of leverage depending on where you are in the world.

Can I trade with leverage on IQ Option?

There are many trading options on IQ Option. That said, you can trade crypto, forex, stocks, commodity CFDs, ETFs, and stock indices.

  • Crypto – when it comes to cryptocurrencies, they range from up to 1:3 leverage for retail European Union traders, up to 1:10 leverage for non-EU countries.

  • Forex – these range from up to 1:30 leverage for EU and up to 1:1000 for non-EU.

  • Stocks – these range from 1:5 leverage for EU and 1:20 leverage for non-EU.

  • Commodity CFDs – these range from 1:20 leverage for EU and 1:150 leverage for non-EU.

  • ETFs (Exchange Traded Funds) – these are only available for non-EU countries and trade up to a 1:100 leverage.

  • Stock Indices – these are up to 1:5 for EU and up to 1:150 for non-EU.

Leveraged trading carries extra risk and should be treated with caution by beginners due to the fact that it can be liquidated.

What Are the Spreads?

Various cryptocurrencies are likely to have different average spreads. Specifically, on IQ Option, the minimum spread ranges from 0.3% for Bitcoin, for example, up to 5.816% for EOS. Keep in mind that these will differ based on market conditions as well as liquidity.

With that in mind, the spreads that IQ Option charges are reasonable when compared to those found from its competitors.

Fees, limits, and payment options on IQ Option

What are the deposit and withdrawal fees, limits, and speeds?

Discussing the fees, IQ Option will not charge you any fees when you open an account and won’t even charge you fees for depositing or withdrawing funds unless you do so through bank transfers.

Keep in mind that there is a $10 monthly inactivity fee if you do not operate for 90 days.

Deposit methods

You can fund your account using the following payment methods:

  • Credit or Debit Card (Visa, MasterCard)

  • e-Wallets (Skrill, Neteller, Webmoney)

  • Bank Transfer

The minimum deposit you can make is $/€/£10, and there are no fees charged when you want to make a deposit.

Withdrawal methods

The withdrawal methods will be dependent on your deposit method.

  • If you used an e-wallet to make a deposit, for example, you would only be given the opportunity to make a withdrawal to the same e-wallet account.

  • In order for you to be able to withdraw funds, you have to make a request on the withdrawal page.

  • Keep in mind that these withdrawals are processed by IQ Option throughout the span of 3 business days at the most.

  • Additionally, if you make a withdrawal to a bank card, a payment system and your bank require additional time to process the transaction.

The maximum withdrawal limit is $1,000,000.

How much are IQ Option’s fees and commissions?

IQ Option will apply fees for trading activity, but the platform will sometimes apply an extra layer of fees alongside that. These are charges which are common within the trading industry.

There are numerous fee types that you need to know about, including:

  • Deposit fees – none unless you are using a direct bank transfer method.

  • Withdrawal Fees – none unless you are using a direct bank transfer method.

  • Maker/Taker Fees from trading – will depend on the type of instrument you are trading but are competitive.

  • Commissions and Spreads – IQ Option charges no commission fees and does not generate profits from the spreads.

IQ Option trade sizes and limits

The minimum deposit you can make is $10, while the minimum trade size is just $1. The maximum amount you can invest is $20,000.

IQ Option trading platform

What devices can I use IQ Option on?

IQ Option was developed to be accessible from a wide range of devices. You can essentially access the platform from just about any kind of device you already own.

  • Windows-based computers – If you are running a device that has the Microsoft Windows operating system, you can easily download and install the application directly through a .msi file. Alternatively, you can just view the website directly.

  • macOS-based computers – If you are running a device that has the macOS operating system, you can easily download and install the application directly through a .dmg file. Alternatively, you can just view the website directly.

  • Android-based smartphones – If you are using a mobile device that has the Android operating system, you can easily download and install the application directly through the Google Play Store. Alternatively, you can just view the website directly.

  • iOS-based smartphones – If you are using a mobile device that has the iOS operating system, you can easily download and install the application directly through the AppStore. Alternatively, you can just view the website directly.

Can I use IQ Option in any country?

IQ Option is available in over 200 countries across the globe. That said, some of the main countries which give you access to IQ Option include:

  • Germany

  • France

  • Spain

  • United Kingdom

  • Netherlands

  • Portugal

Keep in mind that cryptocurrencies are banned in some countries, so it is recommended that you manually check the laws in your specific jurisdiction.

Is IQ Option available in my language?

The IQ Option brokerage is available in many languages; the main ones are English, Russian, Turkish, French, and Italian.

How easy is it to use IQ Option?

IQ option is simple to use across a variety of simple devices, and you can start on one device and quickly switch and carry on your trading activities from another device with ease. That said, it has interesting charting tools that allow you to view multiple time-frames and provide you with a wide range of graphical tools. The tools allow you to mark any support or resistance levels and trends. All of this makes the experience enjoyable and easy to understand.

Key features

There are specific features that IQ Option offers that are rarely seen by its competitors. Here are some of the main ones that are worth your attention. Each of them brings something new and unique to the world of trading, and hopefully, by the end of this, you will know exactly what makes IQ Option special.

Platform availability

You can essentially view IQ Option through any modern web browser. This is due to the fact that it has a specifically-designed user interface that can adapt to any screen size. Additionally, there is a custom application developed that you can download and install to any device out there, from desktop to mobile devices, making the entire experience seamless.


You can choose from multiple charges in IQ Options, from lines to candlesticks, bars, and others. Each of them will allow you to customize them to your specific requirements. You will always be able to view the market swings just the way you want to, so you can instantly recognize any shift in value.


You can set specific price alerts while using IQ Options. What this essentially means is that you can, for example, get notified when a specific price reaches a certain level or when a position is about to close. You can even enable push notifications, which will keep you in the loop.

Security and regulation

Is IQ Option safe?

IQ option offers a high level of security in numerous ways.

  • It uses SSL encryption to secure the connection and data exchange with the browser or application.

  • It allows you to enable 2-factor authentication (2FA), which adds a higher level of security.

  • The platform allows you to see what sessions are open and check the history of when your account was used.

Am I and my cryptocurrency protected?

IQ Option is a member of the Investors Compensation Scheme, which protects your funds up to a maximum of $20,000.

Is IQ Option regulated?

IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Services Authority (FSA).

Do I have to verify my account with IQ Option?

In order to unlock all of the features found on IQ Option, you will need to complete a Know-Your-Customer (KYC) process. What this means is that you will have to verify your identity, verify your address and verify your bank card. You will need to provide a photo of your passport, ID card (Both sides), or driver’s license. To verify your address, you’ll need to provide documents such as a statement for a bank account or bill for utility services. In terms of bank-card verification, you must provide a scan or photograph of both sides of the card. Part of the card needs to be obscured; the numbers specifically, the CVV code should also be obscured.

Extra information

Educational resources

IQ Option provides trading tutorials and top market news, which come in the form of videos that are extremely easy to follow and understand.

Tools and charting

In terms of tools, you have the news feed, historical quotes, calendars, and specifically, the mobile application, which will allow you to execute trades, check account status, stay updated on market developments, and set up customizable alerts and push notifications.

In terms of the charting specifically, they come in the form of lines, candlesticks, bars, and others.

Customer support

IQ Option has a 24/7 quick response time from their customer service, with an average resolution time of 30 minutes. They have an enormous team for customer support, where each trader can find the solution to issues they have faced throughout their time at the brokerage.

How to open an account with IQ Option

The account creation process for IQ Option is quite simple, but to make things as streamlined as possible for you, we have created a step-by-step guide to showcase exactly what you need to do.

  • Step 1: Visit the official website of the IQ Option brokerage and create an account.

  • Step 2: Provide ID for the know-your-customer (KYC) and anti-money laundering (AML) regulation purposes.

  • Step 3: Make a deposit to IQ Option. You can deposit with your credit card, debit card, e-wallet, or cryptocurrency wallet, so just pick your preferred method and enter the amount that you would like to deposit.

  • Step 4: Start investing.

*Disclaimer: eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.

Is there an alternative to IQ Option?

Yes, there are many more ways to trade cryptocurrencies. Check out some of our reviews for the best brokers:

Final Thoughts

IQ Option is a useful, as well as a feature-rich trading platform that provides extremely simple sign up and set up even for the most inexperienced trader out there. There are no deposit fees and there are multiple languages through which the website can be browsed.

With all of that in mind, know that there is no single trading platform that’s perfect and meets the needs of everyone, so always do your own research. When you trade, ensure that you take all of the required precautions to avoid any financial loss.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.