IQ Option Strengths:
- Probably the best options broker for new traders
- Considered the most innovative and safest binary options broker
- Fast and easy withdrawal of funds
- Lowest initial deposit ($10) and minimum trade requirements ($1)
- Excellent free demo account
- VIP services accessible with only $1000 investment
- Customized trading platform available in multiple languages
- High payouts up to 92% (amount to be credited to account for a successful trade)
- Digital Options, Cryptocurrencies and Forex available
- Stop Losses (SL) and Take Profit (TP) available on Forex and Crypto assets
IQ Option Weaknesses:
- No live chat or phone contact
- Don’t accept traders from a range of countries
IQ Option: The Best Options Broker For You?
Many binary options traders are choosing IQ Option as the best options broker for them, and there are several valid reasons for this.
Innovative and Best Options Broker for New Traders
IQ Option has been created largely to assist newcomers to the binary options trade. They’ve been voted the most innovative binary options broker because they do things differently from most brokers. The company seems to have a genuine interest in teaching people how to successfully trade with binary options. This is first evidenced by their free virtual options trading account (or demo account).
Free Virtual Options Trading Account
Virtual options trading is a concept that allows you to learn how to trade binary options effectively on a live options trading platform, using virtual money. This completely eliminates any financial risk involved and gives you an opportunity to increase your knowledge and skills before investing any real money.
Several other binary options brokers provide a free demo account (or virtual options trading account) once you invest an initial deposit, and only allow you to use the account for a limited time. What makes IQ Option different is that their demo account is truly provided to you free of charge. With this virtual options trading account you get an introductory webinar, $1000 in virtual cash to spend, and peace of mind that you can use this account completely risk-free.
Customised User-Friendly Trading Platform
The trading platform presented by IQ Option has been designed and developed by real options traders along with analysts and IT specialists. So often systems are built without having input from the end users, making them incapable of basic requirements that every user needs and therefore very frustrating to use!
A major benefit of the IQ Option trading platform is that it is relatively intuitive to use. It contains indicators for almost any trading pattern, and includes companies you can trade on from all over the world. It is a truly international platform that can be displayed in multiple different languages. The system is modern and user-friendly, and you are encouraged to experiment with it before risking any money using the free demo account.
Lowest Minimum Deposit
IQ Option may be the best options broker for you if you have a relatively low risk profile. Unlike every other binary options broker, with IQ Option you can open a binary options account with a minimum deposit of just $10. Furthermore, the minimum transaction amount per binary options trade is as low as $1.
Another unique quality about IQ Option is that you can access all of their VIP services with an initial investment of $1000. For other binary options brokers your initial deposit needs to be considerably higher than this to have access to the best services offered by the company.
You will soon realise when trading that a large part of your success in this industry will come from your mindset, such as your ability to handle losses as a part of doing business. You need to develop the strength of mind to know that your wins will be higher and will happen more often than the losses, so that you can dust yourself off after a loss to continue trading and earning money. Better to master the emotional side of losing on a binary options trade with a lower cash investment. Of course you’re free to work up to the larger trades in your own time without the stress of having large sums of money involved.
Unique Asset List
If you would like to place a binary options trade after hours and on weekends then you may find IQ Option is the best options broker for you. They don’t have the widest range of assets available to trade but what they do offer is the Bitcoin Index. This allows flexibility in the hours you choose to trade despite other markets being closed.
The IQ Option platform also offers:
- Wide range of currency pairs including EUR/USD, GPB/USD, EUR/JPY, USD/CHF, AUD/CAN and more
- Range of indices including FTSE 100, DAX, CAC 40, Dow Jones, S&P 500, Nikkei-225 and NASDAQ 100
- Commodities of gold and silver
- Shares of 50 companies including Apple, Google, Barclays, Daimler, Orange, Gazprom and more
With IQ Option Your Funds Are Secure
Unfortunately, similar to most other industries, in the binary options industry there are some brokers considered to be a scam that you need to be wary of. It’s important to enter this field with your eyes wide open.
The reason IQ Option is considered the best options broker by many is because of its CySec license. This dictates that IQ is obligated to insure every single client’s account in a European Bank. You can therefore have peace of mind knowing that your funds are secure with IQ Option.
Fast Withdrawal of Funds
The most trustworthy binary options brokers are those who pose no difficulties or delays when you wish to withdraw funds. With IQ Option your funds are withdrawn within 3 days, unless you’ve paid a deposit of $1000 to be a VIP customer. In this case you can access your funds within 24 hours.
Personal Advice and Training
While 60 Second Trader does not give any personal financial advice, IQ Option work with traders every day to do just this. They can provide you with trading signals and information on the latest news.
There are free weekly training webinars to help you learn all about the binary options market, trading strategies, terminology, and mistakes to avoid.
With an IQ Option VIP account you can also receive personal service and training, higher payouts and faster cash withdrawals (within 24 hours).
Online training in IQ Option includes their own education system available in both text and video, with a curriculum including:
- An introduction to binary options and basic concepts traders use
- Main methods of market analysis
- Methods of money management
- Common trading patterns and tactics
Overcoming the Downsides
IQ Option doesn’t have the largest range of option types available to trade. You can trade high/low and turbo options. This is in line with them positioning themselves as an ideal choice of best options broker for a new trader. To be successful in trading, you don’t need to trade using multiple methods. The key to success is to choose a method you like, learn it thoroughly and implement it well. If you wish to trade using other more complex methods then IQ Option may not be the best options broker for you.
One unique aspect to IQ Option that may not be considered an advantage is that they do not have a contact number or a live chat line. What they offer instead is to be contacted via skype and email. In this day and age, skype is generally a good option and much more useful than a phone call as you can share screens to help get the answers to your questions visually as well as verbally.
As far as the countries IQ Option accept traffic from, there isn’t much we can do about that. IQ Option only work in countries they are allowed to operate in. Countries IQ Option don’t accept traffic from include the US, Canada, Australia, Belgium, Russian Federation, Japan, Turkey, Israel, Iran, Syria and Sudan.