IQ Option Review 2024 with Rankings By Dumb Little Man

By Wilbert S

January 10, 2024   •   Fact checked by Dumb Little Man

Overall Rating

Overall Ranking

Trading Terminals



Evaluation Criteria

The Evaluation Criteria at Dumb Little Man are used to examine each broker carefully through a standardized process. The ultimate aim of going through this rigorous process is to assess each broker objectively and provide a genuine review for the existing and potential traders. As traders are always looking for authentic information regarding brokers, this evaluation process serves the purpose.

With numerous reviews and commentaries available on each broker by various financial experts on different websites, it becomes challenging for readers to trust the given information. Therefore, in the Dumblittleman analysis, we follow strict criteria using it as a measuring scale to evaluate each broker so that traders can make comparisons and informed decisions regarding their investments. The evaluation criteria are based on the following standard which is kept the same for all brokers.

  • Convenience
  • Profitability
  • Reliability
  • Broker’s Competency
  • Affordability

After evaluating IQ Option on these factors it was observed that IQ Option is a convenient and reliable platform for traders. The are all kinds of trading instruments available on this platform which makes profitable trading conditions for the customers. Moreover, IQ Option is also reliable to an extent as it is a regulated broker. However, we cannot claim IQ Option to be an affordable broker as the commission rates are higher than the average fees on other platforms.

IQ Option Review

Trading is among the very few profession which allows freedom for traders. Traders can choose the asset or commodity they want to trade, whichever suits their trading style. Therefore, in online trading, traders are looking for a brokerage platform that gives them more choices of trading instruments. IQ Option is one platform with all the trading options for potential traders, including forex and binary options trading.

The binary trading platforms usually work specifically for traders who want to trade binary options. However, IQ options are one such firm that gives access to forex, indices, commodities, stocks, cryptocurrencies, and binary options all together under one roof. This is a great opportunity for traders to diversify their portfolios and minimize their risks.

Along with some advantages, there are also many loopholes in the IQ Options platform. Therefore, professional traders who are looking for automated trading, fast market executions, and multiple account types may find IQ options not the right choice for successful trading.

This IQ Option review answers all the questions the traders may have in their minds regarding this broker. The review presents all the benefits and drawbacks of trading with IQ options and also narrates the trading procedures at the firm. Moreover, each trading feature and overall trading conditions are discussed here. By the end of this review, the trader will be able to make an informed decision about whether or not IQ options would be the right choice for them.

What is IQ Option?

IQ Option is a brokerage firm that was founded in the year 2014 and is presently providing trading services to more than 48 million registered users worldwide. The success of IQ Option lies in being a reliable broker where traders can expect to earn profits for their investments. Moreover. IQ Option is also a regulated platform so it is also a safe place to look for a trading partner.

There are many benefits of trading with IQ options the first being its wide range of asset classes. Apart from forex and CFDs traders, IQ Option also offers indices, stocks, commodities, cryptocurrencies, and also binary options trading. This allows traders to diversify their portfolios and invest in multiple assets to minimize risks and earn more profits.

Other than this, IQ Option is also good at providing the most advanced trading tools on the platform. These features specifically help inexperienced traders and professional traders also depend on the advanced form of technical analysis and other charting tools for predicting market volatility. Similarly, IQ options also have a competent customer support team that provides services to customers 24/7.

In contrast, there are also some flaws in the platform. For instance, IQ Option does not have the advanced trading platforms of MT4 and MT5 which provides the ultimate trading experiences to users. Moreover, the high commission rate, regional service restrictions, and slow processing also give IQ Option a low rating among the top brokers.

Safety and Security of IQ Option

IQ Option is safe to an extent as it is a regulated broker by the Cyprus securities and commission exchange (CySEC) which ensures safe user transactions and the protection of funds. As a financial regulatory authority supervise all the trading actions and transactions of the broker, the firms are answerable to these commissions. This activity is beneficial for traders and for this reason traders look for regulated brokers.

Other than this, IQ options also provide protection of funds to traders through many risk management techniques. For instance, negative balance protection, trailing down options, and stop loss are some of the features through which traders can minimize their losses and capitalize on profits.

Sign Up Bonus of IQ Option

Mostly brokers attract their customers through various incentives, bonuses, and rewards. Sometimes these promotions encourage traders to invest with a firm so brokers are able to multiply their clients quickly. However, these initiatives are also taken for marketing or to hide the true potential of the platform. There are times when traders realize that the bonuses offered were just a trap that led to the loss of money manifolds.

IQ Options is among the very few firms that trust its trading services and has achieved a big number of clients just through its performance. There is no sign-up bonus or reward on the IQ Option platform for new or old clients. Therefore, traders are attracted through social media marketing which has proved sufficient for the firm to bring in new clients for years.

Minimum Deposit of IQ Option

The minimum deposit is usually the first payment that traders invest in a brokerage firm. Therefore, sometimes traders are intimidated by the requirement of a hefty initial deposit by any brokerage firm. However, at IQ Option the minimum deposit for traders is just a very low $10. Moreover, traders start trading at a minimum investment of $1 which make IQ Options an affordable option for all.

There are no account types at IQ Options therefore, there is only one minimum deposit requirement 0f $10 for all traders. Since the capital at any brokerage company is always at risk therefore IQ Options gives the opportunity to traders to invest the lowest possible amount and start trading.

Account Types

Unlike many other brokerage platforms, IQ Options do not have multiple account types. All traders have to open an account and start trading no matter what their trading requirements are. This can be seen as a drawback as usually brokers offer multiple account types which are customized according to the trader’s needs. However, here at IQ Options traders have to yield to the given trading conditions.

In contrast, having a single account option can also be an advantage. Here novice, as well as experienced traders, will have the same trading opportunities. Even professional traders can start at a very minimum deposit and investment money.

IQ Option Customer Reviews

Most of the customer reviews that we observed were positive about IQ Options. As existing customers act as a mirror for any company, the customer reviews of IQ Options answer why the company has been able to attract more than 40 million customers and is still increasing the numbers rapidly. Some customers are especially focused on how IQ Options not only provide profitable trading conditions for forex and binary options but also for cryptocurrencies.

Other customers also supported IQ Options for being a great platform for new traders who do not have any prior trading experience. The easy-to-use interface and simple functions help users to navigate the platform conveniently. Moreover, some clients also praised that the firm offers a single trading account so they don’t have to dwell into a lot of complicated choices. All in all, the majority of the reviews reflected customer satisfaction with this trading platform.

IQ Option Spreads, Fees, and Commissions

When we look at IQ Options from the surface level the initial deposit requirement and minimum investment present the image of the firm as cost-efficient. However, there are multiple other charges and hidden fees which can increase the overall trading cost for the traders. For instance, the spreads are not clearly shown on the website and it is vaguely mentioned that the spreads vary according to the market conditions, trading instruments, and liquidity.

In addition to this, there are also different fees cad charges which customers of IQ Option have o pay at different levels. For instance, there are overnight charges for holding positions, commission for more than one withdrawal request a month, and even a fee for inactive accounts on this platform. Traders may have to pay these additional charges at one time or another and so this makes the IQ Option trading platform costly for trading.

IQ Option also has a high commission rate compared to other online trading platforms. On average for each currency pair if the spreads are 1.7 to 1.9 then the commission of the broker would be up to $17 to $20 per lot. Even when there are some firms that charge higher commissions than this but they also offer other advanced trading features. Similarly, there are brokers which has much lower commission rate than IQ Options.

Deposit and Withdrawal

There are four payment methods for depositing money this include Visa and Master cards, Advcash, and Perfect Money. The minimum deposit amount is $ 10 for each payment method and the duration is 1-2 days for Visa and Master cards and instant transactions for other methods. There is no commission from the broker on depositing money. Moreover, without complete verification of the trading account, traders may face limitations in depositing money.

The withdrawal procedure for IQ Options also has the same four payment methods. Unlike most brokerage firms, there is no option for bank transfers on this trading platform. For Advcash and Perfect Money, the withdrawal duration given by the broker is 1-2 business days however they offer instant transactions for Visa and Master cards. Moreover, the broker offers the first free withdrawal in a month however there is a commission of 2% if clients withdraw money more than once a month.

How To Open an IQ Option Account – Step-by-Step Guide

After reading the review of IQ Option, traders who consider this trading platform for investment can open a demo or live trading account. The account opening process is fairly simple like all other functions of the IQ Option platform.

The first step is to log in to the official website of IQ Option. On the homepage, traders can find the “open account ” button and “demo account” button on the top right corner of the page.

Next, a new page will appear which will have a registration form to fill in. This form consists of basic information related to the client including name, last name, email, and password. After filling in these details a verification link will be sent to the given email id.

After verifying the email address and other information through the link, the trader can now log in on the IQ Option platform using the given Email id and chosen password. Both demo accounts and Live trading accounts have the same steps. However, a live trading account will not be activated for trading unless the trader submits the initial deposit amount on the IQ Option trading platform.

IQ Option Affiliate Program

IQ Options trading platform offers multiple types of affiliate programs for all sorts of people who want to become a business partner of the firm. Firstly, there is an affiliate program for social media marketers. Individuals who can promote IQ Option as a credible and profitable trading platform on various social media platforms such as Youtube, Facebook page, a mobile trading app, or in any other form are invited by the broker.

Moreover, financial experts or financial advisers who can offer their skills in terms of educating the customers of IQ Options through webinars, Expert Advice, Technical analysis, or even risk management strategies can be encouraged to become affiliate partners. These individuals can earn by providing their skills to the platform.

Another affiliate program is for technical assistance where expert personnel who can bring traffic to the IQ Option trading platform, can earn a passive income from IQ Options. Any type of network or source which generate traffic is welcomed by the trading platform and individuals with the solutions can earn significant earnings as well as can become affiliate partner.

IQ Option Customer Support

The customer support of IQ Option was commendable by the new customers who find the assistance of the support team essential. However, we can observe that there are a few lapses here and there. For instance, like all other major brokerage platforms, IQ Options does not give access to customers through a live chat box. Moreover, there is also no phone number given on the website for traders to call and get immediate access.

On the positive side, IQ Option’s customer service has multiple options such as 24/7 availability, users can contact the support team of the broker anytime they want but for genuine reasons. Next, the platform also provides support in multiple languages, as IQ Option is a global firm it is very important to communicate with customers in their own language to make the process easier.

In addition to this, there are also other advantages of IQ Options such as the address of the physical building is also shared on the website. Moreover, keeping in mind the need of the day, traders are also given the option of social media platforms. These include Youtube, Facebook, Instagram, and Twitter for posting trading news and updates on the page. Overall, the customer reviews and methods of communication are satisfactory.

Advantages and disadvantages of IQ Option Customer Support

Advantages Disadvantages
  • 24/7 access to customers
  • Multi-lingual assistance
  • Social Media Network for Updates
  • Technical assistance given
  • No live chat box
  • Slow responses

IQ Option Vs Other Brokers

IQ Options is a remarkable broker which provides trading services all around the globe. However, to understand the true worth of the broker and the credibility of the trading platform, we have to make comparisons. The comparisons are made with the best brokers in the financial markets. However, this would lead to the genuine question of the broker’s efficiency.

#1. IQ Option vs Avatrade

AvaTrade is amongst the leading brokerage platforms in the financial market. Being regulated by top-tier financial commissions, AvaTrade provides safe and secure trading conditions for its customers. Moreover, AvaTrade is considered to be providing the best services specifically in forex trading. New and experienced, all types of traders can find the right trading features and services at AvaTrade.

AvaTrade is much ahead in the game than IQ Options. With 44 forex and 1200 CFDs, AvaTrade has most of the trading instruments on its platform. On the other hand, IQ Option has 31 forex pairs and 185 stocks available for trading. Another major difference is that AvaTrade offers the most advanced MetaTrader platforms for its customers whereas IQ Option has windows and mobile trading app on its own platform.

The only way IQ Option would be successful in beating AvaTrade is that IQ Options offer access to binary options trading which is not available at AvaTrade. Therefore, traders who want to explore other domains of trading such as binary options can certainly invest money in IQ Options.

#2. IQ Option vs RoboForex

Roboforex is an all-time forex broker providing the ultimate trading conditions for young forex traders. With low trading costs and zero commissions, Roboforex is ideal for every trader. Moreover, Roboforex is mostly rated as a top broker among majority of the financial experts as it has everything a trader could ask for in a trading platform.

IQ Option when compared to Roboforex is a very basic platform with limited trading features and tools. However, IQ option is more versatile when it comes to trading instruments as not all brokers have trading options ranging from forex and cod trades to binary options.

#3. IQ Option vs FXChoice

FXChoice is another regulated reading platform offering reliable trading services since 2010. There are many benefits of choosing FXChoice as a trading partner including tight Spreads, high leverage and multiple account types. Moreover, the broker also presents options for Active and passive income including PAMM accounts and copy trading.

When compared to IQ Option FXChoice has some drawbacks such as the customer support does not have multi lingual support or 24/7 access. Moreover, FXChoice also don’t have withdrawal options on Visa and Master cards. Nevertheless, IQ options cannot compete with the the automated trading options and tight spread ECN accounts of FXChoice. We can say that IQ Options has the advantage of a diversified portfolio and FXChoice is best for passive income.

Choose Asia Forex Mentor for Your Forex Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.





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Conclusion: IQ Option Review

Financial trading has become a trend of earning massive income lately. More and more people are attracted towards this source of earning however, it requires skills, consistency and most importantly a reliable trading partner. New as well as professional traders all rely on a competent brokerage platform to earn considerable profits in trading.

There are numerous brokerage platforms available online which claim to be offering the best trading services. However, the first challenge for traders is to look up for a trustworthy platform providing effective trading services. Among countless choices, IQ options is one online trading platform that can be considered as a credible trading partner.

IQ Options is a regulated platform which makes it a reliable trading partner. Moreover, segregated accounts also ensures that the funds of clients are protected. IQ Options is also a very easy-to-use platform with only basic features and no complicated options. Moreover, there are no account types on this firm so traders have to sign in to one account regardless of their trading styles. This simplistic approach is ideal for new traders who do not have any know-how of trading and are often intimidated by the complex trading activities.

As far as affordability is concerned the minimum deposit and investment requirement at IQ Option is minimal. However, there are other charges and fees which makes the overall trading experience quite costly. The spreads are also not the narrowest at IQ Option so professional traders may not find the platform as effective as some other ttrading platforms.

To sum up, we can say that IQ Options is best for first time traders, intraday and retail traders who are not looking for automated trading services or support for passive income. IQ options is a straightforward platform providing all the basic support a trader may need on their successful trading journey. Traders who are looking for a good binary options broker can also reach out to IQ Options. However, seasoned traders and investors would prefer other options compared to IQ Options.

IQ Option Review FAQs

Can IQ Option be trusted?

Yes, IQ options is a regulated platform by CySEC (Cyprus Securities and Exchange Commission). This means that the financial regulator makes sure that the platform is providing safe and secure transactions and don’t exploit traders funds in any way. Moreover, another sign of IQ options being a trusted broker is that it has more than40 million registered traders worldwide. This shows that this platform has built trust and name through its worthy trading services.

How long does IQ Option withdrawal take?

The time duration for the withdrawal of funds on IQ Option varies according to the payment methods. There are 4 payment methods available for withdrawal on the platform. This included Advcash, Visa and Master cards, Perfect Money The time duration for Advcash is 1-2 business days and for Visa and Master cards and online method of perfact money the cash outs are transfered instantly.

This information regarding cashsout duration is given on the IQ Option wwbsite however, it should be kept in mind that the claims of the broker are not always accurate and there can be delays in the withdrawal process.

What is the minimum deposit for IQ Option?

The minimum deposit on IQ Option is a small amount of $ 10. This amount is easy to invest for majority of the customers and therefore traders can choose for this platform looking at the minimum amount.

Nevertheless, it is important to note that there are many other trading costs involved in trading other than the initial investment. This includes commissions, inactive account fee, swap fees or overnight holding fee and other hidden charges. Moreover, users who want to withdraw money more than once a month would also have to pay a commission fee. All this makes IQ Option an expensive platform.

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Wilbert S

Wilbert is an avid researcher and is deeply passionate about finance and health. When he's not working, he writes research and review articles by doing a thorough analysis on the products based on personal experience, user reviews and feedbacks from forums, quora, reddit, trustpilot amongst others.

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