IQ Option Review 2018
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Though it only came into prominence and popular culture very recently, the idea of digital currency has been around for quite a long time. It was Bitcoin that got hold of people’s interest, starting in 2010 – it’s now grown more popular and controversial in the last couple of years. Now the cryptocurrency exchange is the new stock market. There are more digital and virtual currencies than ever before, and with them, loads of online brokerage and trading services have emerged.
IQ Option is just one of these many trading brokerage sites. Our question is how does IQ Option measure up to its like-minded cousins in making cryptocurrency an easier, smoother and more profitable process? Can it be trusted in making digital currency trading a worthwhile investment? Or is it all just another scam, exploiting their customers’ trust?
What Is IQ Option?
IQ Option is a cryptocurrency trading broker specializing in Binary Options, for which it has won some awards. However, they offer a range of products, including the following:
- Options – the main one. The best one to start on for a rookie investor. Not limited to currencies; the range of ten million options also includes stocks and commodities.
- Forex – a popular and yet highly volatile and unpredictable market. Regarded as one of the leads among traders, Forex has been the answer to the literal trillion-dollar question. It has, however, led to nasty losses as much.
- CFD Stocks – an addition to the IQ Option product range. It enables you to make Contract for Difference (CFD) trades on stocks from nearly 8,000 companies including Netflix, McDonald’s, Twitter, and Tesla.
- ETF Trading – another brand-new product for IQ Option. Exchange-Traded Funds (ETFs) work like the traditional stock market and deal mostly in commodities. Another one that’s suited for someone who’s just starting out as an investor.
The company headquarters is based in Cyprus, founded in 2013 by its incumbent owner Dmitry Zaretskii. However, Timofey Baranov currently serves as the European CEO. IQ Option is available in 28 countries, 18 of which are entitled to 24/7 customer support.
Trading on IQ Option
IQ Option works in the same way as any other exchange brokerage, enabling its users to monitor the values of the numerous currencies, stocks and commodities encompassed in its products for increase or decrease. Buying, selling and storing are accommodated within their service.
Upon signing up for the demo membership, you are given $10,000 credit to my “Practice Account.” As a total beginner, this proved useful in assessing whether or not I wanted to invest in the service for real. Real money only goes anywhere when the customers say, i.e., when you upgrade to the full account.
Now for the big question – What cryptocurrencies does IQ Option deal with?
As one might expect, IQ Option deals with all the big bullies among the cryptocurrency exchange. Bitcoin, Litecoin, Ethereum, and Ripple are among the top of their selection – however, a total of 15 different IQ Option cryptocurrencies are available, listed as below: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Stellar, NEO, Dash, TRON, Ethereum Classic, Qtum, OmiseGo, Zcash, Bitcoin Gold.
IQ Option Fees
There are no fees incurred in the initial starting up membership to IQ Option. It’s when you as the customer deposit at least $10 to your account that you can start trading for real. The real high rollers can put in from $3,000 and enjoy little perks suitable to the pros.
As for unexpected payments and such, these are virtually unheard of regarding theIQ Option fees. There are only withdrawal fees when making wire transfers. This kind of withdrawal incurs a $53 surcharge.
Accounts And Verification
IQ Option offers three different types of account. In other words, three levels of membership, as outlined below:
- Demo Account – all beginners can open their account with this free-to-use membership. The site gives $10,000 in practice funds, which is replenishable if lost, for no extra fees.
- Real Account – this type of membership entitles the user access to over 70 assets. There are no restrictions on this account that can be accessed by upgrading to VIP. Unless you aim to be a career cryptocurrency investor, your needs will be more than satisfied with this level of membership.
- VIP Account – the VIP level adds little perks and advantages suitable for people wanting to be professional investors. That includes a personal manager to help assist with trades and provide on-demand support, as well as reports into the user’s trading performance. There is very little difference between this membership, and the Real Account discussed earlier.
Safety and security of your personal information and real money are a serious consideration. Even with the free demo account, you must verify your email address before you can proceed with using any of the available services. For instance, no real funds can be deposited to your IQ Options account before the verification has completed.
That was just for the demo account, so you can imagine how serious they get when it comes to setting up the real account. Giving them your phone number doesn’t even scratch the surface. You will need to send them photo ID, plus a utility bill or bank statement to verify your address. You also need to outline your trading experience for your online profile. Further verification requirements depend entirely on the country you live in
Is IQ Option Safe?
Since its popularity peaked, the world of cryptocurrency has inevitably become a breeding ground for scammers and cons. It is necessary to assess the safety of IQ Option as you would any other brokerage or service before you try to use it.
Community Trust – Are They Reputable?
They have won awards. They have received testimonials. And yet still, there are reviews and comments all over the web calling IQ Option a scam. Some users talk about accounts being disabled before funds could withdraw and so forth. Moreover, some of the negative comments were not IQ Option complaints specifically, but Binary Options of trading in general.
However, the positive feedback, calling IQ Option a well-run, professional business, definitely provides a convincing assessment of its legitimacy. Professional software, genuine verified business premises. All things would point away from the idea of a scam.
Security – How Do They Keep Our Information And Money Safe?
Among Binary Options brokers, IQ Option safety is regarded to be the frontrunner regarding user security. It is because the service has measures in place that protect their users’ information and money. Not only from hackers who would attempt to access accounts and harm the user without their knowledge or consent, but also from criminals who will use the users’ information gained previously to steal their money.
That’s where SSL Encryption comes in. It is the encryption software used by IQ Option, as well as many of the world’s leading banks. As we have previously touched upon, there are some steps to verify an account. IQ Option safety measures do not allow a new withdrawal method or account to be set up without receipt of official photographic ID. As such, withdrawals get to pay into an account, the user has already withdrawn into before. These measures make financial crime and theft virtually impossible and provide would-be customers with extra assurances as to their security.
Customer Support – How Easy Are They To Communicate IQ Option?
One key setback is the quality of their customer support. As previously mentioned, IQ Option’s services are available in 28 countries, yet ten of them are not entitled to their 24-hour customer support. It is due to the various methods of verification and regulation that these territories require.
The customer support statistics from year to year have shown, however, that the standard of service is improving. The site employs an instant messenger “Chat” support line which now reportedly answers every query in an average 46 seconds, a standard which has been in place since 2016 and continued to this day. That was an improvement over 2014’s statistic, in which each IQ Option complaint answered within 7 minutes.
How To Use IQ Option?
- Sign into the platform – specify which type of account you want to use – either demo (free) or real (minimum $10 deposit) and enter your basic personal information (name, address, and email)
- After signing up, you will get to the real-time trading page (a big chart), which is where you select the assets in which you want to trade (currencies, commodities, etc.)
- Once you have selected your assets, you can start trading by predicting whether the price of the asset will increase or decrease from the time of purchase at the expiry date, given at the right-hand corner of the page. Predictions can be made by pressing the “Call” (for increase) or “Put” (for decrease) buttons on the right-hand side of the page.
- Successful predictions will result in profits, which can be credited to the account balance accordingly.
In a Nutshell
It is pretty straightforward for a site like IQ Option to be misunderstood by the users. Obviously, it is like many, even more, successful and better-known sites, companies, and corporations is not without its weak points and drawbacks. Customer support should be available in all the countries it serves, for example. Regardless of the verification laws, a strategy and framework should build around them.
The good things highly outweigh the bad, though. Many may have been too cynical to consider cryptocurrency trading an attractive idea. Lines and graphs and figures can be very daunting to the untrained eye. IQ Option may well convert me. As a user; eases you into the otherwise terrifying process with easy-to-follow guidelines and an unlimited ability to practice before you take on the real deal. It sets it apart from other like-minded services.
We hope you have found the above review helpful. Be sure to check out the website for more cryptocurrency content. Welcome!