IQ Option Review: Is it the Best Trading Platform?
First of all, is it legit?
Investing in this digital age is pretty simple and incredible. Nowadays, in just a matter of a few clicks, you’ll get yourself a sweet deal of investments – be it bitcoin, stocks, forex, etc. Gone are the days that one would need to attend tons of seminars and meet actual brokers to invest.
The technological advancements have allowed us to use online trading platforms as an alternative to the traditional investment setting. It also paved the way for more people to go into trading, mainly because of its convenience.
Online trading platforms offer many benefits, which we’ve listed below:
Now, there’s no need to make an actual call to your broker to make an arrangement for buying and selling. Online trading platforms can do it in a matter of just a few clicks. In fact, there’s no need to talk to an actual broker anymore since you can do it on your own.
Trading is done in a fast-paced environment. Meaning, changes happen every minute, if not seconds. Online trading platforms allow you to track the movement of your investment and prices in real-time, so you’re sure to stay on top of your investments.
Entering the trading business 20 years ago was very difficult. The common notion was that only successful entrepreneurs and millionaire moguls can afford to purchase stocks. That is not the case now – with online trading platforms, the cost has decreased dramatically, allowing more people to trade.
With online trading platforms, you have the power to deal and trade anytime of the day. It essentially gives you better control and flexibility in trading. Add this to the fact that you can easily trade using your mobile phone and laptop.
Online trading platforms make trading incredibly efficient. It removes all the necessary paperwork filing that many trading companies typically require. With online trading platforms, you can sign up, download the app, and go straight to trading. In fact, trading platforms make investing a lot easier since they guide you and give you tips on how to go about trading. This is especially helpful if you’re a beginner.
Now that you have a good understanding of online trading platforms’ benefits, we can now check out one trading platform and see if it’s worth trying.
This blog will give a full review of IQ Option, one of today’s popular trading platforms. We’ll give you an overview of what it can offer to see if it’s the right trading platform for you.
Is IQ Option Legit?
Yes, IQ Option is legit. IQ Option started in 2013, formed by IQ Options Europe Ltd. IQ Option is an online trading platform that’s based in Cyprus. Since its beginning, IQ Option has grown exponentially with over 70,000,000 registered users and over 1,000,000 transactions per day. IQ Option accepts traders from 213 countries, including India, Nigeria, South Africa, Malaysia, Pakistan, Singapore, and many more.
To further boost IQ Option’s credibility. IQ Option is a broker regulated by the Cyprus Securities Exchange Commission (CySEC). IQ Option is also a member of the Investors Compensation Scheme, which provides insurance for each of IQ Option’s clients for up to 20,000 euros.
What kind of assets can you trade with IQ Option?
IQ Option started with the basics as a binary options broker. However, they expanded to trading Contract For Difference (CFDs) on Cryptocurrency, Forex, Stocks, and various binary option contracts.
IQ Option allows you to trade on the best performing stocks without opening fees for as low as $1. Its stock assets include the most prominent brands today, including Amazon, Apple, Tesla, and many others.
IQ Option is best known for Forex trading as it boasts competitive offers. IQ Options offer 50 currency pairs, including USD/CAD, USD/CHF, AUD/USD, NZD/USD, EUR/USD, USD/JPY, and GBP/USD.
To date, IQ Option offers 25 ETFs in the platform ready for trading. Exchange-Traded Funds, or most commonly known as ETF, combines many different assets into one basket.
If you’re into crypto trading, you’ll be glad to know that IQ Option enables you to trade CFDs on cryptocurrencies. IQ Option offers 27 cryptocurrencies, including Bitcoin, Ethereum, Cosmos, Ripple, Neo, Binance Coin, Litecoin, Cardano, TRON, Stellar, ZCash, Iota, Dash, EOS, and Bitcoin Cash
In terms of commodities, IQ Option allows you to trade CFDs to Crude Oil, Crude Oil, WTI, Brent, Gold, and Platinum.
Trading Costs and Charges
The thing I like about IQ Option is that they are highly transparent with their fees. In order to see what trading at IQ will cost, you need to take into consideration the following:
Spreads – The variance between buy and sell prices. This factor is variable and depends on volatility, liquidity, and time of day.
Swap Fees – These are charges applicable for positions held overnight. The charges range from 0.1% and 0.5% and tend to be higher when positions are held during weekends.
Dormant Account Fees – When your account becomes dormant for 90 days, IQ will start charging you €10 (or currency equivalent) per month, assuming that the account balance is above zero.
Withdrawal Fees – Most of the payment service providers do not incur withdrawal fees. However, bank transfers are charged for $31 (or currency equivalent).
Commission – For specific cryptocurrency trades, there will be a charge of 2.9% for the commission. Take note that the said charge does not apply to any other asset.
Is IQ Option recommended?
IQ Option is definitely one we recommend. By looking at its statistics, you can already see that there are millions of users worldwide that trust the service. Add this to the fact that there have at least 1 million transactions per day.
IQ Option proves to be an excellent online trading platform that offers you everything you need in trading through its simple platform.
What do you think of IQ Option? Leave us a comment below!
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