In this IQ Option review, we will look at, one of the more popular binary trading platforms out there, and determine whether or not it is worth spending your time and money on. Some have claimed to make thousands with a few clicks. Is this true? Is the platform legit? What does it cost? These are all questions that will be answered in this review.
Who Are the Founders?
The sole founder of IQ Option is Dmitry Zaretsky.
What Does It Cost?
The IQ Option platform is completely free to join, but you will have to deposit money before you can start trading. Furthermore, there are a few fees and costs that will need to be paid upon cash out.
The program was first used by Russia back in 2008 as a way of detecting scam brokers, but the founder saw a lot more potential in it. In 2013 IQ Option was founded and released to the public as a basic trading program, but the program took off almost instantly, with hundreds of new members each week. Since then the company has developed apps for Android, Apple, and so on, not to mention upgraded the program itself, giving us what we have now; one of the most popular trading platforms that have millions of members with new ones joining every day.
How Does It Work?
Once you have created your account and deposited funds, you can in a manner of speaking, start trading. First, you will have to choose between cryptocurrencies, ETFs, stocks, commodities, and so forth. Once you have chosen the market you want to trade in, you will have to choose a currency, stock commodity, or other you want to trade with depending on the market you are in.
Then, once you have made these choices, you will be provided with a flowing graph that conveys how the markets are changing (Up or Down). Now it is up to you to try and predict which way it will go, up or down, then place a bid of $1+ using your prediction. If you are correct then you will earn back what you bid, along with a % of that same amount, the % depending on the market you are in. If you are wrong in your prediction, you lose the money you bid.
The market you are in can be changed at any time, or you can even bid on multiple platforms at a time, the choice is yours. Your earnings can be paid into your bank account.
Please Note: You are not buying stocks, nor will you own them. You are bidding on whether or not they will go up or down. Simply put, you are betting on the markets.
Scam or Legit?
It is not a scam, but rather a legitimate gambling platform, where you can either win some or lose some. Winnings are paid on time and without issues.
To describe it in a way that is easier to understand; if you are an expert or are willing to learn and become one on the markets, then you are simply gambling using your knowledge. This is a lot like controlled gambling, which gives you more power over the bids you place, unlike slot machines that give you no control at all. IQ Option provides a multitude of tools/features that can be used to help predict the markets and which way they are going. If you have no idea what you are doing, and no knowledge of trading, you will more than likely lose more than you win.
All kinds of training, guides, tutorials, and so forth, as well as a multitude of free online training, are provided to help teach people about trading and market trends. My suggestion, study up first if you are serious about becoming a trader and winning bids.
What About Support?
IQ Option provides support 7 days a week, 365 days a year and can always be counted on to help resolve problems and such you may encounter. Their support is offered via email or by phone, and they have a live chat area where members can help each other out and/or communicate.
The platform is easy to navigate and runs smoothly. Not completely beginner-friendly and if you do not have a general idea of trading graphs, indicators, and so on, then there is a bit of a learning curve. The tools/features are accurate and easy to use.
Although it is common knowledge, I feel I still need to mention it, but internet speed plays a large role when using these sorts of platforms. Slow internet speeds can lead to bids not registering on time thus leading to a loss since a few seconds can be the difference between winning or losing a bet.
Features/Tools to Note
Mobile – IQ Option app for mobile devices.
Indicators – A multitude of indicators such as MA, ADS, ATR, and so forth, that help predict the markets.
Accounts – 2 Accounts, one a demo for practice (Doesn’t pay out), the other, a personal account for trading and earning (Pays out).
Charting Tools – 5 Charting tools that assist you in predicting the markets, but they have a learning curve to them.
Markets/Assets – A Multitude of different markets/assets to use for trading, including stocks, ETFs, cryptocurrencies, and so much more.
Tournaments – Daily, monthly, and yearly tournaments where you have to trade and earn more than fellow competitors to win prize money.
Orders – Settings that can be set to help you manage you’re spending, profits, and so forth.
Calendars – A calendar that marks all important events that have an affects on the markets.
Affiliate Program – A referral program that allows you to profit by referring members to IQ Option.
CPA Program – A Payment program where you get paid certain amounts when your referrals deposit cash.
Video Tutorials – Free video tutorials on topics all things trading and how the program and its features/tools work.
IQ Option Review – Pros
IQ Option support is excellent.
IQ Option provides a free downloadable app for windows, allowing for better and faster use of their tools/features.
A free demo account is provided to learn and practice with, thus avoiding loss of money.
Videos detailing how to use the tools are provided by IQ Option.
They have a charity that helps people in need with water, food, and so forth.
They have more than just one trading option, allowing people to pick what works best for them.
It works on mobile devices allowing you to trade on the go.
You can either install IQ Option on your computer or just use it via the web browser.
They provide tools and features to help predict the markets.
The platform is available in over 170 countries.
The company prides itself on security for its members and their info, not to mention their accounts.
Withdrawals and deposits are easily done and similarly with very little fees.
The risk management feature allows you to manage your profits and losses.
The program is banned in certain countries.
If not familiar with trading, it can be rather tricky to learn how to use the indicators correctly.
IQ Option is not a definite way of making money, and should rather be seen as a way of gambling, especially if you are a beginner in binary. I do not recommend using this program as a way out of financial trouble if you are low on cash. Yes, a lot of people have had success with the program and made quite a bit of money, however, they have also lost quite a bit while learning. It is also a lot easier to make money on the demo account than a real one, as with the demo account, there is no fear of loss or caution, and as such you trade higher amounts and so forth, but with a real account the fear of loss and caution is very real, therefore you trade smaller amounts making fewer profits, not to mention second guessing every movement.
If you have some extra cash to spare that won’t hurt your pockets, this is a great form of entertainment, you lose some, and you win some.
Do you have any experience with IQ Options? Please be so kind as to tell us about it in the comment section to help me keep this review from being one-sided. It would be much appreciated.
Have yourself an awesome day!