IQ Option

IQ Option are one of the largest, and fastest growing, binary options brokers trading at present – find out why here. We review the new v4.0 platform, layout and how you can get the most from your trading account:

  • How to use the platform
  • The benefits of the mobile app
  • Payout information
  • Robot feature
  • Which additional features to make use of
IQ Option bonus code
CySec, who regulate this broker, stopped the use of deposit match bonuses. So since late 2016, the firm no longer offer a bonus.

Despite being relatively new to the sector, having formed in 2013, IQ have grown rapidly. This growth was due, in part, to offering low minimum deposits – making trading accessible to large numbers of traders, and ensuring they offered a smooth, enjoyable trading platform.

The firm are CySec regulated ( and adhere to the MiFID guidelines) and have started to collect some of the more prestigious awards in the sector too – including ‘Most reliable binary options broker‘ in 2014, from MasterForex-V. The brand continues to grow and innovate and traders will be offered a demo account immediately on registering, without the need for a deposit. In late 2015, the firm was registered with the Financial Conduct Authority (FCA) – Reference 670182 – Added peace of mind for UK consumers.

Here are some of the key details about the brand
  • Demo Account – Yes. Available to anyone. No time limit and balance can be reset as often as required.
  • Minimum Deposit – £10
  • Minimum trade – £1
  • Signals service – Yes, provided within trading platform.
  • Bonus details – None. CySec moved to end the practise of deposit match bonuses and as a regulated broker, IQ no longer offer a deposit bonus.
  • Mobile App – Yes. IQ provide an excellent mobile trading app. These are covered in more detail below.
  • Robots – Read more here.

 

Trading Platform

IQ option trading platform

Updated v4.0 Platform review

IQ Option have recently rolled out the much anticipated v4.0 platform to all traders. It is a visually stunning platform, and sets the gold standard for binary options brokers.

The old strengths remain – it is a fully configurable platform. Traders can arrange trading windows as they wish – focus on just one, or manage a whole range – whatever suits the trader best. Our screenshot illustrates one ‘main’ window, with three other assets underneath. All can be traded simultaneously.

The price graph makes up the main part of the trading platform. But down the left hand side of the trading area are the navigational buttons to move to different areas of the website (these can be collapsed when not required) – and alongside those are some powerful technical analysis features.

Charts

There are tools to amend the time frame of the chart, as well as the plot type (for example, bar charts or candlesticks etc). The technical analysis features are a great addition – traders can add MACD, Bollinger bands or any of the other 8 analysis tools available. They are added instantly to the chart and traders can refine their trades as they need. The drawing buttons allow traders to add freehand graphics to the charts – so they can add trend lines or resistance and support levels.

The charting is now on par with some of the leading CFD broker offerings – it is a massive plus for IQ.

Just above the new analysis options is the trader sentiment bar. As ever, this shows the way other traders are trading the particular asset. Above that are options to minimise or close the current asset trading window.

Select An Asset

To select an asset, traders can select the drop down arrow at the top of the platform. This will open a new window, where the trader can choose which type of option to use and then select the category of asset (for example forex or indices) and then the specific asset. Once selected, the price graph will update for the chosen market.

There are also ‘tabs’ across the top of the trading area where traders can quickly move to assets or markets that they have traded previously. Open positions will also appear as a new tab here – making switching very easy.

The price graph presents all the relevant trading information. The graph itself illustrates the recent price movements, but overlaid on the graph will be vertical lines showing the purchase deadline (the time by which a trade must be confirmed) and the expiration time.

Expiry And Trade Size

There is a ‘Time‘ drop down menu to the right of the graph, and this can be used to amend the expiry time – if changed, the purchase deadline and expiration time will move on the price graph, giving a visual indication of the timings. The -/+ buttons will shift the time to the next applicable time slot.

Also listed on the right hand side are the other key figures for the trade. The trade amount is just below the expiry time – the minimum trade value is just £1. The payout for that specific asset is then displayed. This confirms the percentage returned in the event of a successful trade.

Next comes the Profit indicator, this shows exactly what figure will be returned if the trade is placed – and includes the original investment amount. Finally in the bottom right are the trading buttons. They are clearly marked, not just with the relevant wording, but with arrows to indicate the trade direction as well – and just incase that were not enough, when each button is hovered over, an arrow will appear on the price graph, to show which way the price will need to move in order for the trade to finish in profit.

Single Click Trading

The trading buttons at IQ are ‘single click‘ which maximises the opportunity for traders to get the price they want. There is no confirmation window or approval delay. Once placed, a trade will be available in the ‘Open positions’ window, and a line will also appear on the price graph at the strike price. Once the expiry time is reached, a window will appear confirming if the trade was successful or not, and confirm the profit / loss.

It is a visually exciting, smooth trading environment, with just enough configurability to satisfy almost every trader. While the emphasis is on appearance, the addition of excellent charting and technical analysis tools has raised the bar for the brand – and taken what was already an excellent platform, and turned it into the industry benchmark. Other brokers may offer more trading choice – but none will offer a better trading platform.

Classic Options

IQ have released a new form of trading, which they have called “Classic Options”. These retain some of the fixed risk associated with binaries, but allow leveraged profit too. So they are similar to a traditional investment, but with a stop loss built in.

The classic option has no short term expiry, and can be closed at any time. This makes it much closer to “traditional” investing. At present, IQ only provide classic options on US stock assets. They are sure to be a popular feature and therefore expanded with time.

Traders can select a strike price. Each level will change the levels of profit and risk of that trade. A user then chooses the amount of “contracts” they want. The cost will be relative to the strike price, and is shown clearly on the Call and Put buttons.

Open trades a visible from the trade history tab, and can be closed at any time. Current profit and loss on each trade shows the up to date status of the option. Overall the classic options look a great choice for traders that like to use fundamentals rather than technical analysis. As noted above, they ‘feel’ more like a CFD, but with a built in stop loss to manage risk.

Here is a video which demos the new classic option:

Trader choice

The firm have kept adding to their list of assets. In addition, they have also expanded their choice of expiry times – particularly from the binary options lists. End of day, end of week and end of month are now also available. This is a big step for a broker that offered purely short term trades before.

They offer two kinds of option:

Binary Options – The basic binary option. Will the asset rise in value, or fall? The expiry times on offer with these has grown. Now traders can select from 15 minutes up to end of day, week or even month.

Turbo – Exactly like a traditional binary option, but with short expiry times. Turbo options are usually available in one minute levels, from 1 minute, up to 5 minutes.

IQ will add assets as their users demand it. Recently the Nintendo share price saw a lot of interest, due to the Pokemon Go release. The broker was quick to add Nintendo to their list of assets. This reflects a desire to deliver the products their clients demand. The asset lists at IQ are now very comprehensive.

Mobile App

IQ Option mobile app

The IQ Option mobile trading app was updated (v2.0) at the end of August on android and in early September on iOS (v2.8). The update built on what was already a well received trading app.

The mobile app maintains the simplicity of the trading area on the website, and retains the split second charting that makes trading binaries viable. The layout is incredibly clear, and can be tailored to suit the needs of individual traders.

In addition to the trading facilities, there are also features to maintain account details, including the ability to request withdrawals from the mobile app. The team developed their mobile offering in-house and the attention to detail is evident.

While some trading apps appear to have been purchased ‘off the shelf’ in order to tick a box, this broker has clearly spent some time and effort getting their mobile app right. The recent updates have also taken into account feedback from traders using the mobile app, and appears to be another step forward.

Download the App for iPhone or android

24option android download 24option for iOS download

Payout

Payouts at this broker are a clear strength. The most traded assets see payouts of around 85%, with some assets reaching 91%. As ever, the payouts will vary based on expiry times and the asset selected. There is also the ability to use the returns slider which will reduce payouts in return for refunding a percentage of any losing trades.

Withdrawal and Deposit Options

Deposits can be made via credit card (all major cards accepted) as well as wire transfer and online transaction services such as Skrill and Neteller. The minimum deposit is just £10 – The initial deposit will dictate which account type a trader moves into.

A deposit of £1000 will move a trader into the VIP account type – benefits include return limits raised to 60%, bigger deposit bonuses and faster withdrawals (1 business day). VIP accounts will have withdrawals processed within 1 day, standard accounts can take up to 3 days to process.

Withdrawals are on occasion subject to certain verification processes, including proof of identity. In order to avoid any dispute, it is always better to clarify these requirements before needing to make a withdrawal. All the verification can then be put in place well before monies are requested.

Withdrawals are available via the same methods as deposit – namely credit and debit cards, and wire transfer. The minimum amount for any withdrawal is the same as the minimum deposit – just £10. All withdrawals are free.

Robot – Automated trading tool

IQ Option have closed their free robot service. The firm cited a “technical imbalance”. As such, in an effort to protect traders from any issues, the Robot builder has been closed.

The review of the robot service has been left in our review, as we hope the firm are able to remedy the issues and reintroduce the program:

This allows traders to develop their own robot and automate their trades. All this based on their own strategy – and for no additional cost. It will allow traders to set the trading parameters to their own needs. All robots can be backtested, and the unrestricted demo account provides a risk free test area.

The feature provides a host of benefits:

  • Automate trading – Setup a robot from scratch, creating specific triggers to start a trade. Use technical analysis, price action, or a combination of both. Set the robot to trade automatically, and let it run.
  • Configure every detail – In addition to creating the criteria that will cause a trade to be opened, users can also set limits based on total trade size, or total losses. This allows risk to be managed, even with automated trading.
  • Backtest results – Before setting a robot live, traders can backtest their strategy against old market data.
  • Use a demo account – Traders can set a robot ‘live’ on a demo account. This tests the robot on live market data, but using demo funds.
  • Copy robots of other profitable traders – If traders cannot find their own automated strategy, the robots created by other traders can be seen and copied (where the creator allows). This leads to a community of strategists and robot builders.

How to create a robot – Step by Step

 

  1. Ensure you have an account.
  2. Choose between an existing robot – or build your own.
  3. Build the robot. Utilise technical analysis values, moving averages or price action – combine as many as needed
  4. Set the size of each trade. A flat figure, a % of the balance or choose more complex money management strategies.
  5. Pick the asset and allocate funds to the robot. Losses can also be limited at this point. Also decide between live or demo funds.
  6. Test the robot. Would the robot have provided a profit based on past data?
  7. Publish the robot and set it live.

Other Features

The brand offers their clients a range of other features and benefits:

  • Technical Analysis Icon – Within the trading area, there are some technical analysis tools incorporated into the user options. These include trend line tools and moving average and Bollinger band indicators.
  • Range of Educational material – They deliver a suite of education training videos as well as one to one support on occasion
  • Tournaments – Prove yourself among the best traders and gain extra financial rewards for performing in tournaments. The firm run a range of regular tournaments that traders can buy into to increase profit.

 

 

FAQs:

The firm provide trading both online, and also with a software download. So traders have the choice. The downloaded software provides a slight speed benefit, but the online trading platform performs very well too. There is also the mobile app for trading on mobile devices – that does require downloading.
IQ Option have grown rapidly in the last two years. They now boast over 11m accounts, and provide 3m trades a day. That offers them a huge amount of risk management, and trader reassurance that the trading platform provides a large amount of volume and liquidity.
This broker are regulated by CySec. The firm have also chosen to register with the Financial Conduct Authority (FCA), though they are not regulated by them
The firm make money by balancing trader sentiment (buyers and sellers) and taking counter party risk on each trade. Where there is a significant imbalance in trades, IQ Option will reduce their exposure by offsetting risk with a market maker. We explore how brokers make money in more depth in this article – How binary options brokers make money.