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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 Option 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.
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.
Payouts at this broker are a clear strength. The most traded assets see payouts of around 85%, with some assets reaching 91%. (Amount will be credited to account in case of successful investment). As ever, the payouts will vary based on expiry times and the asset selected.
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 £3000 will move a trader into the VIP account type – this offers a range of improved benefits, including improved returns on certain markets, access to an account manager and VIP training materials.
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. All withdrawals are free. They are also processed the same day.
The brand offers their clients a range of other features and benefits:
* Amount will be credited to account in case of successful investment