IQ Option is mainly a Binary Options platform. BUT don’t let that put you off. They do have CFD stocks and Forex as well as Ctypto if you are living in the right country. Unfortunately for me living in China I am blocked from trading that instrument.
IQ option has some pretty good tools including a Earnings News area which is really useful for me and a news feature that prints on your charts so you can see any news that is coming out on the instrument you are trading.
The stocks they offer are a little limited being mostly the top 500 companies along with some top level European stocks such as Barclays and Ferrari. I haven’t gotten to the selling point of this platform, yet. So don’t think that this is a sales pitch even though I am using an affiliate link to the site.
One of the best things about this Broker is the fact that it is not only easy to get verified. Passport/driver’s license and proof of address is electronically scanned and accepted. It is really easy to both deposit (minimum of $1) and easy withdraw(but some countries have a pretty high minimum amount for withdrawal). I could do it here in China using Weichat QR scan and use Weipay although my withdrawal is through wire transfer and a minimum of $1000. Other’s have found it easier with less for the withdrawal. They didn’t seem to mind me topping up to over $1000 and then withdrawing which is how I got out $400
Binary Options
OK let’s talk about the elephant in the room. Binary options! Some of you may be aware that there was quite the scandal a few years ago with binary options and people being scammed for all of their money. Mainly scammers offering to trade binary options for others then running, as well as a lot of scam brokers that were also in on the whole deal. It was pretty messy and ruined the reputation of binary options
However IQ Option survived all of that because they are a legitimate broker. Binary Options are a risky instrument and I would advise you if you are going to trade them then only trade Forex Binaries and Stock Binaries during weekday trading hours and use very strict money management and risk management. If you trade them after hours and on weekends you are not trading you are betting (gambling) Don’t gamble with your money, people.
If you find it hard to resist trading on the weekends then this broker is not for you. If you have a gambling problem or an addictive personality then again this broker is not for you. A binary option you are using a call(buy) position or a put(sell) position on whether the instrument is going to go up or down within a certain amount of time.
On IQ Option that can be anywhere between a few seconds, minutes to a few weeks or months (the more traditional options trading system) Again I would advise if you don’t know what you are doing then don’t do it.
Practice makes perfect.
One great thing about this broker is the unlimited demo. You can sign up for just the demo and switch to a real account any time you want. You can also switch back to the demo account if things are going wrong for you in real trading so you can practice again. If anyone has been following me then you know that I always advocate practicing as much as possible.
Over all I think IQ Option is a pretty decent broker for the more inexperienced trader. The platform itself in all of its forms, the desktop version, mobile and the online version are very easy to get to grips with and learn for a pretty much novice trader. That Demo feature is a huge bonus for the site as you can practice and make sure you know exactly how to use the tools, before you put down real money.
Thanks for reading
Paul Davids
Paul Davids Writer and Trader 