IQ Option review South Africa
Over the years, the online brokerage firm IQ Option has gained steady traction amongst traders. This platform accords investors the luxury to commence trades on many financial instruments such as stocks, CFDs, and cryptocurrencies. However, the most notable feature of IQ Option is variety. This online broker for trading has several tools to aid short and long-term investments.
Also, this platform sports an extensive training toolkit for specialized trading strategies such as global and intra-day trading. Users can take advantage of this innovative add-on and make personalized trades that yield high dividends.
In the subsequent paragraphs, we'll be throwing more light on IQ Option's history, main functions, and other specifics online traders would love to acclimate themselves with before making trades.
Brief History of the Company IQ Option Binary
IQ Option has a traceable operations history, and this has contributed positively to the positive reputation it has acquired in a market known for its volatility and controversialness.
Launched in 2008, IQ Option had its operations limited to the Russian jurisdiction. Since then, it has spread to other European countries after enjoying massive success with Russian-based traders. Also, this online broker has roots in the United States of America and China.
One main reason why IQ Option has gained steady traction since its launch is accessibility.
This trading platform exists in different versions, each accentuating a trader's preference for making trades. For context, while there's a mobile app for iOS and Android devices, you can also use the IQ Option website that fields excellent customer support service.
Additionally, there's a "Demo Account" in the mix for newbie investors who would love to test out the waters before making actual money trades.
Furthermore, it's worth noting that IQ Option has met with stringent credibility tests since its inception. The result? They've become more popular in the international trading scene. With so many traders with a questionable pedigree trying to discern whether an online broker is legit or not, IQ Option is a trading platform that you can trust.
That said, IQ Option has also garnered some awards. In 2013, this trading platform was recognized as the "Most Innovative Binary Options Broker." A year later, they received the "Safest Binary Options Operator" global award. Regularly, security experts run a series of integrity tests on this platform to ensure that IQ Option doesn't go rogue by carting away users' investments.
Available Account Types for Traders on IQ Option
The IQ Option platform is flexible. Here, traders can decide what account type they'd like for investments. This singular policy has given this brokerage firm an edge over single-account platforms, making IQ Option seem more relatable.
Account types on IQ Option possess different functions. So, without further ado, let's take a peek at the main account types present on IQOption and how they work. They include:
The demo account on IQ Option can be referred to as a "Training Account" for new traders. Here, investors can make trades without being affected by the negative repercussions of the online trading market. Let's see why.
The IQ Option demo account comes preloaded with $10,000 in virtual money. You can use these funds to map out useful binary trading South Africa strategies (if you trade from the country) and see what financial instruments are gaining traction in the real world.
Furthermore, traders can make a smooth transition from the demo account to real money accounts without hassles. Here, investors can decide to deactivate their demo accounts whenever they desire.
Demo account trades are caveat-free, and you won't need to provide credit card information.
IQ Option's real account is the default account available to traders when they land on this platform for the first time. It gives investors a full-blown trading experience. Here, traders can access and invest in over 500 asset types and make swift withdrawals from their deposit portfolios.
Additionally, IQ Option employs a live chat customer support feature that accords traders the luxury of resolving nagging issues in real-time. As a portfolio holder, you're eligible for special tournaments billed to hold weekly.
Lastly, IQ Option allows you to retain any pre-existing demo account balance you might have and switch between them seamlessly.
If you'd love the VIP experience, IQ Option has an account drafted just for you. The VIP account is available for customers who crave that "extra" in their trading journey. It's also worth noting that this account type sports numerous perks for traders, as well as mouthwatering bonuses. For instance, you're bound to receive a higher profit margin after every successful trade than other account types.
There's also a personal manager that's on ground to provide traders with trade analysis, strategies, and tools to employ on their trading portfolio. What's more? The VIP account can access any tournament that's organized at IQ Option.
With all these nifty add-ons available, the VIP account is more expensive than the regular "Real Account" from the deposit standpoint. To become eligible for a VIP account, traders will have to make a one-time $3,000 deposit.
How to Withdraw Funds and Deposit in an IQ Option Account?
Traders are eligible to initiate a withdrawal on their IQ Option account any time they wish. There's no maximum or minimum limit present here, as traders can withdraw as many times as they'd like. However, it's worth noting that payment terms and conditions might vary depending on location.
Also, your withdrawal method correlates with your deposit method. For example, if you've deposited through an e-wallet account, it means that you can only make withdrawals through the payment medium.
To make a withdrawal request, you'd have to head to the "Withdrawal" segment on the IQ Option app or website. Here, you'll input the necessary details and wait for processing. Concerning timelines, traders should get their bank accounts or e-wallets credited within three working days. That said, withdrawal times are influenced by your preferred payment method.
For cases where the trader puts in a withdrawal request for less than $2 (or its equivalent in other countries), IQ Option routes this request through a support team who would educate them of the possible conditions for a successful transaction.
To make deposits, you'll have to be logged into your IQ Option trading account. Then, on the website or app homepage, you should see the legible "Deposit" icon at the top-right corner of your screen. Tapping on this button, a menu evocative of how much you'd like to deposit appears almost immediately, alongside some payment alternatives.
On IQ Option, there isn't a lack of payment methods as there are debit card services and e-wallets. However, it's crucial to note that these payment alternatives are dependent on the jurisdiction from which you make trades.
Furthermore, IQ Option features a deposit limit. That said, traders shouldn't fret as this limit is capped at $10. At IQ Option, transaction charges and commissions on deposits are practically non-existent. Here, you'd only pay some card or bank commissions in cases where they're applicable.
IQ Option and International Bodies by Whom It Is Regulated
Given its European beginnings, IQ Option needed to meet the regulatory requirements in the region. Registering its operations under the Cyprus jurisdiction, IQ Option is regulated by Cyprus Securities & Exchange Commission (CySEC). This certification also means that the company - IQ Option Europe LTD - meets the license requirements and coverage needed to operate in European countries.
There are plans in the future for IQ Option to get the necessary regulations for operations outside Europe. As it stands, IQ Option has its name regulated in St. Vincent and Grenadines. However, it seems like we'll have to wait as their regulation status hasn't been finalized yet.
Brief Description of Main Functions on IQ Option
On IQ Option, the goal is simple: make online trading easy and accessible to investors while ensuring that it's more convenient and user-friendly than the competition. This mission is featured on the IQ Option functions available to traders.
Here are some core features of the IQ Option platform:
- Trading Analysis and Notifications
One of IQ Option's core features is to provide helpful information on some of the trade market behaviors. As a result, traders can utilize the function to become more aware of ongoing market trends and make better-informed trade decisions.
The platform carries out its analysis function with its "News Feed" feature. It's an aggregation of breaking financial news globally sure to come in handy for users who want to place trades based on recent happenings.
There is also an economic calendar tool within the brokerage platform, which helps you receive alerts and notifications on trading concepts that apply to you.
Furthermore, the widget system makes it more convenient to view key trading indicators at a glance. Overall, the notifications and analysis features make IQ Option a well-rounded online broker financial trading newbies and professionals can trust.
- Comprehensive Trader Community
IQ Option has a robust trading community, which sets it a "mile apart" from other online brokerage firms. In addition, having a knowledge base or interactive media allows for effective information sharing and ultimately improves a typical trading training process.
The platform has products such as the Traders’ Sentiment and Community Live Deals, which you could use to share trading strategies and keep up with new trading trends.
- Risk Management
Risk management is another primary function of IQ Option. This feature protects the trader from avoidable trading loss and makes it more convenient to manage risks in every trading aspect.
IQ Option employs mechanisms such as Stop Loss, Trailing Stop, Take Profit, and Negative Balance Protection. All these features help to increase your profit margins. On the other hand, if a trade goes south, employing these add-ons can reduce your losses.
- Real-World Comparison with Other Online Brokers
IQ Option compares favorably with other competing online brokerage firms on several fronts.
Below are IQ Option's closest competitors:
Etoro is perhaps the closest rival to IQ Option in the online brokerage industry. Commencing operations in 2013, this online broker has made huge strides and garnered international recognition as a reliable IQ Option alternative. However, one significant difference between Etoro and IQ Option is that the former has a slightly regulated platform.
Etoro has certifications from regulatory bodies such as the Australian Securities and Investment Commission (ASIC), Financial Conduct Authority (FCA), and CySEC.
The presence of these licenses means that Etoro is slightly better regulated than IQ Option.
On the other hand, Etoro has a marginally riskier prospect than IQ Option, with up to 67% chance of losing your investment capital.
XTB Online Trading
XTB Online Trading is another formidable alternative to IQ Option, with an almost identical feature set from which you can choose. In addition, the platform boasts ample regulations from CySEC, IFSC, and KPWiG, making it an option for serious-minded traders.
However, XTB differs in various vital areas. For instance, XTB supports the mt4 and Mirror Trader third-party trading platforms - although both brokerage firms leave out mt5 support. Also, the brokerage firm has no minimum deposit limit, and the risk chances are much higher at 77%.
For international traders, XTB Online Trading offers more trading instruments than IQ Option. You also have access to over 4000 trading tools, compared to the sub-3000 you can expect from its competition.
Traders and users on the IQ Option platform generally have real-world reviews of their service.
It's pertinent to note that these reviews are mixed. Below are some of the pros and cons as observed by real traders:
- Broad Range of Currency Pairs
The IQ Option broker users typically report on a vast range of available currency pairs for the Forex South Africa trading market. Consequently, the platform makes it easier to put in an investment - be it in the IQ Option binary options or Forex.
- Alerts on Charts
Some traders find it seamless to place alerts on the Charts page within the IQ Option app or webpage. Such conveniences create better trading awareness, making it a unique feature over competing brokers.
- Low Commissions
Real-world IQ Option traders can also notice the platform's low commissions and transaction charges, especially when compared to other rival online brokers.
The platform charges near-zero for withdrawals, and you only get to pay for bank charges when you deposit.
- Ambiguous Security Checks
One of the more real-world complaints against IQ Option is the ambiguity with which it carries out routine security checks on trader accounts. Here, users would need to update their personal information once a year. However, this process is cumbersome as they’d only receive the update notification email in their spam folders.
Consequently, traders’ accounts could get suspended before they could update their records.
- Withdrawal Request Issues
Some users have experienced withdrawal anomalies on the platform. For instance, processing time may take longer, and there might be unexpected charges along the way.
However, reading and fully understanding the terms and conditions for IQ Option helps reduce the chances of encountering such a problem.