IQ Option [2021: Review]: A Veteran In The Broker Industry

August 15, 2020
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IQ Option is one of the pioneers in expanding into developing south asian countries and many European nations. IQ Option offers a myriad of assets such as stocks, forex, commodities and crypto. Moreover, IQ Option has a lot of deposit and withdrawal options coupled with good educational resources. By offering more than 180 stocks and 43 forex pairs IQ Option promises to be a good platform for anyone looking to trade in these assets. Click the link below to join now

If you are looking for a complete platform that offers a lot more assets at decent prices then you should consider as it offers a diverse range of stocks, ETFs, bonds, crypto, commodities and CFDs. has the best and most affordable fee structures coupled with the most comprehensive educational resources, so it promises to be a good platform for your trading needs especially if you live in the USA as IQ Option is not available in that country.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with IQ Option and scored our findings on a 10-point scale across 10 distinct categories.
1 - Fees410
2 - Signup Process1010
3 - Minimum Deposit1010
4 - Ease of Use710
5 - Deposit & Withdrawal Options1010
6 - Customer Support910
7 - Asset Classes710
8 - Referral Program 01
9 - Demo Account & Educational Resources810
10 - Safety & Regulation810


IQ Option is a broker that was launched in 2013 and is regulated by CySEC. The broker boasts over 48 million registered users with 1.34 million transactions on a daily level and a trading volume of $20.4 million per month. IQ Option was intelligent in diversifying into developing countries like Pakistan, Bangladesh, Brazil and Srilanka by investing heavily in advertisements and educating the public on how to trade. Since most brokers focus on developed markets rather than emerging markets, IQ Option gained significant market share in these markets.

The broker offers some good options in forex and stocks coupled with some really good customer service and a plethora of deposit and withdrawal options. IQ Option is available in 213 countries however, it is not available in USA as the government there does not allow brokers that are not regulated by the SEC. The countries it is available in are mentioned below:

 Albania Algeria Andorra Angola Anguilla
 Antarctica Antigua and Barbuda Argentina Armenia Aruba
 Austria Azerbaijan Bahrain Bangladesh Barbados
 Belarus Belize Benin Bermuda Bhutan
 Bolivia Bosnia and Herzegowina Botswana Bouvet Island Brazil
 Brunei Darussalam Bulgaria Burkina Faso BurundiBahrain
 Bangladesh Barbados Belarus Belize Benin
 Bermuda Bhutan Bolivia Bosnia and Herzegowina Botswana
 Bouvet Island Brazil Brunei Darussalam Bulgaria Burkina Faso
Burundi Cameroon Cape Verde Cayman Islands Central Africa
 Chad Chile China Christmas Island Cocos Islands
 Colombia Comoros Congo Cook Islands Costa Rica
 Cuba Curaçao Cyprus Czech RepublicDenmark
 Djibouti Dominica Dominican Republic Ecuador Egypt
 El Salvador Equatorial Guinea Eritrea Estonia Ethiopia
 Faroe Islands Fiji France French Guiana French Polynesia
 Gambia Georgia Germany Ghana Gibraltar
 Greece Greenland Grenada Guadeloupe Guam
 Guatemala Guernsey Guinea Guinea-Bissau Guyana
 Indonesia Iraq Ireland Isle of Man Italy
Ivory Coast Jersey Jordan Kenya Kiribati
 Kuwait Kyrgyzstan Lebanon Lesotho Liberia
Libya Macedonia Madagascar Malawi Malaysia
 Maldives Mali Marshal Islands Martinique Mauritania
 Mauritius Mayotte Island Mexico Micronesia Moldova
 Nauru Nepal Netherlands Netherlands Antilles New Caledonia
 New Zealand Nicaragua Niger Nigeria Niue
 Norfolk Island Montenegro Montserrat Morocco Mozambique
Myanmar Palau Panama Papua New Guinea Paraguay
 Peru Philippines Pitcairn Poland Portugal
Puerto Rico Romania Rwanda Saint Barthélemy Saint Kitts and Nevis
 Saint Lucia Samoa San Marino Saudi Arabia Senegal
 Serbia Seychelles Sierra Leone Singapore Sint Maarten
 Slovenia Solomon Islands Somalia South Africa South Korea
 South Sudan Spain Sri Lanka Suriname Swaziland
SwedenSwitzerland Tajikistan Tanzania Thailand
 Togo Tokelau Tonga Islands Trinidad and Tobago Tunisia
Turkey Ukraine United Arab Emirates United Kingdom Uruguay
Uzbekistan Vatican Venezuela Vietnam Virgin Islands UK
Zambia Zimbabwe   

If you are someone in Africa or Asia and are looking for a good broker, do check out easyMarkets as well, as it covers a lot of African and Asian nations and offer some decent value for traders across regions. We also recommend you to have a look at CMC Markets as it is also one of the strongest brokers in our database and covers a lot of African and Asian nations. Many of our brokers in Southern African and far east countries like South Africa, Zimbabwe and Indonesia have tried these brokers and given us positive feedback.

Word of Caution

Dealing with CFD’s is very risky because you are trying to predict the price of an underlying asset. Usually, 70% of consumers lose money when they invest in CFDs with different brokers. Hence, you should try and only invest in CFDs when you have good knowledge of how CFD’s work. Now let’s have a quick look at some pros and cons of using this broker.

Pros & Cons

Great Customer ServiceInactivity fees
Regulated by tier-1 regulatorWithdrawal fees
A decent number of asset optionsExpensive forex spreads
Good educational resourcesNot available for individuals in the USA

IQ Option has amazing customer service. The broker’s representatives immediately respond to questions and queries through email, phone and live chat. This offers some amazing value as good customer service is an important decision point for most of our users when choosing a broker. Regulation by CySEC also bodes well for users which is quite helpful meaning that IQ Option is a legit broker and not some random broker who just in the market to make a quick buck. The broker also offers a decent amount of asset classes, the option within those classes can be a bit limited at times, something that you will perhaps see in our asset classes section in which we discuss asset classes in length to see what’s on offer for you. Educational resources offered by the broker are also good and offer some amazing value for users looking to use the platform for their trading needs and requirements.

Some of the cons include the fact that the broker has those annoying withdrawal and inactivity fees that can be cumbersome to work with at times. Many brokers do not have any non-trading fees, which can offer good value for users. The broker also has expensive forex spreads which can be a bit of a hassle for forex traders looking to use the IQ Option platform.

IQ Option Account Types

Different account types offer various benefits for investors. Often brokers have one account type for normal users and one for advanced users looking for a good value on heavy volumes. IQ Option does that in its 2 account types namely, the Real Account for normal users and the VIP Account for advanced traders looking to trade in heavy volumes.

IQ Option Real Account

This is the basic account type that you can open. The account has basic educational resources and you can learn to trade using this account. The Real Account has higher spreads compared to the VIP Account and is designed for beginners. Overall this account has decent functionality compared to the VIP account which has a couple of more features than the Real Account.

IQ Option VIP Account

The VIP account has the option for you to hire a personal trainer. Moreover, you also have a dedicated account manager due to which you can get tailored expertise for your needs. However, our main analysis would be centred around the Real Account as it is a more common account type and the one most commonly used by traders.

Word of Caution

Dealing with CFD’s is very risky because you are trying to predict the price of an underlying asset. Usually, 70% of consumers lose money when they invest in CFDs with different brokers. Hence, you should try and only invest in CFDs when you have good knowledge of how CFD’s work. Now let’s have a quick look at some pros and cons of using this broker.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

IQ Option has an expensive fee structure compared to most brokers. Let’s decouple it to see some of its strengths and weaknesses.

Trading Fees

These are often associated with activities related to trading. Trading fees include commissions and spreads associated with trading different asset classes. Let’s discover the trading fees associated with the broker to see the kind of value provided for different types of users.

Forex Spread Rates

Forex PairMin Spread

The forex spread rates are much more expensive compared to other brokers. The spread rate for GBP/USD is very expensive at 9.4 pips, while the minimum GBP/USD rates are usually below 2 pips. For example, the minimum GBP/USD rate at easyMarkets is 1.7 pips. USD/JPY is usually between 2-3 pips for other brokers and at IQ Option it is slightly expensive at 3.0 pips.

There are several brokers that have much lower spreads than IQ Option. For instance, Tickmill allows you to get started from 0 pips and easyMarkets help you start from 1.2 pips.

Crypto Commisssions

A commission rate of upto 2.9% can be charged on trading cryptos with IQ Option. This can be quite expensive compared to other brokers. For instance, if you invest $100 in a crypto you will have to pay $2.9 in fees which is quite expensive.

Non Trading Fees

These fees are related to activities that are not directly linked with trading. Such as deposit fee, withdrawal fee, inactivity fee and membership fee. These can be quite annoying at times for users hence, the lesser these are the better it is for users and the more value a broker offers.

Withdrawal Fees

The withdrawal fees are somewhat high compared to most brokers that do not have them. Here’s a list of the withdrawal fees:

Min AmountCommission
2 EUR2% or maximum 30 EUR
2 GBP2% or maximum 25 GBP
60 RUB2% or maximum 1,500 RUB
2USD2% or maximum 30 USD

You may have to pay up to $30 USD in withdrawal fees, which is quite expensive considering that many brokers do not charge them at all, such as HotForex &

IQ Option Deposit Fees & Inactivity Fees

There are no deposit fees for using IQ Option. However, there is an inactivity fees of 10USD/EUR/GBP applicable if you have not used you account for a period of 3 months. This is not much but there are many brokers like that do not have an inactivity fee.

How We Rank Fees

At Yore Oyster, we rank fees based on both trading and non-trading fees. Non Trading fees consist of deposit, withdrawal and inactivity fees. The commissions and spreads associated with each asset type are also built in the score to determine the overall value.

Final Verdict

The expensive forex spreads, coupled with the withdrawal and inactivity fees do not bode well for the broker. Having expensive forex spreads also does not bode well for IQ Option. The crypto commissions are also quite expensive which means that IQ Options scores only a 4 for this category of our analysis rather than a more substantive score.

IQ Option Fees Score: 4/10

#2 IQ Option Signup Process

Most brokers do not take much time to get you signed up but the verification process can sometimes take a long time, hence, whenever opting for a broker, you should try and see how many days it takes for the broker to verify your profile. Fortunately, IQ Option does reasonably well in this dimension. The sign-up procedure is pretty simple and self-explanatory. You can easily apply for your account online. The procedure will help you in getting signed up quickly. The verification of your account tends to take up to 1 business day. The common documents requested from most users include:

ID Documents

  • Valid passport
  • Valid photo driving licence
  • Valid national ID card

Proof Of Residence Documents

  • Bank statement in your name posted to your residential address (no online statements)
  • Mortgage statements in your name
  • Utility bills. All proof of residence documents must be dated within the last three months.

How We Rank The Signup Procedue

We ranked the signup procedure based on how quick and easy it is to open an account and we base our score on the following criteria:

  • The speed with which the documents can be uploaded
  • Number of documents required
  • The time the verification process takes

The easier an account opening process is without unnecessary checks the higher the score is for this dimension.

Final Verdict IQ Option Signup Process

Signup process is quite simple which is good. However, the verification of your account tends to take up to 1 business day due to which the broker loses a point in this dimension because there are brokers like that allow you to open an account within the same day.

IQ Option Signup Process Score: 9/10

#3 IQ Option Minimum Initial Deposit

The minimum initial deposit that you need to get started with your easyMarkets account is a meagre $10. This is a good limit with which to get started, meaning that both novice and experienced traders can easily get started with trading on IQ Option. The fact that you can get started with a deposit of only $10 means that the broker gets a perfect score in this section. However, if you want to get started for free do check out Webull, IronFX & Qtrade as these brokers have no minimum initial deposit at all.

How We Rank Deposit & Withdrawal Options

Having a lot of Deposit & Withdrawal options gives you the flexibility to deposit and withdraw fudns in the manner that best fits your needs. We rank this dimension according to the following criteria:

  • Ways in which you can deposit your funds
  • Ways in which you can withdraw your funds
  • Number of options within different Deposit and Withdrawal Types

We look at 3 main options that a broker needs to offer for a perfect score as these are the most commonly used by brokers:

  • Credit/Debit Cards
  • Bank Transfer & Wire Transfer
  • E-Wallets such as Paypal, Skrill and WebMoney

Final Verdict

The score here is a perfect 10 as the broker allows anoyone and everyone to easily depsoit $10 and test out the platform. This offers some amazing value for beginners to get a feel for trading with IQ Option.

IQ Option Minimum Initial Deposit Score: 10/10

#4 IQ Option Ease of Use

IQ Option has a decent platform for mobile and desktop use. The android application has a rating of 3.9 and the AppStore rating is 4.1. There is some decent user feedback for the interface of the broker. The interface is pretty comprehensive and shows visible trends of your asset which can allow you to trace variances associated with its price. For instance, you can see a detailed dashboard in the picture below where you can view different metrics in different visualizations. However, the dashboard can be a bit cluttered with many icons and visualizations in it.

IQ Option Mobile Platform

The broker has a very helpful mobile platform. Options for different menus are segregated on different tabs, making it easy to spot and navigate around the app. You can also set alerts and design your own dashboards which provide good customizability for users. IQ Option’s app also allows you to check your account balance. This seems like a regular and easy functionality but some brokerage apps do not allow you to check your balance which can be a bit of a pain sometimes. In terms of general use, we found that the app has a very good design and kudos to the IQ Option team for designing a great application.

IQ Option Web Trading Platfrom

The web trading platform has good performance, It allows for the quick execution of orders. You can also design your dashboards with it. The customizability that you can do offers some decent value here. However, a few of our readers have complained about a few compatibility issues with the web platform.

IQ Option Desktop Application

The desktop application is similar to the web application. Often brokers can have differences between the 2 but not in this case. IQ Option does a good job of keeping parity between the two.Desktop application allows for the quick execution of orders. You can also design your dashboards with it. The customizability that you can do offers some decent value here like the web trading platform.

IQ Option also has a news feed feature under the category of market news, moreover, they have a few statistical indicators that can help you trade better and more profitably.

IQ Option Market News

This feature helps users stay in touch with the latest events that can impact the prices of their assets. Reading market news is very important for traders because often events can cause upheavals in prices that cannot be predicted in statistical models and indicators.

IQ Option Statistical Indicators

Most of the statistical indicators used are related to moving averages such as the Moving Average Convergence Divergence (MACD) line which measures price variation. Moreover, you can also use indicators like the Bollinger line that is used to determine ranges of price variation.

How We Rank Ease Of Use

Ease of use comprises of the overall user experience provided by a platform. We rank this dimension according to the following criteria:

  • Intuitive Interface Across All Platforms
  • Customizability Options Available To You
  • Advanced Research Tools For Analysis

Having an intuitive interface was ranked as the number one factor by most of our users in considering a broker with a good interface. The options available for customizing dashboards and statistical analysis were also very important factors according to our audience.

Final Verdict Ease Of Use

The broker has good ease of use with a decent interface and usability features. However, the broker has a slightly cluttered interface at times due to which it loses a couple of points in this dimension.

IQ Option Ease of Use Score: 7/10

#5 IQ Option Deposit & Withdrawal Options

Deposit Options

There are plenty of options through which you can deposit or withdraw your funds. It is always good for a broker to have multiple deposit and withdrawal options to provide users with the flexibility they need. Some of the options offered are shown below:

  • Wire Transfer
  •  Credit/Debit Cards such as Visa & Mastercard
  • E-Wallets such as Skrill, Neteller, WebMoney, Perfect Money & advCash

This offers some good value for users, but the broker also offers country specific methods for many countries. For instance, here are a few example of deposit options in different countries.

IQ Option Thailand Deposit & Withdrawal Options 

Deposit Options for the users in Thailand include the following:

  • Bangkok Bank
  • Kasikorn Bank
  • Krung Thai Bank
  • Siam Commercial Bank
  • Bank of Ayudhya
  • Government Savings Bank
  • TMB Bank

The deposit and withdrawal options provided for Thailand cover most of the major banks of the country. Thailand is an important market for IQ Option and it is reflected in the choices that the broker offers for its Thai users.

Indonesia IQ Option Deposit & Withdrawal Options

Deposit Options for the users in Thailand include the following:

  • Central Asia Bank
  • Negara Indonesia
  • Rakyat Indonesia
  • CIMB Niaga
  • Mandiri.

The deposit and withdrawal options provided for Indonesia cover some of the big banks of the country. This offer some really good value for users in Indonesia because they have quite a few ways to access their funds with the broker.

Vietnam IQ Option Deposit & Withdrawal Options

Deposit Options for the users in Vietnam include the following:

  • Asia Commercial Bank
  • Bank for Investment and Development
  • Techcombank
  • Vietin Bank
  • Sacombank
  • Donga Bank
  • Eximbank

The deposit and withdrawal options provided for Vietnam cover most of the big banks of the country. This offers some really good value for users in Indonesia because they have quite a few ways to access their funds with the broker.

Deposit & Withdrawal Options Malaysia 

The deposit and withdrawal options for users in Malaysia include the following options:

  •  Maybank
  • Hong Leong Bank
  • RHB Bank
  • Public Bank
  • CIMB Bank
  • AmBank

The deposit and withdrawal options available for Malaysia cover most of the important corporate banks of the nation. This offer some really good value for users in Indonesia because they have quite a few ways to access their funds with the broker.

IQ Option Deposit & Withdrawal Options Brazil

Options for users in Brazil have 2 major options of depositing and withdrawing funds with IQ Option.

  • Jeton Wallet (Supporting Boleto Bancario)
  • AstroPay which is supported in Boleto, Itau, Bradesco, Banco do Brasil, Caixa, Santander

IQ Option is a global broker and the fact that so many banks support transfers in Barazil show the strength of the broker in acquriing international partnerships something that bodes well for its investors.

Argentina Deposit & Withdrawal Options

Only AstroPay is aavailable for deposit and witdrawal in Argentina. The supported banks for AstroPay in Argentina include: 

  • Pago Facil
  • Santander
  • Banco Galicia

IQ Option covers 3 big banks in Argentina. This offers some really good value for users in Argentina. Generally IQ Option does an amazing job in covering the big institutions in many of the emerging markets to provide access to traders. Often brokers do not offer a lot of variety of deposit and withdrawals in many countries or just focus on Paypal and Skrill. However, IQ Option does a good job in providing variety for investors.

While IQ Option offers plenty of options for withdrawal and depositing of funds, an issue to be noted is that you must use the same method for withdrawal of funds that you used for depositing funds.

How We Rank Deposit & Withdrawal Options

Having a lot of Deposit & Withdrawal options gives you the flexibility to deposit and withdraw fudns in the manner that best fits your needs. We rank this dimension according to the following criteria:

  • Ways in which you can deposit your funds
  • Ways in which you can withdraw your funds
  • Number of options within different Deposit and Withdrawal Types

We look at 3 main options that a broker needs to offer for a perfect score as these are the most commonly used by brokers:

  • Credit/Debit Cards
  • Bank Transfer & Wire Transfer
  • E-Wallets such as Paypal, Skrill and WebMoney

Final Verdict Deposit & Withdrawal Section

This dimension scores a perfect 10 because of the number of options that are available for users in different countries which is something unparalleled by most brokers.

IQ Option Deposit & Withdrawal Options Score: 10/10

#6 IQ Option Customer Support

You can get customer support through various platforms with IQ Option. They have one of the most responsive customer service systems in the industry. Some of the options that are available include:

  • Live Chat: The average time for response is 43 seconds
  • Email: Queries are usually answered within 20 minutes. You can reach out to customer support at [email protected].
  • Telephone: They’ll usually answer within a few minutes and you can find the contact numbers for your country on this link.
Pros Cons
Quick Live chatMay not get relevant answers via live chat
Detailed & Quick Response via Phone 
Detailed Response On Email 
24/7 Availability 

Customer support is available 24/7 during weekdays and weekends, which is pretty decent. The value offered by IQ Option offers amazing value for users with the quick and prompt response across platforms, something unparalleled by many brokers.

How We Rank Customer Support

Customer support plays an important role in getting much needed help. Our criteria takes into account the 3 most pivotal factors considered by our viewers which include:

  • Availabiltiy of Support via Live Chat, Phone & Email
  • Speed & Quality of Response Across Platforms
  • Availability of Customised Support Such as a Dedicated Account Mnager

The customer support dimension is a really important dimension for most of our readers. Hence, we not only take into account all the platforms that are used to provide support but the quality of the support provided and the consumer feedback.

Final Verdict IQ Option Customer Support

However, IQ Option does not offer a personal account manager for the Real Account users due to which it scores a 9 rather than a perfect 10 otherwise it offers some really good value for users.

IQ Option Customer Support Score: 9/10

#7 IQ Option Asset Classes

IQ Option offers plenty of asset classes for you to trade-in let’s have a look at them and dissect them further.


IQ Option Forex Pairs

IQ Option offers plenty of major, minor and exotic currency pairs that one can trade-in. Here’s a list of some popular currencies offered by IQ Option include:


43 forex pairs is a decent portfolio that IQ Option has and you can see from the list above that there are a few pairs like EUR/HUF, USD/DKK and USD/TRY that they offer that are not offered by most brokers thus, providing some great value to customers.


The stocks at IQ Option are divided into different categories that can help users identify the kind of stocks that you want to buy. This can be really helpful if you are looking to invest in a particular industry rather than a specific stock. Some of the categories offered and the stocks within them are as follows:

IT & Internet Blue Chip Stocks

These are companies that are involved in IT and tech. Some of the popular stocks in this category are

  • Microsoft
  • Nvidia
  • Paypal
  • Google
  • Salesforce

Dividend Kings

These are the companies that often pay rich dividends to consumers so if you are looking for a stable source of income you should look at these stocks. These companies include.

  • Boeing
  • Cisco
  • P&G
  • Pepsi
  • Pfizer

Its really good that the broker gives these options for users because it really allows individuals to invest with whatever purpose they have in mind. For instance, if you are someone that wants to invest in dividend-paying stocks you can use this category and historical trends of these companies to make your decision. Obviously, another thing to keep in mind for such a scenario is your investment horizon aswell. For instance, if you are looking to get dividend returns in the long run or short run. Because some companies have a good dividend yield but they pay them after a long period of time, something that you may or maynot be looking for.

Top 10 Revenue Earning Companies

These companies include the highest revenue earning companies in the US. These companies include

  • AT&T
  • Walmart
  • Exxon
  • AmeriSource
  • CVS Health Corporation
  • McKesson Corp
  • Apple
  • Amazon
  • Alibaba
  • Berkshire Hathaway

The categorization of stocks really helps users in identifying what they want to invest in. You can also see the diverse range of industries and stocks available from the lists above.


The broker offers basic commodities like gold, crude oil and silver. This provides users with some basic commodity options. This is good for users who like to trade the usual commodities like oil, gold and silver. Often trading with oil and various types of metals can be risky because of the volatile nature of these markets. We at Yoreoyster highly recommend that you do not invest in these markets without thorough research. For instance, the oil prices in the past have fluctuated quite a lot and this can completely erode ill-timed investments. Even with metals, there can be a lot of speculation hence, we recommend that you take care before investing in these.


IQ Option offers 5 cryptos including Bitcoin, Eretheum and Litecoin which are the major players in the space. If you are someone who likes to trade in these usual currencies then the broker has you covered. If you are someone looking for niche crypto options then you may want to have a look at our CMC Markets post as the broker has a decent variety for all you crypto-loving traders.

Binary Options

IQ Options also offers binary options. It is one of the only brokers to do so. However, as with commodities we recommennd that you trade wisely as you can either get abnormal profits or losses in this category.

How We Rank Asset Classes

The criteria for ranking asset classes is pretty simple and as follows:

  • Number Of Asset Classes Offered, such as crypto, forex, stocks, ETFs and bonds.
  • Options Provided within each asset class

The more asset classes a broker provides, the more the chance to diversify your portfolio. Diversified portfolios often help in mitigating risk and long term profitability. This is the reason due to whch we give higher ranking and weightage to brokers who give you the option to hedge your risk.

Final Verdict IQ Option Asset Classes

The range in these assset classes domains is somewhat limited especially in commodities where you cannot find asssets like wheat, corn, coffee and maple. Also the lack of bonds in the asset portfolio means that the score is a 7 rather than something more substantive.

IQ Option

IQ Option Asset Classes Score: 7/10

#8 IQ Option Referral Program

Referral programs play an important role in making trading fun because you can use the platform with friends and learn more. However, there is no active referral program for IQ Option for individual users. It is always a good idea for a broker to have a referral program because it allows people to trade socially. Social trading often allows the betterment of skills for new users and this is something that we highly recommend.

How We Rank Referral Programs

The more rewards a broker gives the higher the score for this dimension. Rewards are a good way for encouraging beginners to start trading with friends and family making the experience enjoyable, due to which we encourage brokers to offer more and more rewards. We also take into account how difficult it is to attain these rewards.

Final Verdict Referral Program

This reduces the chance that you have to earn more funds by referring more friends. Hence, the score for this dimension is 0.

IQ Option Referral Program Score: 0/10

#9 IQ Option Demo Account & Educational Resources

Demo Account

Having a good demo account and educational resources to practice trading skills can be beneficial for an individual. IQ Option has a demo account through which you can learn how to use the trading platform. You are given $10,000 in your IQ Option demo account to experiment and learn. A good feature of the demo account is that you do not have a time limit so you can continue to use it as long as you need to practice to improve your skills and strategies.

Educational Resources

The educational resources mainly consist of tutorial videos on how different assets are traded and how the platform is used. A feature that I liked about the educational resources is that all the statistical tools in the platform are explained in helpful short videos that help you make sense of the indicators that are used in building different types of visualizations and dashboards.

How We Rank Demo Account & Educational Resources

The purpose of a demo account and educational resources is to train users to make informed decisions. Our crtiteria marks every broker on the quality of training that they provide beginners with. Our criteria is as follows.

  • The demo account should not have a time limit or a paper trading limit to get a perfect score
  • Educational Resources should include tutorials, webinars and online courses to ensure that anyone new to trading can quickly learn and trade profitably

Final Verdict IQ Option Educational Resources

However, there are brokers that hold live webinars and courses to train users hence, IQ Option scores a decent 8 rather than a perfect 10.

IQ Option Demo Account & Educational Resources Score: 8/10

#10 Safety & Regulation

IQ Option is regulated by authorities in Cyprus. It augers well for users that the broker is regulated by a tier-1 regulator like CySEC because it is a strong regulator and one that has regulated a lot of international brokers. IQ Option is also part of an Investors Insurance Scheme because of its regulation from Cysec. The insurance scheme provides insurance of up to 20,000 Euros for investors in case the broker goes bankrupt or has to close its operations. However, do keep in mind that investment protection insurance does not mean that investors are protected or compensated for bad investment decisions.

How We Rank Safety & Regulation

If a broker is regulated by a tier 1 broker like the Financial Conduct Authority of UK (FCA), Securities Exchange Commission (SEC), or Australia Securities & Exchange Commission (ASIC) it scores a perfect score. However, if it is regulated from a tier-2 broker like the Cyprus Securities & Exchange it scores an 8. The score for most tier 3 brokers is a 6 and the score for no regulation is 0. Regulation is an important factor for brokers as non-regulated entities can engage in harmful practices for investors that can be detrimental for them.

Is IQ Option Safe?

The score for this dimension is an 8 rather than a perfect 10 because there are stronger regulators like the UK’s FCA and USA’s SEC that currently do not regulate IQ Option.

IQ Option Safety & Regulation Score: 8/10

Bonuses & Promotion

The broker has various trading competitions that you can enter to boast and showcase your trading skills. Prizes for winning competitions range from $100 to $100,000. Competitions can be for beginners aswell as experienced traders alike. This is something good as competitions help in social trading and trading together usually helps traders grow and we at Yoreoyster recommend to do so.

IQ Option used to offer promotions like deposit bonuses earlier on. However, due to regulatory restrictions from the Cyprus Securities Exchange Commission, they no longer offer that.

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to, which scores 91/100 points across the 10 categories mentioned in this review.

IQ Option vs.

IQ Option has a decent asset portfolio, a good demo account and some really good customer service. However, there are a few dimensions where our highest ranked broker is better than IQ Option. Let’s have a look

More Asset Options

When it comes to trading options the more options a broker offers, the better it is for you to build diversified portfolios. simply gives you more options by offering more assets such as bonds, more than 20 commodities and 1,700 stocks from all around the world.

A Better Fee Structure also has a very competitive fee structure and they do not charge withdrawal fees or inactivity fees as IQ Option does. The spreads are generally tighter and there are no commissions and hidden fees associated with trading.

Stronger Educational Resources

While IQ Option has decent educational resources, is like a digital university for learning the art of trading. Often brokers offer a few basic educational resources for traders but does a comprehensive job in this regard and it is with you in the journey for you to become an experienced and successful broker. Some of the resources offered include

  • Tutorial videos on using the platform
  • Educational videos on trading different assets
  • Webinars
  • Educational articles

The resources offered to users start by teaching you how the platform works and then with webinars and articles keeps you updated with what’s happening in the market. also offers asset trading training guides.

Training Guides

  • CFD training guides
  • Commodities training guides
  • Indices trading guides
  • Trading psychology guides
  • Shares trading guides
  • Forex trading guides has you covered if you want to start trading an asset that you have not traded before. They also offer 5 courses that are aimed at training beginners and refreshing the knowledge of experienced traders. Online Courses

  • Introduction to financial markets
  • ABC of derivatives
  • Financial instruments
  • Derivatives and risks of trading
  • What are leverage and margin

The online courses are designed for beginners but anyone can benefit from them in learning the basics and good practices and knowledge of the industry. If you really want to get an amazing broker that is along with you throughout your trading journey and is with you through thick and thin then does a good job of it. The purpose of offering so many educational resources so that you can choose resources that help you to learn best. For instance, some people learn better through seminars, some through books, so generally does a good job of covering every type of learner. This is something amazing and good. The broker also has the most extensive education program in our database repositories which genuinely offers amazing value.

So what are you waiting for signup today for the best broker in the business that has more assets, better pricing structure and a wealth of knowledge to change you from a novice to a superhero in trading.

Related: If you want to learn more about this broker, you can read this excellent review of

IQ Option learning

In Summary

IQ Option offers some really good asset options coupled with some amazing customer service round the clock, unlike other brokers that have no service on weekends. The broker also gives you plenty of deposit and withdrawal options meaning that you are not stuck in situations where you have to be worried about depositing and withdrawing funds. IQ Option is one of the pioneers in offering brokerage services through desktop and mobile applications. Signup today to join the services of a veteran in trading.

However, is a much better broker with no withdrawal or inactivity fees. You can learn to trade various different assets using the educational resources available on the platform. Moreover, also offers many more assets like bonds and a wider variety of stocks and commodities in addition to the assets offered by IQ Option. Join now to trade with a holistic platform and become a champion trader.

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