IQ Option is a well-known online trading platform. It offers multiple financial instruments that you can trade – binary options, stocks, forex, ETFs, commodities, and cryptocurrency. Despite only being founded in 2013, it has already gained millions of registered users.
However, can you actually trust IQ Options? Do they operate in Australia? What features does the platform have? Answers to all these questions can be found in this review. Remember that before you start trading, you should always research your broker, which is why we’ve put together all the important information about this service in this review.
Is IQ Option Available in Australia?
Options enthusiasts in Australia will be disappointed – they will not be accepted by IQ Options. Australian regulations require brokerage companies to be certified by ASIC (Australian Securities and Investments Commission). Why haven’t they become certified? It’s hard to tell.
It still makes sense to look into this company’s features to have a basic idea of what’s all about. However, if you’re an Australian resident, you should keep looking for other platforms. The website promises that they will be available for Australians soon – perhaps in summer 2020. However, until this information becomes official, it will remain unavailable.
ASIC and IQ Option Australia
We want to specifically point out the importance of an ASIC license. ASIC’s role is to enforce laws to protect Australian consumers, investors, and creditors.
These days, there are many new online companies, and it’s hard for regular people to determine who they can trust. An ASIC license signifies that a given company has undergone the necessary procedures for the Australian government to grant it permission to operate in the country legally.
Unfortunately, IQ Options is yet to receive this certificate. You may want to contact the customer service to see what can be done. But there might be no way for Australians to participate.
What Does IQ Option Offer?
Despite the name, IQ options provide opportunities for various financial assets. The reason for the name is that the platform originally started as a binary options broker. Then, it expanded into other instruments as well. Here is the list of what you can invest in with it:
- Options – These are usually constructed with several asset classes, such as stocks, bonds, ETFs, and even mutual funds. Currently, IQ Option offers over 10 million options.
- CFD – CFDs are a popular form of derivative trading. You can speculate on the increase or decrease of the prices of over 170 companies listed on NASDAQ and NYSE.
- ETFs – ETFs also track underlying assets like indices, bonds, and commodities. You can choose between over 4,000 different ETFs.
- Forex – You have the opportunity to trade any of the 200 available pairs of national currencies.
- Cryptocurrencies – If you want to experiment with investments in this volatile, interesting market, there are 12 cryptocurrencies to choose from.
As for the type of orders, you’ll have the following tools in your arsenal:
- Stop-loss orders – Sets a maximum loss you’re willing to accept.
- Take profit orders – The exact opposite of stop-loss. It takes your profits once they reach the specified amount.
- Pre-order – Automatically enters the market at a predefined asset price.
- Multiplier orders – This one allows you trade 20x, 50x, or 100x how much you have.
All registered accounts on IQ Option fall under one of these two categories: Standard and VIP. Naturally, they differ in functionality, and traders are charged different amounts to use them.
The standard one has a minimum deposit of $10. It has over 350 types of assets and certain limitations in terms of withdrawals.
This is the best option for those without much trading experience. This account will help you figure out your preferred instruments and strategies. Then, if you feel confident and ambitious, you can upgrade to VIP. But we don’t recommend going straight for a VIP account if you are a beginner.
Now let’s see what VIP accounts can offer. As you can imagine, there is more stuff available to the trader here. For example, you’ll get a personal account manager, personalized reports, and an extra 3% in returns. The only thing is that it requires a deposit of $1900 or more within a 2-day period.
Many traders view the availability of a demo account as a necessity in any platform. The main reason is that it gives them a chance to understand the specifics of a given service. Before you make the commitment, it’s very useful to experience various customization capabilities firsthand.
After signing up, you will have 10,000 virtual dollars. Plus, there is no limit on how long you can keep using this demo account. You can use this time to get accustomed to the interface and all the controls and see whether you feel comfortable using it.
Deposits and Withdrawals
As we’ve mentioned, opening an account requires you to deposit $10 (or the equivalent in another currency). Other than that, you will not be charged – the broker has no processing fees for depositing funds. Here are the depositing options available to users:
- Credit cards (Visa and Mastercard);
- Wire transfers;
- E-wallets (Skrill, Maestro, WebMoney, Neteller, Cash U, and Moneybookers).
Currently, IQ Options doesn’t support deposits through PayPal, which may be a disadvantage for some traders.
Another important thing is the verification process. In order for your deposit to start working, you’ll need to activate your account. This requires a valid ID and has to include a photo. Some countries may have other regulations, and the verification process will vary.
The minimum withdrawal amount is $2 or the equivalent in other currencies. In order to withdraw your funds, you’ll need to make a withdrawal request through your personal account. You should use the same transaction method for the withdrawal as you did for the deposit. Otherwise, it might be processed incorrectly.
Requests are usually addressed within one business day. However, if you opt for a bank transfer, it might take the bank some additional time to finalize it. Also, banks can charge clients transaction fees.
You’ll need to be verified once again before IQ Options confirms the withdrawal. You’ll need to prove your identity, to prevent fraudulent activity and makes sure the funds are transferred to a party that you have authorized.
Countries and Languages
Here are the countries where IQ Options is not available: Australia, the United States, Canada, France, Japan, Belgium, Russia, Turkey, Iran, Syria, and Sudan. The reason for this is that these countries have tight restrictions and regulations, and the service is unable to meet them.
On the other hand, here are the places where citizens can use IQ Options: New Zealand, United Kingdom, Mexico, Germany, Netherlands, Switzerland, China, Korea, UAE, Brazil, Colombia, South Africa, and many more. Overall, the list of accepted countries includes over 150 countries.
It’s important to mention that if you live in the EU, you will only have access to a regular IQ Options account. VIP accounts are available only to non-EU residents.
The platform and website are currently available in 13 languages.
Along with a desktop version, IQ Options has a mobile application for both Androids and iOS phones and tablets. You just need to download it like any other app and log in to your personal account. The interface is user-friendly and takes no time at all to get used to.
The mobile app gives you practically the same functionality as the desktop app. You can complete the following operations with options and CFDs:
- Place and exit trades
- Check account status
- Receive updates on market developments
- Apply charting tools
- Get alerts on your trades
Is IQ Options a Scam?
As far as we can tell, IQ Options hasn’t been involved in any fraudulent activities. With over 40 million users, the platform has a lot of activity, and there is no indication that they’ve had serious problems with it. According to the website, they process over a million transactions every day. Even though not every trader can take advantage of that, it’s still a good sign.
Overall, despite being fairly new on the market, IQ Options positions itself as a full-featured platform with good value. If you live in a country where IQ Option is well regulated, you may have a good time using it.
However, there are some serious drawbacks that make the platform undesirable for Australian users. Firstly, there is a lack of the industry-standard MT4 platform, which instantly drives some traders away.
Secondly, there is a lack of an ASIC license. Bear in mind that ASIC is not some obscure regulatory body – it is directly subordinate to the Australian government and is the most reliable indicator of how trustworthy a brokerage company is. Perhaps, they will obtain the license at some point, but in the meantime, Australian traders might want to head elsewhere.