Iq Options was established in 2013, it started out as a binary option broker but later added other markets like Stocks, Forex, ETFs, Commodities, and Cryptocurrencies.
Iq Options has attracted a lot of traders since its existence. Over $380 million trade volume is processed monthly with more than $10m monthly withdrawals. IQ Options has received countless positive reviews from its customers. The awards gotten from several reputable and trusted bodies is something to definitely bank on if you are not yet sure whether to subscribe with this broker.
As a Credible broker that it is, IQ Options is regulated by the Cyprus Securities and Exchange Commission (CySEC), a well-respected regulator of binary options brokers.
It is authorized to provide financial services to clients from the European Economic Area (EEA) under the CIF license #247/14. The trading platform first went live in 2013 and since then, it has grown by leaps and bounds. With its low minimum deposit requirement at $10 and free demo account, IQOption has truly made online trading accessible for everyone.
IQ Option Regulation
Over the few short years that it has been operational, IQ Option has won numerous awards praising the quality of its services and its reliability. Today, it has been recognised as one of the leading brokers in the industry as well. To bolster its image as a reliable broker, traders will be pleased to know that IQOption is a regulated broker under the jurisdiction of the Cyprus Securities Exchange Commission (CySEC) under the name of holding company IQ Option Europe.
As a regulated broker under CySEC, this means that IQ Option is also a MiFID compliant broker. In other words, IQOption is permitted to offer its services to clients within the EEA. Another benefit for clients of being regulated by CySEC is the fact that IQOption is also a member of the Investors Compensation Scheme. Under this scheme, each of IQ Option’s clients’ funds is protected up to a maximum amount of 20,000 euros.
But for traders that are outside the EEA, their accounts are managed by a separate sister company called IQ Option Ltd. The company is based in Mahe, Seychelles and is regulated by the Seychelles Financial Services Authority (FSA).
Assets Tradable on IQ Options
The instruments traded in IQ options are as below.
- CFDs On Cryptocurrencies
- CFDs On Stocks
- CFDs On Forex
- Options (Binary Options & Digital Options)
- ETFs (Exchange Traded Funds)
CFDs above mean Contracts for Difference. With CFDs, you do not need to own the underlying assets. What you are concerned about as a trader is to make money from the difference in price between when you entered the trade and when you exited it.
As such, if you are expecting the price of the asset to rise, you enter a BUY trade, and you make money as the price of the asset continues to rise – that is if the price goes in your direction by rising.
Otherwise, if the price of the underlying asset falls, you lose money; and the extent of your loss will be how far the drop went.
In essence the more the price rises, the more you make money on your CFD. On the other hand, the more the market falls the more you lose money.
Same principle works for a SELL trade. If you go for a sell trade on your CFD, you are expecting the price of the underlying asset to fall. If the price does fall, the extent of your profits will be determined by how farther down it goes. On the other hand, if it rises, your losses continue to rise the more the rise continues.
The Tradable Assets Breakdown
Below we break down all the assets available on trading on IQ Options.
Currently, there are 28 cryptos traded in Cryptocurrency CFD on IQ Options, including:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Stellar (XLM)
- Ripple (XRP)
- Bitcoin Gold (BTG)
- Litecoin (LTC)
- Dash (DASH) etc..
Another innovative product delivered by IQ is the Cryptocurrency Multiples. These effectively work like a leveraged trade, so price movements in the underlying assets are magnified. IQ Option first introduced this idea with Bitcoin x 100. This amplified the prices movements by 100 times, creating huge opportunity – and risk – for traders.
This product was so popular, that IQ have expanded the concept to Ethereum, IOTA, Ripple and others. The multiplier factor ranges from x20, to x50 and x100 on Bitcoin as mentioned. At present, these products are only available to Non-EU traders.
CFDs On Forex
There are currently 49 trading pairs on IQ Options. The major pairs include;
- GBP/JPY, etc
On IQ Options, these have attract a minimum trade value of $20.
FX Options are a very new product. So new in fact, that they are currently only available across the five major currency pairs.
Available in EU regulated markets, they offer fixed risk investments, similar to binary options. There is a set expiry for each FX option and the potential payout is dependant on the underlying asset price. So where a trader believes a strong price move is imminent, payouts reach 2000% and more.
As the expiry approaches, payouts tend to grow as these options are affected by the same delta, and gamma values as traditional options. There is a $30 minimum trade placed on FX options, but they can be sold at any time up until expiry. So if a trader has brought either a call or a put, both can be sold prior to expiry to either lock in profits or cut losses.
These are a great way for EU traders to still access fixed risk trades.
FX Options requires at least a minimum trade value of at least $30.
CFD On Stocks
Trading Stock CFD is similar to trading CFD of Forex and Cryptos but in this case, you are trading the gain and loss of companies like Microsoft, Facebook, Chevron, Coca-Cola, etc. There are currently 170 assets in stock to choose from.
There are two types of option in this trading platform; binary option and digital options and over 72 assets to choose from
This is the most popular type of option as well as what IQ option was known for at its inception. You can profit up to 95% for payout, in as little as 60 seconds if the trade goes your way. But lose all if it goes otherwise.
To trade binary options, you are required to put up at least $1 per each trade.
This is an option that speculates on the extent of price change of cryptocurrencies, indices, commodities, and stocks. Profit could be as high as 900%. The risk is also very high and could lead to the loss of your funds in a flash.
Exchange-Traded Funds (ETFs)
An ETF is an investment fund traded on stock exchanges, much like stocks. EFT holds assets such as stocks, commodities, or bonds, and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur.
There are currently 25 ETFs to trade on IQ Options.
IQ Option Review Namibia
Day Trading on IQ Options
One of the most important factors to consider when looking for a broker to conduct day trading with is looking at the type of instruments that are available for trading. With IQ Option since the broker offers CFDs which allow traders to open and close their market positions at any time, it is a suitable broker for day trading. In addition, the broker is well regulated and this helps to ensure that your money will be handled professionally and ethically.
Where can you find IQ Options?
IQ Option accepts users from countries spread all over the world including Nigeria, South Africa, Singapore, Philippines, Malaysia, India and of course our own Namibia.
However, it does not accept users from a number of countries. These include USA, Japan, Israel, Belgium, Turkey, Australia, Netherlands, Romania, Spain, Russian Federation, Canada, Italy and Germany.
This is mainly due to the regulations and restrictions by the governments of these countries concerning binary options trading.
IQ Options Trading Platforms
Rather than opting for a standard trading platform, IQ Option has chosen to provide its clients with a proprietary platform designed specifically to cater to their trading needs.
The same platform is used for CFDs and for binary options trading. Well designed to be user-friendly, the platform features a large chart which is a great help for traders who wish to monitor the conditions in the markets. Margin trading is also now available with certain instruments.
In addition, the platform comes with a wide selection of trading tools that are typically not found on any binary capable trading platform. Some of the advanced trading tools that we can see popular technical indicators such as Moving averages, Bollinger Bands, MACD and RSI.
The brand often add new feature to the platform to offers traders more flexibility. One such feature is the ‘position top-up’. This allows a trader to hold a trade open if it is approaching a stop loss. It gives the trader more scope to allow trades to recover before being closed. It must be used with discipline, but offers traders new risk management or trading strategy options.
For traders that are unable to remain at their trading terminal for any prolonged period of time, they can install the mobile trading app that has been provided free of charge by IQ Option. The mobile trading app which has been designed specifically for smartphones and mobile devices, allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.
IQ Option is responsive across all devices. To make trading easier and fasters, IQ option App can be downloaded to your computer, Android and iOS.
This is crowned by an enormous language support of up to 15 languages including English Spanish, Portuguese, Turkish, German, French, Indonesia, Chinese, Italian, Hindi, Polish and a few others.
IQ Option Demo
Types of Trading Accounts offered
Unlike most CFDs and binary brokers, IQ Option has only chosen to offer 3 types of trading accounts, a standard trading account, a VIP account and a demo account.
To open a standard account, only a minimum deposit of $10 is required. As for as the VIP trading account, you need to place a minimum deposit of $1900 (or currency equivalent) – but hit trading volume of $15000.
Both types of trading account entitle the trader to participate in the IQ Option’s weekly trading competitions. However, the VIP account will entitle the account holder additional trading benefits like a free participation in the trading promotions, 3% additional returns and the service of a personal manager.
IQ Option Demo Account
Like many brokers, IQ Option offers a free demo account that includes $10,000 in virtual money. There is no limit on how long you can use the demo account for. This offers you the ability to test different trading strategies and to get familiar with the platform before investing real money. If you run out of virtual funds inside of your demo account, you can have them replenished so you can continue practicing.
You don’t have to register or give out your personal information in order to access the IQ Option demo. This is not always the case with other brokers, as a lot of companies require you to provide at least an email address in order to gain access to their demo.
Bonuses & Promos
In line with CySEC’s regulations, IQ Option no longer offer any kind of deposit bonuses. The only kind of promotional offer which traders at IQOption are able to participate in is the trading competition which they can join for a entrance fee. Prizes for the competition range for $100 to around $100,000.
Types of Orders you can open on IQ Option
IQ Option offers its traders a variety of order types and stop loss tools to help minimize losses and maximize profits on binary option trades.
- Stop Loss Orders – This feature allows you to set a maximum loss that you’re willing to accept on a trade. When this order type reaches the amount you specified, the trade automatically closes to limit your loss.
- Multiplier Orders – This feature allows you to improve your return on investment via a multiplier. If you set a multiplier, the price movement of the asset will increase by 20X, 50X, or 100X. This feature can dramatically increase your profits as a result, but it can also expose you to more risk as well.
- Take Profit Orders – This feature is the exact opposite of a stop loss order. You can close a trade early and take your profit when it reaches your specified amount.
- Pre-Order – This feature allows you to enter the market when an asset reaches the exact price that you specify. Once the asset reaches that price, the trade will be executed automatically.
IQ Options Minimum Deposit in Namibia
The minimum amount that can be deposited at once is $10.
- Visa/Master Card (Debit or Credit card)
IQ Options Withdrawal in Namibia
- Visa/Master Card (only initial deposit)
- Bank Transfer
Withdrawal through an e-wallet like Neteller, Skrill, and Webmoney takes 1-3 working days while bank transfer takes 1-9 working days. The good thing is that you can track this process, from when your withdrawal request was submitted to when it is processed and released to you.
Trading Costs And Fees
IQ Option are transparent with their fees and costs. In order to see what trading at IQ will cost, you need to consider:
- Spreads – The difference between buy and sell prices. This is often variable and will depend on volatility, liquidity and even the time of day.
- Swap Fees – These are fees applied for positions held overnight. Charges vary from 0.1% to 0.5% and will be higher when positions are held over the weekend.
- Dormant Account Fees – If an account is inactive for 90 days, IQ will start applying a charge of €10 (or currency equivalent) each month, assuming the account balance is above zero.
- Withdrawal Fees – There are no fees on the majority of payment service providers, but bank transfers do attract a charge of $31 (or currency equivalent).
- Commission – On certain cryptocurrency trades, commission of 2.9% will be charged. This charge does not apply on any other asset.
IQ Option Namibia Contact Details
24/7 customer support chat. There is also a mobile app for android and iOS users.
There are four ways to contact IQ option
- Online Chat – as shown in the picture above, response to chat just takes 3 seconds. This is rather conservative because when I contacted support through this method, the response took less than 5 seconds, it was rather instant.
- Support Ticket – response to support ticket takes about 16 minutes as stated on the website.
- Email ([email protected])
- Phone call – There over 25 phone numbers through which one can contact IQ Options depending on your country, some of these numbers are toll-free.
Does IQ Option Work in Namibia
Registration is quite simple; there are 3 ways to sign up on IQ Options;
- Via Your Email Address: simply enter your name, email address and choose a password. Then visit your email to verify your account via the link that will be sent.
- Via Your Facebook Account: All you have to do is link directly to your Facebook page and continue.
- Via Your Google Account: same as above, all you have to do is to link directly to your Google account via your browser and continue from there.
You can withdraw your deposited amount without further registration; however, to withdraw your profit, you will need to provide a government-issued ID (Driver’s License, Passport)
Clients in the EU are required to provide their ID Card and Proof of residency after their first deposit.
Is IQ Option Legit in Namibia
IQ Option offers services to traders in over 150 countries spread across almost all continents; one of those countries is Namibia.
Furthermore, the Namibian regulators have not released any regulation or law banning or prohibiting binary options trading or IQ Options.
Thus, IQ Options Trading in Namibia is very well legit.
Is IQ Options Safe
IQ Option is not a scam platform for the following reasons;
- It is regulated by some of the most Credible Financial Regulatory Bodies across the world.
- There has not been a complaint about anyone being scammed.
- It has been around since 2013, so it has a good history behind it.
- Its customer base has continued to grow presently at over 50 million.
- Awards have been presented to IQ option for excellency from reputable bodies.
- IQ options has partnered with some of the best companies in different industries and niches and thus cannot be safe or be a scam.