There are many trading platforms on the internet today, but few catch the eye as IQ Option. With many features and a customer friendly service, IQ Option has grown by leaps and bounds since it first went operational in 2013. In this IQ Option review, we’ll tell you why it is one of the best binary options for South Africa.
IQ Option Overview
IQ Option is a company registered in Seychelles and Cyprus. It is regulated by CySEC and first started operating in 2013. While the number of countries it was available it was 18 in 2014, this number increased to 178 in 2016. The steady flow of customers and the growth of the platform are testaments to its quality and show why it is one of the best binary options.
IQ Option Accounts
IQ Option offers you three different types of accounts.
The Demo account is a practice account with a $1000 virtual balance. There is no real money involved, so you can learn the art of trading before you join the trading market and try your luck. You get access to 13 assets and can renew the $1000 fund as many times as you want. What’s more, you can use this account along with the Real or VIP account as well. This means that the Demo account is an option for experienced users as well because it allows them to test a strategy before using it in the real world.
The Real account offers all the 500 assets available for trading and requires a minimum deposit of $10, which is quite small. You can trade for as little as $1, and use all the trading options that IQ Option provides. You can also participate in trading competitions by IQ Option. This is a unique feature that allows traders to compete against their peers and get better at trading. The rules for competitions vary, and the prizes are quite lucrative. The maximum refund is 80%.
The VIP account comes with a personal manager and monthly trading analysis for a minimum deposit of $3000. It is for those people who wish to get special treatment. The maximum refund is 92%.
IQ Option Trading
While it started out as a binary options service, IQ Option now supports FX and CFD trading as well. It was also one of the earliest adopters of cryptocurrencies, allowing customers to join the brigade of cryptocurrency enthusiasts and earn good money. You can trade in 7 major cryptocurrencies through IQ Option, which are Bitcoin, Litecoin, Ethereum, Dash, Ripple, Bitcoin Cash, and IOTA.
Why it is the best for South Africans
The primary concerns people have when opting for trading platforms are:
- if it is legal
- if it protects customers from fraud
- if it is simple to use
- If it can be used from anywhere
If you are from South Africa, you will be pleased to know that IQ Option ticks all these requirements. Many people wonder if it is a scam, but there have been no instances of foul play on behalf of IQ Option thus far. Their customer base has been stable and has grown at a good rate, so that shows that people are happy and they are reliable. Moreover, it has support for Afrikaans as well.
As for simplicity of usage, IQ Option lets you set up an account within minutes. It’s a browser-based service that doesn’t require the installation of third-party software, so it takes less time to start using and is safer to use. Regulation by recognized bodies gives relief to all traders. Although traders from the USA, Canada, and Australia can’t use IQ Option because of the regulatory laws of those countries, it is a service that has grown exponentially over the past few years. It is arguably the best binary service for South Africa since it allows you to get a lot done without too much trouble.
Issues People Face
While IQ Option is definitely a service on the rise, there are people who are not content with it. People claim that the expiry times aren’t well managed and are sometimes abrupt. Some have an issue with the returns they get due to the volatile nature of the market, and some claim to have issues with withdrawals. Some of the claims are baseless, but quite a few are accurate. But that’s quite understandable since it’s a service in its wee years, and will likely correct those little mistakes that lurk in the platform.
IQ Option is a trading platform that has grown to be one of the biggest in the world. Its proprietary software is different from all other platforms, and so is its website with a professional outlook and approach. The operation is smooth, and with a minimum trading cap of $1 and maximum of $5,000, it is definitely one of the best binary services. The mobile app and website allow users to trade on their smartphones as well. With their demo account, video tutorial, knowledge, good customer support service, interactive user interface, and efficient service, IQ Option is a top trading platform, wherever you are located.