IQ Option is a CFD and options broker that offers an innovative approach to trading by introducing two products known as digital options and binary options. In this article we will go over their proprietary trading app – IQ Option APP.
This broker offers a wide selection of stocks, commodities, currency pairs, and cryptocurrencies that can be traded via CFDs or by using options contracts. You can read our full review of IQ Option for more information.
It is available on both MacOs, Windows, iOS and Android.
Minimum system requirements (desktop)
- Operating system: Windows 7, 8, 8.1, 10 and macOS – OS X 10.10 Yosemite
- RAM: 2 GB (4 GB recommended)
- Disk Space: 130mb
- Video card: DirectX9 (Windows) and OpenGL 2.0 (macOS)
Minimum system requirements (mobile)
- Operating system: iOS 9.0 and Android 4.4
- Storage: 74 Mb
Traders who are eligible and open an account, will have access to options and CFDs covering more than 90 different financial assets including currency pairs, individual stocks, and broad-market stock indexes, and they can profit from these trades by either taking long or short positions by using CFDs or they can also speculate on short-term price movements in the price of the assets by trading options.
The proprietary trading platform is designed to enhance the trading experience, especially when it comes to options trading.
In my view, the interface is one of the most user-friendly in the industry as it features a modern design, easy order execution buttons and fields, and a very illustrative chart that provides real-time prices for the assets you trade and important indicative bars that show things like the take-profit and the stop-loss levels of your trades.
Meanwhile, since binary and digital options products have certain characteristics that make them unique compared to traditional financial products, this broker has designed its app to incorporate a highly interactive interface that facilitates the process of selecting strike prices, expiration dates, and amounts of capital committed to each trade.
The desktop version can be downloaded from the official website and it is available for both Mac OS and Windows computers, while the mobile trading app can be download for both iOS and Android devices from their respective app stores, even though binary options can only be traded on Android devices by installing the app directly from the APK provided on its official website.
The web and desktop versions, along with the mobile app are available in 17 different languages.
Traders can open an account with via trading app and the registration process should only take a few minutes, even though the process of verifying your identity may take a bit longer than that.
There are three types of accounts that can be opened:
The standard account requires a minimum deposit of $10.
The VIP account requires a minimum deposit of $1,900 and a minimum trading volume of $15,000 is required.
The VIP account entitles the holder to additional benefits such as higher returns on both binary and digital options.
A free demo account is also available to test the platform before depositing money on it. This account provides the user with a balance of $10,000 to try out the platform and its products for free.
What Can You Trade With The App?
All the assets covered by both CFDs and options are available via the app, even though some regions are restricted from trading certain assets.
In summary, the portfolio of assets includes:
- 13 forex digital options.
- 48 binary options covering stocks, stock indexes, and currency pairs.
- 58 forex CFDs.
- 185 individual stock CFDs.
- 28 cryptocurrency CFDs.
- 4 commodity CFDs.
- 24 ETF CFDs.
Meanwhile, binary options can only be traded via the Android app installed with the APK file provided by this broker on its official website.
If you download the app via the App Store (iOS) or Google Play Store (Android) you will not have the possibility of trading binary options even though you may be located in a region where those financial products are permitted.
Digital options require a minimum investment of $1 and the expiration date selected for the options can range between 60 seconds to 15 min. The maximum payout for these options is 900% if the asset reaches the strike price. Both long and short positions can be taken.
Meanwhile, binary options require a minimum investment of $1 as well but the expiration dates are more far-reaching – from 60 seconds to the end of the month. Potential returns can go as high as 95% if the option closes in the money.
Customer service is available 24/7, which is not a common feature offered by other brokers.
Customer support agents can be reached by e-mail, live chat, or via phone call and there are specific phone numbers that traders can use to reach out to this broker in their native language.
Most of the phone numbers provided by this broker are toll-free and the alternatives cover dozens of languages including English, Spanish, Portuguese, and Chinese.