Comprehensive Review dedicated to traders from South Africa
IQ Option Review South Africa
Accepts South African Clients
Who is IQ Option?
IQ Option is one of the world's fastest-growing Forex and CFDs brokers. The company started providing brokerage services in 2013 and now has over 45 million registered users. This broker allows clients to trade a variety of instruments including Binary Options and CFD on Forex, cryptocurrencies, stocks, and others.
The IQ Option minimum deposit in ZAR is 170/$10.
Risk warning: Remember that forex and CFDs available at IQ Option are leveraged products and can result in the loss of your entire capital.
Trading Binary Options is also very risky. Please ensure you fully understand the risks involved.
Pros
Cons
Trading Forex and CFDs entail risk.
Your capital is at risk.
01
Trading assets on IQ Option
IQ Option features over 250 different assets for clients to invest in. Investors can trade CFDs on forex, cryptocurrencies, commodities, stocks, indices, and ETFs. The breakdown of trading instruments is as follows:
- Forex – IQ Option features 31 different currency pairs for clients to speculate on. Among these are two currency pairs involving ZAR, which are great pairs for South African traders. They include EURZAR and USDZAR. Nonetheless, South African investors can still trade other major, minor, and exotic currency pairs.
- Cryptocurrencies – Currently, there are over 10 different popular cryptocurrencies to trade on IQ Option. These include Bitcoin, Bitcoin Cash, Ethereum, Dash, XRP, and Litecoin, among others.
- Indices – The indices available for trading on this platform include the FR 40, US 30, UK 100, US 100, and AU 200, among others.
- Commodities – In this asset group, there are 9 different instruments people can trade. These include wheat, oil, corn, gold, silver, and copper, among others.
- Stocks – There are a total of 185 different CFDs on stocks available on IQ Option. Traders can invest in stocks of popular global companies including AstraZeneca, Tesla, Nike, and Citigroup, among others.
- ETFs - There are 23 different ETFs that people can add to their portfolio on IQ Option. These include UltraPro Short QQQ, S&P 500 ETF, and Gold Miners ETF, among others.
Available Deposit & Withdrawal Methods
IQ Option supports the following deposits and withdrawal methods
Supported Platforms by IQ Option
IQ Option supports the following trading platforms
02
Trading platforms of the broker
The IQ Option trading platform is powerful, fast and industry standard. It comes packed with a variety of indicators and can be used for analysis. Some of the indicators that come with the IQ Option platform include RSI, BB, Stochastic, Moving Average, and Alligator, among others. Traders can also receive up-to-date news via volatility alerts, market updates, stock screeners, calendars, and newsletters.
The IQ Option trading platform is available on Windows, macOS, iOS, the Web, and all Android devices. South African traders can use this application on whatever device they choose to trade on. The web-based platform is similar to the desktop application. However, IQ Option recommends using the desktop app as it is five times faster.
Trading Forex and CFDs entail risk.
Your capital is at risk.
03
IQ Option Trading Fees
Spreads
IQ Option is mainly compensated for its services via spreads that they charge to its clients when trading. The spreads that clients trade using depend on the asset a trader is investing in. Generally, the most traded assets have the lowest and tightest spreads. The company is very transparent about each fee they charge to traders. Traders can find the spreads charged under each asset when they click on the asset. They are fairly low and industry-standard starting from 1.0 pips for major currency pairs.
Overnight Fees
This fee is charged on positions that are left open overnight.
It is an ongoing maintenance fee that ranges between 0.01% to 0.5%. This fee is three times higher for positions left open from Friday to Saturday. Clients should stay up to date with the overnight fees on IQ Option before they leave positions open.
Inactivity Fee
This fee is charged to accounts that go for 90 days or more with no activity. The amount charged is €10 or the account base currency equivalent. This amount is charged every month that the account is inactive after the 90 days period. If the account does not have enough funds to cover this fee, the company will not charge it. However, after 12 months, they will charge a lower administrative fee and close the account.
Did you know?
IQ Option trading platform has one of the quickest average order execution times at merely 0.6s.
04
IQ Option Tournaments
IQ Option frequently hold tournaments in which traders compete for a prize. Anyone from South Africa can participate in IQ Option tournaments for a set fee. Each participant receives a tournament account with the same amount of money. Participants can trade any asset and invest whatever amount they want.
At the end of the tournament, the prize pool is shared between the best traders. The entry fee is usually 2-4 USD and you can play for a prize pool of 1500-5000 USD. Clients with the VIP account have entrance for free.
05
IQ Option Leverage
The leverage on IQ Option depends on the asset category a client is trading in. Each asset category has a different maximum leverage level. The maximum leverage on the site is 1:500 for South African clients. The breakdown of the maximum leverage for each asset group is as follows:
Forex 1:500
Stocks 1:20
Commodities 1:50
Indices 1:100
Cryptocurrencies 1:100
ETFS 1:20
Did you know?
South African traders can now make instant deposits to their IQ Option trading accounts with the following local banks:
FNB (First National Bank), Capitec, Standard Bank, ABSA, Nedbank, Investec.
06
IQ Option Education and Demo Account
Education materials are very important in the forex space. This is especially true for beginner traders who need to learn the basics before they can invest. However, such material is also important for seasoned investors who want to learn new approaches to trading. IQ Option has a section full of video tutorials covering the basics, technical analysis, fundamental analysis, and even margin trading. Additionally, IQ Option features Webinars that cover various important topics in forex and CFDs trading.
IQ Option also has a free demo account for people who want to try out their services before investing real money. This account is also crucial for traders who want to practice their trading strategies in a virtual environment before investing in the live market. The IQ Option demo account is non-expiry and comes with $10,000 in virtual funds for clients to use. The demo account is replenishable, which means if you need to replenish the account balance you can simply do so by clicking the appropriate button.
Trading Forex and CFDs entail risk.
Your capital is at risk.
07
IQ Option Unique Features
Multi-Chart Layout
This feature allows traders on IQ Option to monitor the price movement of more than one asset at a time. You can simply click on the chart layout icon and select the layout that you want to use. The icon is right next to the IQ Option logo. You can then select the assets you want to monitor under each chart. You can also change the asset on a given chart by clicking on its name and selecting a different asset.
Auto-closing Feature
This feature works like a stop loss and take profit. You can simply set a specific profit/loss amount, percentage number or asset price. The feature will then monitor the price of the asset and when the target price is reached, it will close the trade. This feature allows traders to avoid losing more money than they are willing to lose as well as secure profits without having to monitor the markets themselves.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose