- 1 What matters in the IQ Option vs Olymp Trade battle
- 2 Pros and Cons
- 3 Do we have a winner in the IQ Option vs Olymp Trade battle
- 4 Q&A Section
- 5 GENERAL RISK WARNING
IQ Option vs Olymp Trade. We compared 10+ features to choose a better broker
Olymp Trade is one of the few online options brokers that can be said to be a real IQ Option competitor. Many new traders are torn between choosing wither platform. It is not easy to choose when both brokers have been working for years to develop their platforms and trading services.
What matters in the IQ Option vs Olymp Trade battle
This review will help you decide which between the two platforms is worth investing in. I’ll compare both side by side based on key features that include the following:
- How long the broker has been operational
- The regulatory body monitoring the broker’s activities
- Active traders
- Account types offered
- Types of assets offered
- Returns on trades (options)
- Payment methods accepted
- Deposits and withdrawals
- Additional features
How long has IQ Option vs Olymp Trade been operational?
OlympTrade was founded in 2014 and is located in Saint Vincent and the Grenadines. IQ Option on the other hand was launched in 2013 and is located in Saint Vincent and the Grenadines.
Olymp Trade is regulated by the Financial Commission (FinaCom). This is an independent regulator based in Russia.
Regulators ensure that the broker’s activities are in accordance with financial laws. They also handle disputes arising from broker malpractices.
According to the Olymp Trade website over 220000 traders transacted using real accounts over the month of February 2019. The platform also boasts over 25000 users trading on the platform daily. Their monthly trading volume exceeds $170 million.
IQ Option on the other hand boasts over 50 million users with a monthly trading volume exceeding $360 million.
Account types offered
Olymp Trade has two different accounts. One is for trading forex while the other is for trading options. In addition to these, the platform also offers standard and VIP accounts.
To open a standard account, you’ll need a minimum deposit of $10. VIP accounts require a minimum deposit of $20000. The VIP account includes a personal consultant and higher returns for options traders. It also includes risk-free trades.
IQ Option also has 2 accounts. The standard account requires a minimum deposit of $10. You can enter trades with as little as $1. IQ Option VIP accounts on the other hand are available for traders with a significant deposit (exact amount is subject to change)
This account also includes a personal account manager, faster withdrawals and free trading eBooks.
Both platforms also offer demo accounts which are credited with $10000 virtual cash.
Types of assets
Olymp Trade offers options, forex, stocks, indices, cryptocurrencies and commodities. In total, there are about 80 different financial instruments.
IQ Option on the other hand has far more financial instruments. These include forex, options, ETFs, commodities, indices, cryptocurrencies and CFDs.
Returns on trades (options)
Olymp Trade offers returns ranging from 82% to 90% depending on the asset, volatility and account type.
IQ Option on the other hand offers returns ranging from 65% to 95% in case of a successful prediction. The return also depends on the asset, volatility and account type.
Payment methods accepted
Currently, Olymp Trade only accepts 9 payment methods. These include debit/credit card and eWallets such as Skrill and Neteller. IQ Option on the other hand accepts over 20 different payment methods. In addition to those Olymp Trade accepts, IQ Option also accepts Jeton among others.
Deposits and withdrawals
Both platforms will process deposits within several minutes especially if you’re using a bank card or eWallet. Olymp Trade also offers a deposit bonus which you can reject during the deposit process. The minimum deposit amount is $10.
Withdrawals can only be made to the account you used to make a deposit. Traders will be subject to 2% withdrawal fee starting from the 2nd withdrawal per month. The minimum withdrawal amount is also $10.
Withdrawals are processed within 24 hours to 5 business days. For both platforms, VIP account holders will enjoy faster withdrawal processing.
Both platforms have a friendly and knowledgeable support team. Their support can be reached via phone, chat and email. They can also be reached via social media platforms such as Facebook.
Olymp Trade has two different trading interfaces; one for options and another for forex. The trading interfaces are intuitively designed and easy for beginners to get stared with. This broker also offers bonuses for deposits made.
However, you’ll have to achieve a specific trading volume before you’re able to withdraw the bonuses. This broker also offers risk-free trades. That is, your trade amount is automatically refunded to your account should the trade lose.
IQ Option also has a well-designed trading interface. Their interface is easy to navigate and includes dozens of technical indicators. This broker also offers custom features such as chats and support which allows you to interact with other traders. IQ Option also holds tournaments which allow traders to win cash prizes.
Both platforms also support early trade exits for options traders. For Olymp Trade, the refunded amount can be as high as 120% provided the trade was in the money. For IQ Option, the refund is termed profit after the sale, this can be positive or negative depending on how the trade goes.
Pros and Cons
- Both platforms have low minimum deposit requirements, making them accessible to a wide range of investors.
- IQ Option offers a greater variety of assets, while Olymp Trade has a simpler and more intuitive trading interface.
- Both platforms provide demo accounts for users to practice trading without risking real money.
- IQ Option’s wider range of assets may be overwhelming for beginner traders.
- Neither platform is available to traders in certain countries due to regulatory restrictions.
|Regulated by FinaCom
|Offers forex, options, ETFs, commodities, indices, cryptocurrencies, and CFDs
|Offers options, forex, stocks, indices, cryptocurrencies, and commodities
|Higher return potential for options traders (65% to 95%)
|Return potential for options traders ranges from 82% to 90%
|More than 20 different payment methods accepted
|Accepts 9 payment methods
Do we have a winner in the IQ Option vs Olymp Trade battle
Both platforms are a good place for options traders to invest. Their $10 minimum deposit makes it easy to get started with a little investment. IQ Option offers more and better features including a higher return for options traders. Determining who wins in the IQ Option vs Olymp Trade battle is difficult, and choosing one broker from the two can be a matter of individual preference.
If you haven’t seen it yet, be sure to watch our IQ Option vs Olymp Trade video posted at the end of this article. Have you traded on either or both of these platforms? Kindly share your experience in the comments section below.
Good luck in your trading!
- Q: Are both IQ Option and Olymp Trade suitable for beginners?
A: Yes, both platforms provide user-friendly interfaces, demo accounts, and educational resources to help beginners get started.
- Q: Can I access both platforms on various devices?
A: Yes, both IQ Option and Olymp Trade are accessible via web browsers, desktop apps (Windows and macOS), and smartphone apps (Android and iOS).
- Q: How long does it take to process withdrawals on IQ Option and Olymp Trade?
A: Withdrawals are processed within 24 hours to 5 business days. VIP account holders enjoy faster withdrawal processing on both platforms.
- Q: Can I trade both forex and options on both platforms?
A: Yes, both platforms offer options, forex, and various other asset classes for trading.
GENERAL RISK WARNING
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