Expert Option and IQ Option are two of the most popular online trading platforms. Since their launch, both have managed to attract millions of users from across the globe. But if you're a new trader looking for the broker to invest with, which one would you choose?
This review will compare them side by side. In it, I'll cover the most important features to look for when searching for an online broker. These 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
- Accessibility
- Support
- Additional features
Lets get started.
Contents
How long Expert Option and IQ Option have been operational
Expert Option launched in 2014. Expert Option has its offices in Saint Vincent and Grenadines. IQ Option on the other hand was launched in 2013 and has its offices located in Cyprus.
Regulators
Expert Option is regulated by Financial Markets Relations Regulation Center (FMRRC) in Russia. They're also regulated by the Vanuatu Financial Services Commission.
IQ Option on the other hand is regulated by CySEC.
Active traders
Since their inception, Expert Option has managed to attract over 11 million active traders and has over $30 million worth of transactions conducted each month. IQ Option on the other hand has over 23 million traders and has over $380 million worth of transactions per month.
Both platforms have attracted traders from different regions across the globe. Their clients primarily come from Latin America, Asia, Eastern Europe, the Middle East and Africa. Note that both brokers do not offer their services to residents and citizens of North America, Australia, New Zealand and other countries.
Account types
Expert Option has 5 different account types.
Their Basic account requires a minimum deposit of $50. With this account you can invest a maximum of $25 per trade and have a maximum of 10 open trades at a time.
The Silver account requires a minimum deposit of $500. With this account you can invest a maximum of $250 per trade and have a maximum of 15 open trades at a time. You'll also get a personal manager as well as daily market reviews and financial research.
The Gold account requires a minimum deposit of $2500. With this account you can invest a maximum of $1000 per trade and have a maximum of 30 open trades at a time. You'll also get a personal manager, daily market reviews and financial research, priority withdrawal and up to 2% extra on profitable trades.
The Platinum account requires a minimum deposit of $5000. With this account you can invest a maximum of $2000 per trade and have unlimited number open trades at a time. You'll also get an account manager, daily market reviews and financial research, priority withdrawal and up to 4% extra on profitable trades.
The Exclusive account is invitation only. With this account you can invest a maximum of $5000 per trade and have unlimited number open trades at a time. You'll also get a senior account manager, daily market reviews and financial research, priority withdrawal, access to strategies and up to 6% extra on profitable trades.
IQ Option on the other hand has 2 account types. The Standard account requires a minimum deposit of $10. Standard account holders get access to all financial instruments and can invest as little as $1 per trade.
There's no limit to the maximum you can invest per trade. The IQ Option VIP account requires a minimum deposit of $1900 or at least $15000 trading volume over 3 months. The VIP account isn't available for EU citizens. VIP account holders benefit from faster withdrawals, account managers and free trading eBooks.
Both platforms also offer demo accounts which come credited with $10000 virtual cash. The demo accounts can be recharged of the balance becomes depleted.
Types of assets offered
Both platforms offer hundreds of assets drawn from different classes. These include digital options, forex, stocks, commodities and cryptocurrencies. This diverse selection of financial instruments is perhaps the main reason for their growth in such a short time.
Returns on trades
Both platforms offer good returns. These range between 70% and 90% for Expert Option and 65% to 95% for IQ Option. Note that the return depends on the asset you're trading as well as the time you're trading.
Payment methods accepted
Both Expert Option and IQ Option accept over 20 different payment methods. These include credit/debit cards, eWallets such as Skrill and Neteller. IQ Option stands out however. They are continuously adding new payment methods. Recently, they added Jeton Wallet to their list.
Deposits and withdrawals
Depending on your deposit method, it might take a few minutes to several days for your deposit to reflect on your trading account. Depositing with an eWallet or debit/credit card is faster. Withdrawals are usually processed within hours or up to 5 business days depending on your account type.
Note that Gold, Platinum and Exclusive account holders for Expert Options and VIP account holders for IQ Option get priority withdrawals. These are processed within 24 hours.
Accessibility
Expert Option and IQ Option are accessible via web browser, desktop apps (Windows and MacOS) as well as smartphone apps (Android and iOS).
Support
Both platforms have excellent customer support. Their support team can be reached through phone, chat, email and even social media.
Additional features
Both platforms have well designed intuitive trading interfaces. Both support line, bar and candle charts. The IQ Option platform however supports more indicators and tools. It also has larger candle time intervals where Expert Option candle intervals are limited to 60 seconds.
Expert Option has a social trading feature. This allows you to interact with other traders on the platform. It also allows you to view other traders trade in real time. Their social network groups also come in handy for beginner traders. IQ Option on the other hand has a support and chats feature which allows you to interact with other traders on the platform.
Conclusion
Both platforms are great for both beginner and expert traders. IQ Option is a good choice for traders who want to start small as well as trade options. Expert Option on the other hand offers more trading accounts although their basic account requires a larger deposit.
Which of these two platforms have you traded on? Kindly share your experience in the comments section below.