HFM (HotForex) Review 2023

IQ Option is an offshore broker launched in 2013. With its headquarters in St. Vincent and the Grenadines, the broker extends its services through its regional offices worldwide. The company initially only offered binary options, but it has now branched out to accommodate regular clients interested in trading forex, stocks, indices, commodities, and cryptocurrencies. Unlike other brokerage firms, the company doesn’t offer third-party trading solutions. Instead, clients can access the broker’s proprietary trading platform to explore tradable opportunities. This piece reviews IQ Option in detail.


Risk warning: Your capital might be at risk

Regulation and Security

IQ Option holds regulations in Cyprus besides being registered in St. Vincent and the Grenadines. Listed are the concerned authorities in respective regions.

  • Cyprus: Cyprus Securities and Exchange Commission (CySEC)
  • Vincent and the Grenadines: St. Vincent and the Grenadines Financial Services Authority (SVGFSA)

It is worth mentioning here the SVGFSA neither regulates forex and CFD brokerage firms nor has the authority to issue a license to such entities.

The company employs advanced security protocols, including SSL web encryption and two-step authentication to avoid possible intrusion into clients’ confidential information. However, the broker hasn’t shared any details concerning the availability of indemnity insurance. Therefore, you might be unable to claim your losses incurred due to the brokers’ negligence or insolvency.

Negative Balance Protection

IQ Option protects clients’ funds from going negative. By chance, if your loss exceeds your investment with the company, the broker waives it off.

Funds Segregation

The broker keeps clients’ investments in segregated bank accounts, ensuring customers have real-time access to their funds.

Is IQ Option available worldwide?

Although IQ Option extends its services worldwide, clients based in Iran, Afghanistan, Syria, North Korea, Japan, Canada and the United States may not be able to join the platform owing to certain regulatory restrictions. Click here to see the list.

Supported Platforms

IQ Option is one of its kind that doesn’t support third-party trading platforms. Clients signing up with the broker need to rely upon the broker’s custom-built trading app. The proprietary app can either be accessed online via a web browser, or you can download it on your PC. The app also supports Android and iOS-based mobile phones and tablets. Let’s quickly review some features offered through each channel.

Online trading: Clients can access the trading platform directly from the browser. The intuitive web terminal allows you to navigate around stocks, currencies, commodities, and even cryptocurrency markets conveniently. Everything from a multi-chart display and technical analysis to historical price quotes and beyond, the web-based trading interface seems to have all the necessary features required for a next-level trading experience.


Desktop trading: The broker features the same level of services via its desktop trading platform. While 90+ tools and indicators are available for technical analysis, the platforms’ personalized price notifications functionality helps you stay abreast of the latest developments in the financial markets. Moreover, the News Feed and Economic Calender assist you to make the most of the fundamental analysis.

Mobile trading: On-the-go clients can download the mobile-based version of the trading platform on their Android and iOS-based mobile phones and tablets. The mobile trading platform has almost identical features as accessible through the web trader or desktop. In addition to default trading tools and indicators, risk management features like stop loss, take profit, negative balance protection, and trailing stop allows you to manage your trades effectively. Above all, you can initiate, edit or close your positions with just a single click.

Account Types

The broker offers three account types, standard, VIP and Islamic accounts.

Standard: Well suited for beginners, the standard account comes for a minimum deposit of $10. The broker offers flexible trading conditions in addition to competitive spreads and commissions. The minimum trade size for standard account holders is 0.01 lot, while leverage of up to 1:500 is available. Whether you prefer to scalp or hedging appeals to you more, the broker allows clients to employ their prefered trading strategies using the standard account.

VIP: The broker offers a VIP account to seasoned traders looking to trade higher volumes. Though the minimum deposit requirement stays the same as that of the standard account, VIP clients have access to premium features, including but not limited to 24/7 dedicated customer support, and one-to-one trading sessions with the company’s expert professionals.

Islamic: An option of a swap-free Islamic account is also available for shariah practising traders. The company facilitates interest-free transactions so Muslim traders can trade their favourite financial instruments without compromising religious commitments.

Note: Virtually funded demo account is also a part of the broker’s offering. The practice account enables newbies and professional clients to try different trading and risk money management strategies without fearing the risk of loss. If you’re a new trader, you should sign up with demo account initially to learn more about market fluctuations

Signing Up

IQ Option signup process doesn’t take more than a couple of minutes. You only need to fill up the registration form to access your dashboard. The company doesn’t even ask for KYC completion before funding your account. However, clients with unverified accounts can’t request withdrawals. Here are the steps involved in opening an account with IQ Option.

1. Visit the company’s official website, or click here to start the application

2. Select the country of your residence and enter the email ID and password. You can also use your existing Gmail or Facebook ID to access the dashboard.

3. Read the terms and conditions and mark your acceptance by clicking the open an account button.


Note: Clients can verify their accounts using a copy of their National ID card, Passport, or Diving license. The broker also asks for a copy of a bank statement or utility bill as proof of residence.

Trading Dashboard

IQ Option trading dashboard has a simplistic design that even newbies can navigate around conveniently. The user interface has seven tabs on the side navigation panel beside the Deposits and Trade now buttons on the top of them. Clicking on the personal data tab unveils different options, such as notification and account settings, social networks or supported payment methods, etc. The verification tab takes you to the KYC page so you can upload supporting documents for account verification. Should you wish to withdraw funds, the withdrawal button comes next. Clients can also view their trade history or payments record using the history tabs. Customer support is also reachable directly from your dashboard.

Deposit and withdrawals

IQ Option supports multiple payment methods for deposits and withdrawals, including but not limited to Debit cards, Credit cards, Neteller, Skrill, Perfect Money, Wire transfers, etc.

While the minimum deposit to fund your account is $10, there is no limit concerning the maximum amount you can add to your account. Please be aware that the broker only accepts deposits from the source in your name.


Moreover, the company releases funds to the original payment methods only. So clients must use the same payment method they used for deposits while initiating a withdrawal request.

Since the broker hasn’t stipulated any threshold for minimum withdrawal, clients can withdraw any amount they wish. Further, there are no charges on deposits and withdrawals.

The company process all payments instantaneously except for funds transfers through bank wire. It takes


Though IQ Option doesn’t hold an extensive product portfolio, it still offers sufficient instruments assets under each asset class. Clients can trade 160+ stocks, 20+ ETFs, 19+ currency pairs, 32+ cryptocurrencies and a few commodities. Remember, the product range also varies depending on your jurisdiction. For example, the FCA prohibits the broker from offering crypto derivatives to customers in the United Kingdom.

Commissions and Fees

The pricing structure offered by IQ Option appears reasonable. The corporation maintains trading and non-trading expenses at or below market rates. The company doesn’t charge commissions. Instead, it makes money via spread charging.

While deposits are free, the company charges a 2% fixed fee on withdrawals. However, the first withdrawal in each calendar month is free of cost.

An account inactivity fee of $10 is applicable on accounts dormant for more than 90 days. Clients depositing funds in currencies other than their account’s base currency may also incur 1% currency conversion charges. Moreover, the broker employs swap charges on positions held overnights, excluding Islamic accounts.


IQ Option employ variable spreads starting at 0.9 pips on major currency pairs like EURUSD. Since the broker doesn’t list the maximum spread, it is hard to estimate the average spread cost clients may incur while trading with IQ Option. You can click here to find typical spreads for each currency pair.

Available Leverage

Leverage refers to margin-based trading where you open sizable positions with limited investments. Brokers allow clients to use certain leverage to enhance their market exposure. IQ Option offers a leverage of up to 1:500 to retail clients. Professional traders may unlock even higher leverage levels.

Remember, leverage might be tempting because it increases your potential for profit with less capital, but it also magnifies the risk of loss.

Analysis and Education

IQ Option offers a medium range of research and educational resources. While written content covering basic level topics of different aspects of trading is accessible via the blog posts, a handful of video tutorials help clients to understand how to perform fundamental and technical analysis. An economic calendar is also available to enable clients to track major upcoming economic events.

However, we believe the broker could have added a glossary section to help newbies learn different trading terminologies. A progress-tracking module can also be a worthwhile addition to the broker’s range of educational resources.

Customer Service

IQ Option’s customer support doesn’t look too impressive. Although a dedicated FAQ section is available to help clients find a quick resolution to their queries, the need for communicating with a live agent is strongly felt. You can raise your concerns with the company via telephone and email. The broker is also accessible on Facebook, Twitter, Instagram, and Youtube.

Reputation amongst clients

IQ Option holds an average reputation among investors. While some clients appraise the broker for its user-friendly trading platform, others denounce it for its slow withdrawal process and poor customer support. The broker holds a rating of 2 out of 5 stars on Trustpilot.


The broker also holds several awards in recognition of its services to the industry.

  • Best Trading Platform Award 2014 By Forex Awards
  • Award of Excellence 2017 by The Academy of Interactive and Visual Arts
  • Century International Quality Gold ERP Award by Business Initiative Directions Group

Can beginners trade with IQ Option?

Yes! Beginners can certainly trade with IQ Option. The broker’s binary options trading needs no experience or market knowledge. Instead, you only need to predict the price direction correctly to win your trades. Although things are not the same for forex and CFD trading with the broker, newbies can use the demo account to learn and practice different money and risk management strategies before going live.

Summing Up

With a slew of tradable assets, flexible account types, and a competitive pricing structure, the IQ option can be a smart choice for skilled professionals. However, the absence of industry-standard trading platforms and rich educational resources might instigate investors to look for a better alternative.