Table of contents:
- 1 IQ option payment methods: What IQ Option Deposit are available to traders?
- 1.1 Payment methods in focus
- 1.2 Which accounts does IQ Option offer?
- 1.3 Costs and fees with IQ Option
- 1.4 Opening a trading account with IQ Option
- 1.5 Payment methods: a wide range of possibilities
- 1.6 IQ Option Payout: Experience with the processes
- 1.7 Conclusion: Numerous payment methods and good conditions at IQ Option
IQ option payment methods: What IQ Option Deposit are available to traders?
IQ Option is a company that started business as an option broker in the CIS countries in 2013. Since then, the broker has expanded its services to include Forex and CFD trading and operates in the EU under Cypriot regulation. In the test, most broker comparisons attest the provider good conditions, and traders can also use a free, unlimited demo account to form their own opinion. Anyone who sets up a trading account only needs to make a minimum deposit of 10 euros with IQ Option. In addition, users can deposit and withdraw funds via all common payment methods with IQ Option, even if PayPal is not included with IQ Option.
- Low minimum deposit of 10 Euro
- Payment by Visa or Mastercard, bank transfer, IMMEDIATELY, GiroPay, Skrill, Neteller, WebMoney, other British payment service providers
- Rapid crediting of deposits
Payment methods in focus
The conditions that a broker offers for deposits and withdrawals are not a secondary matter. On the contrary, when it comes to choosing the optimal broker, they are often the deciding factor. Traders usually inform themselves about the trading offer and the associated conditions before choosing a Forex and CFD broker, but the payment methods should also be considered from the beginning. For example, some brokers still do not offer the preferred payment method – some providers only allow deposits and withdrawals by credit card and bank transfer. Deposit fees and particularly high minimum deposits are also not uncommon, making access much more difficult for newcomers. Withdrawal fees and associated additional costs are more than annoying, because they reduce the return on investment. Delayed processing of payments by the broker is also disadvantageous; this can mean that the trader does not have the necessary capital for promising trades in time.
- Offer of payment methods depends on the broker
- Payment terms contribute greatly to the success of trading
- More and more brokers enable payments also via eWallets
- Deposit and withdrawal methods are often the same
- Payments from third parties are not accepted
- Deposits and withdrawals are only possible via your own private accounts
However, more and more brokers are accommodating their customers in this area and offering payments via electronic wallets and companies such as SOFORT. Only a few restrictions remain, for example for payments via third parties or business accounts. How IQ Option deposit and withdrawal are possible will be discussed here.
Which accounts does IQ Option offer?
Choosing the right type of account with a Forex and CFD broker is not always easy. Especially beginners sometimes find it difficult if the broker offers a variety of account models and the associated costs and services must be compared. IQ Option makes it much easier for its clients. There are only two account models, one for retail investors, the other for professional traders. Private traders who wish to set up a retail account can do so from the broker’s website and make a minimum deposit of 10 euros for IQ Option. The trading conditions are in line with the mandatory European regulations for the protection of retail investors and include maximum leverage corresponding to the asset classes, a maximum of 1:30 for currency pairs, a maximum of 1:5 for equity CFDs, and negative balance protection. As a result, private traders cannot incur debt in excess of the available balance on their trading account. Client deposits are protected in accordance with the MiFID directive. First experiences in trading can be made beforehand with the free demo account.
- Accounts for private and professional traders
- Free demo account
- Low minimum deposit
- Negative credit protection and limited leverage
Professional traders must apply for an appropriate account and benefit from higher leverage and more favorable trading conditions. In this case, the deposit protection provided by the Cyprus Deposit Protection Fund does not apply.
PRACTICE DEPOSIT WITH DEMO ACCOUNT WITHOUT IQ OPTION
Like many other Forex and CFD brokers, IQ Option offers a demo account to interested users. With the free and unlimited demo, traders can test the trading platform, the tradable securities, but also the service of IQ Option extensively – under real trading conditions, but with a virtual capital of 10,000 Euro. The demo can be set up within a few minutes without the need for extensive personal details. Even deposits are not necessary at this point. Those who decide to open a real money trading account later can still use the demo account afterwards, among other things to test new strategies and improve them if necessary.
Costs and fees with IQ Option
The competitive pressure among online brokers also has a positive effect on costs in favour of customers. More and more providers are completely forgoing a minimum deposit or, like IQ Option, are setting it very low. Account management is also not associated with costs. The broker’s market model is that of a market maker – therefore private traders with a retail account do not pay any commissions or fees. A market maker sets the prices himself and makes his profits via the spreads. A conflict of interest always exists in this case, of course, because if the spreads are too low, the broker can no longer operate profitably; if they are too high, the trader makes hardly any profits. With IQ Option, the spreads are in a favorable range and are, for example, for the forex pair EURUSD from around 1.12 pips.
There are no hidden costs, but IQ Option reserves the right to charge inactivity fees for traders who are inactive for a long time and do not use their trading account. These fees are due after 90 days of inactivity and amount to 50 Euro per month. The fees will be deducted from the trading account balance until the account is completely used up. It is therefore advisable to cancel the IQ Option account in writing and have the remaining balance paid out if interest in the account wanes.
Opening a trading account with IQ Option
Setting up a real money account at IQ Option is not difficult. The entire process is very similar to setting up an account with a direct bank and is therefore probably already familiar to many traders. The individual steps will be summarized here for beginners.
You start the account opening process by clicking on the button in the upper right corner of the broker’s website. This can be done via the home PC, but also via mobile devices such as tablets or smartphones. A first step only requires entering the e-mail address and setting a self-chosen password. This is sufficient to open a demo account. Personal details are required for a trading account, as well as information on the trading experience and financial situation of the new customer. Furthermore, during the account opening process, the Broker informs the customer about the risks involved in trading currency pairs and CFDs and requires the customer to take note of the General Terms and Conditions. The new user now receives an email with a confirmation link, and by clicking on the link the trading account is activated. For later withdrawals a verification is required, where a scan of ID or passport is uploaded. Proof of residence is provided by presenting a utility bill.
After successful account opening, the first deposit can be made to capitalize the account. For this purpose, at least 10 Euros must be transferred, by credit card, by bank transfer or by using one of the offered eWallets. For credit card payments, the customer must send a scan of the front of the card used to IQ Option. If the customer chooses to pay by credit card or eWallet, a credit will be issued immediately and trading can begin immediately.
Payment methods: a wide range of possibilities
When depositing funds into a trading account, traders appreciate the fact that a broker is able to accommodate the client’s preferences thanks to an appropriate choice of payment methods. Here, various aspects come into play: on the one hand, the fastest possible crediting, on the other hand, the security of transactions. An IQ Option deposit is possible through a variety of channels. Traders can capitalize their trading account by credit or debit card, by traditional bank transfer, an IMMEDIATE transfer, GiroPay, Skrill, WebMoney and Neteller. There are also a number of regional UK payment service providers available. In return, IQ Option does not offer PayPal, the popular payment platform. Deposits can be initiated from the personal customer area. After login, the amount to be paid must be specified and then click on “continue to payment”. The account currencies available are Euro, US Dollar and British Pound, the amount of the initial payment is very low at 10 Euro, which is especially pleasing for small investors and trading newcomers. In addition, there are no brokerage fees for an IQ Option deposit.
- Deposits by VISA, Mastercard, Maestro and bank transfer
- Electronic payment solutions: SOFORT, GiroPay, Skrill, Neteller, WebMoney and others
- No fees for deposits
- Low minimum deposit
The Broker processes the payment transactions immediately and free of charge for deposits, but costs and limits may be incurred by the respective payment providers. Traders should therefore first inform themselves about any fees or limits from the credit card provider or house bank.
DEPOSITS AND WITHDRAWALS: OLD AND NEW METHODS
Conventional payment methods are increasingly facing competition from new payment solutions. All options have their advantages and disadvantages. Classic payment methods include credit and debit cards and bank transfers. Credit card payments are credited immediately, but traders have to accept disadvantages when paying out. This is because most brokers pay out in the same way that the money was deposited. With credit cards, however, the maximum amount that can be paid out later is the amount of the previous deposit. The reasons for this are to be found in the original purpose of the card – because here, at most, remittances for goods under complaint are intended. If larger payouts occur, the trader must have another account verified as a reference account, for example to have surplus amounts paid out by bank transfer.
The conventional bank transfer is one of the oldest and also most secure payment methods, but despite the improved processing time within the SEPA area, it is still significantly slower than card payments. For credit transfers to be executed within one working day, the processing is done by the broker, so that two to five working days may pass before the value date. This is a particular disadvantage if you want to dispose of the credit quickly. Although there are usually no costs for bank transfers from the broker and there are no limits, the house bank may charge transaction fees under certain circumstances, for example for documented execution and international transfers.
PAY FASTER WITH ELECTRONIC WALLETS
When it comes to speed and cost effectiveness, electronic payment solutions such as Skrill, Neteller and many others are hard to beat. With IQ Option, users can also take advantage of the popular services. Neteller and Skrill are common, but WebMoney can also be used, as well as the IMMEDIATE bank transfer or GiroPay and some British payment providers such as EcommPay, WorldPay and PPRO. With most wallets, a user account can be set up, which the customer either capitalizes or links to the current account from which payments are then debited. Klarna (IMMEDIATELY) and GiroPay work similarly – the payment is made by logging into the current account but, unlike a bank transfer, is executed immediately. The Wallets provide for buyer protection. Fees are only incurred by the eWallets in some cases, and the payment limits are usually sufficient. Nevertheless, Users should find out the conditions before deciding on a provider.
PAYMENTS ONLY THROUGH YOUR OWN PRIVATE ACCOUNT
No matter which payment method a trader chooses, all Forex and CFD brokers have in common that certain legal requirements are respected. For example, payments cannot be made through third parties, nor can the credit card of the spouse be used. This serves to protect the customer, but also to prevent money laundering and the financing of organized crime. These restrictions are binding not only within the EU, but worldwide. Reference accounts must be clearly attributable to the customer. Therefore, corporate accounts or cards cannot be used for transactions to and from a private trading account.
IQ Option Payout: Experience with the processes
If you want to make an IQ Option payout after successful trading, you must first go through the verification process. The reference accounts linked to the trading account must be clearly attributable to the trader. This is intended to prevent access by unauthorized third parties, but also money laundering. As already described, IQ Option clients can upload the necessary documents when setting up the trading account. Once all documents have been checked by the broker, an IQ Option payout can be initiated at any time from the personal customer area.
- Withdrawals require verification
- Payment orders starting from 2 Euro
- Fees only for payment by bank transfer
- The minimum amount for withdrawals from the trading account is very low at IQ Option – it is only 2 euros and is also free of charge from the broker. The only fee for withdrawals by bank transfer is 31 US dollars or the equivalent in euros. The broker processes payout requests according to his own specifications on the same day or on the following business day. However, when the value date of the payout occurs depends not only on the broker, but also on the payment service provider and its deadlines.
PAYOUT WITH ACCOUNT CLOSURE
A special case is when traders want to close their account with IQ Option and withdraw remaining funds. If the remaining balance is less than 5 euros, the broker reserves the right to charge a fee of up to the same amount for balancing the customer account. In this case, the trader closes his trading account without being paid this minimum opinion. If the remaining balance is over 5 Euro, no fee is charged for the payment of the remaining balance.
Conclusion: Numerous payment methods and good conditions at IQ Option
The Cypriot market maker IQ Option is finding more and more friends thanks to its comprehensive portfolio. The broker offers a wide range of forex pairs in particular, including exotic forex pairs as well as major and minor forex stocks. Trading is possible for private traders via IQ Option’s retail account, and access to the markets is available via the provider’s proprietary trading platform. Thanks to a low minimum deposit of only 10 euros, the hurdle for entry is not high. The spreads are rated as favourable, training videos of the broker, a free demo account and a FAQ area facilitate first steps in trading. The security standards comply with the MiFID guidelines and ensure, among other things, separate management of client funds and deposit protection through the Cypriot Deposit Protection Fund up to a maximum of 20,000 euros per investor.
For deposits to the trading account, IQ Option clients can use the proven bank transfer system in addition to payment by credit and debit card. Alternatively, a number of electronic payment service providers are available. The deposit is free of charge for the broker and will be processed immediately. Thanks to the good choice of payment methods, traders can almost certainly implement their personal preferences. The IQ Option payout is also convenient and in most cases possible without additional costs. The only charges are for withdrawals by bank transfer. The decision for a payment service provider should take into account that withdrawals must be made in the same way as deposits and may be subject to the limitations of the payment service provider. Interested users should also inquire in advance about any fees charged by the selected wallet in order to avoid any surprises later on.