IQ Option vs 24Option

Comparison of IQ Option and 24option

Basic information about IQ Option

Today I continue to invest with IQ Option as my main binary options broker because it has positive aspects that I like.

But it also has some negative things that should improve, such as the data they ask to create an account with them.

When I registered, they only asked me to fill out the form with my basic information so that they could create an account with which to operate and withdraw my money.

Here below I will continue to share my opinion about IQ Option, and I will tell you all the positive and negative things that this broker has.


Advantages and Disadvantages of IQ Option

IQ Option is currently one of the most widely used brokers for trading binary investments.

Its growth has been quite strong in recent years, and right now it has users in more than 36 countries around the world, and some 7 million people have opened trading accounts with them.

IQ Option has quite a few positive aspects that differentiate it from other competitors such as:

  • Lowest Deposit to Invest: Other brokers ask you to make a deposit of at least $ 300 to start trading. With IQ Option you can start investing with as little as $ 10.
  • A demo account to practice: at IQ Option you can practice for free with your demo account to learn how to trade. Most brokers do not offer this type of demo account.
  • Quickness in the collection of profits: with brokers like AnyOption, the time that will pass from when you ask for your money until it is deposited in your account will be 10 days. IQ Option will deposit your money in less than 48 hours.
  • Available in multiple languages: many brokers are only available in English; IQ Option has 12 languages, including Spanish.
  • You can trade from your phone: with IQ Option you can make investments from anywhere and at any time thanks to its application for Android and iOS (iPhone).

But this broker also has some negative aspects that should improve, such as:

  • It is not licensed in the USA. If you want to invest with an IQ Option from this country, you will not be able to do so. It is only available for Latin America, Spain, and some European countries.
  • They ask for a photo of your identity card. Now they have become more strict, and ask for a photo of your identity card to make sure that you are a real person.
  • They don’t have PayPal. In IQ Option they have different payment and collection methods, but they do not yet have integrated payments and withdrawals with PayPal.
  • There is a limit to withdraw your money. The mandatory minimum to be able to withdraw your earnings is $ 2, and the maximum that you can withdraw in a single day is $ 1,000,000 (one million).

Opinions on the IQ Option platform

IQ Option has a trading platform that they have created themselves (most brokers use the same platforms made by a single software company).

In this way, they offer more flexibility to incorporate advancements on your website (such as your demo account) and also provide exclusive features that other brokers cannot.

The great advantage of all this is that they have a simple platform to handle and in which just by hovering your mouse over some sections, you will be able to see a small explanation about what each thing is and what it is for.

Where it is available

As I told you before in the basic data, this platform is available in 36 countries and 12 languages, including Spanish.

The downside is that they are not licensed to operate in the United States; If you live in this country or in Puerto Rico, you will not be able to make investments on their platform.

The only people who can access IQ Option are those who live in Latin American countries, some European countries, and in Spain.

24option against iq-option

You can enter the IQ Option website from any computer with the browser you normally use (Chrome, Firefox, Internet Explorer …) and your username and password.

They also offer a mobile app with which you can easily make your investments anytime, anywhere, whether you have an Android or iOS phone (iPhone).

This app has mostly positive opinions from users, and as you can see in the image below, it is one of the best valued investment applications in more than 20 countries.

Negative point

One of the negative opinions about IQ Option that I had when I started using this broker is that you could not control more than one trade at a time.

If you wanted to see different graphs of your investments at the same time, you had to open several tabs of your browser, but you could not do it on a single screen.

However, IQ Option has fixed this on their new platform, and now they allow you to work with up to 9 different charts on the same screen.

Something that surprised me a lot when I started using this broker is that it is the only one that also allows you to operate on weekends.

Other investment platforms that I have tried never let me make my investments on Saturday and Sunday, since on those days their services are closed.

But IQ Option does allow trading these days; So it is a great option if you want to make a profit from home, but you don’t have free time from Monday to Friday to do it.

Opinions about the IQ Option service

This is the most important thing to keep in mind when choosing a good broker with which to invest in binary options: their service and the requirements that they will ask you to operate.

One of the things that surprised me the most when I started investing with IQ Option was the minimum deposit I needed: with just $ 10 I was able to start making several of my investments.

Other brokers that I had tried before such as 24Option asked me when registering to make a deposit of more than $ 300 to start.

In fact, 24Option asked me for a deposit of $ 300 if I did it with my credit card, and a deposit of $ 1,000 if I did it by bank transfer. Too much money!

On the other hand, with IQ Option I was able to register for free on their platform, and I only needed to deposit $ 10 to invest in real time.

When I registered, they did not ask me for any document to start investing and withdraw my earnings.

For me this is a delay in their service rather than an advance; but I suppose that if they now ask for that requirement it is to make the platform more secure.

Trial profile

IQ Option also offers you a demo account to practice totally free. You can use it to learn, see how their page works, or check the trading conditions they have without putting your money at risk.

This demo account has an initial balance of $ 1,000 so that you can do the operations you want with this money.

One of the negative opinions that I had seen in comments on other blogs and specialized forums is that you could not request a recharge of that balance. When those $ 1,000 ran out, you couldn’t continue investing with the demo account.

That is to say: now, if you run out of $ 1,000 to operate with the demo account, you can ask to recharge it, and they will deposit an additional $ 1,000 so that you can continue practicing.

In addition to this demo account, IQ Option offers other services such as the trading tournaments that it organizes, in which you can participate to win monetary prizes.

But what really stands out IQ Option is in the online courses it provides to learn everything you need about binary options.

After registering on their platform, you will have at your disposal a complete free training with 22 investment videos that you can access at any time.

In these videos you can learn different topics about investing in binary options such as:

  • Trading binary options
  • Deep market analysis
  • And exclusive binary options techniques only available to its registered users

Assets to invest with IQ Option

This is the part where for me IQ Option lacks the most and has weaknesses. The list of assets to invest in on IQ Option is relatively small.

While other brokers have more than 1,000 assets to choose from to invest, on IQ Option you can only choose from 561 assets to trade on their platform.

However, they have the main assets that other brokers have, such as:

  • Currency pairs: Euros / Dollars, Pounds / Japanese Yen …
  • Company values: Amazon, Disney, Facebook, Heinz, Coca Cola …

Although they only have 561 assets to invest, they are a sufficient amount to choose from to start investing, especially if you are new to this world and do not know very well where to start.

But perhaps if you are already a professional or expert broker, this amount of assets is a bit short when it comes to carrying out your operations.

Opinions on the reliability of IQ Option

Yes, IQ Option has a pretty good and easy-to-use platform. It has exclusive services for its users such as its demo account to practice.

And you only need $ 10 to start investing with them.

But is IQ Option reliable and paying? Can you withdraw your winnings without hindrance?

Here is a negative point, and it is that if you want your money to be deposited in less than 24 hours, you will need to have a VIP account.

For me, it is better to go through this verification process when opening your IQ Option account than to leave it for when you want to withdraw money, and thus avoid unnecessary time delays.

IQ Option is a good broker that is quite good to invest in binary options if you want to generate income with this system, and it is the platform that has given me the best results so far of all the ones I have tried.

Basic information about 24option

24option (24 options) is one of the largest Western brokers specializing in Forex and CFDs, since the beginning of 2012 offering its services on the market throughout Europe. The official website offers various contracts for difference, both long-term and short-term, as well as Forex trading. Traders agree that the company’s trading platform is one of the most convenient on the market today.

24option broker

General information about the broker

24option is one of the largest Forex and CFD brokers in the world, regulated in the European Union and subject to EU financial regulations (MiFID). The 24option platform provides traders with the ability to use modern trading tools and choose from a wide range of underlying assets; platform users can remain mobile and continue to trade anywhere in the world where there is Internet access.

24option offers users a variety of useful tools through its platform. For example, the Training Center, which contains a wealth of information about the intricacies of trading, will help novice participants in financial markets to obtain the necessary information and knowledge base to start successful trading. A trader can take advantage of video lectures, e-books, webinars, and personal training. All classes are designed for the widest possible range of users and can be useful for a trader with any skill level.

24option clients have one of the most advanced Forex and CFD trading packages at their disposal, including over 100 assets in 4 major financial markets (currencies, stocks, indices, commodities), as well as a 100% payout.

With a stable business reputation and approach to business, 24option was able to establish partnerships with world stars; one of the last striking partnerships of 24option is cooperation with the legend of world football, the Juventus club.

Advantages and Disadvantages of 24option

  •  Broker Regulation: 24option is regulated by the CySEC.
  •  Free Trading Signals: 24option offers all clients third-party trading signals to help them make decisions about where to enter the market at a particular point in time.
  •  Demo account: the company offers to get acquainted with the trading platform.
  •  International Awards: Trading Quality and Customer Service 24option has won several fintech grand prix and awards, including Forex Magnates 2013-2014 and EGR Operator Awards Winner 2014.
  •  Timely payments: the regulation of MiFID (European Directive on Financial Markets) means that the broker undertakes to deposit and withdraw funds as quickly as possible and taking into account the principle of “know your client”.
  •  24/7 support: the opportunity to get help with questions 24/7, as well as personal managers really make you feel the professional approach of the company.
  •  Relatively high minimum deposit and minimum rate: in comparison with the average level of the deposit threshold in the industry, 24option has rather high minimums.

Trading conditions

The broker offers its clients its own trading platform, developed in-house and updated and improved quite often. With a minimum deposit of $ 200, the company is closer to the upper limit for the industry as a whole, however, the presence of a demo account, which does not require risking your own funds to get acquainted with the platform, significantly smoothes this fact. The minimum trade size on the 24 opshen platform is $ 24, which is also a fairly significant threshold, so it is advisable to start real trading with relatively low volatility assets, or with a higher working capital.

Major underlying assets

More than 100 main underlying assets are available to traders on the 24option trading platform. The range includes foreign exchange instruments, commodities, stocks of some of the largest international companies, as well as some of the world’s most important stock indices, allowing you to bet on macroeconomic events and global market trends. Experienced forex traders will appreciate the variety of currency pairs covering both the classic EUR / USD, USD / JPY and USD / GBP, as well as the more exotic USD / MXN, NZD / CHF or CAD / JPY crosses.

24 option broker bonus

Trading platform

Unlike competitors, 24 option did not go by the way of integrating a ready-made third-party technical solution for their trading platform, instead creating their own, guided, according to the broker himself, primarily by the special convenience of the platform and the speed of order execution.

Types of accounts

24option offers 5 types of accounts designed for different categories of traders: “Standard”, “Silver”, “Gold”, “Platinum”, “Diamond”. Depending on the type of account chosen, the trader has access to additional features.

All clients of the company who open any type of account, incl. “Standard”, have access to all functions of the trading platform and the full range of underlying assets offered. They also have one free withdrawal per month.

Holders of “Silver” and “Gold” accounts, in addition to the above, receive one free withdrawal of funds per month, as well as trading signals from a third-party provider. Trading signals should not be construed as investment advice. The decision to act on any signal is yours and you take responsibility. Holders of “Platinum” and “Diamond” accounts, in addition to the above, have access to online training.

Opening an account and withdrawing funds

You can apply to open an account with 24option directly on the home page of the company’s official website by filling out the personal data form at the top of the page and confirming your age of majority.

Funds can be credited and withdrawn in a variety of ways, including almost any type of credit card, Skrill (Moneybookers) and MoneyGram e-wallets, and bank transfer. It is worth noting that in the case of the latter, you should contact the company’s support service in advance to obtain more detailed information and the current minimum replenishment amounts from the bank account. You can deposit and withdraw funds in US dollars, euros, rubles, as well as yen or pounds sterling, but keep in mind that after you have chosen the type of currency, you cannot change it later.

To withdraw funds, you must fill out the appropriate form in the “financial transactions” tab of your personal trading account. It should be noted that according to the broker’s policy, funds are withdrawn to the same payment details that were used by the client to replenish the deposit, thus reducing the risks of unauthorized withdrawal of funds by third parties. According to the current legislation and MiFID policy, which falls under 24option as a regulated broker in the EU, upon the first withdrawal of funds, it is required to provide a copy of the identity document, a copy of the document of the current place of residence, as well as a scan of both sides of the credit card.

Broker regulation

Thousands of traders around the world are preferred by the fact that 24option is a fully regulated broker, licensed to conduct financial activities in the EU, issued by the relevant Commission of the Republic of Cyprus (CySEC license number 207/13).

Training for traders

In our opinion, one of the greatest strengths of the 24option broker is their approach to enhancing the trading skills of traders. Every trader has access to all free training methods, including regular webinars, books on the basics of the art of trading, interactive online tutorials, and a series of video training courses.

In addition to the above materials, any client of the company who has met the minimum account requirements has the opportunity to test their trading strategy on a demo account, which allows them to test their skills and get used to the trading platform interface without risking real money.

Is it worth trading with 24option?

Considering that 24option has been setting industry standards for several years now, it is difficult to find where this broker is inferior to its competitors. It should be admitted that 24option still confirms its reputation as one of the leaders in the Forex and CFD trading service market. Contracts or financial instruments offered for conclusion are highly risky and may lead to the loss of the deposited funds in full. Before making transactions, you should familiarize yourself with the risks with which they are associated.

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Rufus Mekhdi-Smith
Rufus Mekhdi-Smith / article author
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