CloseOption vs IQ Option
Which broker is better: CloseOption or IQ Option? We break down their offerings to help you select the right trading platform for your needs.
CloseOption and IQ Option are two different brokers with unique features and offerings. CloseOption is based in Georgia, offering binary options with $5 minimum deposits and 25+ assets, while IQ Option is a global provider with a $10 minimum deposit offering CFDs and more than 300 assets. CloseOption appeals to beginners with low deposits and 24/7 support, but it requires large sums to access the best payouts. IQ Option offers a robust proprietary platform with many technical indicators, ideal for experienced traders using CFDs.
Company Details
CloseOption, founded in 2013 and registered in Georgia, offers trading via a web and mobile platform without a trusted authority’s oversight. IQ Option, managed by IQOption LLC based in Saint Vincent and the Grenadines, offers broader trading services and recently added margin trading, positioning itself among established brokers.
Markets & Assets
CloseOption offers limited trading on forex pairs and cryptocurrencies, with no stocks or commodities. IQ Option presents clients with 120 currency pairs, market indices, stocks, commodities, and cryptocurrencies, totaling over 300 assets.
Payouts
CloseOption provides payouts up to 95% with a $50k deposit, though typical payouts are much lower on smaller deposits. IQ Option’s payout structure wasn’t detailed, but fees and spreads are transparent.
Fees
Inactivity fees at CloseOption are 0.5% of balance after three months. IQ Option charges a dormancy fee after 90 days and has withdrawal and certain trade commissions, but offers more withdrawal methods.
Trading Platform
CloseOption’s web-based platform is basic, lacking advanced tools. IQ Option’s proprietary platform hosts many technical indicators and margin trading, making it more advanced.
Mobile Trading
CloseOption’s platform adjusts for mobile browsing but lacks a dedicated app. IQ Option provides a free mobile trading app designed for smartphones.
Trading Accounts Offered
CloseOption offers one live account with several deposit tiers, while IQ Option provides different trading accounts with a minimum of $10 and a free demo loaded with $10,000 practice funds.
Bonuses & Promotions
CloseOption offers trading contests with cash prizes but no pre-deposit requirement. IQ Option follows industry guidelines by no longer offering deposit bonuses, but runs trading competitions with substantial prizes.
Trading Costs and Fees
CloseOption has free deposits/withdrawals, but IQ Option charges for extra monthly withdrawals, certain crypto transactions, and spreads vary with market conditions.
Customer Support
CloseOption provides 24/7 support via phone, email, and live chat but response times can vary. IQ Option also offers 24/7 support in multiple languages, ensuring increased accessibility.
Deposit & Withdrawal
CloseOption supports various methods, with low minimums like $1 for some, but higher fees for banks. IQ Option offers many global options, processing within a day, although some methods can take longer.
Is CloseOption or IQ Option Better For Beginners?
CloseOption is more suitable for beginners. It offers low deposits, a free demo account, and a user-friendly platform. The focus on simplicity helps new traders start with ease.
Is CloseOption or IQ Option Better For Experienced Traders?
IQ Option is better for experienced traders due to its advanced proprietary platform and diverse asset offerings. It provides various technical tools and margin trading options, aiding in complex strategies.
Why Pick CloseOption Over IQ Option?
CloseOption is ideal for those wanting to start trading on a budget. The low deposit requirements, no commission, and basic platform offer a straightforward way into binary options.
Why Pick IQ Option Over CloseOption?
Choose IQ Option if you value a wide range of assets and advanced trading tools. The platform’s flexibility, global methods, and competitive fees suit traders seeking diverse opportunities.
CloseOption vs IQ Option Details
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CloseOption
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IQ Option
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CloseOption, based in Georgia, has over ten years of experience in the trading industry. The company provides high/low binary options trading for forex and crypto markets. They offer competitive payouts, introductory bonuses, round-the-clock customer service, and user-friendly trading software. | IQ Option is a reliable broker offering diverse asset trading on its easy-to-use platform. It supports trading in forex, stocks, cryptocurrencies, indices, commodities, and ETFs with reasonable fees and a variety of additional features and educational materials. Opening an account requires only a $10 deposit. | |
| Instruments | Binary Options on Forex & Cryptos | CFD, Forex, Crypto, Stocks, Digital Options |
| Demo Account | ✓ | ✓ |
| Minimum Deposit | $5 | $10 |
| Trading Platforms | Own | Own |
| Payment Methods | Bitcoin Payments, Ethereum Payments, Mastercard, PayPal, Perfect Money, WebMoney, Wire Transfer | Alipay, Boleto, Credit Card, GlobePay, Maestro, MoneyGram, Perfect Money, QIWI, Skrill, Sofort, Vietcombank Transfer, Volet, Wire Transfer, Yandex Money |
| Minimum Trade | $1 | 0.001 Lots |
| Regulator | National Bank of Georgia | |
| Account Currencies | USD | USD, EUR, GBP, ZAR |
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| Mobile Apps | iOS & Android | iOS, Android and Windows |
| App Review | CloseOption's TradeRoom is a great choice for beginners due to its simple design. It allows easy placement of short-term trades from 5 seconds using straightforward charting tools. Users also benefit from tutorials and regular updates with video guides. Weekly contests for experienced traders are also provided. | IQ Option offers an easy-to-use mobile app for trading. It provides forex trading and unique trading instruments on a reliable and well-structured platform suitable for short term trades. The recent upgrades have unified the interface of both the web trader and mobile platform for a seamless transition between the two. |
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| Margin Trading | ✗ | ✓ |
| Margin Rate | 0.2% | |
| AI / Machine Learning | ✗ | ✗ |
| Robo Advisor | ✗ | ✗ |
| Negative Balance Protection | ✗ | ✓ |
| Market Maker | ✗ | ✓ |
| P2P Trading | ✗ | ✗ |
| Spot Trading | ✗ | ✗ |
| Copy Trading | ✗ | ✗ |
| Social Trading | ✗ | ✗ |
| VPS Hosting | ✗ | ✗ |
| Tournaments | ✗ | ✓ |
| Demo Competitions | ✓ | ✗ |
| Ethical Investing | ✗ | ✗ |
| Custodial Account | ✗ | ✗ |
| Guaranteed Stop Loss | ✗ | ✗ |
| Inactivity Fee | 0.5% | |
| Islamic Account | ✗ | ✓ |
CFD Trading | ||
IQ Option mainly offers Contracts for Difference (CFDs) that cover stocks, forex, and cryptocurrencies, among other markets. Leverage aligns with EU limits, reaching up to 1:30 on significant forex pairs and lower on volatile assets. There's no commission on trades, and they incorporate floating spreads. The company offers an acclaimed platform for clients. | ||
| Leverage | 1:500 | |
| GBPUSD Spread | 1 | |
| Oil Spread | 2.3 | |
| Stocks Spread | 2 | |
Forex Trading | ||
CloseOption provides binary trading options on over 25 forex pairs, including major pairs such as EUR/USD and minor pairs such as AUD/JPY. Payouts for each currency fluctuate, having an average return of 75% for the GBP/USD pair. | IQ Option allows trading on 24 forex assets, including major and minor pairs. EU traders can utilize a maximum of 1:30 leverage as per local rules. The broker provides trades without commission, but the spreads are high, making this not their strongest point. | |
| GBPUSD Spread | No fee - payouts approx. 80% (Copper) | 5 pips |
| EURUSD Spread | No fee - payouts approx. 80% (Copper) | 14 pips |
| EURGBP Spread | No fee - payouts approx. 80% (Copper) | 15 pips |
| Assets | 20+ | 60+ |
Cryptocurrency | ||
CloseOption traders can trade five primary cryptocurrencies against the USD using high/low binary options. They can achieve a 40% payout, indicating good market competitiveness, due to the high market volatility of digital assets. | IQ Option is a top cryptocurrency broker. They provide a variety of digital currency markets, such as Bitcoin, Ethereum, and Cardano, along with multipliers. They offer leverage up to 1:2, variable spreads, and no commission fees. Their user-friendly trading software is also appreciated by novice traders. | |
| Spread | No fee - payouts approx. 40% (Copper) | BTC 7%, ETH 12% (Var) |
| Coins | BTC, BCH, ETH, LTC, XBT | BTC, TRX, XRP, BCH, ETH, EOS, OMG, ETC, QTUM, ZEC, LTC, DASH |
| Crypto Lending | ✗ | ✗ |
| Crypto Mining | ✗ | ✗ |
| Crypto Staking | ✗ | ✗ |
| Auto Market Maker | ✗ | ✗ |
Binary Options | ||
CloseOption provides a convenient online platform for trading binary options on over 30 currencies. Traders can choose from 15 contract durations, ranging from 30 seconds to one month, making it suitable for both short-term and long-term traders. New members receive a welcome gift. | IQ Option is a highly ranked broker for binary options and digital trading. It provides a user-friendly platform for trading with a minimal initial deposit. Just predict if an asset's price will increase or decrease to earn a predetermined payout of up to 90% or more. | |
| Payout | 95% | 91% |
| Expiry Times | 30 seconds - 1 month | |
| Ladder Options | ✗ | ✓ |
| Boundary Options | ✗ | ✓ |
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