Quotex vs IQ Option
Which broker is better: Quotex or IQ Option? We break down their offerings to help you select the right trading platform for your needs.
Quotex and IQ Option are both brokers offering trading platforms, but there are key differences and similarities. Quotex has a user-friendly platform with accessible features for beginners, while IQ Option provides more advanced trading tools favorable for experienced traders. Quotex’s minimum deposit is low, which appeals to new traders, whereas IQ Option offers more asset types and advanced platform features.
Both platforms offer mobile apps and demo accounts, though IQ Option offers more practice money with their demo account. Quotex provides higher potential returns on certain trades, whereas IQ Option has a wider range of markets. Quotex has a low barrier to entry and is straightforward for beginners, while IQ Option offers unique features like margin trading and a robust platform ideal for experienced traders.
Regulation & Trust
Quotex is legitimate but lacks regulation. It was founded in 2019 and briefly held a license, which it let expire. It has strong safety measures like SSL encryption to protect data. IQ Option, while not fully detailed here, implies trust through its established market presence and wide user base.
Accounts & Banking
Quotex offers a single live account and a low $10 minimum deposit, making it accessible. IQ Option also requires a $10 minimum deposit but offers different account types. Both offer demo accounts, but IQ Option provides $10,000 in practice money.
Deposits & Withdrawals
Quotex does not charge fees for deposits or withdrawals, with processing typically done on the same day. IQ Option offers multiple funding methods, with withdrawal processing mostly taking one business day.
Bonuses & Promos
Quotex offers a 30% deposit bonus on qualifying deposits, but with terms that require trading 100 times the bonus value. IQ Option no longer offers deposit bonuses, focusing instead on trading competitions with cash prizes.
Assets & Markets
Quotex provides access to over 400 assets, including forex, stocks, commodities, and a limited range of cryptocurrencies. IQ Option offers more than 300 underlying assets, with recent expansions in cryptocurrencies and other markets.
Payouts
Quotex advertises returns up to 98%, though payouts vary. IQ Option’s trading costs include spreads and swap fees, with guidance on competitiveness dependent on market conditions.
Fees & Costs
Quotex is a low-cost broker with no fees on trades or account actions. In contrast, IQ Option charges spreads, withdrawal fees, and fees on dormant accounts, while not specifying costs for all asset types.
Platforms & Tools
Quotex’s platform is designed for beginners with basic features. Advanced features are limited compared to competitors. IQ Option provides a more robust platform, including margin trading and more technical indicators.
Customer Support
Quotex lacks live chat support, offering email form submissions only. IQ Option provides 24/7 customer support via various channels including live chat and phone, with support available in multiple languages.
Is Quotex or IQ Option Better For Beginners?
Quotex is better for beginners due to its easy-to-use platform and low minimum deposit. It offers accessible trading with minimal features to overwhelm new users. However, IQ Option’s extensive demo account and trading competitions appeal to those interested in exploring more.
Is Quotex or IQ Option Better For Experienced Traders?
Experienced traders might find IQ Option more favorable due to its advanced trading tools, customizable platform, and diverse range of assets. Its margin trading and technical indicators offer expanded strategies beyond basic options.
Why Pick Quotex Over IQ Option?
Quotex is ideal for those wanting simple trading with lower costs. Its lack of fees and uncomplicated interface cater to budget-conscious traders who want easy access without complex features.
Why Pick IQ Option Over Quotex?
IQ Option suits those looking for a wide range of assets and advanced trading tools. It offers unique features like margin trading and has a strong support system, beneficial for traders seeking diverse opportunities and advanced strategies.
Quotex vs IQ Option Details
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Quotex
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IQ Option
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Founded in 2019, Quotex is a binary broker providing over 400 assets like forex, stocks, indices, commodities, and cryptocurrencies. The platform focuses on user-friendly features, offering short-term contracts from 5 seconds to 4 hours, with payouts up to 95%. | 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 Stocks, Indices, Forex, Commodities, Cryptos | CFD, Forex, Crypto, Stocks, Digital Options |
| Demo Account | ✓ | ✓ |
| Minimum Deposit | $10 | $10 |
| Trading Platforms | Web Platform | Own |
| Payment Methods | Bitcoin Payments, Credit Card, Debit Card, Ethereum Payments, Mastercard, Visa | 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 |
| Account Currencies | USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH | USD, EUR, GBP, ZAR |
| Trust Rating | ||
| Assets & Markets Rating | ||
| Platforms Rating | ||
| Fees & Costs Rating | ||
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| Education Rating | ||
| Research Rating | ||
| Accounts & Banking Rating | ||
| Mobile Apps | iOS & Android | iOS, Android and Windows |
| App Review | Quotex provides a comprehensive trading app with useful tools like dynamic charting and built-in signals. It mirrors the user-friendly design of the desktop platform, ensuring easy use on computers, tablets, or mobile devices. The app's light and dark modes offer flexibility. | 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. |
| Android App Rating | ||
| iOS App Rating | ||
| Awards |
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| Margin Trading | ✗ | ✓ |
| Margin Rate | 0.2% | |
| AI / Machine Learning | ✗ | ✗ |
| Robo Advisor | ✗ | ✗ |
| Negative Balance Protection | ✗ | ✓ |
| Market Maker | ✓ | ✓ |
| P2P Trading | ✗ | ✗ |
| Spot Trading | ✗ | ✗ |
| Auto Trading | ✗ | |
| Copy Trading | ✗ | ✗ |
| Social Trading | ✗ | ✗ |
| Trade Signals | Daily Trading Signals | |
| VPS Hosting | ✗ | ✗ |
| Tournaments | ✓ | ✓ |
| Demo Competitions | ✗ | ✗ |
| Ethical Investing | ✗ | ✗ |
| Custodial Account | ✗ | ✗ |
| Guaranteed Stop Loss | ✗ | ✗ |
| Inactivity Fee | $0 | |
| 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 | ||
You can trade binary options on over 40 currency pairs, including major, minor, and exotic ones. While this is fewer forex assets than some competitors offer, payouts are competitive, reaching over 80% for EUR/USD in tests. | 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 | N/A | 5 pips |
| EURUSD Spread | N/A | 14 pips |
| EURGBP Spread | N/A | 15 pips |
| Assets | 40+ | 60+ |
Cryptocurrency | ||
Quotex offers trading on only three cryptocurrencies, including top tokens like Bitcoin and Dogecoin. Despite the limited selection, our latest tests show above-average payouts on these digital currencies. | 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 | N/A | BTC 7%, ETH 12% (Var) |
| Coins | BTC, DOGE, PEPE | BTC, TRX, XRP, BCH, ETH, EOS, OMG, ETC, QTUM, ZEC, LTC, DASH |
| Crypto Lending | ✗ | ✗ |
| Crypto Mining | ✗ | ✗ |
| Crypto Staking | ✗ | ✗ |
| Auto Market Maker | ✗ | ✗ |
Binary Options | ||
Quotex remains a leader in the industry with short-term binaries on over 400 assets and payouts up to 95%. The company offers a web platform with an easy-to-use design, various chart styles, numerous indicators, and daily signals to assist traders. | 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 | 5 seconds - 4 hours | |
| Ladder Options | ✗ | ✓ |
| Boundary Options | ✗ | ✓ |
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