Which is Better: Expert Option vs. IQ Option
The current two most well-known online trading platforms are Expert Option and IQ Option. Collectively, they have successfully garnered many users worldwide, numbering in the millions. However, if you are a beginner to trading, can you distinguish the better platform suited for yourself? This is where this review comes in because we’ll be helping you compare important criteria that every trader should take note of before investing in any broker platform.
Origins and Regulation
Beginning in 2014, Expert Option is located in Grenadines and Saint Vincent. It is under the regulation of the Financial Markets Relations Regulation Centre (FMRRC). IQ Option, however, was started one year earlier in 2013 and is located in Cyprus. It’s being managed by CySEC.
Number of Users
To date, Expert Option has amassed more than 11 million traders with an average of $30 million in transactions monthly whereas IQ Option has amassed significantly more traders at 23 million with average transactions worth $380 million monthly. From these stats alone, it would seem that IQ Option is the more popular option between the two. It has more consumer loyalty as compared to Expert Option.
However, the similarity between both these online brokers is that their traders come from all over the world from Asia, Latin America, Africa, the Middle East, and Eastern Europe. While this geographical range seems impressive enough, there are still regions that go unaccounted for. The regions of North America, New Zealand, Australia, and a handful more other countries are unfortunately not covered by them.
A Basic account under them demands a minimum $50 deposit with a maximum investment of $25 for every trade. At any one go, you can have no more than 10 open trades.
For their Silver account option, the prices increase by tenfold with a minimum of $500 deposit and a maximum investment of $250 for each trade. You can open up to 15 trades at one go. While this option is definitely more costly than their basic account, a benefit of it is that you’ll be assisted by a personal manager and be provided with daily market statistics and important financial research. You’ll be supported with technical knowledge that otherwise might be challenging to comprehend on your own.
Moving on to their Gold account: this account asks for a $2500 minimum deposit and allows a maximum of $1000 investment per trade. You may have up to 30 trades open at once. Not only will you receive the aforementioned technical benefits mentioned under the Silver account, but you’ll also receive priority withdrawal rights and enjoy up to 2% additional on profitable trades.
Second to last—their Platinum account has a $5000 minimum deposit with a maximum investment cap of $2000 per trade. However this time around, there are no restrictions on the number of open trades you can have at one go. You’ll receive the same benefits as the Gold account except that now, your personal manager has been upgraded to an account manager (understandably with more professional experience) and gain access to strategies with up to 4% extra increase on profitable trades. Thus, you enjoy 2% more returns on your trades.
Lastly, the most coveted account of all, the Exclusive account, like its name suggests, is highly exclusive. It’s purely by invitation alone, hence no need for any minimum deposit. Additionally, you can invest an astounding maximum of $5000 per trade and open an unlimited number of trades at one go. You’ll receive the assistance from the most experienced senior account manager and all the benefits already stated; just that you get to enjoy the maximum of up to 6% additional rates of return on your profitable trades.
While Expert Option had five impressive account types to choose from, IQ Option is different in the sense that it only possesses two account types—a Standard type and their VIP account.
In their Standard account, IQ Option requires users to deposit a minimum of only $10. Under this plan, users obtain access to the whole range of financial instruments offered and can choose to go as low as a $1 investment into their trades at any one time.
On the other hand, their VIP account has no restrictions on the maximum value you can invest in any trade. It simply requires a minimum of $1900 deposit or alternatively, a total of $15000 over three months. Enjoy more efficient withdrawals, free audiobooks on trading and assistance from account managers. Unfortunately, this account isn’t available to EU users.
All in all, both account types offer users demo accounts where they come funded with over $10,000 in virtual money. These virtual bank balances can also be replenished once your funds hit zero.
Categories of Assets Offered
Both IQ Option and Expert Option offer many assets obtained from a variety of class categories such as cryptocurrencies, digital options, commodities, and forex stocks just to name a few. Perhaps their exponential growth in popularity by traders can be accrued to this incredibly diverse array of financial instruments for traders to choose from and engage with.
Rates of Returns
Both brokers provide good rates of returns on investments ranging from 65% to 95% under IQ Option and 70% to 90% under Expert Option and. The percentage of your returns gained is also dependent on the type of asset you’re dealing with in trade, so that’s a good tip to keep in mind.
Forms of Payment
Both brokers accept over 20 modes of payment like credit/debit cards, eWallets, etc. However, in this category, IQ Option might have a slight advantage because they’re constantly updating their different payment methods to include more and more modes (for e.g. the Jeton Wallet). Hence, due to their active updating, they can better cater to the needs and wants of different kinds of users on their platform and therefore encourage greater brand loyalty from their users.
Deposits, Withdrawals, and Accessibility
Your deposit might take as short as five minutes to as long as a few days depending on the deposit method you opt for. Deposits using an eWallet or debit/credit card will be relatively quick. Withdrawals are the ones that have a more varied processing time ranging from a few minutes to five business days according to the account type. Obviously, users with the more exclusive and pricier account types would receive priority (within 24 hours) for their deposits and withdrawal requests. These accounts include the Gold, Platinum and Exclusive account holders under Expert Option and IQ Option’s VIP account.
With regard to each broker’s accessibility, they are both fairly equal. They can both be found on web browsers, desktop apps, and smartphone apps.
At the end of the day, trading is a personal decision for you to make because everyone has a preference in the kind of style or method that they prefer. Thus, don’t be afraid to explore (demo versions) and see what management style of trade investments you like—be picky. On a more personal note, IQ Option seems to be more sensible for small start-up business owners who want to take a gander in this field. Expert Option offers a wider selection of trading accounts for a person to choose from. Both platforms have their pros, cons and unique quirks. Alternatively, if you want more information, Business24-7.ae has got you covered with everything that you need to know!