Comparison of key characteristics
of FX PRO and IQ Option.

There are many trading platforms on the market today. And it is often a difficult task to find the broker to get the most of your investment. You will find a long list of reliable platforms with excellent ratings. But which one is the best? It is rather difficult to answer it right away. After all, there are a lot of criteria by which one and the same company can be evaluated. Besides, a lot depends on the financial capabilities of a novice trader. In this article, we have compared the main features of two reputable platforms – FxPro and IQ Option. It will help you make the right decision.
April 11, 2020
FX PRO vs IQ Option Comparison
Fx Pro company has been operating since 2006. According to Finance Magnates, FxPro is one of the TOP 10 largest retail brokers in the world. FxPro has offices in London and Limassol. In total, the company has over 200 employees who work with clients from more than 150 countries. FxPro offers over 300 trading instruments, including 70 currency pairs, CFDs on shares of the world's largest companies, futures on country indices, agricultural commodities and energy, and many others.

IQ Option is one of the youngest trading platforms as it was founded in 2013. Despite this, it is considered it is very popular among traders. The broker is growing fast having over 69 million registered users and nearly a million transactions per day. It welcomes traders from over 219 countries, but there is a list of countries with restricted access. Starting out as a binary options broker, the platform offers today contracts for difference (CFDs) on stocks, cryptocurrencies, exchange-traded funds (ETFs), forex and a range of different digital options for investment.

Registration

Without registration, a site visitor can access information about the company, assets, basic training programs, and a blog with news. FxPro trading, as well as more in-depth training (webinars), are available after logging in.

A registration button can be found on almost all pages. You need to fill in several fields to register on the site:

  • Full name;
  • Citizenship;
  • Password;
  • Email;

It is also advisable to add your telephone number. With it, you will be able to recover your password if necessary. The broker will ask to provide scans of ID documents for funds withdrawal. More details are stated on the official site.

To register on IQ Option, you need to go to the official website and fill out a simple registration form. You will have to state personal information and a phone number. By the way, no one forces you to replenish your trading deposit immediately after registration. It is up to you when and how much to deposit. Besides, you can get a real account by simply logging into the site through social networks.


Platforms

FxPro offers the following platforms:

  • MetaTrader 4. Features: Forex trading, spot metals and futures, fixed and floating spreads, Leverage is from 1: 1 to 1: 500. Support and back-testing of trading advisors, protection against negative balance. FxPro MT4 download is available for mobile.
  • MetaTrader 5. It features a large number of indicators and timeframes, built-in tools.
  • A platform created by FxPro. It gives access to all assets and has a built-in analytical module. It is very similar to Expert Advisor, but was originally developed for Fx Pro. There are desktop and mobile versions.

To choose the best platform you can test each of them independently in FxPro demo mode.

IQ broker created his own platform without using the developments of other companies. In the result, traders received a spacious, convenient, multifunctional and at the same time fast terminal. It will not be difficult to understand all its details and features. Even if you have never traded binary options before, you will sort out everything with no effort.


Mobile trading

FXPro mobile traders can download the corresponding mobile apps for cTrader, MT4 and MT5 platforms for both iOS and Android devices. FXPro download is free and is a great tool to trade on the move, helping FXPro channel focus its resources on improving the overall trading experience.

Binary options are traded around the clock. That's why IQ option has developed a mobile application for its customers. The optimized mobile version will allow you to open deals on the IQ Option platform from any location with access to the network. The app developed for mobile devices has the same set of features as a desktop version.

Accounts

FxPro offers five types of live accounts with a minimum deposit of $ 500 or equivalent in another currency.

  • ProMT4 with floating spread. It provides access to a wide range of financial instruments, including currency pairs, metals, stocks and indices.
  • ProMT4 with fixed spread. This type of account is suitable for most traders who trade for medium and long positions, as well as pending orders. Fixed spread on average 1.58 points. On this type of account, requotes may occur on instruments with high volatility.
  • ProMT5 with market execution, all positions are opened and closed manually. This type of account is suitable for traders who do not trade stocks and value high execution speed with low spreads. Therefore, if you have not yet decided on a strategy or trading technique, then you may like the MT5 account.
  • FXPro Ctrader. An account type using a special broker platform. This account allows you to get the best bid and ask prices from liquidity providers, which is beneficial for the trader. It is recommended for advanced clients trading currency pairs, metals, indices and cryptocurrencies. Stocks and futures are not available in this terminal. But there are more tools, indicators and settings than in MT4 / 5.
  • FXPro SuperTrader is a special type of account for investors used in a trust format.

If you replenish your deposit for more than $ 50,000, you will receive a Premium status, which allows you to use the VPS server for free, get the services of an individual manager, as well as compensation for commissions and SMS messages about important events.

IQ Option platform offers only two types of accounts. These are:



  • Standard account. You can open it with a minimum deposit of $ 10. It gives access to over 350 trading ratings. 24-hour withdrawal processing is also available here. Besides, customers outside the EU gain access to various trading competitions that are regularly held on the platform.
  • VIP account. It is granted to traders with a deposit of US $ 1900. This account has many benefits such as a personal manager, monthly reports and an additional 3% profit. Unfortunately, VIP accounts are only available to traders outside the EU and North America.

Demo Account

FxPro provides the opportunity to open demo accounts on the MetaTrader4, MetaTrader5 and cTrader platforms. The maximum leverage for such accounts is 1: 500, and the maximum deposit is limited to 500,000 units in any of the currencies available for opening a trading account. There are no restrictions to the number of demo accounts opened by one client, as well as the terms of their use. The process of opening such an account takes only a couple of minutes.

IQ option also offers a demo account for beginners. Unlike other platforms, the demo account here is not limited in time. Moreover, you get $ 10,000 of virtual money. A training account will allow you to fully master all the necessary aspects of trading, work out a trading strategy and, having opened a real deposit, start trading with much greater chances of success. Funds for training can be replenished without restrictions.

Payments

FxPro reviews recommend the best ways to deposit/withdraw money:

  • Skrill;
  • Neteller;
  • ChinaUnionPay;
  • Bank card.

The listed methods will not require additional payments, and the requests are normally processed within only 1 day.

Funds are deposited into the account instantly. Withdrawals can take up to 3 business days (this period is shorter for VIP-users). There are no commissions, however, banks or payment services may charge their own fees for services. You can also use bank transfer, Webmoney, PayPal.

IQ Option has several ways to transfer the costs. They include:

  • Banking cards (VISA, MasterCard, Maestro).
  • Online payment systems (Skrill, Neteller).
  • E-wallets (Yandex.Money, QIWI, WebMoney).
  • Traditional bank transfer.


The broker does not apply any hidden fees for transactions.


Training and analytics

FxPro broker offers training for beginners in the format of video lessons, webinars and seminars. You can also use a special trading calculator that is an interesting solution. With it, you can calculate the profit from any deal, select the required order levels, and so on. At the same time, you will see a net profit without taking into account spreads, commissions and other possible losses during trading.

IQ Option devotes enough attention to training. On its website, all educational materials are conveniently grouped in a logical order. For those who are just at the very beginning of their career and are just getting acquainted with trading binary options, it will be useful to start from the very first lesson and gradually move forward in their training. More experienced traders can start watching video tutorials about trading strategies. The broker also offers enough of other content disclosing secrets of trading.

Customer Support

All FxPro customers can get in touch with the operators via the following channels:

  • Phone 8 (800) 100-62-34. You can call free of charge and ask any question about trading, installing a terminal, withdrawing funds, etc. You can contact during business hours from Monday to Friday (from 6:00 to 18:00 GMT time).
  • Request a return call. There is a window on the website, where you can enter your phone number, and employees will call you back during working hours.
  • Live chat. You can also write a message in the chat. For this, you need to fill out a simple form with the name, surname, e-mail, subject and text of the message.
  • Users can also contact the broker's official address: 3/14 Basinghall Street, City of London, EC2V 5BQ or call the office +44 (0) 20-7776-9720. Or you can send an email to info@fxpro.co.uk.

IQ Option's customer support is also impressive. The company offers a free phone line for many countries. The traders can get consultations 24/7. Besides calls, traders can chat or send an email to the team support@iqoption.com in case of any queries.

Pros and Cons of FxPro broker

The strong sides of this trading platform are:

  • No commission;

  • No limits for money withdrawals;

  • All features are available after FxPro minimum deposit;

  • Licenses from multiple regulators;

  • Several convenient terminals;

  • Strong support service 24/7;

  • Over 300 trading instruments;

  • FxPro demo account;

Fx Pro review admits fast withdrawal of funds, compliance with all financial obligations of the company, reliable operation of the platform. However, some points are criticized:

  • The minimum deposit is 500 USD;
  • Very limited training content. It is advisable to start work with at least minimal trading skills;
  • The official website contains incomplete information on the tools.

Pros and Cons of IQ Option broker

  • Trading in real-time 24/7
  • Deal profitability is up to 92%
  • The platform features classic binary options for many assets (indices, currencies, stocks) and popular turbo options (60 seconds).
  • The minimum deposit starts from $10.
  • Full synchronization of mobile and web versions
  • Online support service
  • The ability to deposit and withdraw money in many ways

Summary

Users left a lot of reviews about both brokers, and opinions, as usual, are very different. Someone complains about the problems with the withdrawal, others are not satisfied with the number of trading instruments. But analysis of traders' opinions showed that there are more positive comments. Both IQ Option and FxPro have been operating for many years with a ubiquitous presence in the trading industry. We can say with confidence that both brokers always create the best conditions to their clients, not only concerning support and services but also resources and tools. If you are looking for a platform for work, both brokers are recommended for registration and detailed study.

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