When you’re in the market for a broker, should you choose AvaTrade or IQ Option?
AvaTrade and IQ Option are two of the biggest names on financial markets, and you should know about them and how they compare.
If you are interested in AvaTrade and IQ Option, you may want to know how long they have been in business and what their reputations are.
Furthermore, you must find out if AvaTrade and IQ Option are the best options for your trading needs.
Choosing a reputable and reputable broker is crucial to the success of your trading. There’s a simple reason for this: you need to be confident that your money is in safe hands. Find out what AvaTrade and IQ Option are like.
We made it easy for you to compare AvaTrade vs IQ Option side by side, because we compare them side by side, so you can decide what is right for you. But remember, the final decision need to be based on the way and what you are going to trade.
Comparing AvaTrade vs IQ Option side by side, you can judge their effectiveness, price, ease of use, technical support, and trustworthiness.
So, Avatrade vs IQ Option, Which One is Better in 2022? Keep on reading!
AvaTrade vs IQ Option: Overview
AvaTrade is an internationally regulated beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs. AvaTrade has received extensive industry recognition for AvatradeGO, one of the most popular mobile trading applications available globally and, unlike many European brokers, has a local Nigerian customer support team.
AvaTrade’s single commission-free account has a minimum deposit requirement of 100 USD and has average trading costs for a market maker broker, with spreads starting at 0.90 pips on the EUR/USD. In terms of trading platforms, AvaTrade offers a wider choice than most brokers, with support MT4, MT5, AvaOptions, and its proprietary web trader platform.
The same is true for the trading tools available, with Avatrade offering Trading Central, Duplitrade, and AvaProtect, its own innovative risk management system. Furthermore, Avatrade does not charge any deposit or withdrawal fees and provides an excellent selection of educational materials to get new traders started.
All of the features at AvaTrade combine to create a revolutionary trading experience that gives you all the tools you need to succeed.
A leading global binary options broker, IQ Option appeals to beginners with its unique bespoke social trading platform, low minimum deposits, and excellent trading conditions. However, IQ option’s non-trading fees are high and its global entity is essentially unregulated.
IQ Option’s proprietary social trading platform is very popular among new traders. The platform is very easy to use, provides various sentiment indicators, and allows social trading via a feature labeled Community Live Deal. It also features a large chart with a wide selection of trading tools that are typically not found on other binary trading platforms, including Moving Averages, Bollinger Bands, MACD, and RSI.
IQ Option offers one live commission-free account with competitive spreads (starting at 0.7 pips on the EUR/USD) and a minimum deposit of only 10 USD, making it accessible to beginner traders. However, while deposits are free, IQ Option charges unreasonably high withdrawal fees and an inactivity fee of 10 EUR (or equivalent) per month after 90 days of inactivity.
IQ Option has won critical acclaim as the Century International Quality Gold ERA Award Winner from the Business Initiative Directions Group, the Best Technology Application from the Web Marketing Association, and the Best Binary Options Broker Europe 2015 from the Global Banking & Finance Review.
AvaTrade vs IQ Option: Safety
Is AvaTrade Safe?
AvaTrade is considered a safe broker to trade with
Founded in 2006 in Ireland, AvaTrade has more than 200,000 registered clients globally and is a leading Forex and CFD broker. Avatrade has a corporate structure composed of multiple regulated entities that operate in different regions across the world, including South Africa, Australia, Cyprus, Japan, Abu Dhabi, and the British Virgin Islands.
In Nigeria, Ava Trade Ltd is regulated by the British Virgin Islands FSC. The BVI FSC is not considered one of the best regulators, and its rules are not as strict as those of other regulators such as ASIC and those of the EU.
However, it does allow AvaTrade to offer higher leverage and bonuses to Nigerians. Furthermore, although the BVI FSC does not require client funds to be segregated from the operational funds of the company, Avatrade segregates all client funds at top-tier banks, and provides negative balance protection to all traders.
Is IQ Option Safe?
Yes, IQ Option is safe. It maintains regulation from CySEC in Cyrpus and is registered in Saint Vincent and the Grenadines.
Founded in 2013, IQ Options is managed and owned by IQ Options Europe Ltd, a financial services provider based in Cyprus.
As such, it is regulated by the Cyprus Securities and Exchange Commission (CySEC) and is registered in Saint Vincent and the Grenadines.
As a CySEC regulated broker, it is also MiFID compliant and is a member of the Investors Compensation Scheme.
Nigerians will be trading under the subsidiary, IQOPTION LLC, registered in Saint Vincent and the Grenadines (SVG FSA).
For all intents and purposes, the SVG FSA is not considered a forex broker regulator and applies no supervision of any CFD trading-related activities. Clients must rely solely on the reputation of IQ Option, as no additional measures exist to ensure client protection. However, in a show of good faith, IQ Option segregates all funds from the company’s operating capital at top-rated banks, and it offers negative balance protection to all its clients.
AvaTrade vs IQ Option: Trading Fees
Avatrade Trading Fees
Avatrade’s trading fees are average compared to other Forex brokers.
Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits, Avatrade only offers one commission-free account that employs instant execution. Avatrade’s fee structure is transparent, and it publishes all trading fees.
Avatrade’s account was assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spreads.
Minimum Deposit: $100
IQ Option Trading Fees
IQ Option has some of the most competitive trading costs in the industry.
Unlike other brokers that offer a range of accounts with higher minimum deposits linked to tighter spreads, IQ Option offers one live account on its proprietary platform (click here for more on IQ Option’s platform).
IQ Option has a simple account structure with trading costs that are significantly lower than the industry average. However, although IQ Option states that its revenue is derived from the spread, it is not transparent about how the spreads are derived, and it does not publish the average spreads on its site.
IQ Option’s account was assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission.
Minimum Deposit: $10
AvaTrade vs IQ Option: Non-trading Fees
Avatrade Non-trading Fees
Avatrade’s non-trading fees are mostly low compared to other Forex brokers, but its inactivity fees are high.
Avatrade does not charge deposit or withdrawal fees but does charge an account inactivity fee of 50 USD per quarter after three months of inactivity. Additionally, a fee of 100 USD will be added to this after 12 consecutive months of no trading. Compared to other brokers, these fees are extremely high.
IQ Option Non-trading Fees
IQ Option’s non-trading fees are higher than other similar brokers.
Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.
IQ Option does not charge account or deposit fees, but it charges high inactivity and withdrawal fees. For example, a fee of 2% of the withdrawal amount is charged for each withdrawal on all payment methods. IQ Option also charges a flat fee of 31 USD or equivalent in local currency for bank wire withdrawals.
Additionally, IQ Option charges an inactivity fee of 10 EUR (or equivalent) per month after a period of 90 days of account dormancy.
Overall, IQ Option’s non-trading fees are relatively low to AvaTrade.
AvaTrade vs IQ Option: Account Opening
Opening An Account At AvaTrade
Avatrade’s account opening process is hassle-free compared to other brokers.
All Nigerains are eligible to open a trading account at Avatrade but will have to meet the minimum deposit requirement of 100 USD.
Creating an account is fast and fully digital, and accounts are usually ready for trading in a matter of minutes.
How To Open An Account At AvaTrade
- Clients should click on “Register now” on Avatrade’s main page, and choose either a Real or a Demo account.
- Avatrade’s intake form requires clients to fill in their name, email address and choose either an individual or joint account.
- Clients are required to answer questions that determine their level of trading knowledge.
- Avatrade requires individuals to submit a copy of their National ID or Passport with the signature page, as well as a copy of a recent utility bill or bank statement.
- Documents can be scanned or sent through as a high-quality digital camera picture.
Compared to other similar brokers, Avatrade’s account opening process is fast, hassle-free, and fully digital.
Opening An Account At IQ Option
The account opening process at IQ Option is user-friendly, fully digital and accounts are ready for trading immediately.
All Nigerian residents are eligible to open an account at IQ Option but have to meet the minimum deposit requirement of 10 USD.
Creating an account is straightforward, the process is fully digital, and accounts are usually ready immediately.
How To Open An Account At IQ Option
- New traders will have to click on the “Sign Up” button at the top of the page where they will be directed to register an account.
- Traders will automatically be directed to a demo account with a balance of 10,000 USD.
- In order to open a real account, IQ Option, in line with regulatory requirements, requires at least two documents to accept you as an individual client:
- Proof of Identification – IQ Option accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID.
- Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last three months and must contain a trader’s full name, current residential address, issue date, and issuing authority.
Overall, IQ Option’s account-opening process is fully digital and hassle-free and accounts are generally ready for trading once all documentation has been approved.
AvaTrade vs IQ Option: Account Types
AvaTrade Account Types
Avatrade offers only one account type that is suitable for both beginner and more experienced traders.
We define beginner traders as inexperienced traders who have never traded before, or who have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek.
Avatrade’s account is suited to both beginner and more experienced traders because of the reasonable minimum deposit requirement and average trading costs. That said, other brokers offer a range of accounts for beginners with lower minimum deposits and sometimes allow trading in micro-lots. Furthermore, more experienced traders may prefer to pay a higher minimum deposit in exchange for tighter spreads, which is not available at Avatrade.
IQ Option’s Account Types
IQ Option offers only one trading account, which is limited compared to other brokers, but its account is suitable for both beginners and more experienced traders.
A market maker, IQ Option offers trading on multiple assets, including Forex, cryptocurrencies, commodities, ETFs, and shares (click here for more on IQ Option’s tradable assets).
IQ Option offers a single live commission-free account for Forex and CFD trading. With a single registration, IQ Option clients can open both a real and a demo account, but trading is only offered on IQ Option’s proprietary platform.
IQ Option’s account is suited both beginners and more experienced traders. We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek. IQ Option’s account has a low minimum deposit requirement of 10 USD, putting it within the reach of beginner traders.
Experienced traders often prefer higher minimum deposits and tighter spreads, in exchange for a commission per lot, which is unavailable at IQ Option. However, the tight spreads on its account makes it appealing to experienced traders too.
AvaTrade vs IQ Option: Deposits And Withdrawals
Avatrade Deposits and Withdrawals
Avatrade’s deposit and withdrawal fees are low compared to other market makers. However, withdrawal times are slow compared to other brokers.
A well-regulated broker, Avatrade ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source. It is important to note that traders must withdraw up to 100% of the deposit to a credit or debit card. After this, funds may be withdrawn by another method, but they must be in the trader’s name. Avatrade does not charge fees for deposits or withdrawals.
IQ Option Deposits And Withdrawals
As a regulated broker, IQ Options ensures that all Anti-Money Laundering rules and regulations are followed. As such, all funds are returned to the source. IQ Options processes payments within three business days.
Growth in the African markets has led IQ Option to expand its reach in that region. As a result, bank transfers are now possible from a wide range of local banks in this area. It also offers other payment methods, such as credit cards/debit cards, and e-wallets such as Skrill and Neteller. Accounts are denominated in ZAR, EUR, GBP, RUB, and USD. Traders have one free withdrawal per calendar month.
AvaTrade vs IQ Option: Customer Support
Avatrade’s Customer Support
Avatrade offers excellent customer service compared to other similar brokers.
Customer support is available 24/5 for CFD trading, and 24/7 for cryptocurrency trading. Support is available in a range of languages via email, live chat, and via a South African telephone number.
Customer support is responsive, polite, and knowledgeable – the live chat agent was able to answer all of our questions satisfactorily.
IQ Option Customer Support
IQ Option’s customer support team is available 24/7, which is an advantage for beginner traders.
IQ Option has a 24/7 telephone and live chat customer support service. Most countries have a toll-free phone option while others are charged at local rates, however, this is not available in Nigeria. Customer service is available in 16 languages. Additionally, the live chat service is only available once traders register an account.
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CONCLUSION: AvaTrade vs IQ Option
AvaTrade is one of the best, largest, and most reputable market maker brokers in the world. Trading costs are average compared to other large market makers, with spreads starting at 0.9 pips on the EUR/USD in exchange for a minimum deposit of 100 USD.
IQ Option, Considered a leading global binary options broker. IQ Option offers a unique and fun financial trading platform. IQ Option offers a single live account with excellent trading conditions, including spreads of 0.7 pips on the EUR/USD in exchange for a minimum deposit of only 10 USD.
Avatrade vs IQ Option, Well, with this review and close to close comparison, this choice is yours.