Olymp Trade vs IQ Option: Which one should you choose?
In this review, we will make a comparison on both trading platforms exposing the main characteristics and differences.
|Trade with Forex||✅||✅|
|Trade with Options||✅||✅|
|Profitability in options||Up to 80%||Up to 95%|
|Max Leverage in Forex||1:500||1:1000|
|Minimum Withdrawal Amount||$10||$2|
This is a company founded in 2014. Its central base is registered in Cyprus. However, it has many points of contact and support worldwide.
This company has more than 37 million operations per month. It has a monthly volume of transactions of more than $171 million dollars.
This company has remote attention in many places around the world. Even in the native language of many countries.
Its volume of operations reaches more than 1 million daily transactions. Its growth in recent years has been enormous.
One of the points to compare between both companies is the legal endorsement that they have in the market by the regulatory entities.
On the one hand, Olymp Trade is a broker regulated by the “International Financial Commission.” This certificate is only granted to reliable and safe companies. So it is considered that trading in Olymp Trade is secure, and all your data and payments are insured.
On the other hand, IQ Option is regulated by the CySEC (Cyprus Securities and Exchange Commission) of Cyprus. This organization regulates a lot of brokers in that country.
These two commissions help protect the interests of investors. The role of these commissions is the supervision of third parties of the entity’s operations, making sure to show its activities to the public, among others.
Fees and commissions
Another point to consider in this comparison is the rates charged by both companies.
Olymp Trade does not charge any commission for the deposit or withdrawal of money. The account service also has no commission while it is in use. If no transaction is made for 180 days, Olymp Trade will charge you $ 10 per month until it is activated.
In the case of IQ Option, it does not charge any commission for the deposit of money. Still, for the withdrawal, it charges 2% commission. The account service has no charge while in use. If no transaction is made, you will be charged $10 per month until it is activated.
You will only be charged if your amount exceeds $10 (so if you never used it, they won’t charge you anything).
The demo account is an account that allows you to make transactions with virtual money. This favors new traders who want to learn and have experience in the field.
In this case, both Olymp Trade and IQ Option have the possibility to open a demo account. Both companies offer you an account with $ 10,000 virtual dollars so you can experiment. So at this point, they are on equal terms.
Olymp Trade has an excellent education base on trading and its platform. So it is very beneficial for beginners.
Customer service is also excellent, so it is a point in favor of this company.
On the other hand, IQ Option has other benefits such as tournaments, wherewith a $ 4 participation, you can make up to $ 1,000. This is very attractive for experienced traders since it is fun and profitable.
Olymp Trade vs IQ Option: Final thoughts
Both platforms have an excellent reputation and are reliable. They have some differences, but either option will be fine. You can even try both if you want to diversify your money.
On the one hand, Olymp Trade offers very good customer service and excellent online courses. Also, it does not charge any commission to deposit or withdraw your money.
On the other hand, IQ Option has many benefits, such as the regular tournaments in which you can earn a lot of money.
Both companies are regulated by a recognized financial entity, so you won’t have any problems with them.
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