Binary options have been around for decades, but experienced a boom following the 2008 global financial crisis. IQ Option took the opportunity to tap into this industry and was founded in 2013 to offer binary options for different assets and markets. Since then, the company has experienced many changes, and in response to changing regulations around binary options, IQ Option has included other assets in their portfolio. This has made IQ Option a globally recognized company and popular Forex broker with over 40 million trading accounts. FxPro has an even longer history since it was founded in 2006. While IQ Option favoured binary options, FxPro was focused of spot Forex and other CFDs. In the years that followed, FxPro has become renowned worldwide and is now one of the most popular brokers in the world.
This post should help you choose between these two competitors who both have appealing features so that you can trade comfortably based on your preferences and needs.
To make a deposit, the minimum amount required by IQ Option is $10 or an equivalent amount in USD or GBP. Deposits above $1,900 will grant you VIP account status, which means plenty of perks such as an account manager to guide you through trades. All deposits are free, and there are several funding options available including credit cards, wire transfer and electronic wallets and payment service providers. Withdrawals, though, are not free as there is a 2% commission for the fourth and subsequent withdrawals every month.
FxPro has a higher minimum deposit requirement of $100 and the recommended amount is $500 for new traders. The available funding methods are similar to those offered by IQ Option and all withdrawals are completely free from any charges.
Therefore, FxPro has an edge over IQ Option and wins this category.
To ensure security of funds, IQ Option is licensed by CySEC to operate in Europe. This also means the company can sign up and solicit clients from other countries in the world but not in the US or Japan. On the other hand, FxPro has four separate licenses from UK’s FCA, Europe’s CySEC, South Africa’s FSCA, Dubai’s FSA and The Bahamas’ SCB.
Clearly, FxPro has more licenses and thus more secure for clients.
To access markets on IQ Option, you need to download either the desktop or mobile apps. Alternatively, a web trader is also available for trading on the go. All these platforms are made specifically by IQ Option, and are powerful enough to perform the necessary market analysis required before making trades. FxPro decided to go with MetaQuotes software MetaTrader 4 and MetaTrader 5. These are also powerful trading platforms that can be downloaded on desktop and mobile, and their popularity means there are many technical indicators that can be acquired and make trading easier.
Winner here is FxPro for offering MT4 and MT5.
Both FxPro and IQ Option offer CFDs for Forex pairs, stocks, commodities, indices and cryptocurrencies. But IQ Option is unique because of having digital and binary options in addition to CFDs, and these put the broker ahead of FxPro.
Thus, the winner is IQ Option.
Hands down, FxPro beats IQ Option on more measures, and is the overall winner.