In this article, we will compare various brokers and find out where IQ Option’s services stand against the other popular services available to South African traders. Many popular binary options brokers have managed to make quite a name for themselves among traders, in and outside South Africa.
South African traders who want to compare brokers and find the one that is most suitable for them must definitely consider using IQ Option. This reference or guide will help in investigating whether or not IQ Option is right for you.
We have previously been having a section with a comparison of IQ Option with other trading brokers. Since then the Binary Options market has changed a lot, and the majority of these brokers has been closed or simply lost their trading license. There are only a handful of brokers left on the market that you can trust with your money.
Some of the precious brokers that we compared IQ Option to was AnyOption, BetOnFinance, Daweda Exchange, Finpari, Opteck and Stockpair. They are now closed, so there is no need to make a comparison to these.
Instead, we have made a comparison with a few other brokers that are left, and you can see the facts and thoughts below in the sections.
IQ Option’s Reputation
When you compare brokers, start with evaluating their reputations. IQ Option has been in the business of binary operations for nearly four years now.
Take a look at the numbers posted on the company’s website. These numbers offer a starting point to compare brokers that the South African traders can use. The numbers are given below:
- More than 14 million trading accounts signed up in 2016. Going by the numbers, it has been a huge leap from the 950,000 accounts that were created in 2014.
- Over 3 million deals are carried out on the portals daily.
- IQ Option paid out over USD 5 million to their traders every month in 2016.
- They have streamlined the processing of withdrawal requests from four business days (2014) to one business day.
IQ Option has built up an image as a simple yet sophisticated and speedy binary options broker among South African traders. The company often partners with some of the fastest cars in the world, like the Aston Martin. If you compare brokers, you’re likely to find only few other low-deposit binary trading brokers who can offer the kind of in-house analytics tools that IQ Option offers.
Another area to compare brokers is their popularity. The awards that IQ Option has won in the few years of its existence speak volumes for its trading platform. These awards include:
- Best Technology Application Award: awarded by the Web Marketing Association in 2016 for the IQ Option mobile app.
- Best binary Options Broker and Trading Application at the IAIR Awards.
- Most Innovative binary Option Broker: awarded at the Show FX World conference in Moscow.
- Most Reliable binary Options Broker: awarded by MasterForex-V.
- Best Trading Platform: won at the 2014 Forex Awards.
But there is a lot more to consider when a South African trader is choosing a broker to trust their money with. How does IQ Option fare against the competitors like Stockpair, 24option, Daweda Exchange, BetonFinance and others? Let’s find out.
But first, it is important to know how to compare brokers and what to look for in a broker?
How to Compare Brokers?
When you compare brokers, the general criteria you’re going to look at are probably the following:
- Minimum deposits
- Assets offered
- Types of options
- Minimum and maximum trades allowed
- Payout percentage
- Withdrawal and deposit times
- Availability of demo accounts
- Quality of customer service
On all these counts, IQ Option offers features that are very attractive to traders.