In the fast-paced world of forex trading in Kenya, investors are constantly searching for reliable platforms to turn their financial aspirations into reality. With dozens of brokers vying for attention in the Kenyan market, one name that frequently emerges in conversations is IQ Option. As digital finance continues to transform Kenya’s economic landscape, this versatile trading platform has garnered significant interest among both novice and experienced traders.
But in a market where promises run high and regulations sometimes lag behind, does IQ Option truly deliver the secure, feature-rich trading environment that Kenyan forex enthusiasts need? Let’s dive into what makes this broker stand out—or fall short—and whether it deserves a spot in a beginner’s trading journey in this IQ Option Kenya review.
IQ Option Overview
Founded in 2013, IQ Option has rapidly established itself as a prominent figure in the forex trading industry, largely due to its innovative proprietary trading platform. The company’s technological advancement was recognized in 2017 when it received top honors from the Communicator Awards, highlighting its commitment to providing an exceptional user experience.
IQ Option’s services are available to Kenyan traders through its parent company, SKY LADDER LLC, which is registered in Antigua and Barbuda. While this offshore registration provides the company with operational flexibility, it’s important to note that Antigua and Barbuda does not function as a forex broker regulator and does not actively supervise CFD trading activities.
This regulatory situation creates a scenario where Kenyan traders must primarily rely on IQ Option’s market reputation and track record rather than the protection of a stringent regulatory framework. The absence of strong regulatory oversight means traders should exercise additional due diligence when considering this platform, as they will not have access to the safeguards typically provided by regulators in more established financial jurisdictions.
Is IQ Option Legit?
Yes, IQ Option has established itself as a credible trading platform with a substantial track record in the industry. Operating for many years now, the broker has built a significant global user base, indicating a level of market acceptance and reliability. The platform offers traders access to diverse financial instruments, round-the-clock customer support, and implements robust security protocols to safeguard users’ personal and financial information.
In our comprehensive evaluation, IQ Option performed strongly across critical assessment categories, particularly in trust factors and operational stability. However, Kenyan traders should be aware that the platform operates under SKY LADDER LLC, registered in Antigua and Barbuda—a jurisdiction that does not provide specific regulatory oversight for forex and CFD trading activities. This means users won’t benefit from the protections typically offered by stringent financial regulators such as those in the UK, EU, or Australia.
Despite this regulatory consideration, the platform’s longevity in a competitive market, combined with its security infrastructure and responsive support systems, provides reasonable assurance to Kenyan traders looking for a dependable forex broker. The absence of strict regulation doesn’t necessarily indicate unreliability, but it does mean traders should conduct additional due diligence and perhaps start with smaller investments until they’ve established a comfort level with the platform’s performance. If a broker’s regulation is a big deal, consider CMA regulated brokers for more security.
Account Opening
IQ Option offers Kenyan traders a streamlined account registration experience that is entirely digital and designed for immediate market access. The platform welcomes all Kenyan residents who meet the modest minimum deposit requirement of just 10 USD.
The registration journey follows these straightforward steps:
- Begin by clicking the “Sign Up” button prominently displayed at the top of the IQ Option homepage
- Upon registration, you’ll immediately receive access to a demo account pre-loaded with 10,000 USD in virtual funds
- To transition to live trading, you’ll need to complete the verification process by submitting:
- Proof of identification (acceptable documents include passport, national ID card, driving license, or other government-issued identification)
Once your verification documents receive approval, you can log in and fund your account to begin actual trading. Before committing funds, we recommend thoroughly reviewing IQ Option’s risk disclosure statement, customer agreement, and terms of business to ensure you understand the platform’s policies.
The entire account setup process exemplifies efficiency, with most traders able to complete verification and begin trading without significant delays, assuming all documentation meets the platform’s requirements.
IQ Option Account types
IQ Option provides traders with multiple account options, each tailored to different experience levels and trading needs:
Real Account
With an accessible entry point of just 10 USD, the Real Account serves as an excellent starting point for novice traders in Kenya. This account delivers access to over 400 tradable assets and offers impressive leverage of up to 1000:1.
The platform maintains competitive spreads of approximately 0.80 pips on major pairs like EUR/USD, outperforming many market makers. While the account doesn’t support hedging, scalping, or copy trading strategies, IQ Option does provide Islamic swap-free accounts that comply with Sharia law, catering to Muslim traders who wish to avoid interest-based transactions.
VIP Account
For more serious investors willing to make larger deposits (with threshold amounts subject to periodic changes), the VIP Account delivers enhanced trading conditions. While the EUR/USD spread remains relatively stable at 0.7 pips, VIP members enjoy several exclusive benefits, including complimentary access to trading promotions, a 3% boost in returns on successful trades, and dedicated support through a personal account manager who provides individualized guidance and assistance.
Demo Account
IQ Option offers an unlimited free demo account loaded with 10,000 virtual USD, allowing traders to practice strategies risk-free across the same 400+ assets available on live accounts. This simulation environment proves invaluable for beginners looking to develop their skills before committing real capital, as well as for experienced traders testing new strategies in market conditions that mirror the live trading environment.
Within these account structures, traders can access various market types:
Binary Options
The platform offers classic “up/down” options yielding up to 100% returns on correct predictions, alongside digital options that can generate returns up to 900% with accurate forecasts. Trading begins with minimal $1 bids, making this accessible to new traders testing strategies with limited capital.
Forex/New Forex
Currency pair trading starts at just $1 minimum investment with leverage options up to 1:500, providing substantial position-sizing flexibility. Traders have access to standard order types for executing various trading strategies.
Stocks/Funds ETF
Investors can trade shares of globally recognized companies or invest in Exchange-Traded Funds (ETFs), allowing Kenyan traders to participate in international equity markets and diversified investment vehicles through the same integrated platform.
This multi-market approach within a unified account structure highlights IQ Option’s focus on providing traders with diverse opportunities while maintaining operational simplicity.
Deposits and Withdrawals
Making Deposits
IQ Option accommodates forex traders in Kenya with multiple deposit channels and a remarkably low minimum threshold of just 10 USD. The platform processes all deposits instantly, enabling immediate market participation. Available deposit methods include:
- Bank Cards: Visa and Mastercard are widely accepted
- E-wallets: Including popular options such as Skrill and Neteller
- Mobile Payment Systems: M-Pesa integration provides a convenient local option specifically for Kenyan users
- Bank Transfers: Available for those preferring traditional banking methods
All deposits are processed without additional fees from IQ Option, though users should verify whether their payment provider might apply charges.
Withdrawal Process
Withdrawing funds from IQ Option requires completing these essential steps:
- Account Verification: All accounts must be fully verified with proper identification documents before processing any withdrawal requests
- Method Selection: Withdrawals are typically processed to the same method used for depositing
- Minimum Threshold: The platform maintains a low minimum withdrawal amount of just $2
- Fee Structure: IQ Option permits one free withdrawal per calendar month, with subsequent withdrawals in the same month incurring a 2% fee (capped at $25)
- Processing Times: These vary by withdrawal method:
- E-wallets: Typically within 24 hours
- Bank cards: From a few hours up to 9 business days
- Bank transfers: Usually 3-5 business days
Currently, IQ Option does not support M-Pesa for withdrawals. Therefore, you will need to select an alternative withdrawal method to access your funds from your IQ Option trading account.
Special Considerations for Kenyan Traders
- First Withdrawal Rule: If you’ve deposited using a bank card, your first withdrawal must be processed back to that same card before using other withdrawal methods
- M-Pesa Integration: This local mobile payment system provides Kenyan traders with convenient access to their funds without international transfer complications
- Multiple Withdrawals: While several withdrawal requests can be made in a single day, remember the fee structure for multiple withdrawals within the same month
- Inactivity Policy: Accounts dormant for 90+ days may incur inactivity fees, so traders should consider withdrawing funds during extended trading breaks
The combination of multiple market access through a single account structure, alongside flexible deposit and withdrawal options with M-Pesa integration, positions IQ Option as a practical choice for Kenyan traders seeking both trading versatility and convenient fund management.
Commisions and fees
Trading Fees
IQ Option offers a commission-free account, where trading costs are included in its variable spreads. This means the spread will fluctuate, becoming either wider or tighter depending on trading volume and market volatility. Despite the variability, IQ Option’s trading costs are relatively low at just $7 per lot traded, which is significantly lower than the industry average. For comparison, trading costs on the EUR/USD pair at many other reputable brokers are typically around $9 per lot traded.
Swap Fees
IQ Option charges a swap fee ranging from 0.01% to 0.5%. During periods of extreme volatility, this fee can go up to 1.7% of the face value of the position for holding a position overnight. This is in addition to any interbank interest rates charged by the bank. Despite this, IQ Option remains competitive with its trading costs in the industry.
However, it’s worth noting that the broker’s tariff policy lacks transparency. For example, there’s no clear formula for calculating the spread, which also varies depending on leverage (according to their website). Additionally, there are different spreads for Forex and New Forex groups, which can cause some confusion. Moreover, IQ Option imposes a commission for withdrawing funds more than once a month.
IQ Option Trading Platforms
IQ Option only offers its proprietary trading platform, which also includes a free mobile app. However, I’ve noticed that it lacks customization and algorithmic trading features, which could be a drawback for some traders.
Mobile Platforms
For those who can’t stay at their trading terminal for long periods, IQ Option provides a free mobile trading app, available on both Android and iOS. I found the app is specifically designed for smartphones and mobile devices, allowing me to check my account status easily. Most of the indicators and tools available on the desktop version are also accessible on the mobile app.
Desktop Trading Platforms
Unlike many other CFD providers, IQ Option only offers its own proprietary platform. This could be a concern for some traders, especially since most other platforms also offer MetaTrader 4 or 5 in addition to their own software.
IQ Option’s proprietary social trading platform has become very popular among new traders. From my experience, the platform looks great, is easy to use, and has earned a solid reputation within the trading community. It features a large chart, which I find especially useful for monitoring market conditions. Margin trading is also available for certain instruments.
Additionally, the platform comes with a variety of trading tools that aren’t commonly found on other binary trading platforms, such as Moving Averages, Bollinger Bands, MACD, and RSI. It even allows traders to set up alerts based on more than 100 technical indicators and access an economic calendar.
I’ve also enjoyed participating in weekly contests, where the top traders of the week are displayed on leaderboards.
That said, compared to platforms like MetaTrader 4 and 5, IQ Option’s platform lacks customization. If you’re used to setting up your own charts in a customized workspace, you might be disappointed. Also, I’ve noticed that the execution speeds on IQ Option aren’t as fast as those on MetaTrader platforms, and it doesn’t offer algorithmic trading features.
Another downside is that none of the trading tools available on MetaTrader can be integrated into IQ Option’s platform. Plus, if you switch brokers, those who use third-party platforms like MetaTrader can take their customized version with them, which isn’t possible with IQ Option’s platform.
IQ Option Trading Tools
IQ Option offers a limited range of trading tools compared to other brokers in the industry. The platform includes various charting tools and technical indicators, but it lacks some of the additional features that are commonly available with other Forex brokers. For instance, IQ Option does not offer sentiment indicators or advanced analytics services like Autochartist or Trading Central. Additionally, its proprietary platform doesn’t integrate with third-party tools, which could limit flexibility for traders who rely on those services.
That being said, IQ Option does provide a solid selection of charting tools that help traders analyze market trends and predict future price movements. These charting options include candles, hollow candles, bars, areas, and lines, which can be used to track price action.
The platform also provides 13 different indicators that can be accessed directly from the charting interface. These indicators help traders identify trends and pinpoint potential trades with good profit potential. The available indicators include:
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Moving Averages
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Bollinger Bands
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Moving Average Convergence Divergence (MACD)
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Awesome Oscillator
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Volume Indicators
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Parabolic SAR
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Relative Strength Index (RSI)
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Stochastic Oscillator (Stoch)
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Average True Range (ATR)
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Average Directional Movement Index (ADX)
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Fractals
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Commodity Channel Index (CCI)
While these tools can be helpful, traders looking for a more comprehensive range of features might find them limiting compared to other platforms.
Binary Options Trading on IQ Option
On IQ Option, the Binary Options work similarly to other platforms. You need to predict the direction of an asset’s price within a specific time frame, ranging from one minute to the end of the month. If your prediction is correct (in-the-money), you can earn up to a 95% profit, while an incorrect prediction (out-of-the-money) results in losing your invested amount.
However, if you’re looking for a platform with easier access, faster deposits, and withdrawals, I’d recommend considering Deriv’s binary options trading. Deriv offers a more streamlined experience, particularly when it comes to funding your account and withdrawing profits quickly. The platform is also known for its user-friendly interface, making it easier for both new and experienced traders to navigate.
Educational Material
IQ Option’s educational materials are somewhat limited compared to other brokers in the market. IQ Option does offer an extensive video library aimed at educating traders. Since the platform’s core user base consists of younger, less experienced traders, the short videos are designed to cater to this group. These videos are concise and to the point, making them easy for beginners to digest.
Most of the videos focus on market news and updates, but there are also tutorials that introduce users to the IQ Option platform and provide a basic understanding of CFD trading. Additionally, a significant portion of the educational content is dedicated to cryptocurrencies, which is a popular area for many of IQ Option’s traders.
While this video library is helpful, it may not be as comprehensive as some other brokers’ educational resources, particularly for those looking for more in-depth learning materials. If you are new to forex trading in Kenya, do not entirely rely on the tools but they should act as a refresher guide. Seek professional hands on forex trading training from experienced traders instead.
Customer Service
IQ Option’s customer support is available 24/7, which is a significant advantage for traders who may need assistance at any time. However, while the support team is accessible, we found that their ability to assist with more specific or technical Forex-related queries could be limited.
24/7 Customer Support
IQ Option provides 24/7 customer support via telephone and live chat. In most countries, a toll-free phone option is available, though it is not provided in Kenya. Customer service is available in 16 languages, making it convenient for a wide range of traders. However, it’s important to note that the live chat feature is only available once a trader has registered an account.
For this review, we found that the customer support team was responsive and polite but struggled to provide detailed information.This lack of specific Forex-related knowledge could be a concern for traders who require more detailed and technical support on those aspects.
Advantages:
- Support is available 24/7.
- Multilingual.
Disadvantages:
- Slow response times.
- Limited knowledge on Forex-specific queries such as average spreads and leverage on various instruments.
While IQ Option’s support is available around the clock and covers a broad range of languages, traders might experience frustration if they need specific Forex-related assistance. For more specialized support on Forex trading, it might be worth considering a broker with more dedicated and informed customer service for Forex queries.
Final Verdict
IQ Option is a popular platform, particularly among beginner forex traders in Kenya, due to its user-friendly interface and social trading features. However, after evaluating its offerings, there are both advantages and areas that may not suit all traders.
Pros:
- Low Trading Costs: With trading costs at $7 per lot, IQ Option offers competitive fees compared to other brokers, where similar costs typically hover around $9 per lot. This makes it an attractive option for traders who are mindful of their expenses.
- Mobile App and Accessibility: IQ Option provides a free mobile trading app, which allows traders to access their accounts and manage trades on the go. The app includes most of the indicators and tools found on the desktop version, offering flexibility.
- User-Friendly Platform: The platform is well-designed, making it easy for new traders to get started. The social trading aspect is also a strong point, appealing to traders who enjoy interacting with others and learning from the community.
- Variety of Indicators: IQ Option offers a solid set of technical indicators such as Moving Averages, Bollinger Bands, RSI, and MACD, which are essential for analyzing the markets and making informed decisions.
Cons:
- Limited Trading Tools: IQ Option falls short in terms of advanced trading tools compared to other brokers. It lacks sentiment indicators, analytics services like Autochartist, and integration with third-party platforms such as MetaTrader, which could be a dealbreaker for more experienced traders.
- Lack of Customization: The platform offers limited customization options, which might be disappointing for traders who are used to personalizing their workspace and charts. It also doesn’t support algorithmic trading, which is a major limitation for more advanced strategies.
- Educational Resources: While IQ Option provides a video library, it is more focused on basic market news and cryptocurrency trading, which may not be sufficient for traders looking for in-depth educational content or comprehensive learning materials.
- Swap Fees: The swap fees, especially during periods of high volatility, can be significant, potentially eating into profits for traders who hold positions overnight.
- Lack of Transparency: There is some lack of clarity in IQ Option’s tariff policy, especially regarding the spread calculation and the varying spreads for different Forex groups. This can be confusing for traders, particularly those new to the platform.
Recommendation
While IQ Option may be appealing for beginners or those who appreciate a simple, easy-to-use platform, its limitations in terms of advanced tools, customization, and transparency may be a concern for more experienced traders. Additionally, the lack of integration with popular third-party platforms like MetaTrader can be restrictive for traders who are used to more flexibility.
For traders looking for more comprehensive features and a platform with a stronger regulatory framework, I would recommend considering CMA regulated brokers such as Exness. Exness is well-regulated in several regions, including Kenya, which adds an extra layer of security for local traders. It also offers a wider range of tools and resources, including MetaTrader 4 and 5, advanced charting options, and tighter spreads, making it a great choice for both beginners and experienced traders. The broker also supports faster deposits and withdrawals, which enhances the overall trading experience.
Exness’s strong regulatory presence and reliable customer support make it a safer and more versatile option compared to IQ Option, especially for traders looking for more advanced features and better regulatory oversight.