With a boom in online trading, many potential online trading platforms have emerged. Among the many platforms, IQ Options and Pocket Options are two of the most popular online trading platforms. They are relatively new trading platforms but have managed to attract hundreds of thousands of traders in a short amount of time.
IQ Options and Pocket Options have very close competition between them as they provide some of the best services. However, among these two online trading platforms, traders have many questions, such as which one is better, whether the IQ Option is legit, whether is pocket option legit, and why they should choose one of them.
As a result, in this article, we will discuss what are the advantages and disadvantages of both online platforms, as well as compare them so that beginners and traders can determine which online trading platform best meets their needs and requirements.
Advantages of IQ Options
IQ Options was started in 2013 with the goal of giving traders a place to trade online so they could invest in ETFs, binary options, cryptocurrencies, forex, and other markets. To further understand the reason why you should use IQ Options as an online trading platform, let’s discuss a few of its many advantages.
➥ Easy to Understand and Use
IQ Options has a very easy-to-navigate website and app with a very simple layout and interface. Plus, the app allows the trader to trade from anywhere, which is a great advantage.
IQ Options have been around in the online trading market for quite some time. This has made them very robust in their withdrawal and deposit procedures. They also have 24/7 customer service available, which makes them one of the most reliable and trusted online trading platforms. But users shouldn’t ignore some of the problems that customers have with withdrawals, deposits, and getting help.
➥ Offers Many Types of Accounts
IQ Options caters to all kinds of traders by providing a wide array of accounts so that people can choose whichever account suits their needs. For example, they offer demos, which allow people to test their strategies on historical data without any loss of real money.
The platform also offers many different kinds of accounts, such as real accounts, VIP accounts, and professional accounts. VIP accounts have special perks like a personal account manager, a high rate of return on investment, and more.
Professional accounts are specifically designed for experienced traders who have the potential to make high-risk assessments and make good trading decisions. This account comes with several restrictions, such as that the trader must be authorized. But this account also protects the trader from having a negative balance and lets them use a higher amount of leverage.
Advantages of Pocket Options
Pocket Options is an online trading platform that was designed by a group of experienced traders. The platform was designed with the goal of providing clear and simple-to-use websites and apps to online traders. Let’s further discuss some of its advantages to help you understand this platform a bit more.
➥ Minimal Deposits
One of the biggest advantages of Pocket Options is that it allows its traders to trade on their platform with a deposit as low as $8.
In comparison, other platforms require their traders to deposit a large amount in order to start trading. This advantage provided by Pocket Options makes it a highly accessible platform.
➥ Social Trading
The social trading aspect provided by Pocket Options serves as one of its most helpful advantages. This aspect allows the traders to copy and execute the trading styles and trades of other traders within ten seconds of their execution.
This, in turn, lets the traders completely copy the strategies that those traders used to win. When a trader makes a good trade, he can let other traders know about it on Pocket Options.
➥ Offer Many Types of Accounts
Just like IQ Options, Pocket Options also offers a wide selection of trading accounts for its users, one of which is a demo account. This account can be used by beginners to test their strategies on historical data without losing real money.
Other kinds of accounts include a novice trading account, which is designed specifically for traders with a balance of less than $100, and a master trading account, which has a deposit limit of $5000 and provides the perks of a 4% boost in profitability rate, and an Islamic account, which is applicable for all other types of accounts but serves an additional benefit to people who want to practice Islamic law. This account exempts traders from certain types of interest and overnight fees.
Other kinds of accounts provided by Pocket Options include MT5 Forex accounts, expert trader accounts, experienced trader accounts, and more.
Disadvantages of IQ Options and Pocket Options
After discussing some of the numerous benefits provided by both of these online trading platforms, let’s take a look at some of their drawbacks so that traders can make an informed decision about which platform to use.
According to a few reviews online, IQ Options requires a lot of RAM and has a slow website. The website also offers a few assets for you to trade in and charges an inactivity fee if the account has not been used for over three months. Plus, you can also not withdraw suddenly from the website, as it has a slow withdrawal process.
Pocket Options is not licensed by a reputable regulator. Some online reviews say that the platform doesn’t have good trades and has slow customer service. Just like IQ Options, Pocket Options also have a slow withdrawal procedure.