IQ Options: Are there alternatives?

IQ Options have made its name when trading binary options, forex, and the like especially with its mobile app now up and running. However, there could be better alternatives for investors as well.

 

● TradeKing

TradeKing is considered to be one the youngest companies as it was founded in the U.S. back in 2005. They had offices in Florida and North Carolina until they were recently acquired by Ally Financial last year, 2016. Their forex broker featured tools that helped users be aware of potential risks when making trades. In fact, it had a wide selection of technical indicators and had over 50 currency pairs even including a few rare currencies. For first timers, TradeKing has instructional videos and guides. Commissions are not made when users make trades which is great, but the spreads are usually high. The overall interface will also take some time for anyone to get used to it. Note also, that opening would cost a minimum deposit of $2,500.

● FOREX.com

Like TradeKing, no commissions are made when users trade with FOREX.com and only requires $250 to open an account which is the lowest compared to any broker. They also have 50 currency pairs but also has 50 technical indicators allowing users to even more meticulously plan out their strategy. The spreads are of average but can always get volatile. FOREX.com would also be a good choice for mobile users with them being available as an app as well. A big downfall, however, for both the app and website is in their charting. Users have very limited options when adjusting or manipulating data. These limited options are not even available on their mobile app.

● FXCM

Founded only 6 years before TradeKing, FXCM has recently been the subject of criticism in the industry with the parent company, Global Brokerage Inc., undergoing some financial issues and may take a long while to resolve. Putting that aside, for now, FXCM is pretty much straightforward. Their platform is easily customizable and has generally low spreads. They offer a mini account with a minimum deposit of $50 which could become standard once depositing at least $2,000. A demo account is available for those who also want to try them out first before actually depositing. The only downside to all this is that they have the highest commission when making trades.

● Interactive Brokers

US company Interactive Broker has been active for nearly 40 years now and has definitely built its reputation over the years as it is now arguably considered as the leading forex broker today. On the platform side of things, Interactive Brokers has a whopping 90 technical indicators. This makes it the best for the more experienced investor. Its platform is surprisingly easy to use and customize plus they offer competitive pricing as well. Aside from forex, users can even trade stocks, bonds, options, and futures. This almost seems too perfect to be true. That is because, for anyone to open an account, they will need to deposit a minimum of $10,000 which is by far the highest among other companies.

● Thinkorswim

Nearly as old as Interactive Brokers by being only 4 years younger, think or swim has topped many of the broker rankings with Interactive Broker being somewhat its rival. It has over 100 branches all over the country. Users can trade a total of 120 currency pairs which is by far the highest compared to others and can also trade stocks, options, and futures. Their platform has undoubtedly the widest range of trading tools and customization similar to Interactive Brokers. However, unlike them, users only need to $2,000 to open the account. Possibly the only downside to think or swim is that it is more expensive to do trading.