Update (January 2017): IQ Option has decided to discontinue the IQ Robots service. This is their official announcement: “After careful consideration, the team concluded that the service was not performing up to our high standards of quality. Both Integrity and Respect for our users remain key values of IQ Option, thus the operation of IQ Robots will cease by January 17th, 2017. We apologize for any inconvenience caused and hope for your understanding.”
Welcome to our IQ Robots review! IQ Option is one of the best brokers we can recommend for both newbie and experienced traders. Newbies can benefit tremendously from their FREE UNLIMITED DEMO account. It doesn’t even require a deposit or any payment details to use. For those looking for a low-deposit broker, IQ Option is a great choice. Their minimum deposit is just $10.
If you don’t already have an account with IQ Option, it takes just 2 minutes to create one. It’s totally free and you will be able to immediately start trading on a demo account.
Many people used to ask me if they could use IQ Option with any one of the other best performing robots and signal services. One of the questions we were getting again and again was: Can I use IQ Option with an Auto Trader? To which we always had to answer that “no, IQ Option is not available with any auto trading software.” This was not a bad thing. Many Auto Traders are scams. The fact that IQ Option does not work with scam auto traders is another indication that they are highly trustworthy. Indeed, many people regard them as one of the most legit binary options brokers available.
We’re very happy to announce that today our answer is quite different. In September 2016 IQ Option launched an auto trading system of their own! IQ Robots will be the subject of this comprehensive review.
Note: IQ Option is not accessible in the United States and a few other countries (see below). Binary Mate offers a very similar platform and they accept everyone.
IQ Option Review
IQOption.com is a binary options brokerage firm which is EU-regulated by CySEC since 30/07/2014 under license no. 247/14. Except for being regulated, here are some of the benefits you will get if you sign up with IQ Option:
- They offer a very low deposit requirement ($10).
- Minimum trade size is $1.
- Payouts: Up to 91%.
- A FREE UNLIMITED DEMO account is available. You can sign up and trade without making a real deposit.
- Free education section.
- They host exciting trading tournaments. One of my fellow traders was having financial difficulties. After a few days of not hearing from him, this is the message he sent me: “My problem is solved with the help of binary options. I won in the tournament in binary option and got 1896$ by achieving third place using the breakout trading pattern and the martingale trading pattern..”
- More than 10 trading patterns.
- Buyback feature can be used to cancel a trade and get a compensation.
- You may deposit and withdraw using credit and debit cards, wire transfers, Neteller, CashU, Skrill, WebMoney, Poli and Qiwi.
- Available expiries: 60 sec, 15 min, 30 min, 1 hour, and many more!
- Mobile apps for iPhone, iPad and Android
A robot by IQ Option! Wow, now that’s amazing news! A binary options trading robot created by one of the most trusted brokers in the industry. IQoption is hands-down one of the best binary option trading destinations one could wish for. It has always had outstanding features, which left their competitors in the dust. They are still one of a handful of binary option brokers to offer a completely free and no-strings-attached demo account. They also feature a minimum deposit of just $100, and a minimum investment of $1.
General Risk Warning: Investments involve a high degree of risk and the use of robots does not guarantee success or minimise your risk.
IQ Option’s Regulation and Reputation
To make a long story short: this operator has everything going for it. For years, they’ve dominated the binary option scene, thanks to the near-perfect feature package they put together. There was just one shortcoming many traders used to point out: the site did not work with auto-traders or any third-party trading robots. Had it not been for this “issue,” IQoption may well have gobbled up the lion’s share of the global binary option market.
This “issue” of theirs is much more intricate though. It could never have been solved by the opening up of the platform to auto trading. Everyone involved with binary options knows that the vast majority of auto traders are scams. They are associated with various brokers of a dubious moral compass, most of whom aren’t licensed to begin with.
A company of IQoption’s stature would never get involved in such shady activities. This lack of an IQRobot solution led to the development of various halfway traders, which could be put to use with MT4 brokers through plug-ins. These robots had serious limitations though and in the end, they turned out to be but a flash in the pan, compared to what IQoption have come up with now.
Robot Trading is Now Possible at IQoption
Yes, that’s right! While IQoption still do not allow third-party auto traders, they have come up with something much better, something which may carry the seeds of industry-changing greatness. Instead of allowing third party applications, they have created a whole platform, which allows traders to create their own IQRobots. This is nothing short of a glimpse of the future of the binary options industry.
The IQRobots platform is about much more than that though. It gives skilled traders the chance to translate their abilities and knowledge into something that will literally do the “dirty work” for them. Furthermore, the responsibility for the success or failure of the created systems will rest exclusively with their creators. The IQoption robots place another layer of interaction between the retail trader and the market, a layer over which the trader has full control.
- IQ Robots allows you to construct your own trading algorithm
- Configure the trading patterns your IQ robot uses to generate signals or the conditions under which the robot will make trades
- Set capital management parameters such as stop losses and martingale
- Test your IQ robot on historical quotes to know how profitable your trading pattern is
- Once you create an IQRobot, it will become publicly available to all IQ Option users
- You are able to access and make use of other IQ robots
- Statistics are available on the most successful robots
Is IQoption Robots a Scam?
If you’ve read through the above, you already know that this question doesn’t make any kind of sense. The trading robots created by the users through the power of the IQoption’s new IQ Robot platform, cannot possibly be scams in any way. They are used by their creators after all. The conundrum posed by this question shows a fundamental lack of understanding of IQoption’s moves. Some reviews out there tell of an IQoption IQRobot or several such robots…No. What we’re looking at is a robot-creation platform which can in theory yield an unlimited number and variation of trading robots.
IQoption Robot Features
Before we get into this, let’s make it clear again: we’re talking about the features of a trading robot creation platform and not a given robot or auto-trader.
The IQ Robots platform is completely free and open to everyone. What’s more, it’s available in English as well as Russian, so language-barriers are somewhat alleviated as well. One could speculate that they might add further languages in the future.
There are two types of robot constructors available: a simple and a complicated one. This feature is obviously meant as a sort of custom-tailoring to traders’ individual skills and level of technical analysis knowledge.
The fact that you can test every one of the robot’s parameters risk-free on historical data, will be of massive help to robot creators. This will essentially allow them to see whether their trading robot is sound at the core or not.
Everything has been built from the ground-up with ease of use in mind
With IQ Robots, traders are able to set various trading patterns and conditions under which the robot will act upon the resulting signals.
The power of the IQ Robots platform covers another important facet of profitable trading: capital management. Robot builders will be able to set stop-losses, or adopt the Martingale approach to money management (not something I’d personally recommend though).
I have left the most interesting and potentially most impactful IQ Robot feature last. The General List of Robots is where the most successful trading robots will be featured for everyone to see. Not only will robot makers be able to feature their creations there, everyone will be able to use these robots, for free. When using a featured robot, one will still have to set conditions to execute trades and a capital management strategy, so even in this situation, a certain degree of control will be retained by the individual user.
How can you get into the robot trading action at IQ Robots?
There are three ways.
- By simply grabbing someone else’s robot, through the IQoption Robot Catalog.
- By creating a trading robot through the Robots.IQoption Wizard.
- By creating a robot with the constructor.
The IQoption Robot Catalog
The Robot Catalog is the most interesting component of the IQ Robots platform. Robots here are categorized based on their popularity and on their profitability. Obviously, in most cases, these two categories overlap significantly. Those interested in putting other people’s robots to work can also search for them based on accumulated profits, return percentages and drawdown.
Once a robot is created, it automatically shows up in the Catalog, and everyone can put it to use, for free. Only the creator is able however to modify the inner algorithms of the robot. In the catalog, the robots are displayed accompanied by some basic information, such as the name of the creator, the number of copiers, the total profit and the maximum draw down.
Robot selection can be further refined by taking a closer look at performance over a specified period of time, like the last 24 hours, 7 days, one month etc. Asset-selection is also a factor here, as is the option-type. There are Turbo options, which expire at the 5-minute mark, and regular binary options, the expiry of which is set to more than 5 minutes. An advanced search button is also available for further filtering.
Having located a robot, the user can turn it right on, in a real money or a demo environment, or he/she can opt to test it first. As said above, several of the robot’s settings can be tinkered with. In case its settings are indeed changed, it is always recommended to test it, before setting it loose in real money trading.
Test your IQ Robot before using it!
Back-testing is the most important feature of the IQ Robots platform, as it allows traders to test individual settings almost instantly, without having to put in weeks and months gathering their own data.
Whether one runs a robot on the back-tester, a real money account or a demo one, he/she can set a loss limit, a maximum number of consecutive losing trades and a profit target. Once either of those conditions are met, the robot stops trading until further notice from the user.
You can run several such robots, and you can always stop and delete any of them at will from the “My Robots” section of the platform, where one’s selected robots will always be present. This section also enables you to view detailed statistics on every one of these robots at the click of a button.
The IQoption Robot Wizard
The Robot creation wizard is the first stop for those looking to create their own trading robots. There’s a detailed video presentation available on the wizard, at Robots.IQoption. Traders should definitely watch it, before they venture into robot creation. The wizard comes with a number of ready-made trading patterns, many of which are chart-pattern based ones, like the Piercing Pattern, the Pin Bar or the Three Black Crowns.
These are especially useful if one has a certain trading pattern in mind when starting up the wizard. One can of course disregard all these trading patterns and create his/her own, from scratch. For this purpose, the platform has a number of inbuilt indicators which generate their own signals. One can combine these signals through the use of “AND” and “OR” operators. This way, a series of rules can be established which need to be fulfilled for a trading position to be opened.
Furthermore, indicators can be combined for use as filters on top of algorithms built with other indicators. This stage is followed by the creation of a money management method. There are several presets available in this respect: we have the martingale system, the percentage of balance, the reinvestment of profits and the fixed amount method. The final touches are about the setting of the traded asset, and the investment amount. Robots are tested before they’re published in the Robot Catalog.
The Robots.IQoption Constructor
The Robot Constructor is where the big boys play in terms of trading robot creation. This section of the Robots platform comes with its own video tutorials too and it gives traders more tools to accomplish the goals they’re aiming for. Typically, the creation of a robot through the constructor involves the acquiring of candlestick or tick values, which are then combined with several trading signals and filters of the type described above.
The tool categories made available in the constructor include logical, mathematical and trading tools.
The tutorial videos available in this section cover the creation of robots based on the Doji candle, on the RSI indicator and the MA indicator.
An RSI IQ Robot
RSI (Relative Strength Index) is a technical analysis momentum indicator. It reflects the strength of the recent price performance of a certain asset. RSI values of 70-100 indicate an upcoming reversal of a trend due to overbuying of the asset. A value of 0-30 indicates an opposite reversal due to overselling. In general, a value of 30-70 signifies that the trend is going to continue.
Using IQ Robots with Mike’s binary signals
Many of the successful traders on Mike’s manual signals group started as demo traders with IQ Option. They then went on and created real accounts with IQ Option and other brokers. Now with IQ Option Robot you will be able to tap into the trading patterns of our signal providers and generate similar signals on complete autopilot by entering the relevant trading pattern to the IQ Option Robot.
The Robots.IQoption Tournament
What could bring satisfaction to a robot-creator above and beyond profits? The glory and bragging rights resulting from the winning of a competition of course!
There’s actually a robot trading tournament running for those who use their robots on real money accounts. In order to take part in the tournament, one has to have a real money robot make at least 20 trades during a one-month period. There are two factors by which the robots are judged at the end of the competition: efficiency and raw profit amount. The winner in each category picks up a $2,000 prize, while the runner-up and the second runner-up get $1,000 and $500 respectively. The first edition of the IQoption Robot Tournament took place between August 16 and September 16, 2016.
Testimonials from real traders
Please let me know if you have any experience with IQ Option and I’ll include your testimonial in this review.
“Also if you have any information about iqoption as binary options broker. I am testing it and has really a very good trading plattform, indeed, the best one I have seen, with very a big surface, can display tradings in form either of ticks or of candles up to one minute, some indicators can be used too, trend lines the trading plattform can be used in demo account even without having to first deposit any money and a real account can also be opened beginning with 10 euro and trades can be individuallöy selected beginning with 1 euro. They sit in London and they say they are regulated. Offer both 60 second trades and binary options.”
“I have received a call from IQ Option by a gentleman who is providing me with assistance in the matter. I am genuinely blown away by this customer service. I have received my deposit back from IQ Option to my card and the Bankwire transfer currently being processed. The truth is that I should have been a bit more patient with them as they do seem to be doing exactly as promised and for this I am grateful.”
See also an interview with an IQ Option trader.
IQ Robots Review Conclusion
IQ Option is an excellent broker. Their auto trading platform is a great choice for experienced traders who are looking to automate their trading patterns. Newbies would also be able to benefit by using IQRobots that have good statistics.
IQoption’s Robots platform requires no programming knowledge on the part of creators. It makes copy-trading easy as 1-2-3, it offers full control over the robots and it lets traders pursue their profits in an automated way. By the looks of things, this platform may well go down as the binary option innovation of the year.
The downside to IQoption Robots is that the creation of complex trading robots requires a profound understanding of technical analysis.
|Platform name||IQ Option IQ Robots|
|Objective||Creation of trading robots|
|Launched in||2016; IQ Option was founded in 2013|
|Trader demographics||All countries, except USA, Canada, Australia, Japan, Russia, Turkey, Israel, Syria, Sudan and Iran. The Android app is unavailable in Malta, Myanmar, Liechtenstein and Cuba.|
|24/7 Support||English, Russian, Turkish, German, Spanish, Portuguese, Chinese, Swedish, Korean, French, Italian, Arabic, Indonesian|
|Deposit/withdrawal methods||Credit Card, Wire Transfer, Skrill, Qiwi, WebMoney, CashU, iDeal, Fasapay, Neteller, Boleto|
|Withdrawal||Up to 3 working days|
|Assets||100+ Currency pairs, stocks, indices and commodities|
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Restrictions – You won’t be able to sign up with IQ Option if you’re in the one of the following countries: USA, Canada, Australia, Belgium, Russian Federation, Japan, Turkey, Israel, Iran, Syria and Sudan. Users from Malta, Myanmar, Lichtenstein, Cuba cannot trade on the Android app.
Read about our most recommended trading pattern: the 60 Second Price Action Trading Pattern.
Please comment below if you have any questions or feedback regarding IQ Option IQ Robots!
IQ Option FAQ
Got any questions about IQ Option? You’re welcome to contact me.
What documents do I have to send in order to verify my account?
You will need to send scanned copies of a government issued ID, a utility bill and a copy of your signed credit card if that is the withdrawal method you are using (hide the credit number, obviously).