When choosing a forex and CFD broker, it’s important to find a platform that meets your needs in terms of trading tools, accessibility, fees, and customer support. Two prominent names in the industry are IQ Option and Exness. Both brokers have strong reputations, but they cater to slightly different types of traders. In this post, we will compare these two brokers to help you make an informed decision.
This table highlights the key differences between IQ Option and Exness, making it easier to compare the two brokers at a glance.
| Feature | IQ Option | Exness |
|---|---|---|
| Founded | 2013 | 2008 |
| Regulation | CySEC | FCA, CySEC, FSCA |
| Trading Platforms | Proprietary (Web & Mobile) | MetaTrader 4 (MT4), MetaTrader 5 (MT5) |
| Minimum Deposit | $10 | $1 (varies by account type) |
| Account Types | Standard, VIP | Standard, Raw Spread, Zero, Pro |
| Spreads | Competitive but wider on CFDs | Tight spreads (as low as 0.0 pips) |
| Leverage | Up to 1:500 | Up to 1:2000 |
| Assets Available | Forex, Binary Options, Stocks, ETFs, Cryptos | Forex, CFDs (Stocks, Indices, Cryptos, Commodities) |
| Customer Support | Email, Live Chat, Phone | 24/7 Multilingual Support |
| Withdrawal Speed | Fast but may vary by method | Known for quick withdrawals |
1. Overview: IQ Option vs Exness
IQ Option was established in 2013 and has grown to become a popular platform, particularly among beginners and traders interested in binary options. The broker also offers forex, cryptocurrencies, stocks, commodities, and ETFs. Its intuitive interface and low deposit requirements make it appealing to many.
Exness, founded in 2008, is a forex broker that primarily serves professional traders, offering more advanced tools, tighter spreads, and a wide range of account types. Exness focuses heavily on forex but also offers CFDs on stocks, indices, cryptocurrencies, and commodities.
2. Regulation and Safety
IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC), which ensures it operates in accordance with European financial laws. IQ Option also follows strict guidelines to protect traders’ funds, such as keeping client money in segregated accounts.
Exness is regulated by multiple authorities, including the Financial Conduct Authority (FCA) in the UK, CySEC, and the Financial Sector Conduct Authority (FSCA) in South Africa. These licenses provide strong oversight and security for traders, ensuring that Exness follows global best practices.
Verdict: While both brokers are regulated and safe, Exness has more regulatory coverage, which may appeal to traders looking for additional security.
3. Trading Platforms
IQ Option offers a proprietary web-based trading platform that is known for its user-friendly design. It’s simple enough for beginners while offering basic charting tools and indicators. The platform is also available as a mobile app, which allows users to trade on the go.
Exness, on the other hand, uses the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These are far more advanced than IQ Option’s platform and are preferred by experienced traders for their customizability and robust technical analysis tools. Exness also offers a mobile app for convenient trading.
Verdict: If you’re a beginner, IQ Option’s easy-to-use platform is a great choice. However, for more advanced traders who need access to comprehensive tools and indicators, Exness‘s MT4/MT5 platforms are the better option.
4. Account Types and Minimum Deposit
IQ Option requires a minimum deposit of just $10, which makes it accessible for those starting with a small amount of capital. The broker offers a standard account and a VIP account for high-volume traders, which includes some additional features like a personal account manager.
Exness offers multiple account types, including Standard, Raw Spread, Zero, and Pro accounts, catering to both beginners and professionals. The minimum deposit starts from $1, depending on the account type. Professional traders might prefer Exness due to its flexible account types and more specialized offerings, like the Raw Spread and Zero accounts that provide ultra-tight spreads.
Verdict: If you’re just starting out or want to trade with a small amount of capital, IQ Option is more appealing. Exness is better suited for professional traders or those who want more account flexibility.
5. Spreads and Fees
IQ Option offers competitive spreads, but its fees can vary depending on the asset you’re trading. Binary options trades have fixed returns, but when trading CFDs or forex, you may encounter wider spreads compared to more specialized brokers like Exness.
Exness is well known for offering some of the tightest spreads in the industry, particularly with its Raw Spread and Zero accounts. For major forex pairs, spreads can be as low as 0.0 pips, although commissions may apply on these accounts. Exness also offers leverage of up to 1:2000, allowing traders to amplify their positions.
Verdict: For traders focused on minimizing trading costs, Exness offers far better spreads and lower overall fees, especially for forex traders.
6. Asset Variety
IQ Option provides access to a wide range of asset classes, including binary options, forex, stocks, commodities, ETFs, and cryptocurrencies. This makes it suitable for traders who want to diversify their portfolio beyond just forex.
Exness primarily focuses on forex trading but also offers CFDs on stocks, indices, cryptocurrencies, and commodities. However, the range of non-forex assets is narrower compared to IQ Option.
Verdict: For traders looking for a broad range of trading instruments, IQ Option wins due to its diverse asset offerings. However, for forex-focused traders, Exness may be the better choice.
7. Customer Support
IQ Option offers customer support through email, live chat, and phone. However, users have reported that the response time can be slow at times.
Exness provides 24/7 customer support in multiple languages, which is a big advantage for international traders. Their support team is known for being responsive and helpful.
Verdict: Exness takes the lead here with its round-the-clock multilingual customer support.
8. Deposit and Withdrawal Methods
IQ Option supports various payment methods, including credit/debit cards, e-wallets like Skrill and Neteller, and bank transfers. Withdrawals are processed relatively quickly, but there may be delays depending on the payment method used.
Exness also offers a wide range of payment methods, including local bank transfers, credit/debit cards, and e-wallets. Exness is known for its quick withdrawal process, with many users reporting near-instant withdrawals through certain payment methods.
Verdict: Both brokers offer a good variety of payment options, but Exness is often praised for faster withdrawals.
Conclusion: Which Broker Should You Choose?
When comparing IQ Option vs Exness, the right broker for you depends on your trading needs and experience level.
- Choose IQ Option if you are a beginner trader looking for a user-friendly platform, low minimum deposits, and a diverse range of assets, including binary options.
- Choose Exness if you are a professional or experienced forex trader seeking low spreads, advanced trading tools, and a reliable trading experience with quick withdrawals.
Ultimately, both brokers have unique strengths. Your choice will depend on your individual trading goals and preferences.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.