CloseOption vs IQCent

CloseOption or IQCent – which is better for UK traders 2024? Compare CloseOption and IQCent in this detailed breakdown of their platforms, features and fees.

CloseOption vs IQCent Comparison Table 2024
CloseOption IQCent
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3.8
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3.7
CloseOption is ranked #3 among binary options brokers. IQCent is ranked #2 among binary options brokers.
Review
Review
CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software. IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
Pros
  • New traders can get started with a $5 minimum deposit
  • CloseOption offers weekly trading tournaments with cash prizes
  • The user-friendly platform is compatible with most web browsers
  • Multiple global payment methods are available
  • Free demo account
  • The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
  • The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
  • IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
  • CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD
  • The broker's 24/7 customer support is fast and reliable, responding within 1 minute during tests
  • There's an accessible $0.01 minimum stake for new traders with a small budget
  • Keen traders can take part in trading contests with cash prizes
Cons
  • Clients need to deposit $50,000+ to qualify for the best payouts
  • CloseOption is not regulated by a well-regarded trading authority
  • Binary options are only available on fiat and digital currencies
  • IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
  • The broker is not overseen by a respected regulator, though this is common among binary options firms
  • IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
  • The market analysis is very basic with limited technical summaries and insights from analysts
  • There's no automated trading support for algo traders
Awards
  • Best Binary Broker 2023 - DayTrading.com
FCA Regulated
No

List of FCA Regulated Brokers

No

List of FCA Regulated Brokers

Instruments
Binary Options on Forex & Cryptos Binary Options, CFDs, Forex, Indices, Commodities, Crypto
Bonus
20% to 200% Deposit Bonus
Demo Account
Yes Yes
Minimum Deposit
$5 $250
Payment Methods
Minimum Trade
$1 $0.01
Regulator
National Bank of Georgia IFMRRC
Mobile Apps
iOS & Android iOS & Android
Trading App

CloseOption’s TradeRoom stands out as a fantastic option for beginners, with its streamlined design minimizing the learning curve. It’s super easy to place short-term trades from 5 seconds with basic charting tools at your disposal. Tutorials and frequent updates with video demonstrations also enhance the experience, while weekly contests are available to skilled traders on the go.

IQCent offers mobile trading directly through major browsers with an intuitive design that we love. You can navigate your account, browse assets and trade binaries in a few clicks. Straightforward access to the copy trading feature at the bottom is also a bonus, alongside the interactive charts which you can pinch to zoom.
iOS App Rating
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3.7
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4.3
Android App Rating
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3.5
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4.1
Margin Trading
No Yes
MetaTrader 4
No No
MetaTrader 5
No No
cTrader
No No
AlgoTrader
No No
OmniTrader
No No
TradingView
No Yes
Autochartist
No No
eSignal
No No
Trading Central
No No
STP Account
No No
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No No
Robo Advisor
No No
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
No No
Auto Trading
No
Copy Trading
No Yes
Copy Trading Platform
A copy trading service is pre-integrated into the broker’s web platform, where you can follow and replicate the trades of up to 10 established investors. Where it shines is its ease of use - you simply decide how much you want to invest and hit 'copy'. On the downside, the pool of master traders is narrow and you get limited data on past performance, making it less reliable.
Social Trading
No Yes
VPS Hosting
No No
Tournaments
No Yes
Demo Competitions
Yes No
Ethical Investing
No No
Custodial Account
No No
Guaranteed Stop Loss
No No
Inactivity Fee
0.5% $10
Islamic Account
No No
Account Currencies
  • USD
  • USD
  • EUR
Commodities
  • Gold
  • Copper
  • Oil
CFD
CFDs are available on forex, indices, commodities and cryptos, although the range of 100+ instruments is limited compared to alternatives such as Quotex with 400+. Leverage is available up to 1:500 but the $250 minimum deposit is noticeably higher than competitors.
Leverage
1:500
FTSE Spread
1.4
GBPUSD Spread<
0.8
Oil Spread
0.05
Stocks Spread
N/A
Forex
CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD. IQCent traders can access CFDs or binary options on 45+ forex pairs. CFD spreads start from 0.3 pips and binary options payouts are decent up to 95%. This is competitive compared to Pocket Option, for example, offering forex payouts up to only 81%.
Assets
20+ 49
GBPUSD Spread
No fee - payouts approx. 80% (Copper) 0.8
EURUSD Spread
No fee - payouts approx. 80% (Copper) 0.3
EURGBP Spread
No fee - payouts approx. 80% (Copper) 0.8
Cryptocurrency
CloseOption traders can access high/low binary options on five major cryptos all paired with USD. Payouts of 40% are available due to digital assets' high market volatility, which compares well with rivals. IQCent offers 17 crypto pairs through its proprietary terminal, including Bitcoin, Ethereum and Litecoin. Leverage on crypto CFDs is capped at 1:10, whilst binary options payouts vary by token but remain competitive. OTC assets, for example, pay out up to 95%.
Spread
No fee - payouts approx. 40% (Copper) Variable
Coins
  • BTC
  • BCH
  • ETH
  • LTC
  • XBT
  • BTC
  • ETH
  • LTC
  • ETC
  • DOGE
  • MATIC
  • QNT
  • SOL
  • XRP
  • USDT
  • XMR
  • BNB
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
Binary Options
CloseOption offers binary options trading on 30+ fiat and digital currencies through an easy-to-use web-based platform. 15 contract timeframes are available from 30 seconds to 1 month, suiting both short-term and long-term traders. New users also get a joining gift. IQCent offers binary options with above-average payouts up to 98%. The broker supports an online platform with basic analysis tools but a wide range of timeframes, from 1 minute to 1 month, catering to short and long term trading strategies. Considering the negatives, there are no binaries on stocks.
Payout
95% 98%
Expiration Times
30 seconds - 1 month 5 seconds - 1 month
Boundary Options
No No
Ladder Options
No No
CloseOption IQCent
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