Finding the right binary broker can be difficult if you are new to the online trading world. However, we have simplified everything for you! If you are from Sweden and interested in binary trading, you must check our guide – The 3 Best Binary Options Brokers in Sweden – Comparison and reviews.
In this guide, we have tried to cover each and every aspect of the binary trading platforms- Quotex, IQcent, and IQ Option. The features discussed are:
- Fees and commission (if any).
- Types of accounts they offer.
- Deposits and Withdrawal
List of the 3 best brokers in Sweden
What you will read in this Post
Quotex is a registered trademark of Awesomo Ltd, a Seychelles-based corporation regulated by the International Financial Market Relations Regulation Centre (IFMRRC).
In November 2020, the firm received its license as a licensed broker. The brokerage aims to combine sophisticated tools with simple digital options products.
In 2017, a group of trading specialists established IQCent. This broker has a main office in Majuro, Marshall Islands, and offers both binary options and CFD assets to its clients. IQCent is also well-known for being the first broker to trade in cents.
None of these respected regulatory agencies regulate or register this broker. As a result, clients who wish to trade with IQCent should exercise caution while doing so.
#3 IQ Option
With over 48,000,000 registered users and over 1,000,000 daily transactions, IQ Option has quickly become one of the most popular trading platforms for traders all over the world.
The CySEC regulates IQ Option, which is based in Cyprus (Cyprus Securities and Exchange Commission).
What are Binary Options trading in Sweden?
There are various names for binary options. Some refer to it as forex, while others call it digital or all-or-nothing options, fixed-return options, barrier options, and two-way options.
It is an option where the payoff is designed to be either a specific pay level if the term ends in the cash or none if the deals go out of money.
Traders must pick between the replies “yes” or “no” to the issue of whether the price of an asset will be greater or lesser than the specified level at a specific moment in time.
Thus, one can trade in cryptos, Swedish Krona, or swiss trades of their liking on the discussed platforms.
Financial regulation in Sweden
The online world has been swept up by binary options trading. Investors can swiftly build their portfolios with this profitable investment opportunity.
Many traders are interested in this chance, so how does this investment approach fare in the eyes of Swedish investors and regulators? Let’s take a look inside.
Binary options trading is allowed in Sweden, although it is unregulated, as it is in Europe. This opens up a plethora of binary options platforms for you to pick from.
Nevertheless, not all are reputable, and investors should exercise caution when dealing with some Swedish brokerages. Many brokerages operating out of Sweden are not regulated by the Financial Institutions Authority (FIA), a little-known truth by SFSA (Swedish Financial Supervisory Authority).
Because brokerages in Sweden are not needed to be regulated, investors may be unsure which broker to choose when trading binary options.
Nonetheless, there are still trustworthy brokers licensed by the FI in Sweden to choose from. In Sweden, as in most other regions of the world, the binary options trading sector is still relatively new and immature.
However, as the practice becomes more common among Swedish investors, we should expect to see stricter rules and improved security as a result.
Platforms for trading
When choosing a trading platform in Sweden, any trader should check to see if it is regulated by the FI (Swedish Financial Supervisory Authority).
Platforms governed by the FI are subject to tight regulation and must meet all of the FI’s criteria. Venues that have also been approved and regulated by FI have demonstrated their competence and reliability.
The top trading platforms in Sweden provide investors with cutting-edge software and technology, superior customer service, inventive and precise design, and stringent regulatory compliance, all contribute to excellent security.
Bonuses are nothing new in the binary options world. This is also true for Swedish brokerages.
Companies provide a variety of bonuses to entice customers to sign up, make additional deposits, or just to keep them trading on their platform. The following are some of the most prevalent bonus types:
• Welcome Incentive – This is the most prevalent sort of bonus, in which you are given money just for signing up with a brokerage and making your first deposit.
• No Deposit Incentive – Similar to the welcome bonus, this bonus pays you with money simply for joining up and does not need you to make a deposit.
• Mobile Incentive – This is a reward for downloading and utilizing a brokerage’s mobile application.
• Refer a Friend Incentive – Get money for encouraging a friend to sign up, albeit they may have to pay a minimum deposit.
These bonuses come in a wide variety of shapes and sizes, but they all end in the trader saving or earning money to spend for platform trading.
Options for deposit and withdrawal
There are numerous ways to input and withdraw money in today’s society. You can get paid at any time, from all over the world, using various methods.
Swedish brokerages are no different, refusing to accept a variety of deposit and withdrawal methods. The following are the most prevalent methods:
• Bank Wire Transfers – A bank wire transfer can be completed by almost anyone anywhere globally. The use of bank wire transactions is not restricted in any way.
Among Swedish investors, this strategy is proving to be highly popular.
• Credit Card – This is a straightforward alternative for investors, commonly recognized in Sweden. In Sweden, there is a high level of trust in using credit cards for deposits and withdrawals. Many Swedish investors also prefer a debit-visa card.
•Securities Transfers – This is an alternative for people who plan to make significant deposits or withdrawals. It is determined by the kind of account and the minimum deposit amount.
• E-Wallet Providers – Another common approach among Swedish investors is to use an electronic wallet. PayPal, Neteller, Skrill, and Klarna, a Swedish payment processor, are all popular online money transfer methods in Sweden.
Regulations & legality
Binary options trading are currently allowed in Sweden, as it is in the rest of Europe. The law classifies binary options as both securities and a form of gambling.
They are, however, regarded as financial instruments in the majority of cases.
Furthermore, only because binary options are lawful does not imply that they are regulated.
FI is Sweden’s regulatory body (Swedish Financial Supervisory Authority). Binary options are frowned upon by this authority, which believes they are an unsuitable product for investors.
This does not, however, prevent them from attempting to protect investors. The Financial Industry Regulatory Authority (FIRA) publishes warning lists of fraudulent binary options brokerages.
They also demand that any international brokerages aiming to provide services to Swedish clients notify the FI prior to doing so.
#1 Trading Fees- Quotex
The profit on Quotex is calculated with its respective tools and instruments that fluctuate on the basis of parameters like the number of available assets, time to execute the transaction, along economic developments.
For instance, today, the EUR/USD is trading at a profit of 80 percent, so if a client or a customer buys $1000+ assets and keeps a check on the fluctuating curve of its value, it would eventually end up with a benefit of $1800.
If you are trading operations, Quotex won’t charge you a single penny for commission.
#2 Trading Fees- IQcent
There is no commission charged for running or opening, or withdrawing the amount. Also, one can start trading with a minimum fee of $0.01.
#3 Trading Fees- IQ Option
One of the best things when it comes to IQ Option is its transparency. They have systematically differentiated their charges so that no one gets confused. The fees are discussed below:
- Spread- The spread charges differs from person to person. The amount solely depends on what you bid, the liquidity, trading hours, and the volatility of the assets.
- Commissions – A 2.9 percent commission is levied on cryptocurrency trades.
Swap costs, sometimes known as overnight funding fees, are a type of fee. Swap commissions range from 0.1 percent to 0.5 percent. For positions that are open over the weekend, the prices are three times greater.
• Inactivity fee – IQOption charges a €10/month fee for accounts that have been inactive for 90 days.
• Withdrawal fee – payment service providers, do not charge withdrawal fees. The charge for bank transfers is $31.
#1 Account Options- Quotex
Quotex provides three easy-to-access live accounts you can pick. These accounts are Standard, Pro, and VIP.
The standard or the primary account is for amateurs or beginners who aren’t sure about professional trading yet. Thus, keeping their benefits in mind, Quotex.io gives them an essential profit percentage to guard their interests.
To receive the best of profits, one can avail to the Pro account.
However, there are a few conditions to regulate a pro account. For instance, a person who makes a minimum deposit of $1000 is eligible to operate a pro account.
To maximize the profit on this trading profit, one can open a VIP account. To run a VIP account, one needs to make a minimum deposit of $5000.
Once you open a VIP account, you will receive increased profits and other recurring perks and deals as a trader.
In short, whatever account you have, you will get full access to online choices products and reliable customer support. One can trade in the following currencies:
- US dollars
- Brazilian Reals
- Ukrainian Hryvnias
- Easy to understand user interface with a reliable online trading platform.
- A very minimal deposit amount with no charges for withdrawal.
- It runs in more than 19 global languages, so English-speaking traders in Sweden can easily trade over this platform.
- Copy-trading support tools are available.
- Various trading signals are available on Quotex.
- One can receive up to 40% bonuses over their trade.
#2 Account Options- IQcent
The account types are as follows:
Bronze account: The bronze account is ideal for traders who want to make a small initial deposit of only $10.
It includes copy trading tools and live chat video help 24 hours a day, 7 days a week. Furthermore, the bonus is 20%, with a withdrawal time of less than an hour.
It offers a free trial account as well as access to copy professionals.
Silver Account: The silver account is for traders who have made $250 in mining deposits. This account size includes a 50% bonus and a demo account.
Furthermore, if you create an account, you will have access to live chat customer service 24 hours a day, seven days a week.
Yes, copy trading is available during the master class web session. With the first three risk-free trades, however, the withdrawal takes less than an hour.
Gold account: With a minimum deposit of $1000, the gold account appears to be the best.
It includes all of the IQcent features and live chat customer assistance 24 hours a day, 7 days a week.
It also has a demo account with a 100% deposit bonus. You will receive a personal success manager if you sign up for a gold account.
Moreover, this online trading platform will supply Copy-trading-specific tools, a master class (online session), and three risk-free trades to you.
- Proprietary trading is allowed to the traders via a web-based application.
- Various tools for copy trading are available on the platform to intensify the withdrawal amount.
- One can get bonuses up to 200%.
- The account requires a minimum deposit of as low as $10.
- Reliable customer support.
- One can use more than 100 tradable assets.
#3 Account Options- IQ Option
There are two types of accounts provided:
• Standard Account -To start with the basic level of trading on IQ Option, one needs to pay off only $10 from their pocket. With this, you will have access to over 350 different assets with other excellent facilities. Not only that, one can withdraw their amount within 24 hours. With the standard version, you will also have access to tournaments organized on this platform.
• VIP Account – This account is for clients that deposit $1,900 or more in two days. One gets an advantage of earning returns up to 3% more than that from a standard account. One will also get access to a personal account manager and monthly reports for analysis. However, if someone’s country comes under EEA, they might not benefit from this version.
- The minimum deposit is $10, and the minimum trade is $1. The maximum leverage is 1:500.
- Lowest Spreads on Currencies: 0.5 pips
- Available on Android, iOS, Windows, and Mac OS trading platforms.
- Coverage of a Wide Range of Assets
- Regulation at the European level.
- Best suited for novice traders.
#1 Deposits- Quotex
Anyone can start trading with the help of Quotex with a minimal amount of $10. There are currently two accounts provided- demo and live.
#2 Deposits- IQcent
The lowest trade size is 0.001, and the minimum deposit is $20.
#3 Deposits- IQ Option
IQ Option provides their customers a wide range of choices to deposit money. One can pick up whatever they like as per their convenience or country of residence.
Bank transfers are shared, but you can also use your credit or debit card, e-wallets, or cryptocurrency wallets to make deposits. Before you may deposit money into your account, you must complete the account verification process.
#1 Withdrawal- Quotex
Quotex allows you to deposit and withdraw funds using a variety of methods that vary by country, including the most common and widely utilized payment methods used by binary options brokers, such as bank cards, cryptocurrencies, e-wallets, and wire transfers!
#2 Withdrawal- IQcent
The methods to withdraw your amount are pretty similar to that of the deposit. To modify this, you must contact their customer service department.
You should also be aware that the minimum withdrawal amount is $50. Withdrawals for bitcoin, ethereum, and altcoins are processed in less than an hour. However, bank wires and credit/debit cards may take 2 to 6 business days in rare circumstances.
#3 Withdrawal- IQ Option
One can withdraw their money using the following ways:
• Withdrawal by credit/debit card
• Withdrawal by wire transfer
• Withdrawal by e-Wallets
A withdrawal request is made using the identical techniques that you used to deposit money. Verification is required.
A $10 minimum initial deposit is required for the primary account. Meanwhile, the same features as the VIP account are available to the user.
However, the primary and VIP accounts differ in a number of ways.
The VIP account exposes the user to higher payouts, more training materials, and inclusion into more significant competitions (some of which offer prizes worth up to $100,000!). A $3000 minimum deposit is required for the VIP account.
#1 Customer Support- Quotex
In case of any queries or personal advice regarding the platform, one can ping the Quotex the team directly via their interface through a ticket or using the live 1:1 chat option.
If your query still isn’t resolved, you can always mail them on their support mail id- [email protected].
#2 Customer Support- IQcent
IQCent focuses on offering its users the most excellent customer care, with live video chat help available 24 hours a day, seven days a week. When you first access
On the site, you will see a webchat window where you can communicate with a professional. They are both well-informed and quick to respond.
By creating an account, you can use their private chat option. You’ll be conversing with them just like a group member if you can’t use the private chat option.
English, French, German, Thai, Chinese, Yiddish, and many other languages are supported through the chat feature.
#3 Customer Support- IQ Option
IQ Option provides their customer support via telephonic calls, a 1:1 live chat option, and emails. One can interact and resolve their queries in over 20+ languages.
This support is only offered in 18 nations, including India, Thailand, Australia, Brazil, Spain, and Germany.
#1 Mobile App- Quotex
Quotex doesn’t have a smartphone application for now. Though, one can always use their web application via their smartphone or tablet.
#2 Mobile App- IQcent
Unfortunately, IQCent does not offer a smartphone app for Android or iOS devices; nevertheless, their web-based service may be accessed via mobile web browsers and utilized without difficulty.
#3 Mobile App- IQ Option
The mobile application was designed specifically for Android devices and delivered as a bespoke solution for each operating system. Similarly, the iOS app was designed specifically for the iPhone or iPad, ensuring that it gets the most out of those devices. IQ is becoming known for its meticulous attention to detail.
IQ Option was quick to respond to Apple’s new changes regarding binary-related apps. The iOS version has been redesigned to comply with the new regulations. It’s comforting to know that they can adjust to the changing investment landscape.
Forex and CFD trading will be available in the latest edition, as well as cryptocurrency trades whenever it is published.
Because all of your preferences are kept on your account, all you have to do is trade and profit after you reload your account.
Looking over the above-stated stats, the IQ option offers a wide range of perks along with a handsome payout to its traders.
Not only that, it is a trusted binary brokerage platform and the best choice for every professional trader in Sweden. However, one can also try IQcent with a good payout and starts with a minimum trading fee among the three.
Only IQ cent promises to offer up to 200% bonuses on its assets which is enormous. Regarding foreign trading, most foreign online firms that offer forex or contract for difference (CFD) trading will welcome customers from Sweden.
Hence, enabling traders from Sweden to participate and benefit from the binary trading.