Is IQ Option Scam or Legit Broker?

Based on our research, IQ Markets is not a trustworthy broker. IQ Option is operated by an IQ Option Europe company that was founded in 2013 and claims to be one of the fastest-growing online trading brands in the world with over 40 million members. The IQ Option offering includes trading in binary options, currencies, ETF trading, and stocks as well as the exclusive IQOption product called Digital Options.

About IQ Option
🗺️ Registered inCyprus
🗺️ Type of LicenseNon compliance
🛡️ Is IQ Option safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerIC Markets - licensed by ASIC in Australia

What is IQ Option? 

IQ Option is a registered company by CySEC with an allowance to provide its services within the EEA zone with a number of registrations from other EU authorities and claims its attractive location in Cyprus. Nevertheless, at the fact the domain and all rights belong to IQ Option Ltd registered in Seychelles, a known offshore hub, while the Cyprus branch operates for payment transaction management. Registration Address/ License: Limassol, Cyprus. Regulated by CySEC – registration no. 247/14

  • For that reason, the Board of the CySEC informed investors several times during the last years about the imposing of administrative fine to the CIF IQ Option Europe Ltd with a revoked amounts of a series of fines of 180,000€ or another of 20,000€ and more for doing business with non-compliance to the required rules. Charges laid out to the IQ option had the main reason for non-compliance since the services are outsourced through the head office, which is not situated in Cyprus. 

For traders that reside outside of the European Economic Area, their trading accounts are managed by a sister company known as “IQOPTION LTD”. This company is registered in St. Vincent and Grenadines, and this entity is not regulated. 

Overall IQ Options Ranking 

Based on the research we conducted on IQ Options, we do not rank positively IQ Options.  With an  Expert Opinion with over 10 Years of experience in Forex Trading we have come up with the following ranking:

  • IQ Options Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

RankingIQ OptionsFP MarketsGo Markets
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading Environment Excellent customer support

 

IQ Options Alternative Brokers

As we found many issues concerning the safety and reliability of IQ Options, here we offer much better Alternatives to IQ Options with tight regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

  • XM– Good for Beginner Traders
  • FP Markets – Good for CopyTrading
  • XTB – Good for CFDs trading

IQ Option in India

Many traders from India are interested in Forex trading and specifically in trading with IQ Option, however, most of them don’t even know if there is such an opportunity on the broker’s platform. Trading isn’t prohibited by Indian legislation and international companies have never been banned in India (Check Indian forex brokers here). Thus, there is no violation of the law in trading with IQ Option from India.

IQ Option in the USA

IQ Option is not legal in the USA and is not available for American traders. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for the IQ Option, you are only permitted to trade with the U.S regulated platforms.

Deposit & Withdrawal

The minimum deposit for opening a real account with IQ Option is $10 USD/GBP/EUR. This broker supports various instant deposits and withdrawal methods also offered with no commission charges. Some countries may have different requirements for the account verification process, which is a standard process for all new traders. 

The minimum withdrawal amount for IQ Option is $2. Traders have the right to withdraw funds only to the payment system that was used to deposit funds to their accounts.

Apps

IQOption offers clients the ability to trade options and CFDs using their proprietary mobile application (Read about Skilling Broker’s mobile trading platform by the link) which is very easy to use and has a very clean interface.  The mobile app is available on Android and Apple iOS operating systems and can be downloaded via the Apple Store or Google Play. With the help of this app, traders are able to execute trades, check account status, stay updated with market developments, use charting tools, and set up customizable alerts and push notifications.

Demo Account

IQ Option offers a free demo account (Read Infinox review, which also offers a free demo account) that includes $10,000 in virtual money. There is no limit on how long you can use the demo account for. If you run out of virtual funds inside of your demo account, you can have them replenished so you can continue practicing. 

The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

IQ Options Review Conclusion

Overall, there is no sustainable trust in the delivered IQ Option trading environment since there are many complaints from the broker’s clients along with the official periodical issues in terms of non-maintained order records of clients, transactions, material, and the approval of the information. So the downside of the IQ Option would be also multiple negative reviews of this company, including poor execution and slow withdrawals, which are pretty major issues, when it comes to brokerages like this one.

Besides, we strongly advise all investors and traders to avoid IQ Options and other brokers with doubtful reputations. Instead, we recommend opening a trading account only with the brokers like Exness, BDSwiss, BlackBull Markets which are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations (See the top 10 forex brokers in the world). 

  • Overall ranking and experience for IQ Options is Negative

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3 responses to “IQ Option”

  1. Hello there,

    could you guys update this review? I am getting confused by other sites. I am reading from other reviews that IQ Option LTD is in fact not to be trusted, but that IQ Option Europe LTD is regulated. People living in Europe are directly registered under IQ Option Europe LTD and should be safe.

    Is this true?

  2. The big scam is the IO platform. They excluded trading positions for me. I lost over $ 4,000. When I warned the days off my trading options, they just kept turning off. The money they took from me they never wanted to return. When I terminated my cooperation with them and deleted my registration. A few days later, my bank account was attacked.

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