Reason to avoid: Non compliance
Listed Date: September 5, 2018
Top 3 Regulated Forex Brokers
- Company name: IQ Option Europe Ltd
- Registration Address/ License: Limassol, Cyprus. Regulated by CySEC – registration no. 247/14
IQ Option is operated by an IQ Option Europe company that was founded in 2013, claims its attractive location Cyprus. IQ Option is a registered company by the CySEC with allowance to provide its services within the EEA zone with a number of registrations from other EU authorities. The IQ Option offering includes trading in binary options, currencies, ETF trading, stocks and states to be one of the fastest growing online trading brands in the world with 25 million members. Nevertheless, at the fact the domain and all rights belong to IQ Option Ltd registered in Seychelles, known offshore hub, while the Cyprus branch operates for payment transaction management. 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 amounting to 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. The figures also included some fines that were waved for misrepresenting risks on company websites and non-reasonable steps when executing orders, which does not lead to the best result for its clients rather than profitable trades. “IQ Option Fined €180.000 for Outsourcing Operations” Cyprus Securities and Exchange Commission, 2016 Overall, there is not a sustainable trust to the delivered IQ Option trading environment since there are many complains from the broker’s clients along with the official periodical issues in terms of non-maintained order record of clients, transaction, material and the approval of the information. We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations.