Is IQ option a legit broker or a scam? IQ option review

IQ Option quickly gained popularity and trust among binary options traders in the European Union and the CIS countries. The company primarily focuses on beginner traders and does everything possible to ensure their successful trading on the financial market.

The copy trading and social trading service, a large community of traders, convenient trading statistics, and an order processing time of less than a second all contribute to placing IQ Option among the top binary options brokers. In our review, you will read more about the features of account opening and what makes this company so famous.

Table of contents:

• Is IQ option legit?
• What is the IQ option?
• History and statistics of the IQ option broker
• Regulation

1. Jurisdictional Considerations
2. Restricted Jurisdictions

• Security of Funds and User Data
• User satisfaction
• IQ Option Awards
• Account Types
• Trading Assets
• IQ Option Trading Hours (GMT)
• Deposit and Withdrawal

1. Accepted payment methods
2. Currencies

• Do I have negative balance protection with this broker?
• IQ Option fees & commissions

1. Non-trading fees
2. IQ Option Spreads

• Demo account
• Trading platforms
• Mobile app
• Technical platform issues
• Tournaments
• Bonuses and promotions
• IQ Option affiliate program
• Customer support
• Research & Education
• Is it easy to open an IQ Option account?
• How to trade on IQ Option?
• Who should consider using the IQ Option?
• Pros and cons of IQ Option
• What's New in IQ Option in 2024?
• Should you trade binary options on IQ Option?
• FAQ

Is IQ option legit?

While writing this review, we could not find any misconduct by the IQ Option broker. Therefore, this company is not a scam broker or a scam company. With such a good track record as IQ Option, you can safely categorize this binary options broker as legitimate and safe.

As a Forex and CFD broker, the company has positioned itself since 2013, holds all necessary licenses from the reputable regulator CySEC, and provides its services under IQ Option Europe LTD. Suppose you are interested in binary options trading. In that case, you should open an account with the broker's subsidiary, Sky Ladder LLC, registered in Antigua and Barbuda.

At IQ Option, the company's funds are kept and managed separately from client funds, ensuring high reliability and financial solvency. This approach guarantees that you can withdraw your funds at any time.

Negative balance protection is another advanced risk management feature implemented by the company.

What is the IQ option?

IQ Option has operated in the binary options market since 2013. Each year, the number of active users steadily increases. In 2014, this broker had 84,830 clients; by 2024, the figure reached 8,750,713. Impressive growth, wouldn't you agree?

When writing this review, the daily number of trades exceeded 15,000. In contrast, the average withdrawal processing time dropped to over 10 hours. This progress became possible after IQ Option's finance department adopted an innovative fast payment processing system.

The brokerage collaborates with traders from 28 countries and has attracted over 300,000 partners. It consistently earns awards for advancing trading technologies. It serves as the official partner of the Aston Martin team in the World Endurance Championship.

2018 IQ Option established a charitable foundation to assist children in the poorest African countries. The charity reflects the company's leadership's attitude toward people. IQ Option clients confirm its social responsibility and ethical approach to online trading.

History and statistics of the IQ option broker

Regulation

The IQ Option trademark belongs to IQOPTION EUROPE LTD. In 2014, the trustworthy broker received license No. 247/14 from CySEC, which oversees consumer protection and the activities of companies providing financial services. The Cyprus Securities and Exchange Commission mainly aims to regulate the investment services market in the Republic of Cyprus and the European Union.

A license from a respected regulator such as CySEC protects traders' rights. In financial disputes, the regulator acts as an arbitrator between the client and the brokerage company. An additional benefit of regulation is that IQ Option invests part of company reserves in a special compensation fund, which provides financial compensation to clients up to 20,000 euros in case of the company's bankruptcy.

In addition to Cyprus, the IQ Option reputable broker holds licenses from the UK Financial Conduct Authority (FCA) No. 670182, the Italian financial markets regulator (Consob) No. 4090, the Spanish National Securities Market Commission (CNMV) No. 3867, and the French agency (Regafi) No. 75119.

Jurisdictional Considerations

IQ Option, with its registered address at 82nd Road, 4 Kato Polemidia, 4153, Limassol, Cyprus, operates under registration number HE327751.

Restricted Jurisdictions

IQ Option does not offer services to residents of Australia, Switzerland, the Czech Republic, the USA, Belgium, Canada, Iran, Israel, Japan, Latvia, North Korea, Pakistan, Palestine, Ukraine, Russia, Sudan, Syria, and Turkey.

Security of Funds and User Data

IQ Option takes strict measures to protect its clients' funds and personal information. A reliable broker keeps traders' money separate from corporate funds, enhancing security and ensuring it does not use clients' trading capital for commercial activities.

IQ Option uses strict security protocols to protect data. SSL certificates protect confidential information transmitted over the Internet for websites and trading platforms.

IQ Option is a good broker because it has implemented two-factor authentication (2FA) to enhance security for funding trading accounts and withdrawing funds – prioritizing client protection.

User satisfaction

We researched user reviews on reputable platforms to form an unbiased opinion about IQ Option. Here's what we found in IQ option reviews.

IQ Option Awards

Regulated Broker IQ Option consistently earns awards and recognition in prestigious categories.

Account Types

We found that the honest broker IQ Option offers several account types, each designed for traders with specific levels of experience and capital. Therefore, we recommend determining which type best suits you.

Trading Assets

IQ Option offers traders financial instruments from six asset classes: currency pairs, stocks, commodities, ETFs, indices, and cryptocurrencies.

At the time of writing this review, the following instruments were available:

• Forex pairs: 63
• Stocks: 373
• Commodities:11
• ETFs: 27
• Indices: 12
• Cryptocurrencies:24

IQ Option Trading Hours (GMT)

We discovered that IQ Option trades each asset class according to its schedule. Therefore, it is essential to know the schedule so you don't miss the start of trading with your favorite financial instruments.

Deposit and Withdrawal

To fund your account, click the "Deposit" button in the top-right corner of the trading terminal.

After that, a window will appear where you can choose the account you want to fund (Practice or Real).

You can only top up the demo account if the balance drops below €10,000. To start trading, you need to fund your live account. When withdrawing funds, use the same method you used for depositing. For example, if you deposit an e-wallet, you can only withdraw funds from the same e-wallet. Typically, the system processes withdrawal requests through electronic payment methods within one business day. In contrast, bank withdrawals can take up to 21 business days.

This duration is because withdrawing funds to bank details takes longer, as the bank system requires additional time to process transactions. The minimum withdrawal amount for e-wallets is just $2. If you need to withdraw a smaller amount, contact customer support. The minimum bank transfer withdrawal amount is 100 EUR/USD/GBP.

Accepted payment methods

IQ Option clients can fund their trading accounts using several payment methods, including bank transfers, Visa/Mastercard payment cards, and electronic payment systems like Neteller and Skrill.

Currencies

You can select the currency of your trading account during the first deposit. After that, changing the currency will no longer be possible, so choose the most suitable option in advance. You can choose from US dollars, British pounds, or euros.

Do I have negative balance protection with this broker?

We found that paragraph 8 of the "Provision of Services" section of IQ Option's Margin Trading Rules states that the brokerage company requires the margin closeout to 50% so that the system ensures that the client's margin does not reduce to zero. These measures of IQ Option are necessary to protect clients from negative balance when their losses cannot exceed the total amount of funds in the trading account.

IQ Option fees & commissions

We advise you to familiarize yourself with all commissions and fee structures the broker charges, as they directly affect your potential profit.

Non-trading fees

IQ Option does not charge deposits or withdrawal fees, except for a $31 fee for bank transfers. However, the broker applies an inactivity fee. For instance, if a client does not make trades for 90 consecutive calendar days, IQ Option charges a monthly account maintenance fee of €10. The annual fee, however, will not exceed the total balance in the client's account.

The broker also charges a fee for closing an IQ Option trading account if the client fails to provide accurate personal information. In this case, the monthly fee amounts to 1% of the unclaimed balance of the former client's funds (with a minimum of €5).

IQ Option Spreads

Spreads depend on the financial instruments you trade:

Narrow spreads set IQ Option apart from other brokers.

Demo account

The demo accounthelps beginner traders understand the features of the IQ Option trading platform and test strategies without risking financial losses. To switch to the demo account, click the icon in the top-right corner of the trading terminal. In the dropdown menu, select "Practice Account."

Trading platforms

IQ Option provides clients with a proprietary trading platform in multiple versions: desktop, mobile app, and web terminal. Each platform includes built-in chats with customer support, the Trader Sentiment social trading feature, the Community Live Trades tool for copying top traders, over 100 technical analysis indicators, an economic calendar, and a news feed.

The IQ Option trading platform features a user-friendly interface, making the trading process much more manageable. However, the binary option broker does not support the popular MT4 and MT5 terminals. As a result, algorithmic trading strategies are unavailable, and traders must open all trades manually.

Mobile app

According to data from the Google Play store, traders have downloaded the IQ Option mobile app over 100 million times. With a rating of 4.0 based on more than 700,000 reviews, it is one of the world's most popular trading mobile apps.

The app is also available in the Apple Store. System requirements:

• iOS 12.1 or later
• Android 5.1 or later

Technical platform issues

Active development of IQ Option software sometimes leads to malfunctions. Traders report such technical problems:

• Sudden account blocking or closure.
• Loss of access to funds on closed accounts and unexplained block accounts.
• Difficulties with voluntarily closing accounts when users want to leave the platform.
• Platform freezing or becoming unresponsive during critical trading moments.
• Forced closure of cryptocurrency positions with minimal notification.
• Limited asset offerings in certain regions.
• Insufficient educational resources for new traders.
• Varying experiences and available features depend on the user's country.

Tournaments

Tournaments act as mini-competitions on the broker's platform. To view the current tournaments, click the corresponding menu on the trading platform's left panel.

The broker organizes regular tournaments to make trading with IQ Option even more exciting. These tournaments allow traders to earn extra profit and objectively assess their trading skills by comparing results with competitors.

The proprietary platform offers several tournaments with different trading conditions:

The concept of tournaments is straightforward: every competitor who registers receives an identical starting balance of $100. The winner is the profitable trader who achieves the highest account balance by the end of the competition.

Each tournament has a prize fund distributed according to its format. In some contests, there are only five winners; in others, the number of prizes can reach 50 or more. After the tournament, the winners receive the awards on their real accounts.

Bonuses and promotions

We have found that IQ Option's binary options broker occasionally offers its clients various promotions and bonus programs. Among them are bonuses of up to 100% on the first deposit, bonuses for repeated deposits, and cancellation of withdrawal fees.

These promotions increase the broker's value in the eyes of potential clients and help beginner traders reduce their trading costs. However, before using any bonuses, we advise you to read the terms and conditions of their provision carefully.

IQ Option affiliate program

The official affiliate program of IQ Option offers direct financial offers to everyone, with payouts through various schemes, ranging from RevShare up to 80% to custom CPA rates. This program operates across 178 countries worldwide. Last month, the company's partners earned $2.28 million in rewards for bringing in new clients. This success is unsurprising, as they work with a brand known for high conversion rates and globally recognized fintech products.

Thanks to personal managers and advanced analytics, you will gain access to detailed statistics on your clients and support in your preferred language. You can also transfer funds from your account daily using one of the available payment systems.

 

Customer support

IQ Option provides 24/7 client support in 10 languages. However, we found that only registered users of the proprietary trading platform can contact customer support via chat. Unregistered users can reach out to the company's staff by email. Before doing so, check the FAQ section and read the company's blog, where you will likely find answers to many questions.

IQ Option support languages:

• English
• Russian
• Portuguese
• Spanish
• Italian
• Thai
• Hindi
• Indonesian
• German
• Turkish

Another critical point we want to emphasize is responsive customer support via phone. You can reach the broker's IQ Option support team 24/7 at +44 20 8068 0760.

Research & Education

Based on our observations, IQ Option conducts its financial market research and regularly shares it with everyone on its website in the "News Feed" section. Here, you can find expert analytical reviews from the company describing the current market situation for various financial instruments.

Moreover, traders at IQ Option can draw trading ideas for binary options from the Trader Sentiment and Community Live Trades sections of the user-friendly trading platform, where they use broadcast trading signals to execute trades.

If you lack experience, you can take advantage of the education IQ Option. The company's website offers high-quality educational content and instructional videos. Such materials show that the broker cares about its traders and does not create content solely for marketing purposes. Therefore, at IQ Option, you will find videos on trading basics, margin trading, CFDs, and fundamental and technical analysis.

In addition to the materials provided by IQ Option, we recommend studying this collection of articles on our website, which focuses on trading psychology:

• Psychology and Trading Discipline.
• A trader's journal as a tool for refining trading strategies.

Is it easy to open an IQ Option account?

To begin trading IQ options on Option, you must open an account. Go to the official website and press the "Sign Up" button in the top right corner. You'll get to a section where you need to answer questions to determine your qualifications and experience in trading. After that, a standard page will appear where you must fill in your personal information.

Next, you must verify your private details by providing your ID and address verification documents.

The verification process safeguards your account against unauthorized access and confirms your honest intentions toward the broker. This standard procedure takes very little time. Additionally, you cannot withdraw money from your account without completing it. For this reason, we strongly recommend verifying your information before you begin trading.

How to trade on IQ Option?

Executing trades on the IQ Option platform is as simple as on other binary options brokers' platforms, and the process is straightforward. It follows a standard algorithm:

1. Choose an asset: The trader selects the asset they want to trade from the extensive list provided by the platform.
2. Set the investment size: The trader sets the amount they are willing to invest in the trade.
3. Set the expiration time: The trader chooses when the trade will automatically close.
4. Determine the direction: The trader predicts whether the asset's price will increase or decrease within the chosen time frame.
5. Opening the trade: After confirming all parameters, the trade opens.

The trader waits for the option's expiration and sees the outcome of the trade.

Who should consider using the IQ Option?

Not only experienced traders can trade at IQ Options, but beginners can also do so. At this broker, they will find all the necessary tools for trading from Forex and CFDs to binary options. What makes IQ Option's platform so attractive?

For Beginner Traders

This broker attracts novice traders by offering a demo account and high-quality training videos. A virtual account helps beginners master the trading terminal and test the work of various technical indicators and strategies without financial risk. In addition, they can test the performance of different asset classes, such as currency pairs, stocks, and cryptocurrencies. With the help of a demo account, beginners can understand the basics of IQ Option's trading faster and reduce risks at the initial stage.

For Experienced Traders

Experienced traders appreciate the broker's proprietary web terminal and mobile apps. They will also be interested in tournaments where they can win substantial cash prizes. The additional opportunities in the Forex and CFD markets will attract professionals.

Pros and cons of IQ Option

What's New in IQ Option in 2024?

The IQ Option broker continues actively developing and offering its clients new trading terminal features, additional assets, and educational materials. The year 2024 is no exception. During this period, the company updated the trading terminal to version 4.0, which includes an enhanced user interface and new indicators for technical analysis.

In addition, the company's developers have optimized the terminal itself. Now, it is much faster to process user requests, which is especially important for scalping and high-speed trading of binary options with short expiration times. The company's official blog also features new training materials, articles, and webinars for traders.

Should you trade binary options on IQ Option?

The popularity of this broker is primarily due to the easy-to-use trading terminal, which the developers initially created with traders' needs in mind. However, to maintain its position in the market, the company had to expand the number of offered assets and expiry times for binary options. Simultaneously, IQ Option Broker is a good choice for traders who have never traded binary options.

FAQ

How long does it take to withdraw funds?

The withdrawal time depends on how you fund your account. For example, the system processes withdrawal requests through electronic payment methods within one business day. In contrast, bank withdrawals can take up to 21 business days.

Can I trade on the IQ Option from my country?

The ability to trade on the IQ Option platform depends on your nationality and country of residence. Before opening an account, ensure your country is not on the restricted list. You can find this list on the broker's official website's homepage.

What is the minimum deposit on the IQ Option?

The minimum deposit to create a trading account with the IQ Option depends on your account type. For example, for a Basic account, the minimum deposit is just $10. To trade on a VIP account, you must deposit at least $3000 into your balance. Therefore, carefully review the trading conditions for different accounts before selecting them.

How does IQ Option compare to other binary options brokers?

IQ Option is one of many brokers in the binary options market. It offers unique trading conditions, a platform, and tools. Therefore, comparing this platform with other brokers is a personal choice. Each trader looks for advantages: some value a wide range of assets, others prefer low fees, and some prioritize platform convenience. To choose the best broker, we recommend thoroughly examining the offerings of several platforms and comparing them based on critical criteria.

Is IQ Option a good or bad binary options broker?

Labeling IQ Option as a "good" or "bad" broker is tricky. Traders' opinions vary. Some praise the wide selection of assets and the user-friendly platform. In contrast, other traders complain about withdrawal issues and lack of regulations. We advise you to study real traders' reviews thoroughly and only then decide to cooperate with this broker.

Is IQ Option good for beginners?

IQ Option offers trading opportunities not only for experienced traders but also for beginners. The broker has developed an account with straightforward conditions and a minimal deposit of $10. By trading on this account, new traders can familiarize themselves with the trading terminal and learn the basics of technical and graphical analysis of financial markets.

Is the IQ Option bot legit?

The company previously provided its robots to anyone interested. However, the broker has abandoned this practice and allows traders to use trading robots developed by themselves. Nevertheless, we do not recommend using them to avoid account suspension and other issues related to algorithmic trading of binary options.

What is an Islamic account in the IQ Option?

IQ Option respects its clients' religious traditions and has developed special accounts that comply with Sharia law and do not violate the principles of Islamic economics. The main difference between Islamic and standard accounts is the absence of swaps and access to the assets of companies involved in businesses that fall under the concept of "haram" – usury, casinos, gambling, etc.

See also:

• Best Binary Options Broker
• Live chart for binary options
• How to make money on binary options
• What to do if the broker does not withdraw money