After a thorough investigation of IQ Option, we have uncovered various information to conclude that it may not be in your best interest to use the IQ Option as your binary broker.
So, is IQ Option a legit broker? Is your money safe with IQ Option?
Read the facts in the IQ Option scam investigation to find out the truth or skip this review and go straight to 5-star recommended brokers.
IQ Option Broker Review
IQ Options has been around since 2013 and is located at Vasileos Pavlou, 60, Agios Dometios, 2360, Nicosia, Cyprus. They are a CySEC regulated binary options broker that claim to even offer trading over the weekends. The trading transactions are said to be made directly between the trader and the broker, but we know the trading markets to be closed on the weekends. Due to this “extra” service they offer, we had to investigate their claims.
Is IQ Option really a reliable and trustworthy binary options broker? Read our 100% objective review to find out if your money can be trusted with them.
Review Verdict: We strongly advise you to proceed with fulfills all the criteria of a trustworthy broker. For a more reputable binary options broker, choose from the list of other safe and highly reviewed brokers.
IQ Option Trading Platform
IQ option claims to offer a revolutionary trading platform with special tools and features well suited for any online trader. In comparison to other reputable binary broker platforms, this one does not use the SpotOption platform. It uses the Trading Platform 4.0 and the WebGL technology to trade binary options and offers a little over 70 assets to trade with. (We’ve seen more with other high-standing brokers we know)
There is a demo account traders can initially try out. Just always bear in mind, sometimes demo accounts seem promising as there have been cases whereby brokers have rigged these accounts to always profit. Then after the trial is over, traders are surprised to see that on the real trading platform they lose a lot of their capital.
After accessing the platform, we can express that it may be daunting to first-time traders as the interface could be complicated. Experienced traders may find it easier to navigate through the platform based on their previous knowledge, however newbies may feel a bit lost. There are various tools although you have to already know how to use them correctly. For instance, there are RSI, oscillators, Bollinger Bands, Parabolic SAR, MACD, Fibonacci lines, candlestick analysis and bar charts. It may take a while before a trader is comfortable using the IQ trading platform to begin immediate trading and actually making profits.
ADVICE: If you’ve never come across the above terms, it may be worth your while to opt for binary options brokers who offer interactive educational materials to secure your trading strategy.
There have been numerous comments warning against taking an IQ’s Options account manager advice as there have been claims of being recommended to make bad moves. These are just reviews that were uncovered from various online sources we came across in trading forums. But nonetheless, we are here to give you the facts on what users have to say about the broker.
IQ Option Bonus
When signing up with this binary options broker, you automatically qualify for a welcome bonus. Their bonus terms and conditions are what concerned us after reading carefully their bonus policy. The precondition for making any bonus withdrawal requires you to trade 35 times the value of your initial deposit and bonus percentage. This is a very high trading volume, in our opinion.
Usually, a fair binary options broker offers 20 to 30 times the amount, so 35 is very steep. This could make it almost impossible to achieve, thus withdrawal may be very unlikely. Among the many scam brokers out there, this is a sneaky marketing tactic that lures in naive traders who have no clue how bonuses work. We are not saying IQ Options is a scam broker, however, there have been many reported complaints of bonuses being added automatically to new accounts from this broker. If this true, it is unethical behavior on behalf of binary options business practices.
TIP: Whenever you see a bonus added to your account without prior consent, refrain from trading. You should first contact their customer support have it removed before you decide to trade. If you start trading, you will have to follow their bonus terms and will mostly likely lose. As we stated before, this is a sly tactic that has upset many customers.
Is IQ Option Broker a Scam?
Although IQ Option has done an adequate job keeping its company profile clean, we did uncover some shocking research regarding their practices. Researching real customer reviews we found that were some transactions that may cause you to be hesitant.
Recently, an automated trading robot was implemented to assist traders in executing trades. There have been a ton of complaints from users that this robot was a big reason they lost their investment. We uncovered a few instances where traders reported trying to purchase a trade, but the auto-trader failed numerous times. Also, many who experience a technical issue claim that after logging out of their trading out, they were locked out for at least 10 minutes. For such a supposedly “trusted” broker, we find these instances unacceptable.
IQ Options Withdrawals
IQ Option also claims to have a quick withdrawal procedure, but clients are saying otherwise. There were many cases where smaller initial deposits of $20 were made by customers and IQ Option deducted $250. There are many angry customers raving online in the trading community about these transactions.
Additionally worth mentioning is that traders are able to trade on the weekends. According to our sources, no trading markets are open on the weekends. So what are they really trading? This is a good question that a customer support appears to dodge when you ask them.
Due to all the above mentioned instances, we find that IQ Options does not seem to be transparent in its operations. We encourage you to review more trustworthy brokers to avoid any investment risk or being scammed.
Is IQ Option a Legit Broker?
IQ Options is a legit binary options broker with a CySEC license (license #247/14). They are operated by IQ Option Payment Ltd. in the United Kingdom, address: Kemp House, 152 City Road, London EC1V 2NX and the telephone number is +44 20 3318 7173.
Keep in mind, though, just because a binary options broker is regulated does NOT always mean they have a clean reputation. This is a perfect case as an example. IQ Option is regulated by a governing authority, but there are many unaddressed customer complaints about unethical practices.
We always encourage traders to dig deeper than the surface to ensure your investment is safe with the intended broker. Make sure to research trading forums and read unbiased reviews about binary options brokers prior to opening an account.
IQ Option Complaints
After researching many online forums and not just popular reviews, we have found a substantial amount of user complaints. There have been claimed instances of extra charges made on credit cards and automatic bonus additions without customer approval. Some customers said they only deposited a mere $20 and were charged $250. This case was mentioned numerous times in the online trading community, so is it an accident? We don’t want to point fingers, but if the same problem happens
More so, new traders are given automatic bonuses, which they do not have to accept, but are automatically placed in their accounts. Make sure you check your account beforehand, to ensure that the deposit amount is what you made, and not what the company added on.
The Final Verdict
Due to all the controversial information that was revealed about IQ Option, we do not feel comfortable recommending the trading platform to fellow traders. There is evidence to suggest that IQ Option may not appreciate or value its clients very highly nor may provide adequate trading support.
IQ Option appears to have a shaky reputation in the industry compared to other more established binary brokers that have been highly marked. Although, they may offer a demo account, there is no guarantee investors can achieve the same results when placing real investments on the trading platform. Also, because there is a high volume of negative reviews compared to positive ones, we suggest you stand your guard. Clients have complained of extra charges to their accounts and an insufficient auto-trading tool that does NOT help optimize tradeable assets. Additionally, the selection of assets available is very limited compared to other binary brokers who offer more variety.
Overall the IQ Trading platform seems not the easiest to operate and may cause confusion for execution of trades. Moreover, the trades are more geared to short-term as opposed to long-term. For all the above reasons, we don’t feel IQ Options is well-suited for traders to make the most out of their investment. There is a high probability of challenges that could be faced for new and experienced traders.
- Demo Account
- Minimum Trade $10
- Customer Charge Complaints
- Complicated Trading Platform
- Tricky Bonus Conditions
- No Beneficial Educational Materials
- Limited Tradeable Assets