Insights and Platform Review – Is IQ Option a Scam?
IQ Option is a versatile binary options broker known for its low barrier-to-entry and rapid growth. However, it’s limited product catalog and small geographic coverage caused most traders to look elsewhere. To attract more customers, IQ Option has lately expanded its operations and offerings without increasing its fees.
One of the main steps that helped IQ Option was expanding its available products to include CFDs, cryptocurrencies, ETFs, and Forex. By having more instruments available, IQ Option has been able to attract more clients. Another significant benefit is that IQ Option has expanded from less than ten countries in 2014 to now over 178 countries.
While these expanded operations and offerings are attractive to many clients; their primary draw is the low-cost accounts, products, and Forex spreads. For example, while many brokers require a deposit of up to $1000 to open an account, IQ has account deposit fees of just $10.
These changes to the operations and product offerings, as well as their expanded services into more countries, have allowed IQ Option to grow by at least 1000% over the past five years. For example, the number of accounts has grown from 1 million to 14 million; the number of daily trades has grown from 200,000 to 3 million, and the monthly trading volume has grown from $10 million to $11 billion.
IQ Option has now become one of the fastest growing online trading platform where you can trade many different assets from Forex, CFD’s Binary Options to commodities like Gold, Oil, Stocks and cryptocurrencies with great level of transparency and functionality.
IQ Option was founded in 2013 by IQ Option Europe Ltd. It is one of the quickest growing online trading platforms, having over 20 million account holders from all around the globe. IQ Option Europe Ltd. is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) only. The company is completely compliant with the regulation and is fully authorized to offer its service to clients from many countries.
What Can You Trade With IQ Option?
The platform allows its users to choose from a variety of alternatives. In the beginning,the platform was only a binary options broker, now it allows trading of Contracts for Difference (CFDs) on stocks, Forex, Exchange Traded Funds (ETFs) and Cryptocurrencies among other digital options.
- CFDs on Stocks -They offer customers CFDs trading on stocks from more than 7480 different companies, some of them being listed on NASDAQ or NYSE.
- ETFs – ETF trading is a relativelynew alternative, which works by tracking commodities, indices, andbaskets of various assets. On IQ, users can choose between around 4200 ETFs.
- Cryptocurrencies – Traders can choose from 12 of the biggest cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoun, Monero, Zcash, Omisego and IOTA.
- Forex – Being one of the most popular trading markets, they offer approximately 190 forex currency trading pairs. This lets traders easily exchange their favorite
- Options – Traders have a large numberof options to choose from. They can speculate on currencies, stocks, indices, and IQ Option currently offers a gateway to over 10 million different binary options.
Signing Up With Iqoptions
The easiest way to sign up with IQ Option is through Facebook, Google, or by using your email address. After you fill in your username and password, you can start using your practice account right away, or fill your real account and start trading. You will be notified when you create both – the practice and the real account.
IQ Options has its own proprietary trading platform and they designed it superbly. Navigating around the platform is straight forward and is overall an enjoying experience. It is very easy to find all the tools and features, everything makes sense. This platform has also many useful charting tools which are a necessity for successful trading.
Deposits On IQ Option
At IQ Option, there is a minimum deposit of 10$. You can select your deposit form and transfer the money without having to pay any deposit fees. For your first deposit, you will have to go through the account verification process. In EU this also means adding your phone number, personal information, your trading experience, and photo identification to their officials.
In different countries, there are different legal requirements. Usually, you need some sort of verification to make withdrawals from this platform.
IQ offers many ways to make deposits or withdrawals. You can use debit cards like Maestro and Visa Electron, or decide to use otherpayment processors like Skrill, WebMoney, Cash U, Moneybookers, andNeteller.
You can also send your payments through Wire Transfer. The minimal withdrawal amount on this platform is $2 and the approximate time to receive your funds is 1 business day. For your wire transfer, additional bank fees may apply.
At the time of writing, it is not possible to transfer funds via PayPal. However, IQ is working to enable this option as well.
Withdrawals On The IQ Option Trading Platform
When talking about funds withdrawal, they are using the same methods you used to deposit your funds. If you deposited funds via credit ordebit card, you have to withdraw it in the same manner. As this transaction counts as a refund, you can only withdraw up to the amount you deposited. Extra profits can be only withdrawn via a bank transfer or by blockchain transaction on your e-wallet.
E-wallet options are the same as used for the deposits on this platform. If you choose to withdraw funds via a bank transfer, you should know there is a fee of $31. Should you make a deposit through an e-wallet, you have to withdraw the funds to the identical e-wallet account.
Your withdrawals will be processed within three business days. When using bank cards and payment providers, the whole process could take some additional time.
To withdraw your funds you have to provide identification documents to the officials that include:
- A photo ID (driver’s license or a passport)
- If you made a deposit via abank card, you have to upload an image of both sides of your card. However, it is advised to hide the middle of your card number and your CCV number. As long as you keep the first six and the last four digits visible, you are good to go.
The IQ Option Trading Features
Trading with the Iqoptions is pretty easy and intuitive. The trading charts are in the center with buy and sell boxes on the right-hand side. Your total trading balance is located at the top along with any assets you are currently trading.
You can use the drop-down on the upper left, to pick your trading instrument. You can choose from FX Options, Forex, Stocks, Crypto, Commodities, Indices, and ETFs. From each of the instruments, you can find your asset via a search bar.
Trading is possible directly from the online interface. On the right side of the graph, you will see the buy and sell buttons. Just fill out the amount of the asset you want to trade, and confirm your order.
You can also trade on the IQ Option mobile application. The mobile setup is pretty similar to the web interface. On the right side of the cart, you have your buy and sell options. You can also change the investment, leverage, and price and before making a trade. On this section,you will also notice the spread.
On the Iqoptions platform, traders are able to look for their favourite cryptocurrencies and access all of the important relevant information. Besides Bitcoin and Ethereum, you can also trade 10 other cryptocurrencies, including Dash, Ethereum Classic, Ripple, Litecoin, IOTA, and Monero.
There are also obvious links to chats, your trading history, and the customer support service. If you have any issues, you can always start a conversation with the IQ option support team. The resources section is another useful feature, offering all the training and education material you might need. There are many short educational videos on offer, so you can watch the training material without needing to leave your trading account.
The demo account has the same functionalities as the standard one, allowing you to improve your skill and get familiar with their platform, using the $10,000 of virtual money available on the demo trading account. As we said before, even if you lose that virtual money, you can replenish it, so you always have something to practice with.
Technical Research Tools
To be able to trade as efficiently as possible, the IQ Option platform offers many different charting tools. Those are essential for any serious trader as they let you make an informed decision on the market. Based on those tools you can develop your strategy and better understand what’s going on in the market.
The most commonly used charts on the IQ Option platform are candle charts. They show a time period, with colors presenting the amount of volatility and the price movement between the beginning and the end of each period.
Hollow candles are similar, but instead of showing different colors, the positive price movements are full, and negative movements are presented with a hollow candle.
The platform also lets you use area charts that show the price in a line, with shading showing the volatility. Line charts are similarbut without the shaded area.
Bars cover your chosen time period, similar to candle charts. They show the prices at the beginning and end of a certain period, with vertical lines. The horizontal lines are there to show the prices at open and closepositions.
The indicators on the platform are used to discover trends and find trades with good profit potential. They have 13 different indicators you can access throughthe charting interface.
You can use each indicator independently or you can go for a combination of them.
- Moving Averages (MAs) show you the average trading trends in your specified time periods. They are often used with other indicators and include Simple Moving Averages, Weighted Moving Averages, Smooth Simple Moving Averages, and Exponential Moving Averages.
– The Moving Average Convergence Divergence (MACD)indicates where moving averages diverge or converge. It lets you compare the relation between Exponential Moving Averages.
– The Parabolic SAR is similarto moving averages. The main difference is its position that is changing with the price and corresponds to higher acceleration. You can observe it in groups or dots.
– The Awesome Oscillator shows a visualization of two SMAs. One isfast and the other slow. This indicator helps you observe trend development.
– Bollinger Bands are basically trend indicators that present a dynamic range of the price movement.
– Volume Indicators indicate the amount of the traded asset during a given period of time, showing the intensity of the trading action on the market.
– The Alligator Indicator lets you asses market movements. It shows you the movement direction and lets you filter out the Side Bands. This is a cross-functionaltrend that allows you to discover an emerging trend.
– The Relative Strength Index (RSI) shows the strengthof the current trend and possible reversal points. It compares the price growth with the overall price reduction. It is shown by a curve.
– The Stoch or Stochastic Oscillator indicators let you know the current price position, comparing it to the extreme highs and lows in a certain time frame. It is shown as the percentage, lettingyou figure out any potential reversal points.
– The Average True Range (ATR) indicates the volatilityof the asset over a certain time period. It also shows the change rate of quotes.
– The Average Directional Movement Index (ADX) presents a trend’s strengthprior to the price movement. It can also show a potential change in volatility.
– A fractal includes at least five Japanesecandlesticks, indicating the local maxima and minima of price curves and possible market reversal points.
– Commodity Channel Index (CCI) shows you the speed of the price movements. It helps you discover the upcoming market reversals and is helpful when assessingthe strength of a trend.
Extra Features on IQ Option Platform
On this platform, you can choose from many additional features. The company is really focusing on improving the user experience and with all the incorporated features, they manage to offer a comfortable trading process.
Mobile Trading Features and App
The Iqoptions platform offers a mobile app, so you can trade on your phone as long as you have internet access. The app is clean, with an intuitive graphical interface. It also includes most of the indicators and charting tools, available on the standard platform. You can also enable push notifications. To be always up to date with the trading action. You can also set the alerts on specific price points, which will send you an instant notification once your designated point is reached. The IQ trading app works on tablets and smartphones, accessible both for Android and Apple iOS.
Organised Trading Competition
Should you reside outside the EU, you can be a part of various trading competitions organised by IQ Option. The Binary Option tournaments are a good way to test your skills and try to earn some extra money via competition prizes. The trading competitions usually last for around 30 minutes. In the beginning,you get $10,000 in virtual funds, and the trader with the most money at the end wins a prize.
The prize is either fixed or relative to the number of tournament participants. The winner receives up to 100x the entry fee. If you lose all of your tournament funds, you can always go and participate in other tournaments. The competition allows users to test their skills, and try out new trading methods.
IQ Option Education and Training
The platform also offers a lot of information to its users, and the platform has many educational materials for both beginners and experienced traders. This includes many educational trading videos, webinars, and tutorials. IQ also offers access to many e-books, and their FAQ section is detailed in covering most of the relevant questions.
The IQ Option Affiliate Program
The Iqoptions platform offers an affiliate program. If you want to earn some extra money, you can bring in new people and receive a reward when they trade on the platform. You only need to share your affiliate link, and anyone who clicks and creates an accountwill be associatedwith your user ID. Depending on the trading of the user, you can receive up to 70 percent of the broker’sprofit. This is an interesting passive income opportunity. The affiliate earnings are paid twice per month.
You can’t have a negative affiliate balance with IQ Option. There is cross-platformsupport, and you have mobile and web versions of the affiliate program. They also provide you with analytics, so you can track your affiliate income.
Hodly Wallet – What Is it and How You Can Use It?
Not long ago, IQ Options presented a new product for people who want to invest and own Cryptocurrency. The HodlyWalletis a Cryptocurrency wallet that allows buying and storing of Ripple, Ethereum Classic, Bitcoin Gold, ZEC, OmiseGO, NEO, Ontology, Lumen, andTron.
You can connect your e-wallet with your bank account. It is a good lookingapp, accessible by web and mobile. It lets you buy, store or sell your cryptocurrency for any supported fiat currency.
IQ Option lets users contact the support team by email, contact form or their chat. They claim to respond to every querywithin a minutewhile aiming to resolve any pending issues in 24 minutes on average. There are more than 80 customer service employees on the team. If you require more personalised customer service, you can upgrade to a VIP account, and you will receive your own personal manager.
The platform has an international focus and wants to service traders from all around the globe. You can trade in many different currencies, like USD, GBP, EUR, Yuan, RUB, TRY, IDR, and MYR. The customer support is availablein English,French, Italian, Spanish, Portuguese, Chinese, Korean, Arabic, German, Turkish, Thai, Hindi, Urdu, Norwegian.
Due to various restrictions, the Iqoptions platform doesn’t offer its services to people from the United States of America, Australia, Canada, Belgium, Israel, Palestine, Japan, Sudan, Syria, Iran, North Korea or Russian Federation.
IQ Option also abides the standardrules for identification and traders should know, that when they register on the platform, they are required to provide their personal information, verify their email address and telephone number. If you are unable to do so, you won’t be able to complete your registration.
They will additionally expect to receive more of your personal information after you fund your account. You will have to provide copies ofidentification documents like a Passport, or National ID Card, and Proof of Address in the form of a Utility Bill or a Bank Statement (for EU residents).
IQ Options Awards Overview
Throughout the years, IQ has gathered a broad rundown of honors, every one of which highlights their qualities. The Academy of Interactive and Visual Arts gave IQ Option the 2017 Award of Excellence, which is the most noteworthy award from the Communicator Awards. IQ Option was perceived by the council as the best exchanging application in their Financial class.
In 2016, they earned the Rising Star grant for “The intelligent trading application for binary options” from the Mobile Star Awards, the biggest global yearly honors program for versatile programming and developments. The association adulated them for its design and proficiency.
The Web Marketing Association presented IQ with the Best Technology Application in 2016 for the organization’s mobile version of the platform.
IQoption have additionally earned the Century International Quality Gold ERA Award from the Business Initiative Directions Group as an acknowledgmentfor the organization’s focus on Excellence and Quality, particularly inside Customer Satisfaction.
Returning somewhat further to 2015, IQ Option got the title of Best Binary Options Broker Europe 2015 from the Global Banking and Finance Review. IQoption additionally earned the title of Most Innovative Binary OptionPlatform from the IFM Awards in 2015, just as the Best Mobile Trading Platform in similar honors.
Global Brands Magazine, a legitimate brand observer in Britain, gave them the title of Fastest Growing Binary OptionBrand. In the Forex Awards 2014, the platform was named the Best Trading Platform, while in 2014, the MasterForex-V granted IQ Options as the World’s Leading Binary Options Broker and the Most Reliable Binary Options Broker.
The FX Report Awards named them the Best Binary Options Broker in 2014. In 2013, that year IQ Option was established, the organization earned the title of Most Innovative Binary OptionBroker from Moscow’s ShowFx World gathering. At the IAIR Awards, IQ Option earned different honors, including the Best Binary Options Broker and the Best Binary Options Broker/Trading Application.
IQ Option Jurisdictions, Languages, and Countries
IQ Option has customers from 151 unique nations. Their website is presently accessible in 13 languages, permitting traders from around the globe to exchange a language they are comfortable with. Additionally, the platform gives traders a chance to choose from one of the accompanying currencies to deposit and trade with: GBP, EUR, USD, Yuan, MYR, IDR, and RUB.
IQ Option is owned and operated by an organization inside the European Union. Therefore, it has a permit from CySec, the Cyprus Securities and Exchange Commission. To get that permit, IQ Option met and should keep on the meeting, prerequisites identified with advertising limitations, customer assets, and exchanging items. The enlistment in Cyprus as a money-related administrations supplier has number 247/14, enabling IQ Options to take on European customers, who get full CySec protection.
Due to CySec guidelines, all customer finances must be stored in isolated accounts that they can’t access for its very own financier business. CySec controllers additionally offer another dimension of store protection, which protects all investments made with the platform should something happen to the broker.
IQ Option USA
Sadly, IQ Option isn’t accessible to traders in the United States. Iq Option is accessible in 178 nations around the globe, however,the United States has stricter limitations and guidelines, which means American users can’t utilize the broker. More nations from where you can’t access the platform include Canada, Russia, Australia, France, Japan, Belgium, Turkey, Israel, Iran, Syria, and Sudan.
Is IQ Option Scam?
While looking at the platform we went through some that claimed IQ Options is a scam. One of the reasoning behind the claims was the fact that they disabled somebody’s account meaning they couldn’t withdraw their balance, and there were quite a few unsatisfied people who lost their money trading on the platform.
When we put the complaints in the perspective, they were vastly outnumbered by the positive reviews and opinions, meaning that only a small minority had some sort of a problem with the service.
In our opinion, the platform is definitelynot a scam, it is run by a tightly regulated company with a high revenue turnover. They also offer a lot of their official business premisesand have a high-qualitywebsite and training content.
Is IQ Option Safe?
Besides some good practices, for example, keeping up isolated accounts for customer funds, IQ Option offers security in a few different ways. Obviously, the platform has full SSL encryption. All things considered, all the information that traders send to the merchant’s servers is encryptedto meet AES 256 Bit encryption measures. That encryption restricts the capacity of hackers to get to the sensitivedata, giving IQ Option a chance to assure additional protection to both customer assets and data.
IQ Option Final Verdict
Our in-depth traders review has shown that IQ Option is a great solution for beginner as well as advanced traders who are looking to trade a variety of different financial instruments and assets such as forex, stocks, ETF’s, binary options, cryptocurrencies, and other commodities on a highly sophisticated and yet easy to use platform.
From a traders perspective we found this trading platform one of the biggest pro factors, because it not only offers a high variety of trading tools and analytics packages but also a personalised and easy to use trading dashboard.
The customer support is not beyond, but still among the best and the most accurate. Our questions were all answered on time without any leak of professionally and our queries were settled in a reasonable time span. We also need to take into consideration, that IQ has recently had a huge amount of new customers signing up with them what was causing dome delays is account verification and depositing.
What we did not like that much is their two-level customer service system. To have consistent access to your personal account manager, you have to have a VIP account which requires a deposit of $3,000 or more, which is over the budget for most people.
At last, IQ Option isn’t accessible to the residents of nations, for example, the United States, Canada, and Japan. However, they still accept users from more than 176 nations and gives complete support for every one of its clients. They support the Stock, Forex, and Cryptocurrency trading.
Their users can be sure to interact with an intuitive platform that gives access to an abundance of assets and exchanging alternatives.
IQ Option User Reviews and Trading Experience
We want to hear your personal story and trading experience with this broker. If you want to share your thoughts and your personal trading experience with the wider trading world than feel free to post your comment below.
Please make sure your comments are non promotional and don’t include any inappropriate links or other promotional materials. Comments with abusive, vulgar, offensive, or harassing language, and comments which can be understand as a personal attacks of any kind will be deleted as well.
“CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
- 1 Insights and Platform Review – Is IQ Option a Scam?
- 2 What Can You Trade With IQ Option?
- 3 Signing Up With Iqoptions
- 4 Deposits On IQ Option
- 5 Withdrawals On The IQ Option Trading Platform
- 6 The IQ Option Trading Features
- 7 Extra Features on IQ Option Platform
- 8 IQ Option Education and Training
- 9 The IQ Option Affiliate Program
- 10 IQ Options Awards Overview
- 11 IQ Option Jurisdictions, Languages, and Countries
- 12 Is IQ Option Scam?
- 13 IQ Option Final Verdict
- 14 IQ Option User Reviews and Trading Experience