IQ Option Broker Review: Is It Legit or a Scam?

piper August 30, 2023September 4, 2023 IQ Option

IQ Option is an online trading platform offering a wide range of financial instruments and services. It is considered one of the world’s leading binary options brokers, offering access to stocks, options, currencies, and more. In this IQ Option broker review, we will explore its features and services to determine whether it is a legitimate and reliable broker for your trading needs.

What is IQ Option?

IQ Option is a trading platform designed for the needs of both novice and experienced traders. It was founded in 2013 and is headquartered in Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus. It offers access to more than 200 markets, including Forex, CFDs, stocks, options, and cryptocurrencies. The platform is easy-to-use, with an intuitive user interface and an extensive range of trading tools and features.

Some of the popular markets available on IQ Option

Forex: Major currency pairs like EUR/USD, GBP/USD, USD/JPY, etc.
Cryptocurrencies: Bitcoin, Ethereum, Ripple, Litecoin, etc.
Stocks: Popular international stocks like Apple, Microsoft, Amazon, Google, etc.
Indices: Major indices like S&P 500, Dow Jones, NASDAQ, FTSE 100, etc.
Commodities: Gold, Silver, Crude Oil, Natural Gas, etc.
ETFs (Exchange-Traded Funds): Diverse portfolios of assets like SPDR S&P 500 ETF, iShares MSCI Emerging Markets ETF, etc.
Options: Binary options and digital options based on various underlying assets. Note that the availability of markets may vary depending on your location and regulatory restrictions. It is always recommended to check with IQ Option directly for the most up-to-date and accurate information on available markets for trading.

Fees & Spreads

IQ Option offers competitive fees and spreads, with no commission fees charged for most asset classes. The fees and spreads depend on the asset class and market conditions. All trading costs are clearly displayed on the platform, making it easy to understand how much you will pay.

IQ Option Fees

IQ Option charges various fees for different types of transactions. Here are the main fees charged by IQ Option:

Spreads: IQ Option charges spreads on each trade executed on its platform. The spread is the difference between the buy and sell price of an asset. The exact spread varies depending on the asset being traded.
Overnight Fees: If you hold a position overnight, IQ Option may charge you an overnight fee. This fee is typically charged for positions held after a certain time (e.g., 10 pm GMT). The amount of the fee depends on the asset and the size of your position.
Inactivity Fee: If you do not log in to your IQ Option account for 90 consecutive days, the company may charge an inactivity fee. The fee amount is $10 for accounts with a balance of less than $1,000 and $50 for accounts with a balance of $1,000 or more.
Deposit and Withdrawal Fees: IQ Option does not charge any fees for deposits or withdrawals made using certain payment methods, such as bank transfers or cryptocurrencies. However, fees may be charged by the payment providers themselves.
Conversion Fees: If you deposit or withdraw funds in a currency different from your account’s base currency, IQ Option may charge a conversion fee. The fee amount depends on the currency pairs involved and the current exchange rates. It’s important to note that fee structures may change over time, so it’s always a good idea to check the official IQ Option website or contact their customer support for the most up-to-date fee information.

IQ Option Spreads

Spreads refer to the difference between the buying and selling price of an asset. IQ Option provides competitive spreads across different financial instruments, ensuring that traders can execute trades at fair and transparent prices. Spread is an important consideration for traders as it affects their profitability and cost of trading. IQ Option offers fixed and variable spreads, depending on the type of asset being traded. Fixed spreads remain constant regardless of market conditions, providing traders with price certainty. Variable spreads, on the other hand, fluctuate with market volatility, reflecting the supply and demand dynamics of the asset. Variable spreads are typically tighter during periods of high liquidity and wider during market instability. The spreads on IQ Option vary based on the specific asset and market conditions. For example, forex pairs often have tight spreads due to high liquidity, while less liquid assets may have wider spreads. Traders can view the spreads for each asset on the IQ Option platform before placing their trades, allowing them to assess the cost of trading and make informed decisions. In conclusion, IQ Option provides real-time feeds and competitive spreads to facilitate informed trading decisions. The platform offers a wide range of financial instruments, customizable feeds, and transparent spreads, allowing traders to access the information they need to succeed in the markets.

IQ Option Trading Platform

IQ Option’s trading platform is available as a web-based platform and mobile app. It is user-friendly and simple to use, with an advanced charting package and intuitive navigation. The platform also offers a wide range of trading tools and features, including stop-loss orders, take-profit orders, and trading alerts. IQ Option is a popular online trading platform that offers a range of tools and features to assist traders in making informed decisions and executing successful trades.

IQ Option Key Tools & Features

Trading Instruments: IQ Option offers various trading instruments, including options, forex, stocks, cryptocurrencies, commodities, and indices. This wide range of asset classes allows traders to diversify their portfolios and access different markets.
User-friendly Interface: The platform is known for its intuitive and user-friendly interface. It provides a smooth trading experience with easy navigation, customizable charts, and a range of indicators for technical analysis.
Charting Tools: IQ Option provides a comprehensive set of charting tools that allow traders to analyze price movements and patterns. These tools include various chart types (line, candlestick, bar), timeframes, drawing tools, and technical indicators (moving averages, Bollinger Bands, RSI, MACD, etc.). Traders can use these tools to identify trends, spot entry/exit points, and conduct technical analysis.
Risk Management Tools: IQ Option offers features to manage the risk associated with trading. Traders can set take profit and stop loss levels to automatically close positions when a certain profit or loss is reached. Additionally, the platform provides a feature called “Trailing Stop” that adjusts the stop-loss level as the trade moves in the trader’s favor.
Mobile Trading: IQ Option provides a mobile app for iOS and Android devices, allowing traders to access the platform and trade on the go. The mobile app offers the same features as the web platform, providing convenience and flexibility for traders.
Social Trading: IQ Option has a unique feature called “Copy Trading” that allows users to automatically copy the trades of successful traders. This feature enables beginners to learn from experienced traders and potentially replicate their success.
Educational Resources: The platform offers a wide range of educational resources to help traders enhance their trading skills and knowledge. These resources include video tutorials, webinars, articles, and a demo account for practice trading without risking real money.
Market News and Economic Calendar: IQ Option provides real-time market news updates and an economic calendar, which helps traders stay informed about important events and economic indicators that can impact the financial markets.
Customer Support: IQ Option offers customer support via live chat, email, and phone. Their support team is available 24/7 to assist traders with any queries or technical issues they may encounter.

Overall, IQ Option provides a comprehensive set of trading tools and features that cater to both beginner and experienced traders. The platform’s user-friendly interface, educational resources, risk management tools, and diverse range of trading instruments make it a popular choice among traders worldwide.

Asset Classes

IQ Option offers a wide range of asset classes, including stocks, ETFs, indices, commodities, currencies, and cryptocurrencies. All these asset classes are available for trading on the platform.

IQ Option Assets Types

Stocks: IQ Option offers stocks of various companies such as Apple, Microsoft, Amazon, Google, etc.
Cryptocurrencies: Traders can trade popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and more.
Forex: The platform provides a variety of currency pairs such as EUR/USD, GBP/USD, USD/JPY, etc.
Commodities: Traders can trade commodities like gold, silver, oil, natural gas, and other agricultural products.
Indices: IQ Option offers trading on various stock indices such as Nasdaq, S&P 500, Dow Jones, FTSE 100, etc.
Options: The platform allows traders to trade options on several assets, including stocks, currencies, and commodities. It’s important to note that the availability of these assets may vary depending on the user’s location and regulatory restrictions.

Accounts & Regulation

IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySec). All customer funds are held in segregated accounts, ensuring that clients’ funds are protected. IQ Option offers three types of accounts: the Real Account, the VIP Account, and the Professional Account. The Real Account is the basic account, while the VIP Account and Professional Account are designed for more experienced traders.

IQ Option Account Types

Demo account: This is a free account that allows traders to practice and familiarize themselves with the platform’s features and trading strategies. It comes with virtual funds and does not require any deposit.
Real account: This is the standard account type that requires a minimum deposit of $10. Traders can access a wide range of trading instruments and features, including the ability to participate in tournaments and receive personal support from the account manager.
VIP account: This account type is for experienced and high-volume traders. It requires a minimum deposit of $1900 or a trading volume of $15000 within a three-month period. VIP account holders enjoy additional benefits such as higher profitability rates, access to exclusive trading opportunities, a personal account manager, and faster withdrawal processing.

Overall, IQ Option offers different account types to cater to the varying needs and preferences of traders, whether they are beginners looking to learn or experienced traders seeking advanced features and support.

How to Register On IQ Option

Visit the official website of IQ Option at www.iqoption.com.
Click on the “Sign up” button located at the top-right corner of the page.
Choose your preferred method of registration: via email, Facebook, Google, or Apple ID.
If you select email registration, enter your email address and create a password. Make sure to choose a strong password that includes a combination of letters, numbers, and symbols.
Tick the box to confirm that you are at least 18 years old and accept the Terms and Conditions, Privacy Policy, and Risk Disclosure.
Click on the “Open account for free” button to proceed.
IQ Option will send a verification email to the provided email address. Check your email inbox and click on the verification link to confirm your registration.
Once your email is verified, you will be redirected to the IQ Option platform. Here, you can complete your profile by providing additional information such as your full name, phone number, and country of residence.
After filling in the required details, click on the “Continue” button.
You will be asked to complete a quick questionnaire to assess your trading experience. Answer the questions honestly and accurately.
Once you have completed the questionnaire, you will be redirected to your IQ Option dashboard. Congratulations! You have successfully registered on IQ Option. You can now explore the platform, deposit funds, and start trading various financial instruments such as stocks, cryptocurrencies, forex, and more.

Customer Support

IQ Option offers excellent customer support. The support team is available 24/7 via phone, email, and live chat. There is also a comprehensive help center with answers to frequently asked questions.

Research & Education

IQ Option provides a wide range of research and educational materials to help traders learn about the markets. The platform offers in-depth market analysis and trading insights from experienced traders. There are also tutorials and webinars to help traders learn how to use the platform and master trading techniques.

IQ Option Educational Materials

Video tutorials: IQ Option provides a series of video tutorials covering various topics, such as trading strategies, technical analysis, and risk management. These tutorials are designed to be simple and easy to understand, making them suitable for traders of all levels of experience. Webinars: IQ Option regularly hosts live webinars where expert traders share their knowledge and insights. These webinars cover a wide range of topics, including market analysis, trading psychology, and advanced trading strategies. Traders can participate in these webinars and ask questions to the presenters in real-time.
Trading guides: IQ Option offers comprehensive trading guides that cover various aspects of trading, from basic concepts to advanced strategies. These guides are available in a written format and provide step-by-step instructions and examples to help traders understand key concepts and apply them in their trading.
Economic calendar: IQ Option provides an economic calendar that highlights important economic events and news releases that can impact the financial markets. Traders can use this calendar to stay informed about upcoming events and adjust their trading strategies accordingly.
Demo account: IQ Option offers a free demo account that traders can use to practice their trading skills and test different strategies without risking real money. Traders can access the demo account with virtual funds and experience real-market conditions.

Overall, IQ Option’s educational materials aim to provide traders with the knowledge and tools they need to make informed trading decisions and improve their overall trading performance.

Security & Reliability

IQ Option is a reliable and secure platform. To ensure the security of its traders’ funds, the platform uses the latest encryption technology and two-factor authentication. It also has a rigorous risk management system and a strict policy on client money protection.

IQ Option Security Features

SSL Encryption: IQ Option uses Secure Socket Layer (SSL) encryption technology to protect users’ personal and financial information. This encryption ensures that all data transmitted between the platform and the user’s device remains confidential and secure.
Two-Factor Authentication (2FA): IQ Option provides the option for users to enable two-factor authentication. This adds an extra layer of security by requiring users to enter a unique verification code sent to their mobile device in addition to their login credentials.
Regulatory Compliance: IQ Option is regulated by various financial authorities, including the Cyprus Securities and Exchange Commission (CySEC). This regulatory oversight helps ensure that the platform operates in compliance with strict security standards and regulations.
Secure Funds Storage: IQ Option keeps users’ funds in segregated accounts, separate from the company’s operational funds. This ensures that users’ money is protected and not at risk in the event of the platform’s financial difficulties.
Account Verification: IQ Option requires users to verify their accounts by providing identification documents. This verification process helps prevent identity theft and ensures that only authorized individuals can access and trade on the platform.
Risk Management Tools: IQ Option offers risk management tools, such as stop-loss orders and take-profit orders, to help users control and limit their potential losses. These tools help protect users’ investments and minimize risks associated with trading. It is important to note that while these security features provide a certain level of protection, no system is completely foolproof. Users should also take their own precautions, such as using strong and unique passwords, regularly updating their software and devices, and being cautious of phishing attempts or suspicious links.

Deposit & Withdrawal

IQ Option allows traders to make deposits and withdrawals using a variety of payment methods, including bank transfer, credit/debit card, e-wallet, and wire transfer. All deposits and withdrawals are secure and processed quickly.

IQ Option Deposit Methods

Credit/Debit Cards: IQ Option accepts deposits from Visa, MasterCard, and Maestro cards.
Bank Wire Transfer: Traders can also deposit funds through a bank wire transfer. This method may take longer to process compared to other options.
E-wallets: IQ Option supports several e-wallet services, including Skrill, Neteller, and WebMoney.
Cryptocurrencies: Traders can deposit funds using popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Ripple.
Local Payment Providers: IQ Option also accepts deposits through various local payment providers, depending on the trader’s country. These may include popular services such as Boleto, AstroPay, and FasaPay.

It is important to note that the availability of these deposit methods may vary depending on the trader’s location. Traders should check IQ Option’s website or contact their customer support for the most up-to-date information on available deposit methods.

IQ Option Withdrawal Methods

Credit/Debit Card: Traders can withdraw funds directly to their credit or debit cards. The withdrawal process usually takes up to 9 business days.
Bank Transfer: Traders can also withdraw funds to their bank accounts. The withdrawal time for this method is from 1 to 5 business days.
E-Wallets: IQ Option supports popular e-wallets such as Skrill, Neteller, and WebMoney. Withdrawals to e-wallets are usually processed within 24 hours.
Cryptocurrencies: Traders can withdraw funds in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The withdrawal time is usually within 24 hours.

It is important to note that the availability of withdrawal methods may vary depending on the trader’s country of residence. Additionally, traders may need to verify their identity and provide certain documents before withdrawing funds.

Pros & Cons of IQ Option

IQ Option has several advantages, including low fees and spreads, an easy-to-use platform, a wide range of asset classes, and reliable customer support. However, the platform does have some drawbacks, such as the lack of demo accounts and the limited range of research and educational materials.

IQ Option Advantages

User-friendly platform: The IQ Option platform is easy to navigate and use, making it accessible for both beginner and experienced traders.
Wide range of assets: IQ Option offers a wide range of tradable assets, including stocks, cryptocurrencies, commodities, forex, and indices. This provides traders with a variety of options to choose from and diversify their portfolio.
Demo account: IQ Option offers a free demo account, allowing traders to practice their strategies and test the platform without risking real money. This is especially beneficial for beginners who want to gain experience before trading with real funds.
Low minimum deposit: The minimum deposit requirement on IQ Option is relatively low, making it accessible for traders with different budgets. This allows traders to start trading with a small amount of capital and gradually build it up.
Competitive spreads and fees: IQ Option offers competitive spreads and low fees, allowing traders to keep more of their profits. This is especially important for frequent traders who make numerous trades and can accumulate substantial costs with high spreads and fees.
Risk management tools: IQ Option provides various risk management tools, such as stop loss and take profit orders, to help traders manage their risk and protect their capital. These tools can help traders limit potential losses and maximize profits.
Mobile trading: IQ Option has a mobile app that allows traders to trade on the go. This provides flexibility and convenience for traders who want to monitor their positions and execute trades from anywhere.
Educational resources: IQ Option provides a range of educational resources, including video tutorials, webinars, and articles, to help traders improve their knowledge and skills. This can be particularly beneficial for beginners who are new to trading.

Overall, IQ Option offers a user-friendly platform, a wide range of tradable assets, low minimum deposits, competitive spreads and fees, risk management tools, mobile trading capabilities, and educational resources. These advantages make it a popular choice for traders of all levels.

IQ Option Disadvantages

Limited asset selection: IQ Option offers a limited number of assets for trading, compared to other brokers. This can limit the trading options available to traders and may not meet the needs of all investors.
Limited customer support: Some users have reported experiencing difficulties in reaching customer support when they have issues or questions. The response time may be slow, and the support team may not always provide satisfactory solutions.
High withdrawal fees: IQ Option charges a withdrawal fee for every transaction. This fee can be quite high, especially for smaller withdrawals. Traders who frequently withdraw funds from their accounts may find this to be a significant disadvantage.
IQ option security features: IQ Option’s educational resources are limited compared to other brokers. Traders who rely heavily on educational materials and tools may find the lack of comprehensive resources to be a disadvantage.
Restricted access: IQ Option does not accept traders from several countries, including the United States, Canada, Japan, and Australia. This can be a significant disadvantage for traders residing in these countries who wish to trade with IQ Option.
Limited trading features: IQ Option’s platform may lack certain advanced trading features that some experienced traders may require. This can limit the trading strategies that can be implemented on the platform.
Limited regulation: IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC), which is not considered as stringent as some other regulatory bodies. Traders who prioritize trading with a highly regulated broker may find this to be a disadvantage.
Risk of losing money: As with any form of trading, there is a risk of losing money when using IQ Option. Traders should be aware of the high-risk nature of trading and only invest what they can afford to lose.

What Countries Is IQ Option Prohibited In?

IQ Option is known to be prohibited or restricted in the following countries:

United States
Canada
Australia
Israel
Syria
Sudan
Iran
North Korea
Japan
Belgium
Palestine
Russia

Please keep in mind that this list may not be exhaustive, and it is always recommended to check the latest regulations and legal requirements in your specific country before engaging in online trading activities.

IQ Option Frequently Asked Questions (FAQ)

Yes, IQ Option is a legitimate binary options broker. It is regulated by reputable authorities such as the Cyprus Securities and Exchange Commission (CySEC) and has been operating in the industry for several years.

IQ Option employs strict security measures to protect your funds. It segregates client funds from operational funds and stores them in reputable financial institutions. Additionally, the broker uses advanced encryption technology to secure your personal and financial information.

Yes, binary options trading carries inherent risks. It’s important to note that the potential for high profits is accompanied by the risk of significant losses. It’s crucial to have a good understanding of the market and trading strategies before engaging in binary options trading.

IQ Option offers a range of educational resources to help traders improve their skills. These include video tutorials, webinars, trading strategies, and articles covering various aspects of trading.

Yes, IQ Option provides a demo account feature that allows you to practice trading without using real money. This is a great way to familiarize yourself with the platform and test your trading strategies before committing real funds.

IQ Option’s withdrawal process is generally straightforward. You can request a withdrawal through your account dashboard, and the funds are typically processed using the same method you used to deposit. However, there might be verification procedures to ensure security and prevent fraud.

While IQ Option doesn’t charge commissions on trades, there might be fees associated with certain actions like withdrawals or inactivity. It’s recommended to review the broker’s fee structure before trading.

Yes, IQ Option offers a user-friendly mobile app that allows you to trade on the go using your smartphone or tablet. The mobile app provides access to trading, account management, and analysis tools.

IQ Option is known for its user-friendly platform and educational resources, making it a viable option for beginners. However, it’s essential for beginners to thoroughly educate themselves about trading concepts and strategies before getting involved in binary options trading.

IQ Option offers customer support through various channels, including email, phone, and live chat. You can find contact details on their official website. It’s recommended to reach out to their support team if you have any questions or concerns.

Yes, besides binary options, IQ Option provides trading options for other financial instruments such as forex, stocks, cryptocurrencies, and commodities. This allows traders to diversify their portfolios and explore different markets.

No, trading binary options, or any financial instrument, does not guarantee profits. Success in trading depends on various factors including market conditions, trading strategies, risk management, and your understanding of the market. It’s important to approach trading with realistic expectations.

Summary & Conclusion

Overall, IQ Option is a reliable and secure online trading platform offering a wide range of asset classes and competitive fees. It is regulated by the Cyprus Securities and Exchange Commission (CySec) and has a rigorous risk management system. The platform is user-friendly and offers a wide range of trading tools and features, making it suitable for both novice and experienced traders.

Final Verdict On IQ Option

IQ Option is a reliable and secure trading platform offering a wide range of asset classes and competitive fees. It is user-friendly and offers a wide range of trading tools and features, making it suitable for both novice and experienced traders. The platform is regulated by CySec and provides excellent customer support. It is a good choice for traders looking for a reliable and secure online broker.