Honest IQ Option Reviews 2021: Legit Trading Platform or Forex Scam?

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You may be still in doubt whether IQ Option is a scam or legit; well, it is a legitimate broker and one of the most reputable companies in the industry. So, you can erase every doubt and consider trading with them.

Their intuitive trading platform is the best out there and we recommend this trading platform for traders of all skill levels, beginner to advanced.

In this review, we will extensively discuss everything you need to know about this broker so that you can decide whether or not this company is right for you.

IQ Option Review

IQ Option is an online trading platform that allows you to trade a wide variety of financial instruments including binary options, stocks, forex, ETFs, commodities, and cryptocurrency.

This broker was founded in 2013 and is operated by IQ Option LTD. With over 48,000,000 registered users and over 1,000,000 transactions per day, IQ Option has quickly become one of the most popular trading platforms for traders around the world.

It accepts traders from over 213 countries including India, Nigeria, South Africa, the Philippines, Malaysia, Pakistan, Singapore, and many more.

They have their base in Cyprus and is regulated by the CySEC (Cyprus Securities and Exchange Commission).

IQ Option Trading Platform

Unlike other brokers that use a standard trading platform, it has a proprietary, bespoke platform to suit the needs of its users. The platform is very easy to use and well designed.

It has many useful features including multi-chart layouts, technical analysis, historical prices, volatility warnings, market updates, stock checks, economic calendar, and much more. It is also available in 13 different languages.

The platform is available on both desktop and mobile. With this, the user can trade a number of different financial instruments. It has become a popular international platform with 50 million registered users.

Within the trading platform, you can trade a wide variety of assets and financial instruments including stocks, digital options, binary options, forex, cryptocurrencies, ETFs, and commodities. However, it should be noted that binary options are prohibited in the EEA.

Which assets can you trade with IQ Option?

Originally just a binary options broker, it now offers clients the ability to trade Contract for Difference (CFDs) against cryptocurrency, ETFs, forex, stocks, and a variety of binary options contracts.

Stocks

As of this review, its CFDs will allow you to trade 169 best-performing stocks with no opening fees. The minimum investment is $1 for stock CFDs with leverage up to 1:20. The list of stocks includes some of the largest companies in the world like Apple, Tesla, Amazon, Boeing, and many more.

Forex

Forex trading is one of the most popular trading markets at IQ Option. This broker offers competitive spreads and a wide range of currency pairs including EUR/USD, USD/JPY, GBP/USD, USD/CAD, AUD/USD, NZD/USD, and USD/CHF. There are currently 50 forex pairs on the IQ Option platform.

ETFs

With them, you can trade CFDs on Exchange Traded Funds, which are also known as ETFs. With an ETF, many different assets are combined into one basket. There are currently 25 ETFs available for trading.

Cryptocurrency

The IQ Option allows you to trade CFDs in 27 different cryptocurrencies, including Ethereum, Bitcoin, Ripple, Neo, Cosmos, Binance Coin, Litecoin, Cardano, ZCash, TRON, Stellar, Iota, Dash, EOS, and Bitcoin Cash.

You can expect great leverage in margin trading and short selling with quick deposits and easy withdrawals.

Commodities

It currently offers CFDs for 5 commodities including Silver, Crude Oil Brent, Crude Oil WTI, Gold and Platinum.

IQ Option Mobile Trading

IQ Option offers clients the ability to trade options and CFDs using their proprietary mobile application. The mobile app works with Android and Apple iOS operating systems.

It can be downloaded from the Apple Store or Google Play.

The app is very easy to use and has a very clear and intuitive graphic interface. It has the same chart options that you can find on the regular web-based platform.

With the mobile app, you can:

  • Execute trades
  • Check the account status
  • Stay up to date on market developments
  • Use chart tools
  • Set up customizable alerts and push notifications

IQ Option Demo Account

Like many brokers, they offer a free demo account that includes $10,000 in virtual money. There is no limit to how long you can use the demo account.

This gives you a chance to try out different trading strategies and familiarize yourself with the platform before investing any real money.

If you run out of virtual credit in your demo account, you can have it refilled so you can continue practicing.

You do not need to register or reveal your personal information to access the IQ Option demo. This isn’t always the case with other brokers as many companies require you to provide at least one email address in order to get access to their demo.

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Is IQ Option really Safe?

Yes, IQ Option is safe. With over 40,000,000 registered users, this company is one of the largest and most successful binary options brokers in the industry.

They are also licensed and regulated by the CySEC (Cyprus Securities and Exchange Commission) and the FSA (Seychelles Financial Services Authority). All customer funds are kept in separate bank accounts for further security.

It is also a member of the Investors Compensation Scheme, which protects client funds up to a maximum of $20,000.

Trading Costs and Fees for IQ Option

IQ Option is transparent about its fees and costs. To see what it costs to trade at IQ, you need to consider the following:

  • Spreads – The difference between buying and selling prices. This is often variable and depends on volatility, liquidity, and even the time of day.
  • Swap Fees – These are fees charged on positions that are held overnight. The fees vary between 0.1% and 0.5% and are higher if positions are held over the weekend.
  • Dormant Account Fees – If an account is inactive for 90 days, IQ will charge a fee of € 10 (or currency equivalent) every month if the account balance is above zero.
  • Withdrawal Fees – Most payment service providers do not incur any fees, but a fee of $ 31 (or currency equivalent) is charged for bank transfers.
  • Commission – A 2.9% commission is charged for certain cryptocurrency transactions. This fee does not apply to other assets.

Can I make money with IQ Option?

Of course, you can make money with IQ Option. To make a profit, you need to correctly predict the price movement of an asset until the expiry of the commercial contract.

The platform offers short term trades that can make you money in 60 seconds if you correctly predict the market direction. Binary options produce a profit of up to 95%, while digital options produce a profit of up to 900%.

Due to the regulations set by CySec, it does not offer any deposit bonuses. However, this broker has trading competitions where you can compete against other traders for prices ranging from $10,000 to $100,000.

Unfortunately, these trading tournaments are not available to citizens within the EEA. Standard accounts can enter the competitions for a fee, while VIP accounts get free entry.

Which countries does IQ Option accept?

IQ Option accepts traders from over 213 countries including Argentina, Bangladesh, Bolivia, Botswana, Brazil, Cambodia, China, Colombia, Egypt, Ghana, India, Indonesia, Iran, Ireland, Jamaica, Japan, Korea, Nigeria, Germany, Kenya, Malaysia, Maldives, Macedonia, Mexico, Morocco, Namibia, Netherlands, New Zealand, Pakistan, Philippines, Saudi Arabia, Serbia, Singapore, Somalia, South Africa, Sri Lanka, Switzerland, Tanzania, Thailand, Turkey, United Arab Emirates, Uganda, Ukraine , United States of Kingdom, Vietnam, Zambia and Zimbabwe.

Which countries does IQ Option not accepted?

Unfortunately, they cannot accept merchants from the US, Russia, Canada, Australia, France, Japan, Belgium, Turkey, Israel, Iran, Syria and Sudan. The countries listed above have stricter restrictions and regulations making it difficult for IQ Option to provide trading opportunities to their citizens.

Is IQ Option suitable for day trading?

One of the most important factors to consider when looking for a broker for day trading is the type of instruments that are available to trade.

With it, the broker is a suitable broker for day trading as it offers CFDs that traders can use to open and close their market positions at any time.

Additionally, the broker is well regulated and this helps ensure that your money is handled professionally and ethically.

How to make deposits in IQ Option?

There are several methods of depositing money depending on which country you are from. Bank transfers are popular. You can deposit with your credit or debit card, e-wallets, or cryptocurrency wallets.

The platform also has its own system called AstroPay. Astropay allows payments from countries where there are no other means of transferring funds.

The Asian market is important to IQ. It accepts bank transfers from various banks in Thailand, the Philippines, Indonesia, Vietnam and Malaysia.

Similar systems exist for South Africa (via Perfect Money, which also deals with Argentina, Colombia and Brazil), China (via China Union Pay, which deals with Taiwan, Hong Kong and Macau).

Deposits are easy and accurate, and the customer support team can help with any issues.

How to make withdrawals from your IQ Option account

Steps to withdraw money

  1. Go to IQoption.com
  2. Sign in to your account
  3. Click the user in the upper right corner
  4. Click on “Withdraw funds”.
  5. Choose your preferred payment system
  6. Follow the instructions on the screen

Payout

  • Withdrawals from credit cards / debit cards
  • Payment of the transfer
  • Payout from e-wallets

The same methods used to deposit funds can also be used for a withdrawal request. The basic account requires a minimum initial deposit of $10.

The user can use the same functions as the VIP account. The difference between the Basic and VIP accounts is that the VIP account entitles the user to higher payouts, additional training materials and to participate in bigger competitions (some of which allow you to win prizes up to $100,000.

The VIP account has a higher minimum deposit of $3000.

Is IQ Option Legit?

Yes, the trading platform is legitimate. Their trading platform offers services to traders from 213 countries and has over 40 million customers. They process over 1 million transactions a day.

It is a trustworthy and reputable broker known for its great trading platform. We can recommend it to traders, from beginners to advanced.

Is IQ Option a Scam?

This broker has 50 million registered traders from 213 countries and the number of active traders is growing every year. They process over 1 million transactions a day.

IQ-Option is a legitimate online broker. Their trading platform is intuitive and one of the best in the business. We can recommend it to all traders, from beginners to advanced.

Conclusion

All in all, IQ Option is a useful and feature-rich trading platform; the ease of use, variety of assets, low minimum trade, minimum deposit, and demo account features are all remarkable. In terms of support, it is second to none.

No single trading platform will be right for everyone. You should do your own research. When trading, it is important to take all necessary precautions to avoid financial loss.

References

Editor’s Recommendations

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1 comment
  1. Usually I don’t write these kind of reviews but this time I just want to protect people from future scam… because these croocks aren’t going to stop I know it for sure. first time they have contacted me I invested 1000€ they said they will be able to make more than 100% profit per month it was of course hard to believe but I had free money and decided to try it out (Because I thought I can withdraw it back whenever I want anyways) well after I invested they have traded on my account and as promised were making more than 100% gain per month (Only now I understand that it all was fake platform and fake profit) anyways after some month they proposed me to invest a very big amount of money just for 1 month to make 100% gain and then withdraw so I believed them and put in 150 000 EURO. Quite obviously after I sent the funds I haven’t heard from them for almost 2 weeks until I started ringing all the possible bells they have also locked my account and requested all kinds of documents, after weeks of trying to communicate with them it wasn’t working out and I couldn’t get any money. in search for help on how to get my money back I was directed to contact Mr Nathan Harold who work with crypto currency authorities, I contacted him and explained my situation to him, he requested for some details about the broker and concerning my investment, I forwarded all the details to him. it was all like a dream, through him I was able to get back all my money, please don’t sit back and cry when you facing difficulties in withdrawing your profit or you totally lost your funds to any Broker or Account Manager, kindly contact Mr Nathan through his email address: nathanharold076@gmail.com, I assure you a successful funds recovery.

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