Is IQoption Legit or Scam? (They are Honest and Reputable)
Looking for a regulated binary options broker which goes above and beyond to offer more than your standard white label SpotOption clone? IQ Option is an exciting broker based in Cyprus and regulated by CySEC. This site does not accept traders from the USA, but does serve traders from around the globe. It stands out from the crowd because of its low fees, proprietary platform, and rich features. Let’s check it out!
- Company: IQ Option Europe Ltd.
- Official Website: https://eu.IQ Option.com/en
- Headquarters: Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus
- Phone number: +44 20 8068 0760
- USA traders not allowed
- Trading platform: Proprietary (download required)
- Is IQ Option a Scam?
Just going by the regulatory information, we can give a definitive “no” to the question of is IQ option a scam?.
First of all, IQ Option is regulated by CySEC, #247/14.
Secondly, the company is registered with a number of other financial authorities in a bunch of different countries:
- The National Securities Market Commission (Comisión Nacional del Mercado de Valores, CNMV) in Spain
- The Czech National Bank (Česká národní banka, ČNB).
- The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) in Germany
- The Financial Agents Register (Regafi) in France
- The Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM)
- The Financial Conduct Authority (FCA) in the UK
- The Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy
- The Financial Supervision Authority (EST: Finantsinspektsioon) in Estonia
That is quite a bit of oversight. Considering that most brokers have none, or at best, are registered with just one or two authorities, IQ Option really has gone beyond the call to make sure that it is on the up and up.
Deposit Info – Minimum IQ Option Deposit
You can demo trade on IQ Option if you want to practice trading without risking money, but if you are ready to go live, you can make your first deposit using credit or debit card, Skrill, WebMoney, Neosurf, Neteller, ECommPay, Gate2Shop, SOFORT, or CARDPAY. Currencies for trading include USD, EUR, GBP, and RUB.
The minimum deposit on IQ Option is just €10, which is awesome if you have a small bankroll. Most sites require you to deposit at least €250.
Deposit €3,000 or more, and you can become a VIP trader on IQ Option. This comes with a number of perks, including educational resources, higher payouts on winning trades, and the exciting chance to participate in trading tournaments with prize pools of up to $100,000.
Withdrawal terms and conditions on IQ Option are delightfully friendly. Unlike most binary options sites that require that you wait until you have at least €100 to withdraw, you can withdraw as little as €2 at IQ Option. There are bank transfer fees of €120, but there are no withdrawal fees for any other methods. This is terrific, since most brokers charge you for withdrawals or limit you to only one or two withdrawals per month.
In other words, IQ Option recognizes that your money is your money, and does not stand in the way of your accessing it. With hassles involving withdrawals so common in the binary trading world as to be nearly ubiquitous, this is a great advantage over other brokers.
Types of Options Available
There are two types of options you can trade on IQ Option’s proprietary platform: High/Low and Turbo.
Note that you need to download the platform to your device to trade; it is not a web-based interface. It runs quickly however and is easy to use, and it is compatible with most operating systems (Windows 7, 8, 8.1 and 10, Mac OS, Ubuntu, Android, iOS).
High/Low trades are your most basic form of binary options trade, where you simply try to deduce the direction that price is moving for a particular asset. You win a payout if you are accurate in your determination. You lose your investment if you are incorrect. Turbo trades are really the same thing, just on a short timeframe.
Trading and Training Features at IQ Option:
VIP traders have access to a library of PDFs on strategies, money management, and more.
You can close out of trades early if you believe that the market is turning against your position.
Demo trade for as long as you need to in order to train up your skills and test your strategies.
Trade as little as €1 and earn payouts up to 92%.
What Can You Trade on IQ Option?
Stocks and Indices:
Bank of America
JP Morgan Chase
DOW JONES 30
FTSE 100 (UK)
DAX 30 (Germany)
Nikkei 225 (at USA)
Ping An Insurance Group Co of China Ltd
Brent Oil Jul 16
Gold Jun 16
Brent Oil Aug 16
DX (Dollar Index)
Final Thoughts on IQ Option
IQ Option is a unique binary options broker in a sea of companies that offer services which are practically interchangeable. The high-quality trading platform and website alone set IQ Option well apart, as does the transparency of the content on the site.
But along with those benefits, there are plenty of other advantages which make IQ Option a great choice—even with only a couple of trade types available. A demo account with no strings attached is excellent for practicing your trades, and the resources available to VIP traders look great. The low withdrawal thresholds and largely nonexistent fees make it easy to access your money anytime you want to cash out. From all appearances, IQ Option is a regulated broker which respects and supports serious binary options traders.