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IQ Option Review – are the IQ Option Scam warnings true?

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BONUS/OFFERSnon EU users only

IQ Option Review Scorecard

Is IQ option a Scam?

As usual, the first point when looking to complete the IQ option review is to clarify whether they are a scam At first glance, this online juggernaut has been in operation since 2013, and with more than 40 million registered users, it is safe to say IQ Option is one of the most widely used online brokers in the world.

Being popular amongst the masses does not mean that a company is legitimate in itself, as countless Ponzi schemes can attest. What does make us feel a little easier right off the bat is the fact that IQ Option is CySEC regulated for EU based traders.

CySEC may not be one of the core Tier 1 regulators with the background of the FCA for example, but it is a base where a huge number of forex brokers have set up operations. As a regulator, CySEC is well respected, and Cyprus is building a strong reputation for online brokers. IQ Option are also on almost all the other European regulators’ registration lists, including the aforementioned FCA.

When you have an industry developing and grouping in a particular area, it usually means that you will have a lot more people resources available who specialise in what you do, or are trying to do. Think Silicon Valley for tech startups. This is largely what is happening with Cyprus and forex brokers. That means for IQ Option, access to a good pool of staff and experts available to make their business as strong as possible.

An Award Winning Broker, but how do IQ Option fare with non European traders?

IQ Option has won numerous awards over the past years which is certainly another reassurance when evaluating how likely the scam questions online are to be true. But is there a difference if you are using IQ Option UK or Sweden for example, versus IQ Option Malaysia, South Africa or Singapore? Why would there be any difference you may wonder? The possibility for variation exists, as the regulator is different.

When trading with IQ Option Malaysia, Singapore or anywhere outside of the regulated Countries list below you would usually be engaging with IQ Option Ltd which is registered in St Vincent & Grenadines and does not possess the same regulatory framework. This is similar to many other global online brokers who have a core regulated company where required, and an offshore arm to help onboard traders from the rest of the World.

IQ Option Regulated Countries List – IQ Option Europe (CySEC)

You can trade with IQ Option Europe if you are resident of UK, Germany, Sweden, Norway, Denmark, Netherlands, Spain, Switzerland, Italy, etc.. This covers all European countries not on the restricted list.

This is the arm of IQ Option that we are testing for the purposes of this review.

IQ Option Accepted Countries List – IQ Option Ltd (FSA)

You will trade with IQ Option Ltd if you are resident of UAE, Saudi Arabia, Malaysia, Singapore, Hong Kong, South Korea, Thailand, South Africa, Nigeria, Mexico, Brazil, etc… This branch of IQ Option will cover all those non European countries that are NOT on the restricted list below.

IQ Option Restricted Countries

USA, Japan, Australia, Belgium, Canada, North Korea, Iran, Israel, Latvia, Pakistan, Palestine, Russia, Sudan, Syria, Turkey.

Evaluating The IQ Option Scam Question Once And For All

When taking a look at the track record of the broker, alongside our own personal review experience of depositing and withdrawing from IQ Option Europe makes us confident. We can comfortably answer that IQ Option is not a scam but a strong place to trade online. You can find the IQ Option CySEC registration here

Now we are confident there is no scam, we can move ahead with the detailed review of the offering provided by IQ Option. We will start by delving into the costs of trading to see whether there is value with this broker.

IQ Option Review Platform screenshot

Costs To Trade, Not The Best

IQ Option spreads typically start at 3pips for major pairs such as EUR/USD and will vary across other assets based on factors including liquidity and volatility in your chosen pair at the time. The spreads are higher than most pure forex brokers and if forex majors will be your main traded asset you may want to consider a pure ECN broker. (insert link on ECN broker)

IQ Option do not charge commission on any trades except specific cryptos – this can be up to 2.9% when chargeable which is pretty high but usually if it is on a more obscure cryptocurrency rather than say a Bitcoin trade which should not have any commission. Provided that you are not looking to trade exotic cryptos you will have commission free trading with IQ Option.

There is an account dormancy fee payable of 10 ($/£/€) if you are not using your account for a 90 day consecutive period. This will be payable each month after 90 days until the account is active again. There are also overnight fees ranging from 0.1-0.5% for effectively borrowing to leverage positions. These are competitive compared to other brokers.

Cost Summary
Overall IQ Option are a little expensive to trade with versus the absolute best in the business when it comes to spreads but this can be offset by not having other hidden costs on deposits/withdrawals that are sometimes put in place by others. Depending on the frequency of your trading and the strategy your are using would determine whether or not IQ will be the one of the more cost effective solutions for you or just one of the easiest to deal with.

IQ Option Cost Rating – 3*

Trading Platform

IQ Option provides a proprietary platform that has been designed with the user in mind and to make navigating around the site & app an enjoyable experience. As we have evaluated the trading app in a separate section of this review, we will focus here only on the desktop version of the platform.

IQ Option is well designed and intuitive, making it relatively simple to find the various tools and features enabled after only a short period of adaptation. As you can see from the screenshot above, the interface is very user friendly, with clear charts and many variables on the right hand side. The free demo account provides users with the same underlying assets to trade as the real version which is a great plus in enabling first time depositors feel comfortable with the change from demo to real.

You will find 13 different languages and many more currencies available to set your account to which is a fantastic plus for International traders who would like accounts in their local currencies. There are a very good selection of charting tools and indicators that are provided as standard and with a simple click of the mouse you have access to indicators like moving averages, RSI, Bollinger Bands or MACD to name but a few of those that can make trading via IQopton a one stop shop for most.

IQ Option Review Product Offering

IQ Option can fulfil the vast majority of a traders requirements on one platform with a wide variety of assets tradeable and a simple way to toggle between them. For the non-European residents amongst us, IQ Option binary options is still a possibility which is something that really sets them apart from a lot of other brokers on a product offering perspective. If you are in the EU, IQ Option forex options are the closest you will find to the now defunct binary of old.

Iq option review instrument numbers screenshot list

If you are interested in trading stocks, forex, ETFs, options or cryptocurrencies you will find your needs met. There are currently more than 150 choices for both stocks and forex, 4000+ ETFs and after a recent addition, 13 crypto on IQ Option (including all the main protagonists such as BitCoin, Dash, Ripple, Ethereum, Litecoin, TRON, plus others being added consistently). We include a screenshot of the full 13 crypto available to trade in the IQ Option Payment Methods section below and the commodities currently available to trade here.

IQ Option Platform Summary

We really like the IQ Option platform here at LeverageForex and the fact that it is so easy to use is one of the massive plusses. The styling is good and the product offering within is great – if we were to be critical of one thing it would be the lack of real stock functionality and leverage flexibility. If you are looking to focus on trading and want a platform that can support 90%+ of your requirements with very good speed, IQ Option warrants a place on your shortlist.

IQ Option Platform Rating – 4.4*

IQ Option App

You will find that IQ Option iOS and Android apps are offered alongside a tablet version for full device support as you would expect from an online broker with a focus on bringing trading to the palm of your hand. If you prefer to trade on mobile web rather than via a dedicated application then this is also possible here but doesn’t have all the same features as you can set on the app.

If you have used the desktop version in the past you will notice the design is quite familiar and still ultra-focussed towards keeping things simple, functional and easy to use. You can trade the same suite of products on app including stocks, crypto, forex, ETFs and options and can set your notifications to ‘push’ when various personally selected metrics are met – meaning you don’t need to keep your eyes glued to the charts and you can still stay on top of your trades even when out on the move.

IQ Option App Rating – 4.4*

Payment Methods

IQ Option have recently had a review of their payment methods it seems and added some additional methods. The broker now supports both Debit and Credit Cards (Maestro, Visa Electron, Mastercard, Visa, etc..), alongside bank wire transfers and a suite of online payment wallets such as Neteller, Skrill, Moneybookers, Webmoney and others. If you are making a crypto transaction up to $20,000 this can be done without verification but you will need to verify your account in order to be able to withdraw easily. You can see some of the deposit methods below, alongside some of the cryptos offered for trading on IQ Option.

After review IQ Option have recently added cryptocurrency deposit and withdrawal support which is a nice plus-point for anyone who wants to use the crypto for additional trading. This is something that not many of the competition have in place at the time of writing.

IQ Option Minimum Deposit
IQ Option will accept a deposit from 10 (£/$/€) with no fees attributed and usually this is showing on your account immediately for trading with. In the instance you have used the bank wire transfer method, this will typically take up to 3 days to fully clear as available.

IQ Option Withdrawals
IQo Option support withdrawals back to the same source of funding with most transactions being credited within 1 business day (if depositing via Neteller for example, that should be the wallet the funds are returned to). There are no fees on withdrawals unless you choose to have funds returned via bank transfer.

During our research for this IQ Option review, we have read other users saying they have had some issues with withdrawals but in our experience the process was smooth. It should be noted that you will need to verify your account prior to withdrawal which will involve provided photo ID (Passport, National ID card, etc..) and in the case of card deposits proof of physical possession of card (photo of front and back for example with name visible). You will see below a screenshot of the verification steps which are relatively standard across brokers.

IQ Option payment methods rating – 4.8*

IQ Option Demo Account

Taking a dive into an IQ option demo account can be a really great way to ease yourself into trading as a beginner, especially if you feel you will need time to get to grips with your strategy. This is because unlike many other brokers who now offer demo accounts as standard for limited periods, IQ Option offers an unlimited demo account. This means there is no time limit for your usage and no maximum amount of virtual funds you can trade with over time. This will offer you the chance to get comfortable with every aspect of your trading techniques and also provides you the option to continually test out new strategies to see which ones would be worth adding to your trading arsenal.

You will see from the screenshot below that there is a neat trading history which can be found on the left hand side of the platform which will give you a full breakdown of your demo trades. This, including the historical charts of the time can help to set you on your path to being a better all around trader.

Opening a demo account with IQ Option couldn’t be easier, simply provide an email address and a password and you are started (see below a simple registration form that can be used to get up and running with no personal details needed). You will initially be loaded with $10,000 in virtual dollars to trade with but if you would like to have those funds topped up at any point, that is no problem at all for IQ Option. For the truly privacy sensitive trader who is interested in testing a platform without the broker collecting your information, IQ Option fits the bill

IQ Option Demo Account Rating – 5*

Account Types

Our IQ Option review found two main account types for real traders; the ‘real account’ which is the standard offering, requiring just a $10 minimum deposit (or the currency of your choice) and the ‘VIP account’ which is for those who are looking to make a larger investment in their trading to gain access to some additional features and status.

Real Account
The real account of IQ Option is the standard offering with no trading restrictions versus the VIP account. This account provides more than 70 assets to trade and a 24 hour withdrawal period which is a great point to bear in mind for those wanting to get access to their funds quickly. There are plenty of different trading competitions that IQ Option provide to those outside of the EU, often based around seasonal or high profile events such as the World Cup, Halloween and Copa America competitions they have run recently. There is usually a free version with real money prizes alongside the real money version with a bigger prize pool based on the number of competitors.

VIP Account
The VIP account with IQ Option provides all the features and offers as the usual real account but with some added extras. Firstly, lets clear up the qualification conditions as to be VIP with IQ Option you will need to either deposit $1900 (or equivalent in your currency of choice) or trade a minimum of $15000 in volume. Along with all the great features of the real account, you will gain access to a personal account manager and a monthly report of your trading activity containing valuable insights from the analysts at IQ Option. If you don’t feel the need for either of these you can still choose to opt out of VIP even if you qualify as standard.

Having tested the ‘real account’, we are unable to speak personally for the features of the VIP account or value derived from them based on our own trading but having requested a sample monthly report in the interest of this review, we believe it to be something that would particularly benefit a trader that is interested in a more immersive experience or someone relatively inexperienced and in need of some additional guidance – it must be said that whatever our level of trading, it is always useful to take a second view from a professional.

IQOption Account Types Rating – 4.4*

IQ Option Bonus/Offers

You will find on offer various different trading competitions for non EU traders and you will see some of their latest offers here.

Customer Support

IQ Option has a truly international client base and caters for users from over 150 countries. The support team are available in up to 13 different languages (English, French, Italian, Spanish, Portuguese, Chinese, Korean, Arabic, German, Turkish, Thai, Hindi, Urdu and Norwegian) and are available via onsite chat, email or contact form.

The response time on chat is typically under 1 minute and the broker state they currently have more than 80 support officers available.

Overall the support options provided are wide and will cater for the vast majority of users that are trading on IQ Option.

IQ Option Customer Support Rating – 4.8*

IQ Option Review – In Summary

Throughout the course of this IQ Option review, we have found the broker to be a very reliable, user-friendly and customer centric. IQ Option also provide a wide scope of products to trade on a complete range of platforms.

Whilst we would love to see real stocks get added to the offering in the near future alongside a reduction in spreads and the removal of the fee for bank withdrawals, all in all, IQ Option is still very competitive across the board – we are pleased to be able to provide a ‘strong positive’ review.

If you are planning to trade forex only, then you may want to consider some of the IQ option alternatives but if your plan is to build a multi-asset portfolio and you want something that is user friendly, test the IQ Option demo account – if you are happy with the proposition, upgrade it to real account.