IQ Option 2024 Review: Are They Real Or Fake?

IQ Option Overviews

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IQ Option is quite a popular mobile broker as their app has surpassed 100 million downloads worldwide. The app has sterling reviews but the broker, their website and their online services are not so well received. This review explores all the avenues trying to understand why some traders regard this broker as good and others regard it as a scam.

Facts About IQ Option

Pros and Cons

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Is IQ Option Safe? Broker Regulations

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Being regulated is the closest that a broker can get in terms of some type of financial authority oversight. Basically, most reputable online brokers will be regulated by a financial authority to ensure they operate correctly and within the law. Also, a broker that operates in various regions around the globe should be regulated by authorities that oversee those regions.

A broker typically makes this information available so that clients can see that they are “safe” and “reputable.”. This means that one broker could have several authorities that oversee them and the entities they operate in. Also, this information is typically found in the footer section of the broker’s website, and if it is not found there, you will usually find it somewhere in the “about us” and FAQ sections.

We could not find any information on the IQ Option website regarding any form of regulation, but apparently, they are regulated by CySEC, as our research indicates.

As you can see from the image below the only information, they have in their footer details what CFDs are and the risks involved. Additionally, the documentation you can find here regarding terms and policies provides no information on their regulation status.

 

 

However, they do have some information regarding some awards they have won (which totals four). Then lastly, their Trustpilot score has a 4-star rating, but this is only from 30 reviews, so we would regard this as inconclusive.

What Can I Trade with IQ Option?

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IQ Options trade in CFDs, and this information is displayed throughout their website. Looking at their assets listed under the main menu, we understand that they only offer forex, stocks, and crypto. However, if you navigate to their Assets section, you will see that forex, stocks, crypto, commodities, and ETFs are available with no indices at the moment.

 

Forex

The most information you will find pertaining to leverage, spreads, etc, is on their forex page. Here we can see a minimum deposit of 10 USD is required, along with instruments having a leverage of up to 500. If you want to see a list of all the forex pairs they have available, you will need to register an account with this broker (which we will go over later).

 

Stocks

For stocks, you can see their entire list, which comprises 185 companies in total but no information on the spread, leverage, or other conditions is listed here.

 

 

Crypto

The information regarding their crypto assets is just as sparse. No complete list is given of what you can trade, but they state that all major coins are tradable. The only relevant information they have are widgets containing price movements for these coins.

 

 

Commodities

If you actually head to their assets page to view their commodities list, you will find that only gold and oil are available. Once again, no information on the spread, leverage, or other conditions are given. This is a concern because this type of information is relevant to new traders wanting to understand and compare brokers.

 

 

ETFs

Looking at the ETFs section, we can see that 23 are available to trade, or at least they are listed here, so we assume that they are. Again, no other information is listed for this asset class by this broker.

 

 

How to Trade with IQ Option?

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There is technically only one way to trade with IQ option: by using their proprietary software. However, this software is available for all platforms, including Windows, Mac, iOS, and Android. They even allow you to download the APK file if you choose.

To find this information, you have to head to their “download app” section because there is no other information about the app, its services, or its features anywhere on the website. Even when you head to this section, you will only find downloadable links to the specific platforms and system requirements if you intend to use it on a desktop machine.

 

 

It is important to note that their web terminal is available but only when you sign up for an account. Then they do not use MetaTrader at all. So if you are looking for a broker that does, then this is a “deal breaker” in that regard. By the information this broker provided (or lack thereof) on the software itself and by the fact that many other review websites rate this broker as untrustworthy, we did not download and install this software to look through it.

At this point, we would recommend looking at another reliable broker like ZFX, which is regulated and uses MT4 as its trading software. Remember that MetaTrader is the standard trading software that all reputable brokers use. You do not know what type of information you might pass through your system when using something else.

How Can I Open IQ Option Account? A Simple Tutorial

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If you are still adamant about opening an account with this broker with the current information we have provided thus far, then these are the steps you will need to take.

You will first need to head to their website. Take note that there is another website on another domain that seems to act like a landing page. We do not know if this is affiliated with the broker, and there are a lot of impersonators (scammers), so we suggest you stick to the main domain when registering, which you can find here.

After navigating to their website, you will need to click on the “sign up” button on the right side of the main menu at the top of the screen.

 

 

You will then be redirected to their registration page, where you will be able to choose your location from a dropdown menu. You will also need to input your Email address and Password, followed by accepting their terms and conditions.

You should also be aware that if you do not want to sign up with credentials, there are two options to signup with either Facebook or Google.

 

 

After that, you will have registered with the broker and be directed to your new client area, which includes the active web terminal.

 

At this point, it should be noted that the signup process for this broker is by far one of the quickest of any we have reviewed. However, most brokers will ask you to verify your identity if you wish to deposit and when you would like to withdraw. But in this regard, IQ Option only requires verification of VISA for depositing.

 

 

To verify your account, you will need to click on your profile picture and navigate to the “proceed to verification” to continue with verifying your identity. You will then need to follow the steps that are included with the first shown in the picture below.

 

IQ Option Charts and Analysis

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In terms of trading resources, IQ Option has what we consider to be an average amount. More specifically, the sections that you can find under the “for traders” menu are as follows;

• News feed
• Video tutorials
• Blog
• The basics of margin trading
• Webinars

Starting with the “news feed” section, we find that this page covers what you would expect it to. This is to say that it details news about the global economic and financial conditions regarding various sectors. This “news blog” is updated frequently, and you can expect to see about 5 to 10 economic-related articles daily.

 

 

The video tutorials section is made up of six categories that include basic videos on how their trading platform works to understand CFD trading and technical analysis. However, the videos in these sections are limited to only several, but the way they are produced is clear meaning it is easy to grasp for a beginner.

Their blog contains articles that are diverse but still cover the aspects of trading and economics. You will find articles like “how to download IQ Option for PC” and “how to start trading in 2023.”. As you can see, the news feed is for up-to-date current financial news, and the blog covers trading and finance in a more general way giving guides and step-by-step tutorials.

 

 

IQ Option then has a section dedicated to the “basics of margin trading.”. This one-page section is not that lengthy and covers topics like spreads, swaps, margins, leverage, etc. This page is no more than a 5-minute read, and although the information is clear, it may not be enough for beginner investors to grasp the meaning of margin trading is.

 

 

Lastly, you have their webinars section. It will help to remember that trading resources and education that a broker offers can go a long way to entice potential new clients, and webinars are one of the best methods to do this. This is especially true if the webinars are open to everyone and not only to broker clients. Luckily, IQ Option has all their webinars listed and covers a variety of topics. The only downside is that they are infrequent, and as it stands, you can expect upcoming webinars once a month at the current rate.

 

 

IQ Option Account Types

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The IQ option has four account types, with one being a demo account. Hence, there are three live accounts that this broker offers. It should be noted that information on these account types is not detailed on the broker’s official website, nor is there any information on it when you register with them.

This is due to the fact that the two accounts, besides the standard account, are not an option for many regions or traders. The “Professional” account that this broker offers is only for EU traders and came into effect in 2018.

 

 

You then have the IQ Options VIP account for Non-EU residents. However, it is only available for clients who deposit a minimum of 1,900 USD or more. Again, no information on this account is given in the website, even when looking through their FAQ section. Speaking to support we were told that the effect of this account type is automatic when the funds are deposited. These are some of the benefits you can expect;

• Personal Account Managers – These are available to assist VIP account holders in different ways and to provide analysis and advice where necessary
• Free Participation in Any Tournament – VIP members are able to enter any trading tournament offered by IQ Option for free
• Higher Profitability Rates – VIP account holders enjoy higher profitability rates on options.
• Extra Educational Material – VIP members can only access certain educational materials at IQ Option
• Personal Tutoring – VIP members receive abundant personal service, which includes tutoring

 

 

Lastly, we can’t give you any information on the account types when it comes to leverage, spread or other conditions, as the broker does not provide this information. The only information on leverage that they do give is in their forex section, which we detailed. Even logging into the client dashboard to determine if the information was not viable. The only option is to go long or short on a position with no information about spread, leverage, or anything else.

 

 

Do I Have Negative Balance Protection with This Broker?

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This broker does not have any information detailing whether they have negative balance protection. However, other research indicates that they had this policy implemented long before 2018.

 

 

You should remember that a broker’s reputability hinders on the fact that policies like negative balance protection and information regarding their regulation are paramount to how potential new clients see a broker. Indications that this information is missing may show the broker in a negative light and as “unsafe.”.

Brokers in this regard must remember that potential new clients are not going to research the broker to an in-depth degree when important information such as this should be listed on their website. Take, for example, ZFX. Their regulations and negative balance protection information are specifically stated on their website.

IQ Option Deposits and Withdrawals

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Surprisingly there is quite detailed information regarding deposits and withdrawals if you head to this specific section. However, there is something to be noted here. The IQ Option website looks at your IP address, determines what region you are based in, and then shows the available methods for deposits and withdrawals for your region.

For example, using a VPN and connection to Malaysia, the following methods are shown when viewing the “deposits and withdrawals” section. You can see this in the image below.

 

 

However, if we connected from the region we are based in, then the payment and withdrawal options are different (shown in the image below).

 

 

This means we can not give you a full breakdown of the payment gateways that are applicable. You will need to head to their website and determine this for yourself. Looking at the images, you can also see that the minimum deposit amounts will vary based on these two regions alone. Even the processing times for various payment methods based on regions will change. We can only be clear that no commission is charged.

The same aspect of regional-based withdrawal methods applies to various regions, so we can’t, in fact, list all possible methods that this broker has available.

The only element we can be sure of viewing various regions through our VPN is to state that most regions have the options for Master Card, VISA, e-wallets, and local bank transfers.

 

 

Support Service for Customer

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In terms of support, there is only one way in which you can reach (get hold of) IQ options. Luckily, this information is quite easy to find as they have a “contact us” page listed in a dropdown from the main menu.

In this section, you will find information on the company regarding its registration number, physical address, and then there support Email;

• Address: First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent, and the Grenadines
• support@iqoption.com

They offer social media links on this page, but they do not specifically relate to support, so we can’t include them. At the bottom of the page is a contact form that you can fill in, but this will send a message to the support Email, so technically, this can be regarded as the same channel in terms of contacting support. Also, no hours are stipulated with regard to when support is active. This is a problem for an international broker because traders from around the globe will need support at different times of the day.

 

 

Another factor to consider here is that a broker’s source of channels for support is another way to determine how “safe” and reputable they are. Some brokers have only one support channel like eToro; however, they have millions of clients, and having a ticket support system is the best way to approach this type of scale.

Other brokers like ZFX have a live chat, which is a feature that all online brokers should include nowadays. Many forms of support channels are an easy way for a broker to build credibility and trust with clients.

Prohibited Countries: Where Can I Not Trade with this Broker?

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We gathered some information regarding this broker, applicable countries, and banned countries. Even though information on banned countries that this broker is not allowed to operate in is not available from their official website, the information does exist on their blog. Again, information such as this that is pertinent to new client acquisition and just general information regarding the broker should be available on their official website.

• The countries in which IQ Option is unavailable are Australia, Switzerland, Czech Republic, USA, Belgium, Canada, Iran, Israel, Japan, Latvia, North Korea, Pakistan, Palestine, Russia, Sudan, Syria, and Turkey.
• Supported countries (or allowed countries) where residents can trade with IQ Option are European countries like Germany, France, Spain, the UK, Netherlands, Portugal, Sweden, Greece, Italy, Iceland, etc.
• Other legal countries include South Africa, South Korea, Brazil, Argentina, Mexico, New Zealand, Thailand, Peru, Chile, Colombia, Venezuela, Saudi Arabia, Taiwan, etc.

 

Special Offers for Customers

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The only form of special offer that IQ Option has is an “online trading tournament.”. If you head to their official website and then navigate to this section from the “for traders” dropdown menu, you will find it. However, navigating to this page will provide you with no information as it is left blank.

 

 

It should be noted that we assumed that perhaps this competition might be specific to various regions, and perhaps we can not view any details. This was the case when looking at the deposit and withdrawal methods for this broker. However, using a VPN to connect to various locations proved to be useless as the “tournament” page had no information available.

You should remember that other reputable brokers offer promotions through welcome bonuses, affiliate programs, IB programs, loyalty programs, and more. IQ Option, in this case, does not offer anything. Even in the case where some brokers don’t offer these special promotions, they may offer something else like social or copy trading.

IQ Option Review Conclusion: Reputable Broker with Easy-to-use Platform

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As such, we regard this broker as "unsafe" or reputable compared to the many other brokers we have reviewed.

PIPPENGUIN

IQ Option does not have information regarding broker regulations anywhere on its official website. They also do not offer any information on negative balance protection. Additionally, this broker offers no information regarding account types or account conditions (like spread leverage), and their assets list is contradictory unless you speak with support via their one channel, Email.

As such, we regard this broker as “unsafe” or reputable compared to the many other brokers we have reviewed.

Summary and Key Takeaways

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IQ Option is an online CFD broker that allows clients to trade forex, stocks, commodities, and crypto. IQ Option is regulated by CySEC and has been in operation (as stated on WikiFX) for between 5 and 10 years.

The broker offers one standard account that all clients will receive at signup but depositing over 1,900 USD for Non-EU clients will automatically upgrade the account to VIP. EU clients can have the opportunity to open a “professional” account, but the information on this is limited.

The broker only has one channel of support, which is via Email, and important information (which we have discussed) is, more often than not, left out of their official website. Additionally, they offer a trading tournament that is not in operation from what we can tell, and their trading resources, although some material is fair, are not that comprehensive.

FAQs

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Is IQ Option real or fake?

IQ Option is a real broker, but they should not be considered safe or reputable for the most part. The lack of information regarding regulator authorities and policies regarding client protection is deliberately left off of their website.

Can you make a lot of money on IQ Option?

As with any form of CFD trading, there are risks involved. IQ Option lets clients trade forex, stocks, commodities, indices, and crypto in the form of CFDs, and while there is a potential to make a lot of money, this is not the case with most retail traders.

Can you withdraw money from IQ Option?

You are able to withdraw money from your IQ Option trading account. Depending on what region you are located in, the methods will vary. The broker offers withdrawal methods like Master Card, VISA, e-wallet, crypto, and local bank transfers for withdrawals.

What is the problem with IQ Option?

IQ Option is only regulated by CySEC. Many reputable and “legitimate” brokers have several authorities overseeing them, while IQ Option does not. Due to the nature of brokers operating across the globe, the number of authorities that regulate them should reflect this.