Welcome to my IQ Option scam review.
IQ Option is an online trading platform where traders make trades with a different financial instrument.
You can trade a wide range of financial assets, including stocks, forex pairs, binary options, cryptocurrencies, commodities, and ETFs.
The question is, is IQ Option a legit broker, and can they be trusted? Let’s find it out here in this review.
This review will try to answer the following four questions. It should give you a clear understanding if IQ Option, a scam or not, and whether it’s worth your money.
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WHAT IS IQ OPTION?
Program Name: IQ Option
Price: Free demo account then$10 for the real account
IQ Option was founded in the year 2013, and it is one of the fastest and most popular trading platforms in the industry.
IQ Option has over 50 million trading accounts registered, and traders make more than one million trades every day. The monthly turnover, as of now, is around $ 250 million.
IQ Option mainly operates in the area of CFD brokers, where it successfully competes with large brokerage companies such as Plus500 or eToro.
IQ Option offers a different type of options trading like Digital and Binary options.
Traders can trade most of these instruments from around the world.
In the European Economic Area, their clients can only trade FX Options that are similar to other types of trading because of the latest regulations.
Now is this platform worth it? Let’s see in this review if this site worth your money.
HOW IQ OPTION REALLY WORKS?
If you want to know how to use IQ Option see the video below.
Now that you have seen the video, let’s look more in-depth on what IQ option offers and if this website worth it.
What Does IQ Option Offer?
IQ Option offers a wide range of markets and trading instruments.
Base on my research, you can trade Digital Options, Binary Options, Stocks, Forex, Cryptocurrencies, Commodities, Indices, and ETFs at the IQ Option platform.
- Shares – There are 188 companies with tradable shares via CFD contracts. These include some of the largest companies in the world, such as Amazon, Facebook, Google, Apple, and more.
- Cryptocurrencies – There are currently ten cryptocurrencies on offer. Of course, these include some of the biggest names, such as Bitcoin, Litecoin, Ripple, Ethereum, but also smaller cryptocurrencies such as Tron, EOS, or ZCash.
- ETFs (Exchange Traded Funds) – Although a novelty on the market, ETFs have already found their way to many traders. Investments in ETFs are often well-diversified, thus much safer. More about ETF can be found in this article. Currently, there are 25 ETFs on offer.
- Forex – Forex is trading in foreign currencies. This kind of trading is very popular on the IQ Option platform and also very popular in general. Currently, you can trade up to 74 currency pairs.
- Commodities – Commodity trading has become very popular in recent years, and therefore it is a stable part of this broker’s platform. In total, you can trade up to 5 commodities at the IQ Option platform. The offer includes gold, silver, WTI, Brent, and platinum.
- Stock market indices – Whether commodity or stock indices, both provide a comprehensive view of a particular market segment. They are a reliable indicator of how the entire market is doing. Currently, the IQ Option platform offers ten stock indices. DAX 30, S&P 500, and others.
IQ Option Demo Account
IQ Option also offers a demo account. This is a good way for those who want to try trading with the broker.
The demo account is free and if you want to open a demo account all you need is to select which one you want to use to sign in the two options are Facebook and Google.
Once you’re in, you will receive $10,000 virtual money so that you can try trading all available instruments.
If you run out of virtual money, all you need to do is click a button to apply for new funds.
The IQ Option demo account is worth a try, and this is what they made this broker famous because of this demo account.
IQ Option Trading Platform
What you will see below is an image of what the platform looks like.
Also, one important thing about trading is that you have to be quick, and with IQ Option, you can open a trade in less than a second.
IQ Option offers a range of sophisticated trading tools available to every trader.
The tools have different kinds of graphs, such as candlestick, or line graphs. Also, there are several dozen available indicators like moving averages, MACD, RSI, Rolling bands, and many more.
It says that you learn how to control in a few minutes, even in the demo account.
IQ Option doesn’t have MT4 support – but it doesn’t need it either. The platform is a few years ahead of its time.
You can zoom in and out using the mouse wheel, and you can also move the charts by dragging your mouse.
IQ Option does not have MT4 support. However, it does not need it either because the platform is a few years ahead of its time.
IQ Option is not only available on the web, but it is also available on any mobile phone (Android and iOS).
If you want your business on the go, you can have their mobile app right away.
For more info about the mobile app, I will put it below in this review.
IQ Option Registration and Verification Process
Signing up is easy; all you need is go to their website and register. All you need is an email address and your phone number.
If you want to try out the platform, you can use the demo account so that you will know how it works.
You won’t need anything to open a free demo account.
Also, there is no need for verification if you want to trade real money and make a deposit in your account.
However, this only applies to a maximum deposit of $2,000, and if you want to deposit more than that amount, you will need to verify your trading account.
To complete the verification, You have to:
- Fill out the questionnaire about your experience in trading. The question will take about 2 minutes.
- You have to submit a photo or an ID card scan (passport, identity card, or driving license) to verify your identity.
- Lastly, you have to verify your address by uploading a photo or scan of a document that clearly shows your mailing address.
Once you have submitted the document, your account will be verified within 48hrs.
So it may question you why the broker wants to verify your identity and want to know more about you. This because the broker has certain regulations and rules to follow.
How To Deposit And Withdraw Money From IQ Option
Each country has a different deposit method. Once you have created an account and you have tested the demo account. It may be time for you to try and make real money in a real account.
To do that, you need to deposit money on a real trading account.
Here is how to deposit money on IQ Option.
IQ Option has several options.
- Bank transfer
- Sofort / Klarna internet wallet
- Debit card – Visa / MasterCard
The bank transfer will take around 1-3 days. You can only use this if you did not have a verified account.
The Sofort / Klarna internet wallet will take 1 to 5 minutes.
The Visa / MasterCard is an immediate transaction.
Once you have verified your account, you can also use other services, including Skrill, Neteller, Adv Cash, Bitcoin, and Web money WMZ.
Also, you can withdraw money back to your bank account using the same method as what you did to make a deposit.
IQ Option Minimal Deposit
- USD – 10
- EUR – 10
- GBP – 10
- BRL – 20
- Malaysian Ringgit – 40
- Chinese Yuan – 70
- Indonesian Rupiah – 100 000
- Vietnamese Dong – 200 000
- South African Rand – 150
- Philippines’ Peso – 500
- Thai Bath – 270
You must verify your account before you can withdraw any money. For the withdrawal time, it will depend on the selected method.
There will be a withdrawal fee when you transfer, so you have to be careful. The withdrawal fee is around $53.
The deposit will depend on your location, as you can see the list above.
Strategies at IQ Option
IQ Option offers a lot of tools and features on its website.
IQ Option also includes strategies that you will find it on their website developed by the broker.
In order for you to become a successful stock exchange trading, you need to come up with a strategy so that you’ll know and how to make the trading more comfortable.
That is why on their website, they provide video tutorials on each model so that you will know how to use it.
The videos will be found directly in the trading room on the left side.
IQ Option Mobile Application
IQ Option has a mobile app where you can download it in on the app store if you are an android user.
Everything applies to this app the way how you use it on your desktop. The app is well secure, which means that your money and data are safe. You can use your fingerprint to access your app.
The support on the app has the same function as the desktop like the graph, settings, and many more.
IS IQ OPTION SCAM OR LEGIT?
In my opinion, IQ Option is not a scam. The platform has been around since 2013, and it has over 50 million using this platform.
However, the platform has a very bad review like this one on Trustpilot and Quora. Some members complaints that they have lost a lot of money using this platform.
The image below came from Trustpilot.
And the next image is from Quora where almost a lot of them say that this site is a scam.
Do I recommend IQ Option? No, I don’t recommend this platform because there are a lot of bad reviews about this site, and also investing is a risk, and you might lose a lot of money, and all your effort will go to waste.
This review is base on my research so it is up to you what you can say about this platform if it is a scam or not, you can share your experience about this platform below in the comment section so that people will know.
- Free demo account
- It has a lot of option to deposit
- Has a mobile app
- Good for experienced traders
- It may not be suitable for slow/old computers
- It may not be available in some countries
- Has very bad reviews
- Not for newbie
IS THERE SOMETHING BETTER?
Investing is very risky because you might lose all your hard earn money in an instant because of some mistake that you did when you trade.
So if you want to invest your money, I suggest you do it the right way.
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Thank you for taking the time reading my IQ Option scam review. If you have any questions or thought as to whether IQ Option is a scam, feel free to leave a comment below and I will always reply!
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