This broker is mostly recognized for its involvement in binary options trades. However, it has since been through some diversification, especially in the past few years. It is also involved in forex, CFDs, Cryptocurrencies, and ETFs.
Is IQ Option a Scam?
IQ Option is definitely not a scam broker. And here is why:
- CYSEC Regulation: The broker has been licensed and regulated under CySEC since 2014 which makes it possible to extend its services to just about any Europe based economy.
- Other Licenses: This broker is also registered with other well-known agencies such as the FCA (UK), Consob (Italy), BaFIN (Germany), and Regafi (France).
- Repuation: IQ Option has a stellar reputation in the community
- Withdrawals: There are no reports about withdrawal difficulties or similar problems
The main attraction for traders who choose to trade with IQ Option is arguably the accessibility and ideal trading conditions that it affords.
Aside from requiring very minimal deposits to operate their binary options accounts, they also offer attractive spreads for both CFD and forex products. All of this has contributed to a rapid rate of expansion in its user base – from just under a million in 2014 to over 14 million by 2016. So indeed, diversity in the online trading industry is good.
IQ Option Trading Platform
Unusually, however, when it comes to their trading platform, IQ Option have not opted for MT4 which has been a staple choice for most of its competitors. Instead, their platform has been developed totally in-house. It works surprisingly well, although it could use a little more detail in its charting and analysis options.
The rest of it, however, is absolutely sublime. The interface is a joy to use and can be downloaded as well as accessed on the web. Note that the downloaded version is very much the same as the web-based version, carrying the same benefits and faults.
The charts, although a bit lacking, are still far from being the worst. You can view up to 9 of them simultaneously and they are not at all daunting to look at.
If you happen to be new to online trading and need some assistance to find your way around it, the interface has quite a few tutorial videos you refer to which contain many different methods of analysis and helpful tips regarding the mechanics of the platform.
However, traders should also be aware that when it comes to cryptocurrency vertical, most of the ‘classic’ technical analysis methods will not be effective, since this type of assets have a unique way of evolving its value.
What Our Readers Asked
No, IQ Option is not a scam. In fact, IQ is one of the best all-round brokers.
Every form of trading is risky. If you make bad trades, you can lose money. However I have never heard of traders having problems with withdrawals.
IQ Option has the lowest minimum deposit in the industry. You only need to deposit $10 to get started.
Trading Options
IQ Options has been consistently keen on incorporating new classes of assets. Its portfolio contains the 4 major classes – forex, equities, commodities, and indices. There are also several currency pairs to trade here including some really exotic ones like SEK, TRY, and NOK.
Recently, IQ Option expanded into the cryptocurrency market and now offers CFD trading for up to 12 prominent cryptocurrencies including Bitcoin.
IQ Option Demo Account
The demo account offered by IQ Options is among the best you can find at any broker. There is no deposit required and its balance can be replenished up to $1000 with no time restraints.
It can also be operated simultaneously with a real account unlike with some brokers, where you can only use one or the other. The major benefit of this is that traders can experiment with new strategies and retrieve valuable information without risking their actual funds. It certainly has scored IQ Options plenty of popularity points over the years, particularly among novice traders. And this speaks volumes about its overall capabilities as a broker.
Customer Support
There is a vast array of regional telephone numbers by which you can contact IQ Options’ customer support staff. Even the CEO and CAO of the brokerage are reachable via email. The standard email address for IQ Options is support@iqoption.com. Its headquarters are located at the Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus.
IQ Option is a Legit Trading Platform
If your focus as a trader is on Forex and Cryptocurrency CFDs, IQ Options is likely to be your best bet.The company is legit and it is regulated by CYSEC.
While there are still mass technicalities that cannot all be covered in a single review, what we know for now is that it certainly has not deterred traders from signing up. Since its inception, IQ Options has seen some of the most exponential expansion rates of any broker. It is certainly deserving of its high reputation in the online trading community.