IQ Option Review – Scam or Legit?
IQ Option entered the marketplace in 2013 and since then they’ve done a great job at differentiating themselves from other brokers. First of all, their platform is proprietary, you won’t find it anywhere else. The biggest advantage is the charts, where Japanese candlestick charts and a few technical indicators like Moving Averages or Bollinger Bands can be used.. This is a big thumbs up because as we know, usually binary options brokers severely suck when it comes to charting and additional technical tools.
Something that many traders will be happy about is IQ Option’s low minimum deposit of just 10 US Dollars, and of course the free Demo account that is really free. Registration is easy and you can start trading immediately on Demo – for a real account, your IDs need to be verified as is the case with all CySEC brokers. Traders who want to feel “special” have the option to open a VIP account for as little as $1,000 and they actually get VIP treatment: up to 60% return in the case of OTM trades.
The asset list is OK but not as full as other platforms, there are 78. Only one commodity is present, gold, and only 6 indices, EU and US, but the forex is really good, 22 of the top pairs. Expiry is great, for intra-day traders, and can be set down to the minute. Longer term expiry is not yet available. Options are limited to high/low, there are no range, boundary or one touch.
Is IQOption a Scam?
So far they haven’t raised any major Scam suspicions. In fact they are a transparent brokerage, operated by IQOptions Europe Ltd., a company regulated by the Cyprus Securities and Exchange Commission (CySEC), under License number 247/14. The company who operates the website is also easily found in their “Contact Us” section so I guess there’s no reason to be worried. However, take that with a pinch of salt because we cannot trust the Internet 100% these days and surprises can happen anytime, when they do be sure we will update our review.
As mentioned, the brokerage is very new and not a lot of complaints have surfaced. We found an angry client on pissedconsumer.com but I can’t really understand what he is mumbling about so I believe it would be best for you to check out this broker on your own. If any intelligible complaints appear, we will keep you informed.
The Bonus amount differs depending on the deposited sum and can go as high as 100% for a $5K deposit. The required turnover is 25 times the Bonus, which is pretty good for the industry. I recommend you ask for further information regarding the Bonus and also that you read the Terms and Conditions before accepting a Bonus.
The minimum withdrawal is $10 and as far as time is concerned, a transaction will be processed in 3 working days for a Real account and 1 working day for a VIP account. The money must go to the same source they originated in order to prevent money laundering. Also, before being able to withdraw, clients have to provide identification documents, which is another practice required by anti-money-laundering rules. Further, withdrawals can be made by just about any eWallet on the internet which gives the fastest payouts, within hours of processing unlike CC or wires which could take another 7-10 days.
Candlestick charts are considered an extra for binary options brokers even in this day and age. It makes me almost sad to say it, but it’s a fact so they get bonus points for it. Their innovative platform can also be considered an extra feature as are the many tournaments for trading that they offer.