IQ Option Review 2020 Is A Legit Broker Or Scam

Best Binary Options Brokers 2020:

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!


    Perfect For Experienced Traders!

IQ Option Review 2020 – Is it Legit?

Do you want to know if IQ option is a safe and reliable forex broker?

IQ Option is one of the most prominent binary options brokers today. It was established in 2020 and is managed and operated by IQ Option Europe Limited. It is headquartered in Cyprus and regulated by the Cyprus Securities Exchange Commission (CySEC).

Apart from providing a free demo trading mode, it also offers different types of charts, technical analysis and other educational materials to its traders.

Read on if you want to know IQ Option’s tradable securities, special features, trading platform, fees involved and many more.

Our Recommended Trading Platform 2020:

  • Trade Stocks, Forex, Crypto and more
  • Only $200 Minimum Deposit
  • Fully Regulated
  • Easy to Use Trading Platform

On this Page:

What is IQ Option?

IQ Option is a trading platform that offers a variety of trading instruments such as CFDs, cryptocurrencies, forex, commodities, ETFs and indices. It has a free demo account that provides beginners with the opportunity to practice first before investing their money.

IQ Option is known as one of the fastest-growing brokers in the world so it’s not surprising to know that it has over 30 million traders around the world. In addition, it has won several awards, and its mobile app is ranked highly in Google Play Store.

Before, its services were only available in a handful of countries. Now, it’s available in over 160 countries.

What are the Pros and Cons of Using IQ Option?


    Easy to use trading platform Requires a minimum deposit of only $10 Wide range of asset coverage and trading products 24/7 withdrawal process and customer support Free demo account for beginners Regulated by CySEC

The trading platform is compatible with PC, Mac, Android and iOS


    Binary and digital options limited to professional clients Does not offer MetaTrader platform

How To Sign Up On IQ Option

IQ Option does not charge anything to open an account on their platform. To register your account, follow the steps below.

Best Binary Options Brokers 2020:

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!


    Perfect For Experienced Traders!

1. Click on the ‘Sign Up’ tab on the top right corner of the page.

2. Complete the registration form by filling your personal details and creating a password.

3. Read and accept the terms and conditions.

4. Choose your preferred trading account.

5. Click on the link sent through your email to activate your account.

6. Sign in and fund your account to start trading.

To verify your identity, you are required to provide copies of both sides of your government ID or the passport page with your photo.

Also, to verify your address, you must provide either a bank statement, utility bills or tax statement. The address verification document should contain your name and not older than six months.

If you are using a credit card to transfer funds, you must prove its ownership by providing a scan of both sides of the card.

What are the Account Types on IQ Option?

There are three main types of accounts offered by IQ Option that includes the demo account, real account and VIP account.

1. Demo account

Just like most brokers, IQ Option offers a free demo account. IQ Option has certain features that make it stand out from its competitors. For instance, it does not have a limit on how long a trader can use it. Also, it comes with $10,000 practice money which can be replenished once it runs out. This enables the trader to practice various trading strategies.

Another reason why the IQ Option demo account stands out is that it does require traders to provide their personal information.

2. Real account

This account requires a minimum deposit of $10, which is too low compared to most brokers in the market. There are no restrictions imposed, and traders can access over 70 trading assets. Also, traders can participate in the numerous trading competitions offered.

3. VIP account

To qualify for this account, a trader has to make a minimum deposit of $1,900 and must have a trading volume of $15,000 in 3 months.

Below are some of the benefits of a VIP account.

  • Increased profitability – Traders have the privilege of earning more from each trade they make.
  • Free tournament participation – Traders using the real account are required to pay a certain fee to participate in the trading tournaments offered. However, VIP account holders have free access to these tournaments.
  • Personal manager – There is a special personal manager assigned to VIP account holders. The managers have the responsibility of teaching those who are not familiar with the features and functions provided. Also, the managers prepare and present market trends and other trading opportunities.
  • Faster withdrawal – VIP account holders are given a high priority when withdrawing funds from their accounts. The process can even take less than 24 hours.

What are IQ Option’s Tradable Securities?

Although IQ Option started out as just a binary options broker, it now provides its customers with a wealth of trading alternatives such as CFDs, cryptocurrencies, EFTs, forex and various digital options.

Here are some of the common tradable securities offered by IQ Option.

  • Contracts for Difference (CFDs) – Users can trade CFDs on stocks of some of the most successful companies in the world like Amazon and Facebook.
  • Cryptocurrencies– IQ Option offers up to 12 cryptocurrencies including Ethereum, Bitcoin, Litecoin, Ripple, IOTA, Dash, etc.
  • EFTs – ETFs are a relatively new product in the industry that is traded in the same way as stocks. IQ Option traders can choose over 4,000 different ETFs.
  • Options – Traders can speculate on the price of various assets including currencies, stocks, commodities and indices.

Stocks available on IQ Option

  • Netflix
  • Alibaba
  • Amazon
  • Tesla
  • Apple
  • Facebook
  • AT &T
  • Wallmart Inc
  • Exxon Mobil Corporation

What are IQ Option’s Special Features?

1. Charting tools

IQ Option offers its customers a variety of charting tools to enable them to devise the best trading strategy. Some of the charting tools available include area, bars, candles, line and hollow candles.

2. Stop-loss orders

This is an incredible feature on IQ Option’s platform since it allows traders to set a maximum loss they are willing to accept. Trade closes automatically when the order reaches the amount specified.

3. Multiplier order

This feature enables the trader to improve their return on investment. If the trader sets the multiplier at 20X, the price movement will increase by 20 times. However, it also exposes the trader to higher risks.

4. Unlimited demo account

Most brokers offer a demo account that is limited for a specified period. The good thing about the IQ Option demo account is that it does not have a limit on how long it can be used. This enables traders to test various trading techniques and sharpen their skills. The demo account comes with $10,000 practice money that can be replenished.

5. Mobile app

Apart from the web trading platform, IQ Option offers a mobile application that features a clean and intuitive interface. The mobile application has most of the features found on the web platform.

What are the Promotions Run by IQ Option?

Initially, IQ Option offered monthly promotional codes to their customers. However, due to CySEC’s regulatory changes, IQ Option does not provide deposit bonuses. The only promotion they offer is the trading competition where traders can participate at a fee. Prizes for the competition can range from $100 to $100,000.

What is IQ Option’s Minimum Deposit Requirement?

The minimum amount a trader can deposit on IQ Option is $10. There are no charges involved in depositing funds. However, if a trader prefers a bank transfer, they may incur processing fees.

What is IQ Option’s Trading Platform?

Unlike other brokers that rely on third-party platforms, IQ Option operates a proprietary platform that is specifically designed to provide a unique trading experience. Apparently, the company has employed over 100 developers from all over the world to monitor the platform to improve efficiency continually.

The platform does not sacrifice on the layout simplicity to add the full range of trading tools features. For instance, there is a large chart that enables the trader to monitor market conditions. Other incredible features include Bollinger bands, stock screeners, technical analysis, volatility alerts, economic calendars, etc.

This platform has some features that are rare to find in other brokers. For instance, the trader can stop losses or even set profit levels. On the downside, some traders may find some functionalities challenging compared to other popular platforms such as MetaTrader 4.

IQ Option often adds more features to enable the trader to manage risks and make informed trading strategies. It recently added the ‘Position top-up’ feature that allows the trader to hold an open trade if the loss mark is approaching.

Which Countries Are Supported by IQ Option?

IQ Option is available in the following countries

    United Kingdom Germany Sweden Malaysia Singapore Philippines Pakistan India Thailand Nigeria Ghana UAE Brunei Brazil Argentina Brazil South Africa South Korea Indonesia

Unfortunately, there are certain countries that IQ Option does not offer their services. Below is the list of countries it doesn’t support.

    USA Canada Israel Palestine Australia Russia Syria Iran Japan Belgium

What Are The Languages Supported By IQ Option?

These are some of the languages available on the IQ Option platform

    Dutch Portuguese French Hindi Italian Spanish Chinese Turkish Malay Arabic

How much are IQ Option’s Fees And Limits?

Here are some costs you will incur when trading on IQ Option.

  • Swap fees– These are charges that apply for positions held overnight and vary from 0.1% to 0.5%. However, the charges can be higher if positions are held over the weekend.
  • Spreads – This is the difference between buying and selling prices in the market and mainly depends on factors such as volatility, liquidity, etc.
  • Withdrawal fees – IQ Option does not charge any fees on the majority of the payment options available. However, a charge of $31 may apply to make a bank transfer.
  • Commission fees – There is a commission of 2.9% that applies to specific cryptocurrency trades. However, this fee does not apply to any other asset offered.
  • Dormant account fee – IQ Option charges a fee of $11 to an account that has remained inactive for 90 days.

Payment Methods for Deposits And Withdrawals

IQ Option offers its customers various payment options to deposit or withdraw funds. Traders can either use credit cards, eWallet and cryptocurrencies.

There is also a bank wire transfer option. However, this method may take longer than other methods Nonetheless, it is cheaper to transfer large amounts via bank wire transfer and it is the most popular method for European-based traders.

Recently, IQ Option added AstroPay for regions with limited options such as Vietnam and Argentina. Also, account holders in the Asian region can make transfers using the following banks.

  • Thailand – Siam Commercial Bank, Bangkok Bank, TMB Bank, Bangkok Bank, Krung Thai Ban, Kasikorn Bank.
  • Philippines – Help2Pay
  • Indonesia -CIMB Niaga, Negara Indonesia, Mandiri
  • Malaysia – Public Bank, Hong Leong, Maybank, RHB Bank, AmBank
  • Vietnam -Techcombank, Eximbank, Donga Bank, Asia Commercial Bank

In South Africa, traders can transfer their funds through various payment methods including Perfect Money. This method is also available to traders in other regions such as South America.

The minimum withdrawal amount is $2. To withdraw funds from IQ Option, you will need to submit certain documents such as ID card, valid passport, utility bills and bank statements to verify your identity. All withdrawals are processed within a day. However, if you use a bank transfer, you may have to wait longer.

How to withdraw funds on IQ Option

One of the biggest nightmares for traders is being unable to withdraw their money. Some brokers have strict withdrawal procedures that make it very difficult to withdraw funds. If you have struggled with forex brokers before, you will find relief with IQ Option.

Here are steps on how you can withdraw your money

1. Sign in your account.

2. Click on the user picture on the right corner of the screen.

3. Choose to withdraw funds.

4. Pick on your preferred method.

5. Follow the prompt of the particular payment system.

Is IQ Option Customer Support Good?

Most forex brokers in the market lack reliable support to take care of their customer’s needs. This is understandable due to the huge number of people from different parts of the world.

One of the main reasons why IQ Option became popular within a short time is because of reliable customer support services. Traders can contact the brokerage through email, telephone and online chat anytime. The average wait time for an online chat is only 38 seconds, while the average email response time is only 14 minutes.

In some countries, traders can contact the brokerage through toll-free numbers. These countries include the United Kingdom, Brazil, South-Africa, Singapore, India, etc.

Regulation and Safety of Funds on IQ Option

In terms of safety, IQ Option assures the safety of its customers’ money and personal information. The company employs SSL technology, robust encryption protocols and firewall protection to guard against illegal interception of data. Furthermore, the withdrawal process involves various security measures to prevent unauthorized access to traders’ money.

IQ Option is registered and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 247/14. This means that IQ Option operations are MiFID compliant. The brokerage firm is also registered with other European regulatory agencies such as FCA in the UK, Consob in Italy and Regafi in France.

Education, Research and Data

IQ Option offers its customers with a wealth of data that can benefit both beginners and experienced traders. Some of the training resources include trading videos, webinars and tutorials.

Also, there are various e-books and sections that tackle some of the frequently asked questions of new traders.


IQ Option is a reliable platform that provides its clients with top-notch services.

It has an intuitive interface that is very easy to navigate, even for beginners. Also, it comes with a lot of incredible features that improve its clients’ trading experience. This is an ideal brokerage for traders of all experience levels so be sure to check it out.

IQ Option Review 2020: Is A Legit Broker Or Scam? Review: this is a broker that claims to be based in Cyprus. Is a safe broker to invest in? Is fined by the CySEC?

The broker claims to be registered under the Cyprus Securities and Exchange Commission (CySEC) and the address found for them is at:

HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.

Click HERE to start the recovery process

Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus.

IQ Option mentions that it offers a multi-chart layout, technical analysis, historical quotes and beyond. Volatility alerts, market updates, stock screeners, calendars and newsletters are some of the trading instruments clients get.

It was founded in 2020 and as of now, it says that IQ Options “has over 25 million members” in more than 178 countries. However, clients are not accepted from the US, Canada and Australia.

Trading Platform of IQ Option Broker

IQ Option currently make use of a web-based version that can work on mobile devices and desktops using common browsers like Chrome, Opera mini, Mozilla. It does not offer the MetaTrader 4 platform.

This platform would have been a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Spreads and leverages offered by IQ Options is not stated. We only find after some investigation that “they are competitive”. Legit brokers do well to give this information.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

The trading portfolio of this broker is quite impressive as it includes: stocks, digital options, currency pairs, commodities, ETFs, cryptocurrencies and so on.

Deposit and Withdrawals on IQ Options

IQ Option claims to allow deposits and withdrawals to be carried out by using the following methods: Visa, MasterCard, WebMoney, Skrill, and Neteller.

Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for IQ Options and this is a good sign.

Although the minimums vary as the accounts do differ, the least that can be used to start trading with this broker is $10. Withdrawals are said to be quick but no information is provided on charges or fees.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is IQ Options Licensed?

Yes. Like have been earlier stated, the broker has a license to operate in many parts of the world from the CySEC. The customer base of this broker, as claimed on the page, extends to Nigeria and Ghana.

CySEC Fines IQ Options

But we found a report on FPA that the CySEC has announced a fine of €450,000 against IQ Options and this casts doubts on its credibility.


Clients of the brokerage can fill out an online question form or send a mail to [email protected] There is an England contact number as well: +44 2080680760


IQ Option broker holds a license from a top European authority and assures clients of their funds safety. The lack of the MT4 or MT5 trading platform is a disadvantage.

The fine by the CySEC is also disturbing and seems to be a defining red flag.

Traders would also like to view the spreads and leverages offered as well as a demo account. But it gives an affordable minimum deposit requirement and the client base is huge and encouraging.



Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

IQ Option Review 2020: Is A Legit Broker Or Scam?

no, IQ Option broker is Non-Regulated Broker. It is NOT SAFE to trade.while we checked the company there is no authorization or registration of the address, therefore the company seems to be highly suspicious while might operate its services from an absolutely different location.

IQ Option is operated by an IQ Option Europe company that was founded in 2020, claims its attractive location Cyprus. IQ Option is a registered company by the CySEC with allowance to provide its services within the EEA zone with a number of registrations from other EU authorities.

The IQ Option offering includes trading in binary options, currencies, ETF trading, stocks and states to be one of the fastest growing online trading brands in the world with 25 million members.

Nevertheless, at the fact the domain and all rights belong to IQ Option Ltd registered in Seychelles, known offshore hub, while the Cyprus branch operates for payment transaction management. For that reason, the Board of the CySEC informed investors several times during the last years about the imposing of administrative fine to the CIF IQ Option Europe Ltd with a revoked amounts of a series of fines amounting to 180,000€ or another of 20,000€ and more for doing business with non-compliance to the required rules. Charges laid out to the IQ option had the main reason for non-compliance since the services are outsourced through the head office, which is not situated in Cyprus.

The figures also included some fines that were waved for misrepresenting risks on company websites and non-reasonable steps when executing orders, which does not lead to the best result for its clients rather than profitable trades.

“IQ Option Fined €180.000 for Outsourcing Operations” Cyprus Securities and Exchange Commission, 2020 Overall, there is not a sustainable trust to the delivered IQ Option trading environment since there are many complains from the broker’s clients along with the official periodical issues in terms of non-maintained order record of clients, transaction, material and the approval of the information.

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations.

Best Binary Options Brokers 2020:

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!


    Perfect For Experienced Traders!

Like this post? Please share to your friends:
How To Choose Binary Options Broker 2020
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: