IQ Option Review: Top trading Platform or Fraud?

We have all seen the recurring and somewhat annoying advertisement of how we can earn a second income buy simply choosing up and down in an application.

If correct, our money would be doubled instantly and this is portrayed as a very easy task. But is making money that easy?

In this article, we will do a complete IQ option review and also tell you weather it is a safe platform or a scam.

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About IQ option

IQ option was founded in 2013. The company’s headquarters is located in Seychelles. Dmitry Zaretsky serves as the CEO of IQ option and is also the founder of the company.

IQ option has over 2 million daily active users trading in various domains like binary options, forex, commodities etc.

The company has over 700 million registered users on it’s network which generate a monthly trading volume of over $11 billion with daily trades exceeding $3 million mark.

How Does IQ Option Work?

The platform operates through a desktop solution and a mobile app, allowing traders to analyze markets and realize profits in real-time. It’s known for its user-friendly interface and a wide range of financial instruments.

The user has to register on the platform and make a minimum deposit of $10 to start trading. However, the platform offers a demo account with a virtual trading balance of $10,000 for practice purpose. The virtual balance is replenishable and the demo account gives all features same as a real trading account.

The option trading platform has support for in-built charting system and has access to all technical indicators and they also provide the users with learning material regarding different trading strategies and market knowledge.

Also read, The Rise of Cryptocurrency Binary Options: Analyze Opportunities and Risks

Features and Accessibility

IQ Option boasts a variety of features, including a customizable interface, a vast array of assets to trade, advanced technical analysis tools, and 24/7 customer support. It’s accessible through web browsers or standalone applications for Windows and macOS.

Some of the notable features include:

• Trading tournamnets
• Learning tutorials and trading strategies
• 24/7 customer support
• Crypto trading
• Various payment methods for deposit
• One click trading and Email alerts
• Copy Trading

Is IQ Option Safe?

The safety of IQ Option as a trading platform is a mixed bag. On one hand, it is regulated by the Cyprus Securities and Exchange Commission (CySec) and offers quick withdrawals and demo accounts.

On the other hand, there are numerous customer complaints about withdrawal issues and account blocking, especially when profits are made.

Many users have complained that the demo account runs on an algorithm which shows profit in almost every trade, whereas in real account the profits are far less.

However, it is incorrect as the demo account is linked to the live markets and the trade result solely depends on the trader’s expertise and experience.

Is IQ Option a Scam?

There are conflicting reports about IQ Option’s legitimacy. Some sources claim it is a trusted platform, while others, including user reviews, suggest it might be a scam, particularly highlighting problems with withdrawals and account verification processes.

IQ option is not a scam, it is a regulated trading platform that operates under the license number 247/14.

The countries in which the platform is unavailable, are for example Australia, USA, Canada, Iran, Israel, Japan, Latvia, North Korea, Pakistan, Palestine, Russia, Sudan, Syria and Turkey.

Other accepted countries include South Africa, South Korea, Brazil, Argentina, Mexico, New Zealand, Thailand, Turkey, Peru, Chile, Colombia, Venezuela, Saudi Arabia, Switzerland, Taiwan, etc.

Misleading Advertising

There have been allegations of misleading advertising practices by IQ Option. Users have reported deceptive marketing, issues with withdrawals, and removal of negative reviews from platforms like Trustpilot.

IQ option has been using advertisements that portray trading as an easy game, with traders just having to select up and down and potentially doubling their money in just a matter of minutes.

However, if you get your trade wrong your entire amount would become zero in the same time as well.

In this game, the real winner comes out to be IQ option, where if you get your trade right with $100, you would get $188 and the $12 would go to the platform as brokerage and other charges and if you get your trade wrong, the platform would still get it’s brokerage and you would lose your trade amount.

Conclusion

Overall, in this iq option review we can say that it is a robust trading platform with a range of features and financial instruments. However, potential traders should exercise caution due to the significant number of user complaints regarding the platform’s withdrawal processes and customer service.

The platform is good for newbie as well as advanced traders who aim to trade in different domains. The platform has a lot of advanced features and is relatively easy to use with a interactive and a user friendly interface.

However, the portrayal of platform as a way to earn easy money is quite misleading and can lure inexperienced traders into greed and eventually lead them to lose their money.

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