IIQOption is operated by IQOption Europe LTD, registration Number HE327751 and located in Silver House Business Centre, 19 Spyros Kyprianou Avenue, 3070 Limassol, Cyprus and regulated by CySEC, license number 247/14. The address for the company office is at Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus. Support is available on telephone number +357 25 262 010.
Is IQOption a Scam?
IQOption haven’t raised any Scam suspicions so far. In fact it’s 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.
In addition, the broker has maintained a relatively high and stable stream of traffic to their domains: IQoption.com and eu.iqoption.com. This means that the traders are satisfied and the company is healthy with a good reputation.
Yay! Free demo account is now available upon registering a new account at IQOption. Take advantage of the demo for a limited time offer!
Editor’s Note – Why IQOption Doesn’t Suck in 50 Words
Finally, after what seems like ages, I find a brokerage that doesn’t look like a carbon copy of every other broker on the market. IQ Option is trying to do something different starting with the website layout, the education and of course the innovative, highly functional, trading platform. They also offer a free Demo and I mean really free, without any of the shenanigans like “Deposit 100 bucks in a real account and we will give you a free demo”. I opened the Demo in about 15 seconds.
Why Does IQOption Suck in 50 Words
I am sorry to say but their expiration times are too limited and I believe this is one of the main issues I have with this broker. Expiry is pretty dynamic, but all purchased options expire by the end of the day at most, so long term traders will feel left out. However, that being said, this is one of the better platforms for short term intra-day traders. Other reasons it may suck is a relatively short asset list and the fact they only have call/put (high/low) style options.
Should I Open an Account with IQOption?
Right from the start I can see I am not dealing with the usual Binary Options website that shows me a glamorous girl, a limousine or stacks of money. The first thing you will notice is that the home page is free of cheap marketing tactics and instead show me 3D chart which moves continuously. To be honest that makes me feel like I’ve accessed a trading venue, not an online casino like a lot of the other brokers on the market.
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 a list of many technical indicators like Moving Averages, Bollinger Bands, MACD, RSI, Stochastic an 7 others 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 $1,000 and they actually get VIP treatment: up to 60% return in the case of OTM trades.
The asset list is OK but not as full as other platforms, there are 79. Only two commodities are present, gold and silver, there are 21 indices, EU and US, but the forex is really good, 24 of the top pairs. Expiry is especially great for short term traders who like to trade 1 minute up to 60 minutes. It’s obvious that the focus of IQOption is short term traders so if you intend to trade long term options you will be disappointed. Because longer term expiry is not yet available. Options are limited to high/low, there are no range, boundary or one touch.
We found a list of complaining clients on pissedconsumer.com and the complaints are increasing gradually. Most users complain regarding return percentage changes during volatile markets, some complaint about platform freeze or expiry strike being different then the market price. We also found many complaints regarding withdrawals and blocked accounts and untrue quotes. Some people compared the IQOption charts to MetaTrader but if you look carefully, they failed to notice that the IQOption charts and MetaTrader where not using the same time interval (in some cases). On the other hand, we also found many satisfied people claiming they had no issues with their withdrawals. In regards to price delays and price issues, you may feel relieved to hear that CySec recently withdrew a fine that was issued for “not executing orders the best possible way for their clients”. This means that their platform is working in accordance with CySec rules and not cheating the clients. Finally, there are complaints regarding customer service, however, users must understand that IQoption has limited live customer service.
In conclusion, their minimum deposit is only 10$ and there seems to be a good number of satisfied traders using this broker with no issues and knowing that CySec took back their fine regarding the executions on their platforms is another very good sign!
IQOption Regulatory Announcements and Warnings
30/9/2016 – CySec fined IQOption for various reasons that were not in accordance with the regulator’s terms. One of which included a fine for “non-compliance with section 38 of the law” which is about order execution was recently (Jan 2017) revoked by CySec once IQOption managed to prove they were acting properly.
The Bonus amount differs depending on the deposited sum and can go as high as 100% for a $5K deposit. The required turnover is 35 times the Bonus, which is normal for the industry. For non-deposit bonuses however, you must reach a volume of 50 times the bonus. I recommend you ask for further information regarding the Bonus and also that you read the Terms and Conditions before accepting a Bonus.
There is no minimum withdrawal amount but the minimum deposit 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.
User Friendly 17/20
The website is available in thirteen languages and that is above average but the platform can be a bit hard to get used to, especially for a new trader; however, I don’t think this will be a big problem because it’s pretty intuitive. Everything else on the website is well structured and easy to find. US traders are not accepted. Check the terms and conditions for the full list of countries that are not accepted such as: Australia, Canada and Belgium.
Number of assets and expiry times 15/20
They offer 32 stocks, 24 currency pairs, 2 commodities and 21 indices, which is too few for a broker who wants to become a leader. The expiry times are limited to “Turbo options” (60 sec, 120 sec) and short term (3 min, 5 min, 15 min, 30 min, hourly) with the longest being end of day.
Commissions, Support and Effective return 17/20
There are no commissions to use this broker, standard for the industry. There is however a dormant account fee after being inactive for 90 days in a row but the it’s only an annual fee of 50€ but it won’t be higher than your account balance. Support is little iffy, there’s no Live chat, only phone or email which isn’t a problem once you open an account. The effective return goes up to 92% which is one of the highest in the industry, and they also have a OTM refund that can be pretty substantial for VIP traders.
Deposit, Payment and Bonus 18/20
The minimum deposit is $10 for a Real account and $1000 VIP account. Deposits can be made via credit cards, wire transfers and e-wallets including WebMoney, Skrill and Neteller. Withdrawals can be made through the same methods. The Bonus percentage goes as high as 100% and the wager is 35 times the Bonus amount or 50 times bonus amount for non-deposit bonuses. Withdrawals are processed in 3 days and can pay out as fast as 3 days, provided you use one of the eWallet methods.
As I mentioned before, their platform is an extra on its own because it is unique. Just a basic form of technical analysis can be conducted but it’s still much better than what others have to offer and there are 12 of the most popular indicators to use as well. The tournaments are another nice extra as they allow for lots of extra income, for the best traders of course. Lacking some features most major platforms includes.
IQOption Overall Ratings + Regulated (+3) = 84/100
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