IQ Option Review: The Online Trading Platform You Can Trust

Last Updated: 17.05.19
Overall Rating
4.5/5
Overall Rating
5/5
Features
3/5
Desktop Experience
3/5
Mobile Experience
3/5
Education
3/5
Platform
3/5
Customer Support
3/5
Transaction
3/5
Trust
3/5
Features:
3/5
Customer Support:
4.2/5
Trusts:
2/5
Education:
5/5
Desktop Experience:
4/5
Withdrawal:
3.1/5
Mobile Experience:
1/5
Platform:
5/5
Home » Broker» CFD,Cryptocurrency,Forex,Stock» IQ Option Review: The Online Trading Platform You Can Trust
1 Min Deposit$10
2 Demo Accountyes
3 Spread TypeVariable
4 Min Spread0.023%
5 RegulationCySEC
broker logo
Overall Rating
5/5

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IQ Option Review: The Online Trading Platform You Can Trust

Our detailed IQ Option review will give you a clear idea about this award-winning broker.

Among the hundreds of online platforms, IQ Option’s name stands out separating it from the rest of the competition.

IQ Option is one of the most popular and widely-used online trading platforms. Low investment costs and a feature-rich platform have made IQ Option a popular choice among online traders.

Founded in 2013 with its headquarters located in Cyprus, IQ Option boasts over 25 million registered traders.

IQ Option offers online trading in multiple financial assets such as Binary Options along with CFDs on stock, Forex, ETFs, commodities, and Cryptocurrencies. They offer trading platforms on web, mobile, and desktop.

Traders invest their hard earned cash on these platforms to make profits. They have doubts and concerns about which platforms can be trusted.

We present our detailed review discussing the features, pros and cons, strategies and other aspects of the trading platform.

After reading our review, you can decide if IQ Option is the right choice for you.

Trading Instruments Restriction: EU And Non-EU Countries

EU countries: Binary and Digital Options are restricted

Non-EU Countries: Non EU countries cannot trade FX Options

Warning: Country Restriction

Please note that IQ Option does not accept traders from the following countries:

  • Australia
  • Belgium
  • Canada
  • Iran
  • Israel
  • Japan
  • Latvia
  • North Korea
  • Palestine
  • Russia
  • Syria
  • Turkey
  • Sudan
  • USA

IQ Option Review: What is IQ Option?

IQ Option is an online trading broker founded in 2013 that initially started with trading binary options but now also offers CFDs, Forex, Cryptocurrencies, Commodities, and ETFs as trading instruments.

It is owned by IQOption Ltd and is located in Limassol, Cyprus. IQ Option is a completely licensed and registered broker.

They are known for their award-winning platform which is easy to use and multi-platform. Their motto is: trade in the moment, invest in the future.

If we take a look at the statistics, they are one of the fastest growing online brokers, if not the biggest.

There are more than 25 million users registered on their website and the number keeps growing every day.  Just in 2015, this number was only 8 million.

Every day, a staggering 1.8 million trades are carried out successfully and $380 million worth of transactions are exchanged every month.

If we take a look at the number of withdrawals, $10.8 million is withdrawn every month.

When IQ Options started its operations in 2013, it had traders from only 10 countries. Currently, there are traders from 66 countries. These sheer numbers speak volumes about the popularity and success of the platform.

IQ Option is a fully licensed and regulated broker. Regulation is one of the easiest ways to find out if a broker can be trusted or not.

The ones that scam traders are usually unregulated. But this is not the case for IQ Option. They are both licensed and regulated by CySEC which stands for Cyprus Securities and Exchange Commission. Their license number is 247/14.

Why Choose IQ Option?

IQ Option is a feature-rich trading platform. We will take look at its advantages and features.

  • Completely licensed and regulated.
  • Min deposit $10
  • Min investment $1
  • Free demo account.
  • Trade 24/7, 365 days a year.
  • Multiple payment methods.
  • Payout up to 93%
  • Over 10 trading awards won
  • One of the best trading platforms.
  • Min withdrawal $2
  • Over 300 assets to trade
  • Proprietary software for trading
  • Easy and fast withdrawals.
  • Stop loss and take profits available.
  • Dedicated educational resources
  • Tournament mode offered.
  • Always available customer support.
  • Attractive affiliate programs

Awards and Achievements

IQ Option has won many awards in multiple categories. Some of the awards are:

The Academy of Interactive and Visual Arts Awards for “2017 Award of Excellence”,

Mobile Star Awards for “The Intelligent Trading App for Binary Option”,

Business Initiative Directions Group Awards for “Century International Quality Gold”,

The Web Marketing Association Awards for “Best Technology Application”,

Global Brands Magazine Awards for “Fastest Growing Binary Options Brand”,

IFM Awards 2015 for “Most Innovative Binary Option Platform” and “Best Mobile Trading Platform”,

Global Banking and Finance Review Awards for “Best Binary Options Broker Europe 2015”,

IAIR Awards for “Best Binary Options Broker and Best Binary Options Broker/Trading Application”,

FX Report Awards for “Best Binary Options Broker”,

Show FX World Awards for “Most Innovative Binary Option Broker”,

RACE Awards for “Best Affiliate Program in the Industry”,

Master Forex-V Awards for “Most Reliable Binary Options Broker” and “World Leading Binary Options Broker”,

Forex Awards 2014 for “Best Trading Platform”.

Account Verification

Account verification is compulsory in IQ Option to successfully withdraw funds. The account verification process is a 4 step process. It is described here:

Step 1: Email Confirmation: Here, you need to confirm your email by entering the code in the appropritate field which was sent to your mail used for account creation.

Step 2: Phone Verification: You need to provide your country code and phone number for a code which will be sent to you via sms.

Step 3: Personal Data: You need to provide your personal data and verifiy your identity.

Step 4: Proof of Identity: As a proof of your identity, you need to provide the following documents:

  • A photo of your ID (passport or driving license)
  • A photo of your credit card along with your signature (Both sides must be visible and first 6 and last 4 digits must be visible)

All documents will be verified within 3 business days after you submit them.

IQ Option Sign Up and Login Process

You need to register an account in IQ Option before you can start trading in their platform. This process is easy and free. To register an account, you need to do the following:

Sign Up

Step 1

First, click the link below to open the sign up page. You will be redirected to the sign-up page.

Step 2

Once the page is opened, you will notice Login and Sign-up options on the right-hand side of the website. Under the sign-up tab, you have 3 options to create a new account. Using Facebook or Google or using a registered email to create an account. Choose any method you prefer.

Step 3

If you choose to register via email, you have to provide your name and email. An activation link will be sent to your mail inbox. Activate your account.

Step 4

Upon activation, you will be asked to choose between a demo account or a real account. You get $10000 in virtual cash in demo account. To trade on a real account, you need to deposit a minimum of $10.  If you log out, you have to enter your email and password to login again.

IQ Option Login

To login to your platform, you have to enter your registered email and password.

Alternatively, you can login using Facebook and Google.

IQ Option Demo

This is the practice account where beginner traders can practice trading. You get $10000 virtual deposit and this can be refilled back if your balance drops below $10000.

Any profits you gain from these trades have no real value as the money involved is virtual.

You can try out all the features and then decide if you want to switch to live trading.

You can also try out different strategies without having to lose money. The demo account has all the features of the real account.

The assets are real; their quotes are real and even their price movement matches with live trading.

There is no risk involved with demo trading. You can lose all your money in the demo account and it can be refilled instantly. There are educational tools available on the platform to assist new traders.

Account types

There are 3 types of trading accounts offered by IQ Option. They are:

Real Account

You need to deposit a minimum of $10 before you can start trading on a real account. There are several methods of payment including Visa, MasterCard, Bitcoin and more.

You are also eligible to participate in weekly tournaments organized by IQ Option in exchange of a fee.

You can withdraw your funds as you wish. It takes up to 1-3 business days for successful withdrawal. You can enter a trade by investing as little as $1.

For now, there are no bonuses offered by IQ Option.

VIP Account

To qualify for a VIP account, you need to meet one of the following requirements:

  • Trading volume must exceed $15000 for the last 3 months
  • Minimum deposit amount for the last three months must be at least $1900

It is basically the same as a real account but with some extra unique features.

Firstly, VIP account holders enjoy extra payouts on certain assets.

These extra payouts range from 2%-21%. They get a personal account manager who gives advice on how to increase profitability.

The managers also assist with any doubts or issues and provide monthly trading reports.

VIP users also get access to training materials prepared by IQ Option experts. VIP account holders get free entry in tournaments conducted by IQ Option.

The maximum withdrawal period is only 24 hours for VIP users but for regular users, it can take up to 3 business days.

Islamic Account

Islamic account was specially formulated around the Shariah Law. An Islamic account holder will get the following benefits:

  • Interest-free trading: There are no extra charges for opening and closing your position
  • HIBAH facilities: Traders can donate profits to charitable organizations without any extra fees
  • Free online trading platform

IQ Option Trading App

IQ Option has a proprietary trading app on multiple platforms. You can trade more than 300 trading assets on this platform.

The asset types include crypto, stocks, indices, currencies, ETFs, commodities, options, and much more.

The IQ Option app is available in Web, desktop, and mobile. The web and desktop app are similar.

You can download their app from their website. We will discuss about the desktop and mobile app in this section.

IQ Option Trading App – Desktop

The desktop app is fast, lightweight and convenient to use. It is supported on both windows and macOS.

We hope in future, they add support for LinuxOS as well.

Here are the product specifications off the app:

Operating system:

Windows 7, 8, 8.1, 10

macOS – OS X 10.10 Yosemite

RAM:

2 GB (4 GB recommended)

Video card:

OpenGL 2.0-friendly (macOS)
DirectX 9 (Windows)

Hard disk space:

130 Mb

IQ Option Trading App – Mobile

IQ Option offers mobile trading through their mobile app.

The app is titled ‘IQ Option’. The app is available for both Android users on the Google play store and Apple users on the iOS store.

You can also download these from the downloads page of the IQ Option website. The app is well rated on both the stores has many positive reviews.

The mobile interface is similar to the desktop app. Having a mobile app is beneficial as it increases flexibility and usefulness.

Traders can monitor and access their trades anytime they want from anywhere. The mobile app is fast and responsive to use.

You get mobile notifications on any update in your trades.

Here are the system requirements for Android and iOS:

Operating system:
iOS 9.0;
Android 4.4

Hard disk space:
50 Mb

IQ Option has its own proprietary trading platform.  This makes IQ Option different from most brokers in the sense that they use existing trading platforms like MT4 or MT5. They created their own trading platform to cater to the needs of the trading clients. What really sets them apart from other brokers is that they constantly update their trading software. These updates make the platform more responsive and intuitive to use. They take feedback and suggestions from their users on what feature they would like and release it in the next update.  They offer their platforms in three environments: web, desktop, and mobile.  They suggest users use the desktop or mobile app over the web platform as it is more fluid and responsive. From my personal use, I found all the three platforms simple and responsive to use. There were no delays in opening a position.

When we first enter the platform, there is an option to choose between demo trading and real trading. Demo trading is meant for practice purposes and any profits from practice transactions are virtual. IQ Option offers $10000 virtual cash for practice account. You can top up this balance if your balance drops below $10000.  In the real account, you are required to deposit a minimum of $10 to get started. This is lower than what most competitors ask. Some brokers require you to deposit upwards of $300 as an initial deposit.

Once you make a choice between practice or live trading, you enter the trading interface. All the trading assets are offered on one menu. Once you choose your preferred asset, the live market data for that asset is displayed on a chart. You can choose the time interval for the chart. The range is from 2 minutes to 30 days. There are 4 options to display the chart:  Line (default), Candles, Bars, and Helkin-Ashi. Each of these chart types has its own advantages. IQ Option’s platform also offers graphical tools so you can draw or mark your lines on the chart. This is useful for trend analysis. There also different types of indicators and widgets that further help with analyzing the chart. If you are trading on more than one asset, you can either view one chart or multiple charts in different grids. This helps in monitoring different positions at the same time. You can switch between a demo account and live account at any time by clicking on the top right menu. There is a menu to deposit cash to your live account.

The left side of the trading interface contains all the menus. You can view your portfolios, your trading history, contact support, and check leaderboards of top traders. In addition, there is a market analysis tab which offers trading news and calendar for Forex and Crypto. There are tabs for tournaments, video tutorials and help section.

To open a position, you either chose your preferred asset and then click higher or lower. You have to purchase before the purchase deadline and your position runs until the expiration line.  On the bottom left, there is an option for live support if you need any sort of help.

IQ Option Trading Assets

When IQ Option started its operations in 2013, they only offered Binary Options for trading.

Currently, they have CFD stocks, Commodities, Forex, Crypto, and ETFs.

Collectively there are over 300 assets offered by IQ Option.

We will describe each asset type here:

Options

There are 3 types of options offered by IQ Option. In total 56 options are offered.

Binary Options:  In binary options, you can speculate on the prices of stocks, commodities or currency pairs. The expiry lasts from 60 sec to 30 days. You get returns up to 95%.

FX Options:  FX options let you trade currency pairs over a short period of time. The expiration duration lasts from 60 seconds to 5 minutes. The returns are unlimited but the loss costs only the initial investment.

Digital Options:  In binary options, you speculate on the price movement of assets. But in the case of digital options, you speculate on the extent of the price deviation of the asset. Traders have to select a threshold price known as the strike price. If the market price reaches the strike price, your returns increase up to as high as 900%.

Stocks

IQ Option offers 129 CFD stocks of top companies listed in NASDAQ and NYSE. Up to 10x leverage is offered on CFD stocks.

Forex

Foreign Exchange or Forex is the exchange of currency pairs in a decentralized global market. It is the largest liquid market where $5 trillion worth of trading is carried out. Just like CFDs, Forex are leveraged products and can be traded on margin.

IQ Option offers 92 Forex pairs and a leverage of up to 300x.  Some of the popular Forex pairs include EUR/USD, GPB/USD, USD/CAD, AUD/USD, USD/JPY etc.

Commodities

Commodities include food (livestock and meat), energy (natural gas, crude oil) or metals (gold, silver). Traders speculate on the price fluctuations of the various commodities. These commodities can be traded as CFDs. IQ Option offers 6 types of commodities: Wheat, Crude Oil Brent, Silver, Crude Oil WTI, Gold, and platinum. Up to 150x leverage is provided on commodity CFDs.

Cryptocurrencies

Cryptocurrencies are encrypted digital currency that is traded in a peer-to-peer network instead of a centralized network. Bitcoin was the first cryptocurrency introduced in 2009. Currently, there are over 1600 different types of cryptocurrency in the crypto market. IQ Option offers 17 different types of Cryptocurrencies for trading. They include Bitcoin, Ethereum, Ripple, EOS, Litecoin, Cardano, IOTA, Dash, TRON and others. Up to 100x leverage is offered on these cryptos.

ETFs

ETF stands for Exchange Traded Funds. It functions like mutual funds in the sense that it is a collection of assets such as stocks, bonds, commodities, and currencies. These assets are then divided into shares and investors buy them. IQ Option offers 28 different types of ETFs with up to 100x leverage on them.

Indices

There are 10 indices offered by IQ Option. You get a maximum leverage of 150:1.

You can trade on the top European, Asian,  and Australian stock markets with IQ Option indices.

Best IQ Option Strategy

Trading in options, Forex or CFDs is a risky affair. There need to be proper strategies to counter or mitigate these risks and protect profits.

We list basic strategies you can implement in IQ Option platform to make your trades profitable.

In addition, we will discuss the indicators and tools available on the platform that you can make use of.

1. Be A Trend Follower

A trend in the context of market flow is the direction in which the price of the asset is flowing. Follow this trend! Don’t try to against the trend flow.

In IQ Option, you have the option to either buy or sell on an asset. When the line in price chart rises, you should buy. This is following the trend.

When the price steadily rises, don’t sell. Go with the trend. Similarly, sell your position when the price drops.

We have to remember no there is no one perfect strategy that guarantees success every time.

Chances are, sometimes due to the volatile nature of the market, following the trend may not work.

As you keep trading, you will gain experience and your decisions will improve.

2. Use The Demo Account

You may think you are experienced in trading and can live trade profitably. A mistake many traders make is that they think a demo account is something that is only meant for beginners. That is false.

Successful traders constantly use a demo account to try out different strategies before implementing them in live trading.

Use the practice account in IQ Option platform to practice your trading. If you are a beginner trader, practice for months before depositing money in the real account.

If you run out of balance in the practice account, IQ Option refills your balance back to $10000.

You may also participate in tournaments conducted by IQ Option. These tournaments incur a small entry free but you get to practice and compete against other traders.

3. Make Sure To Use Stop Loss/ Take Profit

IQ Option provides its users the opportunity to implement auto-closing when opening a position.

You can auto-close your position either by adding a stop loss or take profit. These can be added as a value or a percentage.

When you add a stop loss, IQ Option automatically closes your position when your loss reaches a certain amount or percentage.

In the case of Take-Profit, IQ Option closes your position when your profits reach a certain percentage or amount. These auto-stops are incredibly useful for two reasons.

Firstly, you may not always be able to access your positions. In case the market moves rapidly against you will face huge losses. Remember these trading instruments are leveraged, so your losses are magnified.

Secondly, these markets are very volatile. It’s better to protect your profits before the market moves against you.

4. Don’t Trade With Emotion

Don’t let emotions get the better of you when it comes to trading. The trading assets in IQ Options are highly leveraged, meaning you can earn huge profits with minimal investment.

This also means that the losses are magnified. You may be tempted to invest in a highly leveraged asset.

But you have no idea how the price movement of the asset will be. You will most likely lose money on it.

Invest only the amount you are prepared to lose. Don’t invest all your savings in one asset. Diversify your risks.

5. Use The Trading Tools Provided By IQ Option

IQ Option provides plenty of graphical and chart analysis tools which takes your trading to the next level.

In the bottom left section of the trading platform interface, there two icons: graphical tools and chart analysis.

Graphical tools allow you to draw trends, support lines, and resistance lines. There are 5 types of graphical line: line, Trend line, Horizontal line, Vertical line, and Fibonacci line.

Using these trend lines, you can illustrate the direction of the price movement.

Indicators graphically present the price calculations of the asset over a period of time.

IQ Option offers more than 10 indicators, each intended for different purposes. Indicators such as Moving Average and Bollinger Bands are quite popular.

Bollinger bands are volatility bands used to identify market entry points over an interval of time. It consists of 3 lines, upper, middle and lower band. The middle band represents the simple moving average.

As the difference between the upper and lower band increases, the volatility increases as well.

Moving Average is a tool for smoothing out market fluctuations or noise over a period of time and thus portrays the market trend.

There are 4 types of moving averages you can apply in IQ Option.

Simple Moving Average (SMA), Weighted Moving Average (WMA), Exponential Moving Average (EMA), and Smoothed Simple Moving Average (SSMA).

Moving averages are used in other indicators because of its usefulness.

The default chart type is the line chart. However, there are 3 other chart types. Candlestick chart is a useful chart type as it shows the difference between the opening and closing price. They are also known as Japanese Candlesticks.

OTC Trading

OTC trading means Over-The-Counter Trading. OTC assets are traded when the regular markets are closed.

The Asset’s price is formed from data for trade requests and orders of the Clients, received by the Company.

Trading during the weekends can be quite profitable due to the shorter duration of the trades.

Traders get quotes which are automatically generated on the IQ Option’s server.

With IQ Option, you can try out OTC trading using both demo and real accounts.

The OTC market lasts from 21:00 (GMT) Friday to Monday 00:00 (GMT).

Note that crypto doesn’t require OTC trading as it’s market is open 24/7

IQ Option Trading Platform

IQ Option has its own proprietary trading platform.  This makes IQ Option different from most brokers in the sense that they use existing trading platforms like MT4 or MT5.

They created their own trading platform to cater to the needs of the trading clients. What really sets them apart from other brokers is that they constantly update their trading software.

These updates make the platform more responsive and intuitive to use. They take feedback and suggestions from their users on what feature they would like and release it in the next update.

They offer their platforms in three environments: web, desktop, and mobile. They suggest users use the desktop or mobile app over the web platform as it is more fluid and responsive.

From my personal use, I found all the three platforms simple and responsive to use. There were no delays in opening a position.

When we first enter the platform, there is an option to choose between demo trading and real trading. Demo trading is meant for practice purposes and any profits from practice transactions are virtual.

IQ Option offers $10000 virtual cash for practice account. You can top up this balance if your balance drops below $10000.

In the real account, you are required to deposit a minimum of $10 to get started. This is lower than what most competitors ask. Some brokers require you to deposit upwards of $300 as an initial deposit.

Once you make a choice between practice or live trading, you enter the trading interface. All the trading assets are offered on one menu.

Once you choose your preferred asset, the live market data for that asset is displayed on a chart. You can choose the time interval for the chart.

The range is from 2 minutes to 30 days. There are 4 options to display the chart:  Line (default), Candles, Bars, and Helkin-Ashi. Each of these chart types has its own advantages.

IQ Option’s platform also offers graphical tools so you can draw or mark your lines on the chart. This is useful for trend analysis.

There are also different types of indicators and widgets that further help with analyzing the chart.

If you are trading on more than one asset, you can either view one chart or multiple charts in different grids. This helps in monitoring different positions at the same time.

You can switch between a demo account and live account at any time by clicking on the top right menu. There is a menu to deposit cash to your live account.

The left side of the trading interface contains all the menus. You can view your portfolios, your trading history, contact support, and check leaderboards of top traders.

In addition, there is a market analysis tab which offers trading news and calendar for Forex and Crypto. There are tabs for tournaments, video tutorials and help section.

To open a position, you either chose your preferred asset and then click higher or lower. You have to purchase before the purchase deadline and your position runs until the expiration line.

On the bottom left, there is an option for live support if you need any sort of help. We will now discuss about the indicators, tools, and charts of the trading platform.

Indicators

There are 17 indicators available in IQ Option. These technical indicators help in predicting the price movement and accurately predict the market.

IQ Option constantly keep adding indicators. The list of indicators is as follows:

  • MA
  • Bollinger Bands
  • Alligator
  • RSI
  • MACD
  • Parabolic SAR
  • Stochastic Oscillator
  • Awsome Oscillator
  • ATR
  • ADX
  • Fractal
  • CCI
  • Ichimoku Cloud
  • KDJ
  • DPO
  • Belkhayate Timing
  • Momentum

You can set multiple indicators as different indicators have different purposes.

These indicators can be visually customized to your preference.

Trading Charts

There are 4 types of chart available in IQ Option:

  • Line
  • Candles
  • Bars
  • Heikin-Ashi

The chart type you use depends on your preference. Some traders prefer candlesticks because you can clearly see the difference between the opening and closing price.

Bar charts display the OHLC values while line charts are beginner friendly.

Graphical Tools

Graphical tools allow you to draw and create technical analysis elements such as trends, support lines, and resistance lines.

The 5 different types of grahical tools provided by IQ Option are:

  • Line
  • Trend Line
  • Horizontal Line
  • Vertical Line
  • Fibonacci Line

IQ Option Tournaments

IQ Option conducts tournaments for traders to test their trading skills and knowledge against other traders.

These tournaments last from an hour to a month.  Tournaments are not available for demo account users. Real account holders need to deposit a tournament fee to enter a tournament.

The fee depends on how big the tournament is. The fee ranges from $2 to $20 depending on the tournament prize pool.

For VIP users, the entry is completely free. This might be another reason to consider getting a VIP account if you’re going to participate in tournaments frequently.

Once you are registered, you are given $10000 in virtual funds. If your balance depletes before the tournament ends, you can pay a buy-back fee and enter again.

Tournaments are a great way to assess your trading skills and meet new traders and discuss trading strategies.

IQ Option Tutorial

IQ Option offers tutorial and information on its platform and trading in general.

They answer about 100 commonly asked questions on various topics such as trading, depositing, withdrawing, verification, account, and tournaments.

There are video tutorials on the basics of financial trading and strategies. In their platform, they have over 150 videos related to platform use.

In addition to this, they update their blogs on a weekly basis containing trading tips and news.

The IQ Option blog contains a variety of trading related topics that help both expert and beginner traders.

IQ Option Withdrawal and Deposit

IQ Option Deposit

IQ Option offers multiple deposit methods for traders. You can use a debit or a credit card (Visa, MasterCard, and Maestro).

You can also use an e-wallet like Neteller or Webmoney. The minimum deposit for opening an IQ Option account is $10/£10/€10.

You can also choose Bitcoin as your payment method if crypto is your preference. Currently, PayPal cannot be used for deposits but they are working on it to support it in the future.

IQ Option Withdrawal

Withdrawing funds from IQ Option is easy and simple. For regular users, it takes 1-3 business days but for VIP users, you can withdraw within 24 hours.

There is no minimum withdrawal amount, but to withdraw less than $2, you need to contact their support team.

The maximum amount you can withdraw is $1,000,000 in a single day. You can make multiple withdraw requests as well.

To verify your withdrawal request, you have to provide documentation. You need to provide a photo of either your passport or driving license.

You also need to provide your bank card copy to authenticate your withdrawal request.

There are many methods to withdraw your money. You can use Debit and Credit cards, Neteller, wire transfer, WebMoney, Skrill etc.

IQ Option Withdrawal Complaints

IQ Option is one of the largest and popular broker with over 25 million users. Nearly $11 million is withdrawn per month.

So naturally, there must be complaints regarding withdrawal. However, these complaints are relatively few in number.

The withdrawal process is slow

Some traders complain that withdrawal takes a lot of time. IQ Option claims their average withdrawal period takes 24 hours.

In reality, the delay happens due to the bank taking time to process the transaction.

The account gets blocked after a withdraw request

This complaint seems absurd as IQ Option is regulated and licensed by CySEC.

IQ Option is one of the most reputable online brokers. Millions of withdrawals have been completed successfully.

You will get many proofs of successful withdrawal if you search on the internet.

IQ Option Bank Deposit in Thailand, Indonesia, Malaysia, and Vietnam

Traders from these countries can deposit using their local banks by following these procedures:

  1. Visit the IQ Option website and click on the ‘Deposit’ button.
  2. Choose your amount and preferred bank. The list of supported banks is given down below:
  3. Click on the ‘Go to payment’. You will be re-directed to the login page of your chosen bank. Enter your credentials and head over to the transaction page.
  4. Select your bank account and click confirm.
  5. You will be asked to provide an OTP code to verify your transaction.
  6. After this, your transaction will be completed. You will receive a confirmation message that your deposit has been received successfully.

IQ Option Deposit and Withdraw with a Local Bank for South African Traders

For South African traders, IQ Option offers deposits and withdrawals through local banks. Follow these steps to perform transactions from your preferred local bank.

Deposit Method:

  1. Click on the Deposit button when you log in to your IQ Option account.
  2. Select your preferred bank from the drop-down list and your deposit amount.
  3. Click on ‘Go to payment’. You will be re-directed to the login page of your chosen bank. Enter your credentials and click ‘Login’.
  4. You will be asked to input an OTP as a security measure. Enter that to verify your transaction.
  5. You will receive a message confirming your transaction has been completed successfully. That’s it, you have successfully deposited into your IQ Option account.

Withdrawal Method:

  1. Firstly, choose your local bank. Then enter the required details such as the amount, account number, and customer name.
  2. Click on the ‘withdraw funds’ button and that completes the withdrawal request. Depending on your account type, the withdrawal process can take anywhere from 1-3 business days.

IQ Option Complaints

Apart from the withdrawal complaints we have seen above, there are other minor complaints by some traders.

  1. Delay in the platform: Some users have complained that their online platform is slow or there is a delay in placing a request. Personally, I found no delay placing a buy or sell request. The platform was smooth and responsive in both desktop and mobile. The users that get these complaints may have a problem from their end like a slow internet connection or slow devices.
  1. Poor customer service: I have contacted the customer support often and every time they responded within 30 seconds. Some users have claimed customer service hasn’t responded to their issue ticket. This may be a rare occurrence as I always got a satisfactory response from their support team. Remember, they are dealing with 25 million traders. There can be slight errors on their part. 
  1. Inconsistency in trade placements: There have complaints regarding a trade not being placed or platform freezing when they place a request. The most likely reason is there are different expiration periods and time intervals. They must not have paid attention to that, as a result, their trades were not placed.

IQ Option Contact and Support

You can contact IQ Option through email or telephone.

Email Address: support@iqoption.com

Headquarter Address:  Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus

Drawbacks Of IQ Option

While IQ Option offers several advantages, it has few drawbacks.

  1. Traders from certain countries are not accepted by IQ Option. These countries include USA, Japan, Australia, Belgium, Israel, Palestine, Korea, Canada, Israel, Syria, and, Sudan
  2. The web platform is slower and less responsive than the desktop or mobile platform.

Final Words: Is IQ OPTION Trustworthy Or A Scam?

Through their world-class trading platform and extensive features, IQ Option has proven to be one of the most reputable and trustworthy trading platforms.

The number of satisfied and successful traders far outweighs the small number of traders facing issues.

It is one of the few regulated brokers that offer minimum investments, maximum payouts, multiple trading platforms, easy withdrawals, dedicated customer support and much more.

Their awards are a testament to their reputation and success. From my personal experience and thousands of positive feedback from others, we can conclude that IQ Option is not a scam.

You can use their trading platform for all your trading needs.

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Overall Rating
5/5
Overall Rating
5/5