The expert’s verdict is that IQ Option is legitimate. They are not a scam – on the contrary, they consistently rank on the list of best brokers for online trading.
To make a decision, you should try the platform and its main features yourself.
IQ Option Scam: Is IQ Option a Scam or Safe? An Independent Expert’s Review
Updated: January 04, 2024
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Is IQ Option a Scam?
No. On the contrary, the broker consistently ranks in the TOP of the best online trading companies and receives prestigious awards. IQ Option has been operating since 2013 and has over 100 million users from over 200 countries.
IQ Option is one of the largest and most popular binary options brokers. However, as with any online trading platform handling investors' money, questions often arise around its legitimacy and whether it could be a scam. This article aims to evaluate IQ Option's authenticity in a thorough and objective manner. The experts at TU assess IQ Option based on their tight screening process. This includes analyzing the broker's licensing and regulations, reviewing customer feedback, examining trading conditions and transparency levels.
Key points from the article
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IQ Option was founded in 2013 and is headquartered in Saint Vincent and Grenadines and is licensed by CySEC in Cyprus. However, the license does not cover activities outside the EEA.
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Customer reviews of IQ Option are mostly neutral or positive, praising its tools and variety of options.
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The company provides transparency around fees, costs, deposits and other trading conditions.
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Based on its research and analysis, TU considers IQ Option to be a legitimate broker and not a scam. It is considered safe and recommended for both advanced and beginner traders.
How to Identify a Broker’s Scam
Before we get into whether IQ Option is legit or a scam, we must review how to determine the answer to that question. TU's experts recommend validating a broker's legitimacy in 4 stages. Here are the four steps you must follow to identify a broker's scam:
Check the Broker’s License & Regulation
The first thing you should do to identify whether an online broker is a scam is to check their licensing. Licensed brokers are required to comply with laws and guidelines put in place by organizations like FINRA and the SEC.
If they are licensed, it means that they are supervised by regulators and are much less likely to be operating as a scam.
Read Client Reviews
Next, you should read reviews that clients have published about the broker. Learning from the experiences of investors that use the platform can allow you to better assess its legitimacy.
Make sure that you check reviews on reputable sites, though, like the ones listed on our website.
Consider the Broker’s Transparency
Another way that you can identify a broker’s scam is by considering how transparent they are. Do they have clear terms and conditions available to their customers? Is the pricing transparent, and do they share information about their licensing, processes, and data security measures?
Online trading platforms that do not have a clear background or do not provide any transparency could potentially be a scam. Make sure you do not fall into one of these schemes and only work with brokers that share important information about the safety of your account and funds.
Learn From the Experts
The last step in the process to determine whether a broker is legit is to consult with experts. The professionals at TU have conducted extensive analyses on many platforms and brokers, so you can be armed with the information you need to make the right decision.
We take into consideration all the factors we just described – and more – so that you do not have to do as much research on your own.
Step 1: Is IQ Option Reputable and trustworthy?
IQ Option was founded in 2013, with its headquarters located in Saint Vincent and the Grenadines.
Over the years the company has made a name as a reputable and transparent company with over 100 million registered users, while the number keeps on growing.
Over the years it its activity, IQ option has won multiple awards, including:
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Award for excellence in 2017
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Best Technology Application in 2016
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Best Trading Platform in 2014
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And others
What also makes IQ trustworthy is good and fast-responding customer support. It is easy to communicate with, and any problem can be addressed in various languages. The support team is always quick at responding as they care about their customers.
We also like this company because of its transparent pricing, deposits and fees. The company clearly states where all the costs are coming from, so you will not be surprised by any hidden fees.
Step 2: Top 5 Reviews on IQ Option
The reviews about IQ Option are generally neutral or positive. Many of the investors on the trading platform are pleased with the functional and technical analysis tools provided, as well as the wide variety of options available for trading.
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Comment
IQ Option, like most brokers, has many negative reviews. But I am sure that these are people who have lost money and therefore blame the broker. With advanced knowledge, knowing how to analyze the market properly, you can make good profits! IQ Option is a good company with one of the best trading platforms for Forex and options trading. I have communicated with customer support several times, they always respond quickly. I have never had any problems with verification or withdrawing money.
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Comment
For trading, IQ Option can be a decent option. It has been present in the market for a long time, providing the opportunity to trade both futures assets and the regular forex market. Moreover, it's crucial that IQ Option is licensed by a regulator. I have been collaborating with this company for almost a year and haven't noticed any significant drawbacks so far.
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Comment
The IQ Option broker is a well-established organization with which I have been collaborating not for long, but successfully. For me, it is a reliable place to invest my capital. The assets are securely protected according to legislative norms, the account opening process is quick, and confidentiality is guaranteed. IQ Option offers attractive rates, consistent support, user-friendly trading platforms, and the ability to place orders even via phone.
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Comment
I think we can confidently call IQ Option a fair and transparent broker. Fair because all commitments are fulfilled, and clients are not deceived. I have withdrawn money from here several times, everything was fine. I call IQ Option transparent because the quotes on this platform correspond to the market.
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Comment
There are not many binary options brokers that I could trust with my money. But I trust IQ Option. I have been testing it for three years. I have traded both fast options and those with longer expiration dates. In all cases, IQ Option fully fulfilled its obligations, without manipulation.
Step 3: IQ Option’s Background and Transparency
There are more than 100 million registered users on IQ Option, and these investors reside in over 200 countries. This number has grown substantially since its inception in 2013, and they now process at least a million transactions each day.
They provide an intuitive trading platform that is perfect for experts and beginners. All the information regarding trading conditions, and the risks associated with buying and selling securities, are listed on their website. That means they are transparent and ensure that their users know exactly what they are getting into.
Step 4: TU’s Opinion of IQ Option
So, what is TU's opinion about the legitimacy of the IQ Option platform?
For starters, the IQ Option trading platform has consistently ranked in the top 10 of our TU Binary Brokers rating. They place well in our rankings due to positive customer reviews, favorable trading conditions, a wide range of investment options, and the fact that it is intuitive and beginner-friendly.
As a result, TU views IQ Option as a legitimate broker that is recommended for both advanced and beginner options traders.
Is IQ Option Legit or a Scam? The Expert’s Verdict
Anton Kharitonov,
Traders Union Analyst
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Team that worked on the article
Ivan Andriyenko
Author at Traders Union
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya
Author and editor at Traders Union
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito
Cryptocurrency and stock expert
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.