IQ Option review 2023 – Is it a scam or not? – Test of the broker

Percival Knight Last updated: August 24, 2023

Reviewed by Andre Witzel Binaryoptions.com publishes all articles according to strict editorial guidelines. Through our experienced authors and control system, we publish fact-checked and verified content. We also update our existing content by the newest information and provide our readers the latest news. Read why you can trust us.

Is IQ Option a reliable binary broker or not? – In the financial sector, it is hard to find a good broker because the selection is quite large. On the internet, you can read a lot about scams and fraud. IQ Option is very popular for traders, but is it really worth investing your money there, and how good is the broker? – In this IQ Option review, read more about the facts and the conditions for traders.

Disclaimer:

This material is not intended for viewers from EEA countries. Binary options are not promoted or sold to retail EEA traders.

Quick facts about IQ Option:

Before you read further, see our full IQ Option video review here:

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What is IQ Option? – Facts about the company

IQ Option was founded in 2013 as a Binary Options Broker for everyone. The strengthening of the company is the low investment amount (minimum deposit) and the flexible trading platform. The broker is based in Hinds Building, Kingstown, St. Vincent, and Grenadines, and operates outside of Europe (Company: IQ Option LLC).

Nowadays, there are more than 2 million trades executed on the platform daily. The broker wants to give the trader an all-in-one platform with a huge variety of different assets and financial products. Personally, I have known this broker since 2015 and they always improve their service and offer for traders. With a rising customer base, the payouts of the broker are rising too. 2017 they withdrew more than 11 million $ every month.

Facts about the company:

• Headquarters in Hinds Building, Kingstown, St. Vincent, and Grenadines
• Broker since 2013
• You can use small investment amounts (1$)
• All in one online trading platform
• High asset profit of 100% for Binary Options in case of correct prediction
• No hidden fees

The pros and cons of IQ Option

Based on my comparison with other trading platforms, I will show you the pros and cons of IQ Option. But remember, with any platform or broker; you are going to find some downsides.

How safe is the broker? Safety of customer funds

IQ Option works with different liquidity providers. This is a big advantage and deletes the conflict of interest. In addition, they use different encoding techniques for providing a safe platform.

The trading account is very safe too. For example, you can use 2-factor authentication. After your login, you will receive an SMS message with a login code. You get only access to your account when you use your smartphone. The option can be turned on or off.

Facts about safety:

• Various payment methods
• Safety options for your IQ Option account
• No conflict of interest for traders

Conflict of interest is a critical topic for most brokers. Not for IQ Option. The broker hedges the positions of its clients in the real market for Forex, CFD, and Crypto. On the other hand, they hedge the Binary Options between the traders and there is no conflict of interest. In conclusion, the broker is one of the safest companies in the world, and payouts are guaranteed.

Is IQ Option regulated?

Unfortunately, the IQ Option LLC (company), which manages the domain www.iqoption.com, is not regulated. It is a registered company in St. Vincent and Grenadines. In most countries, this broker does not need a regulation to offer its services.

See all facts about the security:

Is IQ Option legit or not? – Trust of the broker

Unlike average brokers, IQ Option stands out in many respects. Let us look at why traders opt to trade with IQ Option. 

• IQ Option is an intuitive online trading platform offering hundreds of new features to its clients every day. 
• It has more than 40,00,000 users indulging in trading in multiple financial instruments every day. 
• This is an online trading platform with proving legitimacy.
• You can find their name constantly on the list of best brokerage firms in the industry.
• Their feature-rich platform offers quality services to the clients. 

These things explain the legitimacy of the broker and also the reason why many investors join this online trading platform every day. 

IQ Option has millions of users from different countries. Every day, IQ Option handles transactions worth millions of dollars. A trader can make money using his trading strategies and checking the asset’s price movements. 

It means that your investment with IQ Option stays safe and secure, and you don’t have to worry about the trader running away with your money. 

Review of the conditions for traders and trade offers

On IQ Option are more than 300 different assets available. You can trade them with Binary Options or Forex/CFD. Also trade Stocks, Options, ETFs, and cryptocurrencies with a minimum amount of 1 dollar.

The most traded financial product on the platform is Binary Options. You can choose an expiry time between 30 seconds and the end of the month. IQ Option gives a trader the flexibility to develop his own trading style. The asset profit of Binary Options trading is compared to other brokers very high. With a normal account, you get some time over a 100% return. VIP account is available to clients that deposit significant amounts (the exact amount is subject to change).

Forex, Commodities, Stocks, and Cryptocurrencies are tradeable with a spread of less than 1.0 pip. The spread depends on your asset and market conditions. In addition, you can trade with a maximum leverage of 1:1000. Which is very high, but you can change the leverage before each trade.

In conclusion IQ Option makes a very reliable impression on me. The range of assets is quite high and the fees are at the lowest point compared to other brokers.

Quick facts about the offers:

You can also check the best IQ Option alternatives here!

Advantages for traders:

• One broker for different financial products and assets
• Competitive trading fees
• Fast execution of trades
• Trade 24/7 on the platform (inclusive weekend trading)

How much does it cost to trade on IQ Option?

If you want to start trading via IQ Option you should know about all the fees the broker charges. I’ll give you a short overview of the most important fees and when the broker will charge your account:

• Deposits: no fees (currency conversion fees might apply)
• Withdrawals: one month is free, then you will have to pay 2% for all upcoming withdrawals
• Trading binary options: no fees
• Trading digital options: no fees

Additionally, there are some more fees you will get to know later on.

Review of the IQ Option trading platform

IQ Option offers a unique and intuitive platform (picture below) for browsers, desktops, smartphones, and tablets. From my experience, the platform is flexible and very customizable. The goal of IQ Option is to make trading very simple. Beginners should be familiar with the platform in a few minutes.

It is an all-in-one platform because IQ Option offers so many opportunities to invest in the financial markets. You get access to a wide range of assets with a few clicks. The transactions are clearly shown on the platform so that transparency is given.

Use different types of charts and popular indicators for your own strategy. You can customize the chart by yourself to prepare it for your trading strategies. Multicharts for a better analysis are available. It would be too much if I show you all the options on this page. Just predict the asset price direction and open your first trades. You can always trade a long or a short position. In conclusion IQ Option got one of the best trading platforms compared to other brokers.

Furthermore, the platform is available as a mobile app for desktops, smartphones, or tablets. The broker says that the app for the computer is much faster than the web version. The broker´s portfolio is complete with mobile trading for its clients.

See my full platform tutorial:

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Benefits of the platform:

• All in one platform
• Multicharts
• A wide range of indicators
• Flexible and customizable
• For desktop, browser, and mobile trading app for smartphone and tablet downloadable
• Fast trade execution
• Hast better functions than the MetaTrader 4/5

Professional charting and analysis are available

For analysis, it is important to use the chart. Different trading strategies can be accomplished with the online trading platform. IQ Option provides 4 different types of charting. You can customize them within the color and the timeframe. The settings are automatically saved by the platform or you can do it manually.

Chart types:

• Line
• Candles
• Bars
• Heikin-Ashi

Use more than 18 different timeframes. It is possible to use between a 5-second chart and a 1-month chart. The diversity of options is very huge on the platform. The broker always tries to improve their offer to his clients.

Another point to mention is the advanced trading tools, for example indicators. Use more than 5 different graphical tools (including Line, Trend Line, Horizontal Line, Vertical Line, and Fibonacci Lines). Technical analysis works reliably in the markets and is used for more than 100 years of financial trading. Also, the graphical tools are customizable in color and thickness. For example, you can lock them in and the trading tools won’t move in the future.

Trade with more than 20 different technical indicators. The features are available in the mobile app too. The most popular indicators are the Moving Average, Bollinger Bands, RSI, and ATR. In conclusion, the broker provides a big range of different analysis tools for your success in trading. Another big advantage is that they are fully customizable.

At the latest, there are different widgets to customize your intuitive trading platform. Watch the Current Buy/Sell ratio for the selected asset with the Traders’ Mood. You can generate different trading ideas because of that. Furthermore, it is possible to see the trades of other traders in the chart. In my opinion, it can be a motivation for your trading. In addition, pop-up news is available directly in the chart. The news depends on your chosen asset.

Trading Tutorial: How to trade with IQ Option

IQ Option offers a huge diversity of different financial products to trade in the markets. The most popular product of the broker to invest money is Binary Options. From my experience IQ Option is one of the best brokers for binary trading. Binary Options are the most traded product on the platform. In this section, I will show you how it works.

If you want to trade Binary Options successfully, you have to make the right forecast of the market movement. Risk and profit are limited. Special for Binary Options is the expiry time. You have to choose between different time horizons. It can be long-term or short-term. The trade automatically closes after the expiry time. Bet on rising or falling markets. The price has to be below or upper your entry point.

How to trade Binary Options on IQ Option – Example: EUR/USD – 95% return

Predict the asset price direction in a certain expiry time and invest any amount of money. If you invest 100$ and make the right forecast, you will win the trade and get a payout of 195$. 100$ is the return on your investment and 95$ is the profit. It is very easy to understand and you can practice it with a demo account. The profit is fixed by the broker and the asset movement does not influence it.

On the other hand, Forex/CFDs/Stocks/Cryptos will give you a profit by moving in the right way of your forecast. The further the markets go in your direction the more profit you will make. You can open and close the trade at any time and limit your risk with a stop-loss. In addition, you can set automatic profits with the take profit. On the platform, you can learn more about it. IQ Option offers a wide range of educational materials for beginners and advanced traders. The maximum trade amount is 20,000$ while the minimum trade amount is 1$.

How to trade Forex on IQ Option

Forex is one of the beloved markets in the world. Also, it is the most traded market with more than 3 trillion USD every day. You can trade different currencies against each other. At the moment more than 30 Forex pairs are available on the platform. Forex trading is leveraged up to 1:1000. Which means you can multiply your investment amount by more than 1000 times. Before you start trading you can choose your own leverage of the trade.

If the currency moves in your price direction, you will get profit from each moving point in the market. There are no expiry times and other rules like Binary Options. The stop-loss and the take-profit are important trading tools in forex trading because they automatically close the trade at a certain price. You can manage your risk with the trades.

See my forex trading tutorial video below:

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Facts of Forex Trading with IQ Option:

• More than 25 different Forex-pairs
• Low spreads
• High liquidity
• Leverage up to 1:1000

How to trade Stocks and ETFs (CFDs) on IQ Option

Stocks and ETFs are popular products like Forex. Choose between 190 different stocks and 20 different ETFs worldwide (IQ Option improves diversity). You can go long or short on Stocks and ETFs. Also, the multiplier is available for them. Stocks are very sensitive to news. With the news calendar, you can generate trading ideas quickly on the platform.

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ETFs are like a stock collection and are traded on the stock exchange. You can build a wide-ranging portfolio with them. Stocks and ETFs are traded as CFDs (contract for difference). You do not have to buy the underlying asset to generate a profit. You just buy the contract on any asset you want. The advantage is that you can go short and use a multiplier to increase your profit on IQ Option.

Facts about Stock and ETF Trading:

• Trade 190 stocks and more than 20 ETFs
• Low and competitive spreads
• Leverage up to 1:20 for stocks and ETFs
• Short selling is available

How to trade cryptocurrencies on IQ Option (with leverage and without)

2017 and 2018 was the year of the new Cryptocurrencies. Some crypto exchanges stopped attracting new clients and they closed their registration. It was like a trend for investing money. In 2018 the market dropped down very hard. With IQ Option you can trade in both directions of the markets. This is not possible on most trading platforms. Trade Bitcoin, Ethereum, Ripple, Iota, and more on the platform.

Nowadays 12 Cryptocurrency CFDs are available to trade. Another big advantage is the multiplier/leverage for Cryptocurrencies. For example, it is allowed to use a multiplier of 100x on Bitcoin. This is a huge amount of leverage. So you can make more profit on small market movements. In addition, there are no overnight fees for trading crypto without leverage. In conclusion IQ Option is one of the best flexible crypto platforms for fast investing your money.

How to use the Leverage/Multiplier on the platform

IQ Option offers huge leverage for some financial products. Always the leverage depends on the traded asset. The maximum leverage is 1:1000. Which means if you invest 1$, you are trading the amount of 1000$ on the market. Different strategies are possible because of that.

In my opinion, a multiplier is one of the great and advanced trading tools to increase your profit. For small investments, it is necessary to use a multiplier. With IQ Option you can change the multiplier in every new trade. This is a big advantage in comparison to other brokers.

See m video about leverage and the multiplier:

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Mobile Trading (app) for any device is supported

Nowadays, mobile trading is sometimes necessary because of political or fundamental news. Also, it is important to check your portfolio when you are away from the keyboard. IQ Option provides a mobile app for Apple (iOS) and Android users. I was surprised by using the mobile app that the program is flexible and smooth like the online trading platform for browsers or desktops.

Binary Options are forbidden in the App Store but you can trade Forex/CFDs/Crypto with the apple app. In the app, you can directly chat with the support of IQ Option or chat with other traders. This is a good way to improve your results or ask questions. There is no difference in the order execution in the app or platform.

Account opening with IQ Option

The real account is combined with your free demo account. With one click you can change between these 2 accounts. For the registration, you only need your name, email, and a secure password. The account opening only takes the time of 30 seconds. After the registration, you can start practice in the demo account or deposit your first money. It is possible to trade without verification.

I recommend doing a verification before you start investing real money because withdrawals without verification are not allowed. Just upload some personal documents and the account will be approved in less than 24 hours.

For beginners, there is a complete tutorial on the IQ Option trading platform. For further questions, you can ask chat support.

• Verification in less than 24 hours
• Change between demo and real
• Fast support for questions

Account types on IQ Option

IQ Option offers three different types of accounts:

• Demo account
• Standard account
• VIP account

If you want to get directly started with real money, you can open a standard account. Just top up your account with at least $10 and you can start trading. Do you want to be a VIP trader? To get access to the VIP trading account, you have to place a minimum deposit of significant amounts (the exact amount is subject to change).

IQ Option VIP account

IQ Option offers a VIP trading account for traders who are depositing significant amounts. The amount is decided by IQ Option and is not fixed. You can contact the broker if you want detailed information.

Another advantage is VIP training. You will get access to different PDFs only for VIP members. Furthermore, you can book direct sessions with your VIP manager who is called your personal account manager. The support is very comfortable and they will care about you in different ways. In conclusion, a VIP trading account is a good opportunity to get more profit and knowledge for your success in trading.

Tournaments and contests for beginners and advanced traders

Tournaments and Contests for Binary Options trading. In most cases, more than 3 different Tournaments are available for traders. Each Contest got its own condition for trading. If you finish the tournament among the top traders, you can win a part of the prize pool that can reach up to $50,000. Now I will show you how the Tournaments are working:

If you take part in one contest, you will get a separate account for the contest. It is like a demo account with virtual money. Now you have to make a profit and compete against other traders. Do not blow up the account otherwise, you will have to pay the registration fee again. Sometimes there is a big prize pool of 100.000$. This is a good way to get a profit with a small investment.

Facts about the battles:

• Compete against other traders
• Pay a registration fee
• Trade with virtual contest money
• Make as much profit as you can
• The first places win a huge amount of money
• Example: You can win money with the place of 30. This depends on the Tournament.

Learn to trade with the free demo account

Especially for beginners, it is important to practice trading in the IQ Option demo account. This is an account with virtual money. So you trade without risk. IQ Option offers you a free and unlimited virtual account. With one click you can change between your real and demo account.

There is no difference between the demo and the real account. I tested it and the conditions are the same. Furthermore, it is important for advanced traders to improve their own strategy in the demo account. Directly on the platform, you can watch as beginners educational videos and analysis of IQ Option.

The account is capitalized at 10.000$. This is the best amount for testing the platform. If you make some losing trades, you can easily recapitalize the account with one click. In conclusion IQ Option offers one of the best demo accounts for trading.

Facts about the demo account:

• Unlimited
• Free and no hidden fees
• Demo account with 10.000$
• You can deposit money with one click

How to login into your IQ Option trading account

To start trading you have to login into the IQ Option web platform or mobile app. Just enter your e-mail and password. Press “Log in” and you are ready to start trading.

To be more secure, you can turn on the two-factor authentification. Therefore each time you login, you’ll get a security code via email or SMS.

IQ Option account verification: What you need and how long it takes

Do you want to verify your account? It’s recommended to do so even if it’s possible to trade without verification. To do the verification, you have to prepare some personal documents.

You need three documents to complete the whole process. It takes the following eight steps ypu need to fulfill within your personal account:

• Step #1 Please sign in to your IQ Option trading account
• Step #2 Please confirm your email account
• Step #3 Verify the mobile number
• Step #4 Verification of private details
• Step #5 Validate your identification
• Step #6 Validate your bank card
• Step #7 Verification of address
• Step #8 Wait for validation

Once you’re done with all the steps, just wait around three business days until the broker confirms your identity.

Overview of the deposit and withdrawal methods with IQ Option

In this part of the review, we will have a look at the deposit and withdrawal options. From my experience, the payment system of IQ Option is one of the best. First of all, you can start with a small investment amount of 10$. There are different payment methods for deposit money and withdrawal. Every trade should be able to capitalize on his account.

Here is a quick overview of the most important numbers regarding the deposit and withdrawal options:

Withdrawals are processed within less than 24 hours. IQ Option is not a scam because I often paid out profits, and I know a lot of other traders who did it. In conclusion, the company provides you with the best service. You can use Creditcards, E-Wallets, Cryptos, or Bankwire for your deposit and withdrawal.

These payment methods are available:

• Bankwire
• Credit Cards (Master/VISA)
• Neteller
• Skrill
• Qiwi
• AdvCash
• AstroPay
• Boleto
• PayPal (only for Europe countries)

Is a bonus available?

At the moment, there is no bonus for clients and their deposits. In the past, there was a deposit bonus. Nowadays, they deleted the IQ Option bonus because only a few traders used this service. In my opinion, professional and successful trader does not need a bonus for their account to make a profit.

Which hidden or additional fees can occur with IQ Option?

Are there any hidden fees? – No, there are not any hidden fees for you. Deposits are without any fees. The first withdrawal per month is free, too. But then you will pay a 2% fee for all consecutive withdrawals. In addition, there are some fees for the trading instruments and an inactive fee:

• Binary Options: No fees for trading.
• Digital Options: No fees for trading.
• Forex, CFD, Stocks, Crypto spread: You always pay the market spread of the asset. The spread value depends on the asset. For example, popular assets got a lower spread. It is the difference between the buy and sell (bid & ask) price in the market. IQ Option takes this fee for earning money and getting paid. Compared to other brokers, the spread is very low. Sometimes IQ Option makes a special event with lower spreads. The regular spread is between 0.010 and 0.030% in forex trading. You can always see the spread transparent on the platform.
• Leverage: Leverage is borrowed money. If you hold a position longer than one day with a multiplier, you will get charged an overnight fee. This fee depends on the asset and the multiplier. You can see it transparent on the platform or you can ask the IQ Option support for help.
• Inactive fee: IQ Option charges a fee for inactivity after 90 days. The fee is $ 10. If your account balance is zero, they can not charge this fee.

These countries are available for IQ Option Traders

As mentioned before IQ Option is an international broker. The trading industry is constantly growing and more people like to invest their money in simple steps. Asia and Africa it the biggest area of the broker. The broker provides support in more than 20 different languages. It is multiple and they accept more than 200 different countries.

These countries are not accepted (banned countries): Afghanistan, Albania, American Samoa, Australia, Belarus, Canada, Comoros, Crimea, Cuba, the Democratic Republic of the Congo, Donetsk and Luhansk People’s Republics, Eritrea, Ethiopia, Guam, Haiti, Iran, Israel, Japan, Libya, Mali, Myanmar, North Korea, Palestine, Republic of Abkhazia, Republic of South Ossetia, Russia, South Sudan, Sudan, Syria, Transnistria, Ukraine, the United Kingdom, the USA, Vatican, and the U.S. Virgin Islands.

In fact, Asia is the fastest-growing market and the broker tries to improve the IQ Option support team for Asian traders. Also, trading is legal and very popular but is IQ Option legal in India, South Africa, and other countries? – Yes, it is. After my research, there are not any illegal actions of the broker for this region.

The broker added different Asian and African countries to their offer:

• Indonesia
• Malaysia
• Thailand
• Philippines
• India
• Brazil
• Ghana
• South Africa

Are robots and trading signals provided?

Robots and automatic trading are not provided by IQ Option. In addition, it is very difficult to create a robot because they got its own unique platform. So expert advisors cannot be used.

Furthermore, there are no trading signals from the broker. The broker prefers that traders use their own knowledge to make a profit. In the trader’s chat, you can talk to other clients to generate trading ideas. This is a way to get signals from other traders. Personally, I do not like signals and robots because you are not independent if you use them.

On the internet, you will see videos of IQ Option robots or bots which are trading with high profit. This is 99% a scam for your money. You should not try to use a bot because the seller wants to steal your money. Besides, IQ Option does not allow automated trading. Your account can be banned without warning.

IQ Option review: Test of the support and customer service for traders

As a reputable broker, IQ Option also offers good customer support to its clients. Customer support is available 24 hours a day via phone, chat, or email. For beginners, there is a big education center with over 200 different videos. In addition, IQ Option offers account managers and VIP managers. They will help you to understand the platform better.

Furthermore, IQ Option provides daily analysis and news for trading. You get access directly to market news through the platform. In conclusion, the customer support and service of the company are very good. The biggest advantage is the 24-hour support via chat.

Education material: How to learn to trade with IQ Option

Are you a beginner in binary options trading? We recommend you learn about the way everything works before you start investing real money. You can use a demo account that most brokers like IQ Option. Additionally, the platform offers a huge educational section with videos and more.

If you want to know more detailed information, you can also visit my YouTube channel binaryoptions.com. I’m doing live trading and will show you the most important things to know when trading binary options.

Comparison of IQ Option with other binary brokers:

IQ Option is something like the industry standard when it comes to binary trading. In our review, the broker performs well and receives 5 out of 5 possible stars. The platform is user-friendly, the yields are high and there is a free demo account available for traders.

Here is a direct comparison of IQ Option with other binary brokers:

In addition, read why IQ Option wins in comparison to the other popular online brokers:

• IQ Option vs Binomo
• IQ Option vs Olymp Trade
• IQ Option vs Quotex
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Conclusion of my IQ Option review: Is this broker a scam? – Definitly, not

IQ Option is interesting for beginners and advanced traders. Definitely, IQ Option is not a scam and a legit platform. It is a reliable broker for trading Binary Options, Forex, CFD, and more. In conclusion, the broker offers a wide range of financial products for traders. First of all, I recommend using the demo account. You will be surprised by how well the trading platform works.

I have been trading with a live account since 2017 and I definitely can say IQ Option is a real brokerage, and the profits are not fake!

It is an all-in-one platform for the financial markets and one of the biggest. IQ Option is one of the most popular brokers in the world and I can confirm that. This review showed you the facts and a lot of information about the company. I think you are now ready to invest in the platform by using your money and start becoming a successful trader.

The advantages of IQ Option:

•  24-hour customer support
•  Start with a 10$ investment
•  More than 300+ different assets
•  Diversity of financial products
•  All in one platform
•  High asset profit of 100%+ in case of correct prediction

Frequently Asked Questions about IQ Option (FAQ):

General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.