Is IQ Option A Scam? Is This Trading Platform Legit?
What Is IQ Option?
IQ option is another online trading platform that allows its users to do financial trades like Forex, binary options, stocks, and Cryptocurrencies. It was founded in 2013 and has grown significantly during the last years mainly because of the boom in the cryptocurrency trading industry. It is estimated that they have over 40 million users from all over the world, which is a significant number and has shown continuous growth in the past several years with no signs of slowing down.
IQ Option, unknown to some, is based in Cyprus and is regulated by the EU, and not by the US. In Cyprus, they have what you can consider their very own SEC in the form of the Cyprus Securities and Exchange Commission (CySec). Based on my research, they are fully compliant with all the rules put forth by the commission and authorized to sell their products in several countries all over the world.
What Do You Get From IQ Option?
Unlike other broker trading platform, IQ Option uses a proprietary customized platform that is designed specifically towards ease of use for the users. They have several functions and features that are catered toward the modern style of trading. Their platform is very much intuitive and well-designed, clearly showing their focus on the user interface. They have many unique metrics that aren’t found elsewhere. This platform is available in 13 different languages.
IQ Option gives you over 15 indicators to help you spot trends and get in on the action before everybody else. If you can spot trends and make your trades at the right time, you can easily make a quick buck. But remember that this requires experience though, and you can easily lose out of you’re not careful. Needless to say, they have all kinds of indicators that you can use to your advantage. They also have charting tools available. If you are not familiar with these terminologies, don’t sweat it because only the experienced users are going to use them anyway. This review would mostly look if this program is worth it or not, and not go in-depth with the features of the program.
IQ Option Mobile Platform
You can trade options and CFDs using their mobile app for Android of Apply iOS, which is quite handy since it enables you to trade anytime and anywhere. You can download the app via Google Play or App Store, depending on the OS that you are running.
While the app offers all the features, as expected, the website is much more intuitive and in-depth. If you access this program on your desktop then compare it to their app, they are mostly identical but the website version is much more snappy and easy to use. After all, it’s infinitely easier to do your charting when working with a mouse and keyboard. I’m not saying that you can’t make a trade using their mobile app – it’s just that it’s easier to do more complicated stuff using keyboard and mouse.
Here are the things you can execute using your IQ Option mobile app.
- Make Trades
- Check your account balance
- Check status of the market
- Use all the tools available
- Make alerts
- Check up on related events that affect the market
- Check for related news
IQ Option Account Types
You will have access to 2 types of accounts: Standard and VIP.
For most users, the standard package would work just fine. You just need a $10 minimum deposit and you’re all set. Unlike other trading platforms, you will still get access to all features and functions of the trading app. You will have access to over 350 assets to trade with a 24-hour withdrawal processing. Overall, it is a standard trading package that you can basically get anywhere.
As for the VIP type account, it is only available for clients that have deposited $1900 within 2 days. I have no idea why they settled for the $1900 cut-off but it’s there nonetheless. If you become eligible for a VIP account, you will have access to a personal account manager, as well as monthly reports on your trading records, plus a 3% bump in your additional returns. Unfortunately, VIP accounts are only available outside European Economic Area (EEA), which means that for European users, you are stuck with the standard account, which I think is more than enough unless trading is your full-time job.
What People Are Saying About IQ Options?
If you read reviews and feedback online, you will see that they are overwhelmingly positive. There’s very little thing to suggest that this program is a scam. The only real complaints about this product is its association with Binary Options. In case you aren’t aware, Binary Option is somewhat of a dark horse in the world of trading. Some people would label all kinds of Binary Options as scam, and the fact that IQ Options give their users the option to trade Binary Options somewhat tarnishes their otherwise pristine reputation. You can opt to only trade Forex, stocks, or crypto if you so wish. This is to avoid the Binary Options, which many people are still wary of.
To answer the question above – Is IQ Option A Scam? The answer is a strong no.
This company has been operating since 2013 and has already won several awards praising its service quality and overall reliability. IQ Option has consistently been grouped with the best trading platforms in the industry, which is quite an achievement. If you are looking for a trading platform to perform your trades, then this product should definitely be on radar. Its user interface reminds of a modernized version of the most popular trading platforms out there. You will have access to indicators and metrics that aren’t available on other platforms. You are basically given access to tools that would improve your chances of success.
But in case this is not your cup of tea, you can still view my other reviews here. I’ve reviewed hundreds of money-making products here and they belong in several different industries. As long as the products claim to help you make money online, I review them.