Located at Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles; IQ Option is registered in Seychelles with the Registration No. 094224. The broker also appears in the registry of multiple European regulators such as FCA, CNMV, Consob or BaFIN.
This broker has recently updated its products list, as it wasn’t offering much. Now, the products you can trade on IQ option are: CFDs, binary option, forex, cryptos and ETFs.
Their website is available in 13 languages and investors from the following countries cannot trade with IQ option: USA, Australia, Canada, Belgium, Israel, Palestine, Japan, Sudan, Syria, Iran, or North Korea.
Account types and deposit options from IQOption
As we browsed their website, we realized that they focused more on their history, their evolution and awards, rather than on their clients. IQ option doesn’t offer any account types, just a vague ‘client categories’ section which portrays two accounts categories: Retail and Professional. The first one seems to offer Negative Balance Protection and nothing more. On top of that, there is no button or way you can apply for that type of account. The Professional account, apart from Negative Balance Protection offers access to binary and digital options, access to higher leverage and trading tournaments. However, minimum deposit demands aren’t listed anywhere.
Under the same site section called “For Traders”, you can find their fees which are actually their commissions for each type of asset. The prices are listed for both long and short trades.
You’d expect them to have the reputable MetaTrader 4 platform, but they don’t. IQ option has its own trading platform, available in web-based as well as downloadable formats. The interface is easy to navigate and offers some very useful extra instruments, such as: video tutorials, a chat and blog section.
On the other hand, the platform lacks some things in the analysis/charting options department.
Customer support service from IG Option
IQ option has representatives in 18 countries and you can reach them via telephone 24/7. They have the following statement regarding the calls: ‘All outcoming calls will be charged according to the tariffs of the city indicated in brackets. These will vary according to your telephone operator.’
We tried to get in touch with them several times and when we finally succeeded, the operator was professional and answered all of our questions.
The safety of your capital with IQ Option
At the safety chapter, IQ option is on point. They offer segregated accounts and they are member of the Investor Compensation Fund which provides protection and secure clients’ claims in the event when brokers are not capable of fulfilling their financial obligations. We encourage you to read more about their policies, terms, conditions as well as download the PDF available in their ‘Protecting your Assets’ section.
Advantages of IQ Option
The blog they provide is extremely informative and a real treasure for any trader! The multi-lingual customer support service is professional and ready to answer literally any questions you might have.
The fact that they are regulated is a big plus, of course, and the availability of a demo account is an admirable feature. We need to give them credit for the effort they made to provide more products, now, their list is quite comprehensive!
Disadvantages of IQ Option
IQ option has a very wrong approach. Half the information on their website is about their awards (which have no proof), their history and how much they’ve grown. There are too many things traders who want to open an account with them could use.
Everything is unorganized and you need to go through every page and the tiniest corner of a page to find something that would interest you. No clear policies about the initial minimum deposits, no account types, no clear statements about the withdrawal process and so on. It’s a real problem and the fact that they are so non-transparent raises a lot of questions and doubts.
The personal platform is a nice touch, but in spite of looking very user-friendly, there are many ‘traps’ and the trading process can turn into a nightmare. Why not go for a third-party professional platform?
Gem or scam?
As they claim to be regulated by more than one financial institution worldwide, we don’t think they are a scam. However, we don’t recommend you to choose IQ option as your broker, as they might affect the quality of your trades and will make it harder for you to succeed. Even if the advantages are impressive, their list of disadvantages is way bigger.