IQ Option Complete Broker Review 2021 – Is it legit or SCAM?


IQ Option


Created in


Head Office

St. Vincent and the Grenadines

Phone Number


Type of support

Direct Chat, Email

US clients accepted


Available instruments

Binary and digital options, Forex, Commodities, Cryptocurrencies, Stocks, ETF

IQ Option Minimum deposit


Maximum leverage


Demo account


ECN Account


Deposit methods

Skrill, Neteller, WebMoney, credit/debit card

IQ Option Regulation


Mobile trading


Trading platforms

WebTrader, PC/Mac, iOS/Android

Scalping allowed


Hedging allowed


The broker IQ Option has been in operation since the company was launched in 2013. At the time, IQ Option was primarily a binary options broker but they gradually added more financial assets including Forex and CFDs for stocks, options, ETFs, commodities, and even cryptocurrencies. Today, the broker is among the largest by daily trading volume and it has taken years of excellent, consistent services to get them here.

iq option platform - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

In 2013, IQ Option was founded as a subsidiary of two companies – Investlab Holdings Limited and Infofield Premier Limited. Investlab was the parent company while IQ option was directly operated by Infofield. Later on, the broker would rebrand the company into a single entity, IQ Option Europe Ltd and has remained so since then.

Despite stiff competition around the binary options space, IQ Option quickly became the most preferred broker. Keep in mind, this was around the time when there were hundreds of binary options brokers around the world. Back in 2014, there were under a million users signed up with IQ Option, but today the number is higher than 40 million! These users originate from over 150 countries around the world, proving that the broker has global coverage.

Launched as a Binary Option Broker

Part of the reason behind the company’s success has been their innovative and proprietary trading app. The app makes trading much easier due to its user-friendly interface and intuitive commands. The other reason has been their provision of quality services that led to various awards including that of Best Binary Options Broker in 2015 by the Global Banking and Finance Review. This standout review was thanks to the high pay-out of up to 92% unlike other brokers with significantly fewer payouts and the minimum capital requirement of just $10. Other accolades would follow over the years, indicating how reliable IQ Option has been.

At first, IQ Option was known mainly for their binary options offering. Back in 2015, they offered binary options for 89 assets including Forex pairs, indices, stocks, and commodities. Trade volume in a month back then in 2014 was about $13 million, but the company kept on improving.

IQ Option as a CFD Broker

By 2017, IQ Option had transitioned fully from only binary options and into Forex and CFDs as the binary options market faced negative scrutiny. Now the company reports monthly trade volume around $234 million and still growing steadily, proving that the transition had been successful. They claim to have now over 20 million registered accounts on their platform, which seems like an accurate figure for this broker.

IQ Option Broker Regulation

Financial regulation is crucial for every broker as it ensures the company follows the rules and also serving to protect the customers. IQ Option is less regulated than eToro. Their regulation comes from the Cypriot regulator CySEC. This broker began operation as a subsidiary of Investlab Holdings Limited that was licensed by CySEC under Registration Number: HE327751.

Click here to read my comparison between IQ Option and eToro.

At the same time, IQ Option was being operated by Infofield Premier Limited with Registration Number: HE324593). However, the company was rebranded into a single entity, IQ Option Europe Limited and was licensed by CySEC under License Number: 247/14.

As a licensed member of CySEC, IQ Option has to follow the set guidelines for brokers including equity capital of €200,000 and an external audit to confirm this. Client funds are supposed to be kept in a segregated account and they are entitled to compensation in case of bankruptcy.

The regulator is a reliable one, although they have come under some criticism from traders and industry leaders for being slow to action. Nevertheless, that IQ Option is regulated by CySEC should give their clients more confidence in the legitimacy of the broker. In fact, just this year in May, IQ Option settled with CySEC for €450,000 when the regulator found the broker in violation of some rules. Specifically, the rule in question regarded customer identification and due diligence to ensure the data provided is kept up to date.

It is this license from CySEC that grants IQ Option permission to offer their services to many countries around the world – 150 to be exact.

Not Supported Countries

The only countries where IQ Option is not allowed to operate include the United States, Canada, Japan, Australia, and a few others. For traders in the rest of the world, though, it is important to note the individual laws of the country you reside in. Fortunately, many countries do not directly forbid trading with offshore brokers, but they do have taxes on any profits earned.

Opening an Account With IQ Option

Before you can make any trades with IQ Option, you first need to create an account with the broker. To do so, first head over to their website in the link provided.

iq option open account - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

When you first visit the webpage, you will find the option to create an account. This can be done by entering your personal details through the application form. The process is very easy and can be completed within a short time. Alternatively, you can sign up through either Facebook or Google. If you use these methods, you will be prompted to grant IQ Option access to your email address and name. This is the only information they shall receive and nothing personal.

An email will be sent to the address you provided prompting you to verify it, and with that, you now have an active account. But before you go on, it is advised to provide additional personal information regarding your citizenship, address, phone number, etc. With that out of the way, you will now be redirected to the client area (trade room) of the website where you can now start to use the services available.

IQ Option Demo Account

The first page you’re going to see will show you a list of the accounts you own, including your demo account. You can reset your demo account anytime as it uses virtual capital. Typically, a demo account will be funded with $10,000 that you can use to trade the financial markets. This balance can be renewed indefinitely, giving you the ability to practise and master the trade.

A demo account provides you with the exact same trading environment as a real account, with the capital being the only difference. You get access to all the markets available, trading tools, trading platform and market insights too. For this, you won’t be required to provide verification documents, and it merely serves as a teaser for IQ Option services.

IQ Option live account

Once you feel ready to start trading with real money, you can now proceed to open a live account. But before you’re able to do so, IQ Option requires that you provide verification documents. Being regulated by CySEC, they are required to adhere to the regulator’s AML (anti money laundering) and KYC (know your customer) directives. These ensure that the clients aren’t using the IQ Option platform to perform any unscrupulous activities.

To this end, IQ Option necessitates that their clients provide ID verification documents. These could include a passport, national ID card or driving license. The document should also be valid and the details clearly shown. Besides this, you may also be required to prove your area of residence through a utility bill. This must also be dated no longer than 3 months prior to the date you’re signing up.

The good news is that the process is very fast and efficient as you can simply take a picture from your phone and upload directly on the website. If not, you could also email the documents to customer support. Either process will get your live account activated and ready to deposit actual money through the various deposit methods available.

IQ Option Account Funding

When you’re ready to start trading with real money on a live account, you will need a way to deposit money into your account. IQ Option lets you do so in a variety of ways. Perhaps the easiest is using a credit/debit card that can either be Visa or MasterCard. Deposits through credit/debit cards are processed instantly and can be traded as soon as you desire.

In addition, IQ Option has also partnered with two of the most popular payment service providers Neteller and Skrill, both of which are available as well. WebMoney is also available in all variants such as WebMoney WME (euro), WebMoney WMR (ruble) and WebMoney WMZ (US dollar). All these deposits are processed instantly.

iqoption deposit method - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

Unfortunately, it is not possible to fund your account through a wire transfer, which is something to keep in mind. On the other hand, IQ Option does not charge a commission for any of the above methods of deposits, which means you can make as large a deposit as you intend without having to worry about deductions. Moreover, the deposits can be made from many of the major currencies so you don’t have to worry about conversion rates. Indeed, this will be the only cost you may have to contend with, and that is only if you’re using a currency other than USD, EUR, GBP or RUB.

IQ Option Withdrawal

As for withdrawals, all the deposit methods are available with one addition, Perfect Money. Withdrawals by credit/debit card are processed instantly while the other methods may take between 1 and 3 business days. Once again, there are no commissions charged with withdrawals and the minimum withdrawal amount is just $2 or equivalent currency. For credit/debit card withdrawals, it’s important to note that the time it takes to access the money will vary by the company and/or bank.

IQ Option Account types

With IQ Option, there are only two types of accounts – regular and VIP.

IQ Option standard accounts

The regular account is what you get when you make your first deposit through any of the methods described above. Owning a standard account gives you access to all the financial assets IQ Option provides for trade. Add to that, you still get market updates and newsletters from market experts delivered to your email address.

From the trading platform itself, you will receive volatility alerts and the economic calendar so that you know what is happening in the financial markets. All these are excellent services, more than you would get from many other brokers, and all you need is to deposit at least $10.

IQ Option VIP account

iq option VIP account - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

If you make deposits of $1,900 for 3 months, however, you may qualify for a VIP account. This entitles you to several perks including personal tutoring by an IQ Option expert and even direct phone calls from them offering tips.

Customer support from a human is also made available to you 24/7 and you are prioritised over standard account holders. The perks are so good that IQ Option boldly claims that it increases profitability. That is not hard to believe when you consider that you always have someone whispering tips in your ear.

IQ Option trading platforms

iq option trading platform - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

Ever since the company was launched, IQ Option chose to go with their own proprietary software and have never provided other trading software. Many other Forex and CFD brokers who have their own proprietary software also offer MetaTrader that is more familiar, but IQ Option decided to stick to their guns. Instead of capitulating, they hired a massive team of developers, more than 250 of them, to make their trading platform stand out; and that it did.

The IQ Option trading platform has a completely different interface from that of MetaTrader or any other platform and yet it is remarkably easy to understand. All the trading tools are conveniently placed to allow even a beginner to locate them. On the left are the main tabs providing information about your account and trades as well as market analysis, customer support and even video tutorials to demonstrate how to use the platform.

The centre of the display is dominated by the trading window where you can easily switch between the numerous assets and arrange them in whichever order you want. Tucked away at the corner are the graphical tools and indicators one might use, and the list is impressive. These tools should be sufficient to make analysing the markets effective. To the right are the trading commands, easily accessible to make placing orders one click away.

iq option chart platform - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

Supported devices

This platform can be accessed directly from the browser, although there is the option to download and install on a PC or Mac. The app is also available on iOS and Android for those who want to trade on the go. If you have been using another platform for a while, this software will take a bit of getting used to, but there really is nothing to put you off.

IQ Option Financial Products Available

This broker started off as a binary options broker, and they still offer this financial product. Over the years, however, the industry began to face a lot of negative scrutiny from regulators and traders. This was because there were some unscrupulous brokers who operated scams. To adapt, IQ Option started offering more financial products to trade and now there are multiple options for their clients.


In the past, IQ option dealt solely in binary options, which were available for all financial instruments. Today, binary options are only offered on 8 Forex pairs, but the broker also introduced 8 digital options. Binary options are traded by simply predicting whether the price of an asset will be higher or lower at the expiry time. The expiry time can be as close as 30 seconds or as far as a week away.

iq options assets - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

If your prediction is ‘on-the-money’, you get rewarded in the form of a payout indicated during execution. On IQ Option, the payout can be as high as 90%, much higher than many other brokers. On the other hand, digital options are similar to binary options, but you can even determine the strike price. If your prediction is right, the payout could be as high as 900%.

Options by IQ Option are offered over the counter (OTC) and that allows you to trade even on weekends and holidays. This is awesome for those who want to spend their downtime making money rather than spending it.


iq options forex pairs 1 - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

There are 75 Forex pairs available for trade at IQ Option ranging from the major pairs like EUR/USD to minors like EUR/CAD and exotic pairs like EUR/SGD. Major pairs get leverage up to 1:30, while minor pairs get multiplier up to 1:20.

Stocks, Commodities and ETFs

To diversify your portfolio, you can do so by trading CFDs on all these assets. There are currently 192 stocks, 5 commodities and 25 ETFs from IQ Option, all of which are accessible as long as you hold an account. The wide variety of assets means you can hedge against risk by purchasing a variety of assets. Stocks and ETFs enjoy up to 5x multiplier.


iq option cryptocurrency - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

From Bitcoin to Litecoin, Dash, Ripple and 21 other coins, you won’t lack the opportunity to trade in the lucrative crypto market. For these assets, you enjoy up to 100x multiplier, enough to multiply returns significantly.

IQ Option Trading Fees

iqoption trading fees - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

All these services and products don’t come free, and to make money IQ Option depends mainly on spreads. This is the difference between the buying and selling price. All assets except options incur a spread, which varies from one asset to the other. Generally, though, the spreads are very low and affordable even for scalpers and algorithm traders. For example, spreads on the EUR/USD may be as low as 2 pips when volatility is low.

In addition, swaps are also charged for keeping positions open overnight, and this amounts to 0.6% of the value of the position. This too is also reasonable, although the weekend swap is 3x higher. Other costs associated with running an account include dormant account fees that are charged if the trading account is idle for 90 days. The amount is €10 every month until the account is active again.

Deposits and withdrawals are not charged at all as long as the method used is that of a payment service provider (PSP). However, to withdraw by wire transfer will incur a €50 charge or equivalent in another currency.

Trading both digital and binary options is free from all charges as it is traded over the counter, but inactivity and withdrawal fees apply.

IQ Option Research

To help you make the right decisions, IQ Option provides market research data right on the trading platform so it’s easy to find. Furthermore, the information covers all financial assets so there is no bias. Even on the website is a dedicated webpage for financial news announcements. Granted, this information is not created by IQ Option, but it is gathered by them to filter the most relevant pieces.

IQ Option Social Trading

Nothing beats a good tip from a trusted source. IQ Option knows this and has made it easier for traders to exchange ideas from the chat tab on the trading platform. Here, all individuals who have funded their accounts can share their ideas and get trading tips from one another.

IQ Option Education

For a company that gains from spreads, they have an incentive to educate their customers and keep them around. To achieve this goal, IQ Option has many videos and downloadable PDFs on their website that describe various aspects of the financial markets. All of their educational material is made by their own experts, which means it is trustworthy content and informative. These should be enough to get even the greenest newbie started.

IQ Option Customer Support

Customer support is always available 24/7 on the trading app, even if you only have a demo account. Using AI, you typically get answers instantly for common questions, and perhaps a bit longer for specific questions. Support is also available by email at [email protected] and they respond relatively quickly.

IQ Option Safety and Security

iq option trading volume - IQ Option Complete Broker Review 2021 - Is it legit or SCAM?

Fund security is crucial for all traders, and IQ Option keeps this mandate at the forefront. The first step they did is by fully complying with CySEC regulations to keep client funds in a segregated account. Furthermore, to receive a license from the regulator requires that a company attain the minimum capital requirements. This guarantees that the company cannot fail due to bankruptcy.

As a testament to this broker’s security, they have continued to stand for years even as other binary options brokers shut their doors. Moreover, they have continued to increase their client base and assets, proving that they are trusted by many people. During this time, IQ Option has not been penalized by the regulator many times, again demonstrating that they can be trusted.

They have also made measures to ensure your capital is safe, where an automatic stop out is put in place if you lose more than 95% of the margin on a trade. Such a measure prevents the losses from one trade wiping out your entire capital.

IQ Option Customer Support

Most of IQ Option’s previous clients have nothing but praise for the company. These traders air their opinions of various Forex and CFD brokers on multiple review websites, and IQ Option always gets overwhelming praise. It is impossible to find a broker with a 100% positive review, but IQ Option is among the best-rated brokers.


In most cases, companies tend to favour one aspect and neglect another. IQ Option tried to beat the odds, and they have managed to attain a balance between the services they provide and traders experience. Considering that the company has an overall positive record among traders and regulators, it’s safe to say that IQ Option is simply one of the best brokers around.

IQ Option FAQ

Can I trade with IQ Option from the United States?

Unfortunately, IQ Option does not accept clients from the US. You have to identify brokers licensed by the CFTC.

Is it safe to trade with IQ Option?

IQ Option is regulated by CySEC under license number 247/14. This proves that the company is reputable and your money protected by insurance.

How much do I need to trade with IQ Option?

The minimum account opening balance at IQ Option is only $10, and you can deposit through various methods including credit/debit card or payment service providers.

Where is IQ Option located?

IQ Option is based on Hinds Building, Kingstown, St. Vincent and the Grenadines under Registration No. 24,840 IBC 2018.

Do you have any question regarding IQ Option, please leave me a comment.

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