Brutally Honest Review of IQ Option – IQ Option Exposed!

A while ago I wrote my first review of IQ Option, but since then a lot has changed. That is the reason why I am updating this review of IQ Option. Back when I wrote my first review of IQ Option, they were mainly a binary option broker, but now they offer other ‘investment products’ as well.

Binary options are a blatant scam and therefore, I couldn’t recommend IQ Option back then. The question is, has this changed or is IQ Option still an untrustworthy, shady and scammy broker?

review of iq option


RegulationsCyprus

Let’s start with regulations. Regulations are the most important aspect to look at when looking at brokers. Without regulations, a broker isn’t trustworthy at all.

The good news is that IQ Option is regulated. But the bad news is that they are regulated and licensed by CySEC. CySEC is a regulator based in Cyprus and therefore, this regulation isn’t really trustworthy.

Good legitimate brokers are usually regulated by trustworthy regulatory firms like the SEC or FINRA.

 


Features

I won’t go into too much detail with all the different available features at IQ Option because this would be a waste of time. Here is a brief list of available features:

 

‘Investment’ Products: Let’s start with some ‘investment’ products. IQ Option offers stocks, forex, cryptocurrencies, and ETFs. Sounds great you may think? However, they only offer these in form of CFDs. I will tell you what exactly this means in a few moments.

Furthermore, IQ Option offers binary/digital options, another illegitimate product.

 

Multipliers: IQ Option’s ‘multipliers’ aren’t anything else than leverage. The leverage ratios vary a lot. As far as I know, the maximum available leverage ratio is 1 to 300. This allows you to lose your money 300-times as fast as you usually would.

iq option app

 

Mobile App: IQ Option also offers a mobile app or at least they used to. I am not 100% sure if they still have one. Their mobile app got banned from Apple’s App Store because even Apple knows that binary options are a scam.

 

Education’: Furthermore, IQ Option has a few educational series on their website in which they show you how you can lose your money the fastest possible way.

 

Technical Indicators/Charts: Just like every broker platform, IQ Option also offers customizable charts and technical indicators. These exist to create the illusion that you can make money with IQ Option by using some fancy indicators and charts.

 

Practice/Demo Accounts: If you don’t feel like losing any real money yet, you could also try your luck with IQ Option’s virtual accounts. In these accounts, you can gamble with virtual money. Ideally, these demo accounts make you think you actually stand a chance with real money.

 

Traderoom: This is a chatroom in which other fake accounts tell you how to lose your money the fastest way. Furthermore, you can read about all the fake accounts that are making tons of money with IQ Option in this chatroom.

 

Competitions: IQ Option also hosts trading competitions. These competitions work more or less in the following way: 1. You deposit money to a designated competition account, 2. You lose the money as fast as possible.

 

24/7 ‘Support’: IQ Option also offers 24/7 support. So if you have questions about why you can’t withdraw any money, this is the place to go.

 

Smooth and Easy to use platform: Generally speaking, IQ Option’s platform is quite simple and easy to use. This means that the platform makes it as easy and as straightforward as possible to lose your money.

iq option platform

Very wide Bid/Ask spreads: Another thing that makes it even less likely to ever make money with IQ Option is their really wide Bid/Ask spreads. Due to their wide spreads, you will have to buy far above the current market price of an asset and sell far below the current market price of an asset. So picking the right direction isn’t enough to make money. The asset has to go far in that direction just to break even.

 

By now there are probably even more unnecessary and useless features.

 


Is IQOption a Scam?

I don’t want to waste your time with tons of unnecessary information. Therefore, I will get straight to the point with this.

IQ Option is NOT a legitimate broker!!!

Here are 5 reasons why this is the case:

  1. Binary Options:
    If you didn’t know yet, I am sorry to burst your bubble. But binary options are a huge scam!!! That is also the reason why binary options are getting banned in countless countries. So if a broker offers a scammy product that makes the broker just as much a scam. The fact that IQ Option offers (or offered) binary options is enough to make them an illegitimate broker! If you want to learn about all the reasons why binary options aren’t legitimate investment products, you should check out my binary options review!
  2. Regulation:
    Like I said before, regulations are one of the most important aspects of a broker. A sketchy regulation company based in Cyprus does not make a broker legitimate. This is another reason that is enough to not recommend IQ Option.
  3. Leverage:
    Leverage per se isn’t necessarily a bad thing. However, if a broker offers insane leverage ratios of 1:300 like IQ Option, that is a very shady thing. Just think about it yourself. Why would a firm allow you to borrow 300 times your money to trade with? Because they want you to lose your money as fast as possible!
  4. CFDs:
    What is a CFD? CFD stands for ‘Contract for Difference’ and they are an Over-The-Counter (OTC) product. This means that IQ Option will be your counterparty when you trade CFDs with them. Do you see any conflict of interest here? If your broker takes the opposite side of your trade, they want you to lose. CFDs are just a better version of binary options. They make the trader feel like he/she is trading real products, but in reality, he/she isn’t. If a broker says they offer stocks, Forex, cryptocurrencies and more, but only in form of CFDs, they aren’t legitimate.
  5. Can’t withdraw:
    There have been countless incidents of people not being able to withdraw their winnings. So even if you are lucky enough to win some money, it isn’t guaranteed that you will be able to withdraw that money.

So one more time, is IQOption a scam?

Yes!

 


Conclusion

In conclusion, IQ Option is an untrustworthy, illegitimate, shady, sketchy, scammy… broker that I can’t recommend!

You may ask yourself why I am the only person on the internet saying this. The reason is that 99% of all other sites aren’t being genuine. Why aren’t they being genuine?

Because IQ Option is paying them to be dishonest. IQ Option and most other binary option brokers for that matter offer very lucrative affiliate programs. So these sites promote brokers like IQ Option and earn juicy commissions every time when someone signs up to IQ Option.

Sadly, most people aren’t smart enough to see through this bullshit. So please do yourself the huge favor and avoid IQ Option and any other (former) binary option brokers!!! Don’t fall for the lies!

I hate it when people think that binary options and brokers like IQ Option are legitimate because of all the shady promotional tactics.

I truly don’t want you to be the next victim of these scams. But it is only you that can decide this. So make the correct decision and don’t deposit any money to these firms!!!

 

Binary options and companies like IQ Option just shed a bad light on the financial industry, on trading, and on real options. Options are real and legitimate investment vehicles. Sadly, many people fail to distinguish between real options and binary options even though there is a huge difference. Normal, vanilla options are legit, whereas binary options aren’t. If anyone tells you otherwise, he/she either is a binary option broker, affiliated with a binary option broker or just stupid.

If you want to learn how to trade real options, you should definitely check out my free beginner course!

 

Recently IQ Options sketchy business model got harmed due to EU’s new ESMA regulations. But I am confident that IQ Option and most other similar brokers will come up with new products (that aren’t affected by these regulations) to steal money from their clients.

 

Thanks for taking the time and going through this review of IQ Option. Have you had any bad (or good) experiences with IQ Option or other similar brokers?

Please let me know in the comment section below!

 

Review of IQ Option

1.8

Legitimacy

0.0/10

Legitimacy of Their Investment Products

1.0/10

Platform

4.0/10

Features

2.0/10

Pros

  • Smooth Platform that makes it Easy to Lose Money

Cons

  • Aren't Regulated By A Trustworthy Agency
  • Countless Incidents of Customers Not Getting Their Money
  • Binary Options, CFDs... aren't Good Investment Vehicles
  • IQOption isn't a Reliable Broker

39 Replies to “Brutally Honest Review of IQ Option – IQ Option Exposed!”

  1. Hey, great information. I’ve actually been very curious about binary options, but as you mentioned they are scams. This broker is one of many scams. Thanks for this review of iq option.

      1. Hi,

        Really good and accurate review. I wish I had seen this before opening an account with them. If anyone was thinking about opening an account here’s a good example of why not to:

        I recently opened a buy position in Gold with a x 20 multiplier on the trade. I was advised by IQ option the formula for the x20 multiplier was ‘opening price/bid price X 20 X investment’.

        My investment decreased daily due to overnight funding fees but the principle is the same. I opened my position with EUR 50 at price 1515.975 and currently, the bid price is 1535.9196, therefore, my current profit, if I closed, should have been around EUR 987 (1515.975/1535.9196 x20x50). However, my profit was only EUR 8.00.

        I tried to talk to support staff for over 2 hours however when it came down to myself actually illustrating their own formula back to them they simply cut me off. This happened for 2 hours with multiple support staff. Currently, they will not respond to my query and I am being ignored.

        As well as the above I have also had issues withdrawing funds. My bank card was lost so when I had my new card I added it to the account and advised IQ option. Before I could withdraw any funds they made me go to my bank and have an official letter written up to confirm I actually cancelled my own card before they would release funds to myself.

        Unfortunately, I am not the only one with these or similar experiences.

        1. Hi Zac,
          Thank you so much for sharing this with us. I am sorry that you had to experience this. But I really hope that this will help others understand the shadiness of IQ Option.

  2. Looking for a credible website to explain to me why binary options are a viable way to trade, I came across your site and I found it to be concise and persuasive. I am still learning, but setting up a practice account at no risk, can’t hurt. Thanks for the break down !

    1. Binary options aren’t a viable way to trade. I teach real options trading which actually is a legitimate investment product. Don’t ever trade binary options!

  3. Don’t waste your time and money! They’re just a bunch of thieves !!!
    Platform is really user friendly and I like it more then MT5; Demo account works just fine, but when you put real money, strange things starts to happen. To shorten the story, opened (and winning) trades are closing mysteriously over night. If you mess with “stop loss” and (big) “take profit”, you rapidly increasing a chance to see “the magic”.
    Friendly advice: find some more honest broker who will not steal from your pocket. These are just insolent scumbags

  4. This looks like an interesting site. It looks like it now offers trading on a lot of different things and there will be websites that specialize in one area and do it better than IQOption.

    Also they’re offering crypto trading and that seems pretty scary. (Personally I think cryptos are in an extreme bubble but if you wanna trade them go ahead)

  5. This is another scam broker getting withdrawals is close to impossible. I had to go through a lot to get my money back happy I got a refund, happy to share my experience.

  6. Thanks for sharing your view of IQOptions. I recently tried my luck with it and I was happy with the platform and everything. I was even able to chat with their team members very easily who were knowledgeable and helpful.

    I am not so sure I would call it a scam, although I never tried to withdraw money (just kept on losing). Largely I credited that to my little to no knowledge about trading options.

    They do have an App, which I used. However, I went out of it because I never got the hang of it. I do think that you can become successful in trading options, but I understood that I would never come to that point because I do not have enough time to invest to get the complete picture of it.

    I am not here to say that IQoptions is a scam or not. I am just unsure about it. However, thanks for this valuable information. Just tells me again that I am not going into it again.

    Oscar

    1. Thanks for the comment Oscar. Options aren’t a scam. They are real investment products. However, binary options aren’t. They have a no purpose except to make binary option brokers rich. Furthermore, they have an expected negative return just like games in a casino. 

      You should definitely check out my review of binary options.

  7. Hello dear Louis and traders, thank you for your comments!

    My name is Alina and I am the official IQ Option representative.
    Let me add an official note based on your reviews below.
    First of all, we are sorry for all the inconveniences you might have faced.
    Our customers’ positive trading experience is our highest priority.
    Hopefully this review will clear your doubts.

    1. Issues with withdrawals
    We can decline withdrawal in case we detect fraudulent activity on the account, also if we don’t receive all the required documents for verification or if one has used the third party’s payment details. You may contact our support to find out the reason why your withdrawal request was declined. Here is our email: support@iqoption.com

    2. Losses while trading on IQ Option.
    The most important thing to understand is that trading has nothing to do with fast cash and casino tricks. You need to understand a lot about economics, markets, and trading to become a decent trader.
    You may also use indicators. Indicators are the tools to make your trading more clear and, in some way, easier as it is used forecast financial or economic trends.
    There many types of indicators (you can use several at the same time)
    Here I send the link, where you can watch some tutorials about the indicators and choose ones you prefer most:https://iqoption.com/en/tutorials
    If you have any further questions, we will be happy to answer them!

    3. Binary Options are Scam
    Sadly enough there has been a lot of fraudulent activity and so called brokers that aimed to lie to their client and use unhealthy practices.
    This is why the whole field of Binary Options does not seem trustworthy to people nowadays.
    It is risky, indeed, very risky and we always tell it to our clients.
    Nevertheless using technical indicators and short terms trading strategies may be really helpful. And of course traders should know where to stop and never risk their whole investment.
    It refers to all the investment products, not only Binary Options.

    To summarise let me tell you that you can check all our policies here:https://iqoption.com/en/terms-and-conditions
    Accepting our Terms and Conditions you agree with the rules and procedures of the company.
    At the same time we should also fulfil our responsibilities stated in our Terms and Conditions. It means we may not block your account or decline your withdrawal request without giving any reason for that.
    And you are always welcome to contact us if you have any questions or hesitations.

    Best regards,
    IQ Option Team

    1. Thank you for your comment Alina. First of all, I am aware that all (or at least most) of what you are doing is technically legal. Nevertheless, it is very sketchy, shady and unethical. You can tell me about some fancy technical indicators all day. But that does’t change the fact that binary options aren’t legitimate investment products. They have no economic function and are ‘inherently like gambling products’ (quote from ESMA)!
      A trader trading binary options has a statistical disadvantage as there is an expected negative return when trading binary options. This is not the case for other real investment products.
      Your argument that trading requires extensive economic knowledge may be true for longer term trading. But not for very short term binary options trading.
      Furthermore, due to the spreads on your binary options, traders that trade with you have an even further disadvantage!
      Please stop acting like not knowing that you are ripping people off just like a casino. I don’t see the point in arguing with you as you are fully aware of the sketchiness of your ‘trading products’ and business. Binary options aren’t getting banned everywhere because people don’t know how to use technical indicators! They are getting banned because binary option brokers like you are ripping off unknowing people with your wannabe ‘investment vehicles’ aka. Binary options aka. Gambling products.
      In my opinion, you should be ashamed of yourself!

      1. Hello again Louis!
        Let me clarify a few points:
        – Spreads are not applied to Binary Options, but only to Forex and CFD trading instruments
        Spread may depend on the market situation and volatility of the asset.
        – We do inform all our traders about potential risks that are rather high when trading Binary Options.
        It might be perceived as casino only if the approach to trading is unstructured.
        Nevertheless if technical indicators are used and wise strategy is in place, Binary Option may become a profitable trading instrument.

        We are happy to answer all your questions, let us know how it goes!

        Alina IQ Option

        1. Ok, why don’t you answer me this question:
          Why is the payout ratio of your binary options not 100%?

          That would make them a lot more fair and that would minimize the negative expected return. Furthermore, you still execute the binary option positions at bad prices. Let me give you an example:
          You buy a binary call option on XYZ which currently is trading at $54.3. Logically, the breakeven point should be $54.3 (if XYZ’s price is below $54.3 after the chosen time frame, you lose and if it is above, you make money). However, due to the way you and most other binary option brokers would execute this position, the breakeven point would be somewhere above $54.3 (e.g. $54). Due to this, the probability of winning just decreased significantly.

          So my suggestion to you is that you increase the payout ration on your binary options to at least 100% and change how the binary option positions are executed. The strike price should always be the exact price of the underlying asset at the time of entry. If this isn’t the case, binary options are unfair and you as a binary option broker have a statistical edge that you exploit (which btw. is a pretty huge conflict of interest).

          So please tell me why you won’t implement my suggestion.

          1. Hello Louis!

            Thank you for your suggestion, we will certainly send it to our technical department
            for further consideration.
            We are here for you, in case you have other suggestions!

            Alina IQ Option

  8. I trade binary options on the Nadex platform. They are regulated by the US CFTC. I am assuming this article is for people outside of the US?

    1. Thanks for the comment Mark. I have never heard of Nadex so I can’t say too much about them. However, I’d say it depends on how the binary options at Nadex work. If you have a strong negative expected return due to much higher risk than reward for ATM strikes, I would avoid them. Generally, if you see a lot of similarities between Nadex and IQ Option, you should be careful.
      But like I said, I have never heard of them, so I can’t really give you advice.

  9. Hi Louis,

    Can i have your email? I got something to discuss about iqoption

    I feels like robbed by them just today

    1. Hello!

      Trader’s satisfaction is one of our main priorities!
      Could you please tell me what exactly happened? What caused such an experience with IQ Option?

      Have you contacted support?

      I’d recommend you to contact support directly from your account on our platform or via email at ‘support@iqoption.com’.
      Our specialists will investigate your case carefully and will gladly help you!
      Thank you in advance!

      Best wishes,
      Zukhra, IQ Option Team

  10. Stay away from binary option. I lost the sum of $150, 000 to 24options, a scam binary options broker that stocked my trading capital for over four months and denied me access to my trading account.

    1. Thanks for sharing your experience with binary options. I am very sorry to hear about your losses. I hope this will help others avoid the trap of binary options and binary options brokers.

  11. Thanks alot Louis, i recently sold my land and trying to invest $7500 but you saved my money preciously also i lost much money during real account though my money is very less , now i will invest other scheme ,,

    Thank you brother once again!!!

    Regards
    Mk muzafer

  12. (In Response to Alina IQ Option)
    Words are cheap, you say contact support as if you magically resolve issues once we do contact support but truth is you dont, once a complaint or inquiry is put forward your team looks the other way with the “this things take time” excuse.

    Anyway talk is cheap, if customer satisfaction was your priority then we would not be hearing of all this complaints. IQ Options main focus is boosting its pocket

    1. Hello Phemelo! How are you doing?
      We do understand your point here, however, in order to process and investigate some issue, time is required. It is a standard procedure for customer service across the globe. We do not deny that we are not going to help you instead we only request for some time and we highly appreciate that. Our traders means a lot to us and we do our level best to ensure that their issues are resolved. If our support team took too long to resolve any of your issues then please accept our apologies for the inconvenience. Let us know if you have more questions.

      Adil – IQ Option.

  13. Could anyone here tell me which is a legit broker? All of them (or at least most) that I’ve looked up have shady reviews about them? I’m still in the learning phase and would like to gain some knowledge about different trading brokers.

    Would be great if someone advised which trading platform/broker could be used.

    Thank you, and happy trading 🙂

  14. Thank you so much Louis for this great information.
    I am now more interested in learning about option Trading!

    Looking forward to more of your reviews!
    God bless you and your work!!

  15. I am just in a state of shock to be honest, invested in two Binary option companies and both brokers really took everything I had, worst of all they kept making me invest more at this stage I would really like to speak with others who have shared similar experiences they must be a way to catch this miscreants, please do reach out.

  16. Thank you Oscar. They accepted funds from my credit card yet when I want to withdraw a smaller amount they tell me I have to send pictures of the front and back of my same credit card before they would deposit into it, a process they call “validation”, which, without it, makes it impossible to get my money returned. They then charge me c.10 Euro per month for my inactive account and bearing in mind I will not send the pictures as it appears highly likely they are scam company and will abuse the card, they will just continue to take all the balance in my account. While they steal my money, if I call them arseholes they tell me to mind my language with the threat of putting a communications ban on me. These people are low. I am glad it was only a test amount as I was going to do it seriously. There must be lots better organisations out there. I wouldn’t touch them with a barge pole.

    1. Hi Simon,
      Thanks for sharing this and warning others. This does, in fact, sound very sketchy. I would never recommend sending images of your credit card to anyone!

    2. Hello Simon!

      We understand your concern regarding the copies of the bank card, however, as informed, we do not need the entire details which excludes the CVV and not the complete digits, without which we all understand that a transaction can not be made.
      Verification is an important part of any account and in reality is for the security of traders. Terms and conditions regarding our verification process are well mentioned on the website which our traders are welcome to read before they make a deposit.
      Inactivity fees again is charged after 90 days (3 months) of inactivity to avoid money laundering on the platform.
      Regarding banning your communication, then in a professional world, we do not talk using such words, do we? We are all educated adults, which is why we give respect and request respect in return to solve issues smoothly.
      It is really important that our traders or any customer cooperate with the staff in question to ensure that problems are resolved quicker.
      Once again, our sincere apologies for any inconvenience.

      We are a genuine platform 🙂

      Best,
      Adil – IQ Option

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