Is IQ Option a legitimate online options broker?
Options brokers have been coming up since the early 2000s. Many have gone under due to the tough laws and restrictions being introduced by governing bodies. Others were simply scam platforms out to take trader’s deposits before closing shop.
IQ Option is one of the popular online brokers that has hanged around for several years. But does being around for sometime make them a legit platform to invest your money with? This guide will give you the answers.
Overview of the IQ Option platform
IQ Option is an online options and forex broker. The company also offers other financial instruments such as commodities, CFDs and cryptocurrencies. The company offers their products to traders from different regions including Latin America, Europe and Asia. They’ve also won several awards and continue to evolve and introduce new features that make trading easy.
IQ Option overview But can you really make money trading on IQ Option? Like with any other broker joining IQ Option doesn’t guarantee that you will make money.
Trading in financial instruments carries some risk and majority of traders eventually lose their money. However, the few that actually make money do so because of their knowledge of the markets, use of proven trading strategy and having psychological stability to follow their trading strategy through.
IQ Option scam or legit broker?
One of the easiest way to determine a website’s standing on the web is through third party sites. I used similar web to view IQ Option’s standing compared to other online finance and investment institutions. Standing at 18th position, this gives it a good reputation among online options and forex brokers.
IQ Option standing among finance and investment companies Another thing I looked at is the distribution of the countries traders come from. From the results, IQ Option has visitors from over 250 different countries.
It’s safe to say that majority of these are actual traders. The good thing is that no one country has over 20% visitors meaning IQ Option is trusted by traders from all across the globe. IQ Option has visitors from over 250 countries
IQ Option is fully regulated by CySEC
IQ Option was established in 2013 was eventually licensed by CySEC. Their main function is to oversee financial institutions that handle customer deposits.
CySEC guarantee of IQ Option
Like other financial authorities, CySEC will keep a watchful eye on IQ Option’s activities. This includes ensuring that trader funds are kept separate from IQ Option operating funds.
It also ensures that in case IQ Option goes bankrupt, traders are refunded up to $20000. But if you have any disputes with IQ Option, it’s advisable to first contact their support team to see if can be resolved.
From 2014 to date how has IQ Option developed?
IQ Option started out as an options broker. Over the past 4 years, they have continued adding different financial instruments that include forex, CFDs, stocks, indices and cryptocurrencies.
The platform is also available in desktop apps and mobile apps. Other improvements include addition of popular indicators and tools that make trading easier. The platform also offers VIP accounts which increase a trader’s earning potential.
The platform’s focus on trader needs has made it popular worldwide and earning it several awards.
IQ Option is continuously evolving
IQ Option complaints
Each online broker will attract trader complaints over time. IQ Option is no exception. One common complaint I came across was delayed withdrawals.
This is a common problem across many online platforms. However, the good thing is that no trader has ever complained that the platform withheld their funds.
Overall, IQ Option is a legitimate and progressive online options broker that serves traders across the globe. It’s a good place to make money trading different types of financial instruments. If you’re considering becoming an IQ Option trader, I suggest trying the IQ Option demo account first. Just to get a feel of how the platform works. Good luck!
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