IQ Option is a Scam?

January 3, 2017 by in category Articles tagged as , with 0 and 1
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There are a lot of threads on binary options forums and we found some articles on rather popular financial websites as well, that allegedly accuse IQ Option to be a scam company. There are several reasons, why there are complaints on the internet about this broker and we will try to explain all of the possible situations in detail why IQ Option is not a scam, but rather legit binary options broker. If you still think that IQ Option is a scam or you have your account blocked with them, or even worse some money stuck at your IQ Option account and you can’t withdraw it, then please continue reading before you start to shout to everyone that IQ Option is a scam.

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IQ Option is a broker which has started providing its service in binary options industry in year 2013, since then they have managed to receive some very prestigious awards, grow to one of the biggest binary options brokers in Europe and have obtained several financial licenses (CySEC, FCA etc). Full information about the broker is available in our in-depth review available via the link: IQ Option Review.

Question number one: Why do I have to verify ID, Address and Bank Account with IQ Option?

Some people think that IQ Option is a scam and they will resell your personal information or use all those documents to get you in trouble. Such concerns are quite justified, because there are a lot of scam companies who do that, but IQ Option is not one of those. IQ Option verification process is needed in order to validate you as a customer of financial institution (like every bank is doing that) and KYC (Know-Your-Customer) procedure helps to fight against the money laundering and also be compliant to financial regulators who provide binary options brokers with a licence. Verification process is needed to make sure that the personal is over 18 years old, that he is a citizen of a country where binary options are legal and some other information might help to determine if person is eligible for trading or not. For example, IQ Option doesn’t work with clients from USA, Canada, Australia, Japan, Russia, Turkey, Israel, Syria, Sudan and Iran. So, don’t try to register with them if you are from one of those countries. You can make deposit and then you won’t see your money ever again, IQ Option is very strict about such things and have “Terms and Conditions” available to anyone who is registering with them – there is no “small print” with IQ Option.

Question number two: IQ Option blocked my account, what should I do?

In order to answer to this questions some other information is needed, but typically IQ Option can close your account for such reasons as:

  • You have breached terms and conditions;
  • You used some third-party software or used IQ Option trading platform weaknesses to make profits;
  • You are younger than 18 years old;
  • You hold multiple accounts with IQ Option;
  • You have provided false personal details;
  • You live in the country not supported by IQ Option;
  • You used someone’s bank card to make a deposit;
  • You were inactive for certain amount of time;

If you have breached any of those rules, which IQ Option clearly states on their website… We know, no one loves to read those lengthy “Terms and Conditions” pages, but those are the rules, which every company must have in order to protect themselves from frauds and other risks. If your IQ Option account is blocked, then you should definitely contact their customer support which is available in wide range of languages, including English, Spanish, Italian, Russian, Indonesian, Turkish and Portuguese. Customer support is available via their platform, phone, chat or you can even Tweet or Facebook IQ Option in order to sort out your problem.

If you still believe that you are right, and IQ Option refuses to return your money, then you should ask for a Case number from customer support and write a complain to CySEC. CySEC is a main regulator, who controls the work of IQ Option and has some leverage in sorting out problems when clients are unhappy with the service broker is providing. Detailed information on how to make complaint is available on CySEC official website: http://www.cysec.gov.cy/en-GB/complaints/.

Question number three: Why IQ Option reduces percentage payout?

You have to understand that percentage payout is directly connected to the volatility. If volatility is very low, then percentage payout/return will be low, because it is easier for a trader to open a profitable trade during that time. For example, if you live in the UK and want to trade CAD/USD then you have to understand that this currency pair is the most active during USA Trading hours not European. Same goes to EUR/USD for example, during nighttime percentage payout at IQ Option could be reduced to 30% for example and it is normal, every broker does it. There been also cases when percentage profit is different on real and demo accounts. Almost same explanation, because broker doesn’t really care about percentage payout, which is set on demo account, because traders don’t win or lose their real money.

IQ Option Problem with Purchase Error

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Sometimes during your trading with IQ Option you have probably seen Purchase Error pop-up, what directly meant that your last option wasn’t bought and you will have to try it again. Such problems are experienced during times when markets are very volatile and market makers don’t have very powerful servers in order to update their graphs. Purchase Errors at IQ Option trading platform are becoming a lot less common nowadays, but if you experience them don’t worry most of binary options brokers have them. Some trading platform just freeze during trading, so you should be glad that IQ Option doesn’t have such big problems like others do.

IQ Option Active Clients Opinions

We have checked several forums and websites in order to find any fresh comments of active traders, who work mainly with IQ Option. Those opinions are they own, we made sure that those guys are not paid by IQ Option nor they are directly connected to the company at all. At the end of the day it is up to you to believe such opinions or not.

Ruseneca from ForexPeaceArmy wrote:

“Yes, I’ve been using their services since March 2014, I’ve been trading on a real account and of course, I cannot post only positive comments, I just shared my experience with them here. Since then, I’ve made hundreds of withdrawal requests, all processed within 2 business days. And my profit is from 300% to 1000%. Till now, my account is still active. From my point of view, everything seems to be fine. However, in order to pay me, someone must lose! This someone can be the either the market maker OR another trader.
I am inclined to believe that there is a problem with IQOption in case someone proves that.
When problems occur with my account, I just contact my account manager to resolve it. There is a regulator and a financial ombudsman…several steps to take before opening a scam case here”.

Steve on his Facebook page posted:

“I have used IQ Options for almost a year now. No problem with withdrawals or customer service. Some people don’t seem to realise that all the hassle you get from withdrawing and proving/providing details of yourself is down to money laundering laws and actually apply to all binary brokers. When you make a deposit you can only withdraw up to the deposit amount back onto your card used then you have to make your withdrawals via a merchant that is tied to their account. I use Skrill, but there are others.

With regards to their low returns, they change throughout the day depending on what time it is. EUR/USD is 82%/86% during the day but drops to 60%/40% during the night (UK time).

Sometime the platform can be a little slow to respond and you do need a good internet connection but I have also had this problem with Banc De Binary.

I sometimes wonder if some of the bad press that ALL binary brokers get is down to no more than someone being a poor loser or not reading the terms and conditions as in the bonus before depositing money.

If you have any fear about any broker there is nothing wrong in just depositing the minimum amount and see how you get on. Don’t start with a large deposit until you are sure about who you are doing business with and feel comfortable with.”

If you have any further questions or still think that IQ Option is a scam, then please leave your comments below, we will get back to you in order to help solve problems with this broker.

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