Is IQ Option a scam or is it legit?
IQ Option is a major Forex and CFD broker, that many traders from all around the world are using.
However, is IQ Option a scam?
In this post we’ll be answering that questions by examining the background of the broker and seeing if they’re a legit broker or not.
Let’s get started!
Is IQ Option legit?
IQ Option was launched in 2013 by Dmitry Zaretsky and the platform initially focused on offering Binary Option trading.
Since the launch the broker has over 6.5 million registered users and now focuses more on Forex & CFD trading. The monthly trading volume on the platform is an impressive $130 million.
Besides this the broker has also won various industry awards. For example, IQ Option won the 2017 Award for Excellence during the Communicator Awards for their trading app.
The fact that the platform has been judged by industry experts also goes to show that the broker is not a scam, but totally legit. Another point that proves that IQ Option is a legit broker is the fact that they’re regulated.
This leads us to our next very important topic:
Is IQ Option a Scam or legit?
To answer the question is IQ Option a scam? You need to consider whether they are regulated or not.
Regulation is the key to staying safe, that’s why you must check that your broker is fully regulated & licenced. That’s the key to staying safe and secure when trading.
IQ Option is a regulated broker, and they hold licences from both the FSA (Seychelles Financial Services Authority) and CySEC.
The FSA and CySEC both make sure that IQ Option follow the financial rules put in place to protect traders. For example, they make sure that broker’s allow their customers to withdraw their money as well as keeping accounts segregated.
When we talk about segregating accounts we mean that a broker must separate the funds. So the funds in traders personal accounts must be kept completely separate from the funds the broker uses to run the company.
This helps to prevent fraud and misuse of funds, which has unfortunately happened with unregulated brokers.
All these rules are designed to protect traders from scams. With IQ Option being fully regulated you can be assured that they’re not a scam. You can feel secure opening a trading account with them.
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*Your capital is at risk
Why trading with IQ Option?
Now that we know that IQ Option is regulated, let’s take a closer look at what the platform offers.
First though, we should mention why IQ Option has become so popular. The main reason is that they offer an extremely low minimum deposit.
The minimum deposit is the amount that broker’s require you fund your trading account with. It varies by broker the amount but it normally ranges from $50 to $200.
However, IQ Option changed the game by offering one of the lowest minimum deposits on the market- of just $10. This is a great amount if you want to start trading with a smaller budget.
It has also allowed many people to start trading who may have been concerned about large deposits.
Regarding the actual platform though, IQ Option offers their own self-developed platform. This comes in 3 formats as an online WebTrader, desktop download and as a trading app for Android and iOS devices.
The award-winning trading app is very popular as it allows clients to trade from any location. It comes with all the same features too as the online and desktop formats.
No matter which format you choose though, the IQ Option is very simple and user-friendly. So this could be a good broker to choose if you’re new to trading and don’t want a complicated layout.
If you would like to test the platform before depositing funds, there is a free demo account available to sign up for. The demo comes with $10,000 of virtual funds for you to practice trading with.
Is the IQ Option demo a scam?
The broker offers a wide selection of Forex and CFD assets to trade in the IQ Option demo account, and $10.000 of virtual money.
For example, the broker offers the following CFD financial instruments:
For Forex they offer 57 currency pairs including the 7 ‘Majors’.
If you don’t know about much CFD trading and would like to learn more. IQ Option offers a great free education section called the ‘Trading Hub’. Here there are many video tutorials covering a wide range of trading subject and market news.
We’d recommend that you take a look and watch some of the videos are they are clear and easy to follow. Knowing what to do in trading is the key to success, so we were impressed with this education selection.
To open a free trading account click the button below!
*Your capital is at risk
Author of this article and founder of Tradingonlineguide.com
My aim is to help you increase your trading knowledge with helpful content. I come from an economic background and have a strong passion for forex trading. With more than 6 years in the online trading world, I want to share my financial knowledge so that anyone can develop their investment skills.
In my spare time I enjoy cooking and travelling.
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