Traders get scammed by brokers often, so it is not uncommon to wonder whether one of the most popular brokers worldwide, IQ Option, is yet another scam – but this time, a famous one. So, has IQ Option gotten away with it or is this broker worthy of its name? We have been reviewing binary options brokers for 7 years here on BinaryOptions.Org.Za and we have made a verdict. Read more in this article to find all the answers.
IQ Option Scam or Legit?
We can confidently say that through our careful investigation into this broker we have concluded that IQ Option is not a scam, but truly one of the best and most professional brokers for traders in South Africa. We have listed a few reasons and metrics below to decide whether a broker is trustworthy or a risky business to get involved with. It not common for a legit broker such as IQ option to hold a valid license especially not in a jurisdiction in the European Union if it was a complete scam. If you are set out to scam and rob people you prefer not to disclose the ownership of a company. It is not possible to obtain a license from CYSEC on Cyprus, a EU member state, if you do not wish to disclose who is the Ultimate Beneficial Owners.
Is IQ Option Safe?
Yes, we believe it is safe to deposit and withdraw money on IQ option. It is very important not to mistake as IQ Option safe broker with a safe investments. IQ Option is legit and have a great binary options trading platform. So it is safe you ask? Yes it is safe to deposit. Your money will be available to you at all times and you can withdraw your funds anytime you like. Do not accept any cash bonuses anywhere you trade as it will prevent you from withdrawing at your own convenience. It is important to stress that investing in binary options, crypto currencies, binaries, digital options and forex is not by any means safe or secure. Do you understand the difference?
- Yes, IQ Option safe to deposit
- Yes, IQ Option safe to withdraw funds from
- NO, Binary Options in general is not a safe and guaranteed way to earn money. It involves great risk of the funds you invest. You might predict the wrong direction or trend in the market.
In addition, they have a fast-growing online trading platform that caters to absolutely anyone. Don’t believe us? Let the numbers speak for themselves:
IQ Option is home to more than 20 million active traders worldwide. The IQ Option platform processes around 3 million transactions per day, while the money withdrawn by IQ Option traders every month has risen from $500,000 in 2014 to $9.7 million by the end of 2019.
The fact is we have received no complaints regarding this broker, so we can confidently say that IQ Option is not a scam. South African investors can trade in peace knowing that they are trading with one the most famous licensed brokers worldwide.
The IQ option trading platform does not work with any 3rd party binary options robot and not even the best binary robots can compare themselves with IQoption. We saw a few years ago that IQ option wanted to ride the wave of binary robots but it was quickly decided to close it down again. We believe it was due to regulatory reasons and issues with traders essentially betting against the house based on the “house robots”.
IQ Option Legit Binary Trading
The first thing to look at when considering trading with a new broker is whether this broker is regulated and licensed.
IQ Option is legit, fully regulated with a license in the EU issued by Cyprus Securities and Exchange Commission (CySEC).
IQ Option takes this regulation very seriously, which is an immediate sign of a trustworthy broker that prioritises the safety of it traders. Scam brokers are often non-regulated, fraudulent companies that comply to no rules whatsoever. We do want to point out that IQ Option is not regulated by the Financial Sector Conduct Authority (FSCA). When you are trading
Transparency is key to a company being considered safe and trustworthy.
IQ Option ensures full transparency throughout their entire site with clearly detailed information, a well-explained regulatory status, extensive terms & conditions and banking services.
IQ Option makes sure their business model, compliance and terms and conditions are clear and available for anyone to read. Specifically, through their Terms & Conditions, South African traders can find valuable information regarding binary options trading, different policies and the risks it may entail.
All relevant information is organised and divided into the following categories:
- Risk Disclosure
- Payment Policy
- Anti-Money Laundering and Know Your Customer policy
- Complaints Policy
Commonly, South African traders deposit first and then read the Terms and Conditions, if they even read them at all. IQ Option encourages South African traders to first gather all the necessary information and then to invest their money.
Scam brokers, on the other hand, tend to have vague sites with no real information about how they work and whether they comply to any rules. This is intentional, of course, and users are often misled by professional-looking sites and do not seek this type of information, when in reality it is extremely important.
IQ Option Complaints
In our 7 years of reviewing binary options brokers we have not received IQ Option complaints. The binary trading platform is very advanced compared to most brokers. The pricing is very transparent and doesn’t lead to a great deal of IQ option complaints. The years we offered live support on this site never once did we receive a complaint about IQ Option. Naturally traders both win and loose money on the platform. You may have people on forums and social media complaining that they lost money, but that is because of their trades were not successful and didn’t result in high yields. This we do not consider IQ Option complaints but simply part of the risk of trading binaries and CFDs online.
Many traders know that the process of withdrawal is commonly a frustrating and long procedure. Some brokers, especially unlicensed companies, do not ever allow users to withdraw their money, which is part of the scam.
IQ Option Withdrawals
IQ Option ensures fast, 24-hour withdrawals for all South African traders. The withdrawal process is especially secure and the fact that it is executed in such a short period of time shows that South African investors do not have any difficulties conducting payments or withdrawing their money from the IQ Option cashier.
IQ Option is one of the only brokers that allows users to begin trading with only $10. They do not call you 20 times to suggest you to deposit $1,000 and offer to trade on your behalf. In essence they do not lie and scam on phone when you signup. You will have your own time and space to get started.
With a low minimum deposit of $10 is not only rare to find, but speaks deeper into what IQ Option’s priorities really are. You can also find other non-scam brokers such as binary.com minimum deposit of $5. They want to make binary option trading easily accessible to anyone and even offer a free binary options demo account which allows all South African users to practice before investing any money. This means you can practice on the IQ Option platform for free.
They also have several video tutorials available to help new traders understand the process.
Scam brokers never allow users to begin trading with such low minimum deposits and often ask for outrageous sums to only access their platform. This is because their main goal is to scam people into giving money – which they never see again.
IQ Option a Scam?
The conclusion is that that IQ Option is not a scam, but one of the best brokers for traders in South Africa and the entire African continent. We have no reasons to question the legitimacy of IQ Option and to everyone who asked “Is IQ Option a Scam?” We can say no it is not. We on binaryoptions.org.za do not promote or encourage people to trade on scam broker platforms.
No one can deny the sparkling reputation IQ Option has built throughout the years as one of the best binary trading brokers.
IQ Option is an award-winning broker that is fully regulated, transparent and prioritizes trader’s safety above all else. They are considered one of the top and safest brokers for everyone trading binary options South Africa.
Now even though a broker’s reputation is not an immediate indicator that the company is really trustworthy, IQ Option continues to prove its excellent reputation every day.
We can personally state that we have received absolutely no complaints regarding IQ Option throughout the years, but only satisfied customers that recommend IQ Option themselves.
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