IQOption.com Review: this is a broker that claims to be based in Cyprus. Is iqoptions.com a safe broker to invest in? Is iqoption.com fined by the CySEC?
The broker claims to be registered under the Cyprus Securities and Exchange Commission (CySEC) and the address found for them is at:
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Yiannis Nicolaides Business Center, Agiou Athanasiou Avenue 33, 4102, Agios Athanasios, Limassol, Cyprus.
IQ Option mentions that it offers a multi-chart layout, technical analysis, historical quotes and beyond. Volatility alerts, market updates, stock screeners, calendars and newsletters are some of the trading instruments clients get.
It was founded in 2013 and as of now, it says that IQ Options “has over 25 million members” in more than 178 countries. However, clients are not accepted from the US, Canada and Australia.
Trading Platform of IQ Option Broker
IQ Option currently make use of a web-based version that can work on mobile devices and desktops using common browsers like Chrome, Opera mini, Mozilla. It does not offer the MetaTrader 4 platform.
This platform would have been a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Spreads and leverages offered by IQ Options is not stated. We only find after some investigation that “they are competitive”. Legit brokers do well to give this information.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
The trading portfolio of this broker is quite impressive as it includes: stocks, digital options, currency pairs, commodities, ETFs, cryptocurrencies and so on.
Deposit and Withdrawals on IQ Options
IQ Option claims to allow deposits and withdrawals to be carried out by using the following methods: Visa, MasterCard, WebMoney, Skrill, and Neteller.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for IQ Options and this is a good sign.
Although the minimums vary as the accounts do differ, the least that can be used to start trading with this broker is $10. Withdrawals are said to be quick but no information is provided on charges or fees.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is IQ Options Licensed?
Yes. Like have been earlier stated, the broker has a license to operate in many parts of the world from the CySEC. The customer base of this broker, as claimed on the page, extends to Nigeria and Ghana.
CySEC Fines IQ Options
But we found a report on FPA that the CySEC has announced a fine of €450,000 against IQ Options and this casts doubts on its credibility.
Clients of the brokerage can fill out an online question form or send a mail to firstname.lastname@example.org. There is an England contact number as well: +44 2080680760
IQ Option broker holds a license from a top European authority and assures clients of their funds safety. The lack of the MT4 or MT5 trading platform is a disadvantage.
The fine by the CySEC is also disturbing and seems to be a defining red flag.
Traders would also like to view the spreads and leverages offered as well as a demo account. But it gives an affordable minimum deposit requirement and the client base is huge and encouraging.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website