WikiFX Review: Is IQ Option trustworthy?

What IQ Option look like

IQ Option, owned and managed by company IQ Options Europe Ltd, is an online CFDs and forex broker providing investors with a huge range of financial instruments, including forex, stocks, cryptocurrencies, commodities, indices, and ETFs. The company address is Koutsoventi 8, Agios Athanasios, 4101, Limassol, Cyprus. WikiFX gives this broker a low rating of 1.90/10. please be aware of the potential risk.

Regulation

IQ Option is regulated in Europe by CySEC with license no. 247/14. Also, the company is registered in various countries for financial transactions.

Accounts&Minimum deposit

IQ Option has two account types for investors to choose from, namely the Standard Account (the minimum deposit of 10 USD) and the VIP Account (the minimum deposit of 1,900 USD).

Leverage & Spreads

Users can trade 25 currency pairs with IQ Option. According to the official website, IQ Option offers leverage of up to 1:1000, the credibility of which is open to question. In addition, the trader offers variable spreads. According to the official website, the spread of EUR/USD is 0.6 pips, while the spreads of AUD/USD and GBP/USD are 0.9 pips and 1.7 pips respectively.

Fees

IQ Option charges certain fees for different trading services. First, IQ Option does not charge a commission for most trades, except for cryptocurrency trades where a commission of 2.9% is charged. Secondly, swap fees range from 0.1% to 0.5%, with these fees being three times higher for positions opened on weekends. Finally, if the account is left idle for 90 days, the company will charge a monthly fee of 10 GBP (or currency equivalent) until the balance reaches zero.

Deposit & Withdrawal Methods

Clients can make deposits/withdrawals through a variety of methods, including credit/debit cards, bank wire transfers, electronic wallets, etc. In most cases, IQ Option does not charge any fees for withdrawals but does charge a fee of 31 USD (or currency equivalent) for bank transfers.

Customer Support

IQ Option offers 24/7 support services. Customers can contact the support team via email, live chat or phone. According to its websit, IQ Option also supports a dozen different languages.

Restricted Areas

Due to local laws and regulations, IQ Option is unable to operate in the United States, Canada or Australia, so traders from these countries are currently unable to open accounts.

Non-MT4/MT5 Platform

According to IQ Options website and WikiFX, this broker seems not to use MT4/MT5 as their trading platform.

Too many complaints

As of January 11, 2023, the complaints received by WikiFX against IQ Option reached 73 in the past 3 months. Below are some cases we found among them.

This trader who comes from Iraq complained that this broker blocked the withdrawal request.

Another trader who comes from Nigeria complained that he/she lost control of his/her money when the trader invest with IQ Option.

This trader from the Philippines thinks his account was hacked. He claimed that IQ Option didn't help him solve the problem. And he eventually lost $3500.

This Malaysian trader claimed that he/she are unable to withdraw money from IQ Option. The broker proceeds but his/her bank account didn't receive the amounts.

On-Site Survey

WikiFX made a VR Field Survey on February 8, 2022. The team found the location but couldn't go inside the building because of the pandemic.

Conclusion:

Although IQ Option is a licensed broker, it has had too many complaints recently. Besides, the non-MT4/MT5 platform may also put your money at risk. we advise you to do more research and make sure you fully understand the risks before making a decision. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP for free through this link (https://www.wikifx.com/en/download.html). Running well in both the Android system and the IOS system, the WikiFX APP offers you the easiest and most convenient way to seek the brokers you are curious about.