Be Aware of IQ Option – An Obnoxious Entity To Trade With

While scammers are a problem whenever there are plenty of transactions, the currency market is especially susceptible. Although authorities keep cautioning investors to stay away from suspicious brokers, you must also exercise due care while selecting a forex broker. Here, we expose IQ Option, a fraudulent forex broker.

IQ Option - A Quick Summary

Founded in 2013, IQ Option (https://iqoption.com/en) is headquartered in St. Vincent and Grenadines. Incepted as a pure binary options firm, the broker has expanded its offerings to include forex, commodities, equities, indices, ETFs, and cryptocurrency trading for retail clients. The company does not feature third-party trading software but provides its custom-built trading platform where customers may look for trading possibilities. The minimum amount to open an account with the firm is $10. The broker also provides clients access to a learning center to aid their development.

Is IQ Option Regulated？

IQ Option is registered with SVGFSA and complies with CySEC regulations. In addition, brokers with similar names also appear in the VFSC register, but no other information is available, such as a website or a contact.

Clients Feedback

Investors generally speak badly about IQ Option. Some customers complained about the broker's lack of openness in deal executions, while most complaints focused on the company's withdrawal policies. Clients claim that the broker manipulates prices to make them lose money.

How does IQ Option Scam Clients？

Despite being a regulated broker, the company appears to follow the same strategy as many other scam entities do. When a client opens an account with the broker, it starts taking follow-ups via email and phone. According to clients, the person in contact claims to be your account manager and asks you for deposits. Even if you deny it for the first time, the company keeps pushing unless you fund your account. The broker takes every chance to lure you into false profit-making schemes and promises unrealistic returns.

However, it starts behaving quite the opposite after receiving funds from you. In addition to ceasing communicating with you, it sometimes blocks access to your account. Many clients have reported that they could never withdraw their funds from the company.

Bottom Line

Always double-check the facts with forex authorities and confirm the regulation status of a broker on the concerned regulator's website before signing up with it. And you may see numerous positive reviews about your prospective broker on different websites, but you should be wary of relying too heavily on reviews without verifying the material.