You probably already know that I am rather a long-term investor than a short-term trader. However, some time ago one of my friends what do I think about IQ Option. Is IQOption a scam? Is it a good place for trading currencies and binary options?
I had heard about the company because their trading platform is one of the most popular on the Internet. But before my friend asked for my opinion, I hadn’t tried it myself. I promised my friend to take a look.
I created a profile and started trading on that platform. Contacted IQ Option support for questions, took a call with them, won some money, then lost something and so on. Here is my honest IQ Option review. I hope you will enjoy and find this helpful.
IQ Option Review
Name: IQ Option
Type: Binary and Forex Trading Platform
Number of Assets for Trading: +500 different ones
Minimum Investment: $1. Also a Free Demo Account Available.
Short Review: IQ Option is probably the best trading platform in the world. They have a great support, the platform is easy to use and the company is reliable.
However, trading is very risky and I don’t recommend it for almost anyone. I know from my own and other people’s experience that you can lose lots of money in a short period of time. In addition, trading doesn’t really provide for the other people in this world.
You can have a look at my #1 recommendation for earning money online here.
If you like investing in Bitcoins, I can offer you $10 free bitcoins here.
For long-term investing, I use Nordnet bank but at the moment it’s only available in Nordic countries.
What Is IQ Option About?
IQ Option is the industry leader in trading. They have more than 21,800,000 members already from all around the world. Their success is not a coincidence. While using their services I realized why they have succeeded so well.
On IQ Option you can trade:
- Cryptocurrencies
- CFD Stocks
- ETFs
- Forex
- Options
IQ Option is especially designed for short-term traders, not for long-term investing like Nordnet. In this article, I’ll share a few words about the danger of trading and why +90% of traders lose money and only less than 10% win money.
How to Get Started on IQ Option?
You can easily sign up using your Facebook, Google+ account or email. Then you can start using their trading platform and see how everything works.
On the right-hand side, you can see the verification process on IQ Option. There are 5 steps:
- E-mail confirmation
- Phone verification
- Verify your personal data. (Address, etc.)
- Trading experience. Strategies used. (IQ Option wants to be sure that inexperienced traders are aware of risks of trading.)
- Identity-proving documents. (Proof of identity and proof of your address.)
IQ Option is very professional with their identification because they want to make sure your account is secure and other people can’t use it.
They use the similar verification process like other reliable online platforms.
IQ Option Trading Platform – Ultimately Easy-to-Use
In the picture above, you can see how IQ Option platform looks like. The green point moves forward all the time and shows you the current value of the assets that you are trading. In this example, the currencies are AUD/USD.
On the right-hand side of the picture you can see multipliers, an amount for investing, auto close option, buy and sell. On the left-hand side, you’ll find support, chat, your open positions IQ Option tournaments and other useful stuff.
You can change the view of the platform because it’s quite flexible.
You can use IQ Option trading platform on your browser or you can download their app to your phone or to your computer.
I recommend being careful if you are using IQ Option software on your smartphone. I accidentally hit my screen once and lost $50 because of that. That’s why I would rather recommend using the platform on your computer. IQ Option naturally wants that you download their software. It’s also a bit faster than a browser platform.
IQ Option Tournaments
One very interesting possibility is are IQ Option tournaments. They are an opportunity to earn good money with a little investment. However, you need skills and luck to win it and again, it’s more like gambling than investing which is a reason I don’t really like them.
In the image above you can see an example. There is a tournament that started 11.9.2017 and lasts 72 hours. So, it ends 14.9.2017. You can participate the tournament for $2 and the prize pool is $5,000 at the moment. 10 first ones will get prizes and the winner gets $1,100. The more participants there are, the higher the prizes will be. Here are the prizes for this tournament at the moment:
IQ Option Support – The Best That I’ve Seen
I was literally surprised how good support IQ Option has. I believe it’s one of the reasons for their success. When I signed up, I received a call from their support team asking if I need any help. They have also responded all my messages and requests within the platform.
I have never had any money withdrawal problems on IQ Option but I’m sure I would get support if I ever need it.
The support team has been very friendly as you can see in the picture on the right side.
Dangers of Trading – Why +90% Traders Lose Money
Many people see trading as a way to earn lots of money in a short period of time. There are many success stories of traders who made millions in a couple of months. But do you know how many failure stories there are? For each success story, there are at least 9 failure stories in trading. While one guy earned millions in a few months, 9 guys lost millions in a few months.
Is it even possible to make a good money with trading in the long term or is it just gambling where the luck plays a big role?
Most of the traders are just gamblers even though they call themselves investors. They are just “playing the roulette” and trying to hit big. Do you know where it usually leads? To losing money.
First of all, for successful investing, you need a strategy and follow it with a discipline. I’ve seen many people who have a strategy but they forget to follow it diligently. In addition, there are many strategies that just lead to losing in the long run.
If you think about the most successful investors in the world, none of them are traders. They invest for long term, not for quick wins. I am not saying that it would be impossible to make the profit when you are trading. But I want to remind you that it requires LOTS of studying and skills to become a profitable trader.
I know from my own experience that you can lose money very fast if you are gambling with the money. My record is losing 1,400€ ($1,670) in 5 minutes. That’s why I recommend that you don’t start trading before you have read at least a few books or watched videos from successful traders.
Binary Trading – Please, Don’t Do It
One of the most common options for trading is called binary trading. I highly recommend avoiding it.
Binary trading is just a gambling where you will lose money in the long run. In addition, the binary trading industry is full of scam artists who “teach” you how to get rich quick. I have reviewed some of those binary scams on my website: Free Money SystemBinary Matrix Pro, , Financial Independence Academy, etc.
If you really would have a profitable binary trading strategy, I would love to hear it in the comments section. However, I strongly believe it doesn’t even exist.
In my opinion, binary options are the same as playing slot machines.
Conclusion – Is IQ Option Legit Or a Scam?
IQ Option is definitely a legit company and you can trust on their service. However, I am not a big fan of trading and I don’t really recommend it for you either. Long term investing is easier and many times even more profitable.
At the moment we have also an interesting option to invest in Bitcoins and other cryptocurrencies. It will be interesting to see how the value of Bitcoins will move in the future. I believe in the long term potential. I give $10 free Bitcoins for all of my readers through this link.
If I would be a trader, I would probably use IQ Option because I like their platform and support. But as I mentioned in the beginning of this text, trading doesn’t really provide value for other people. You are just earning money from people who are losing it. Then the company in between (in this case IQ Option) takes its fees always.
I enjoy affiliate marketing because by doing that, I can provide value for thousands and even millions of people all around the world and I don’t even need to create my own products.
If you want to learn to earn money online with affiliate marketing, I recommend having a look at this step-by-step training. In my opinion, it’s a more sustainable way to earn money than forex trading.
What do you think about trading?
Do you prefer trading or investing?
Let’s discuss in the comments below! 🙂
If you have any questions regarding IQ Option or earning money online in general, feel free to ask me below.
(Disclaimer: Trading and investing involves substantial risk of loss and is not suitable for every investor. I recommend that you study the subject carefully before investing your money.)
My experience with them was bad I never want go trade again, tricked me into depositing a total of €90000 and still went ahead withdrawing funds from my account without my permission, if I hadn’t contacted a consultant for funds recovery I would have been totaling wrecked. Thank you Marc for been my savior.
Hi Karlor, I’m happy to hear that you got your funds refunded eventually. Thanks also for sharing your experiences with IQ Option. Does not sound good action from them :/
I got ripped off by stoxmarket. Its disappointing to find out that you bought a lie. I had to hire a recovery firm to get my funds back.I’m glad I got my money back.
I haven’t heard of that company but thank you for sharing your experience so we know to avoid it.
I’m glad you eventually got your money back.
Long term investment is way better than short term trader. This applies to all kinds of investment. Short term trader is not guarantee, you may win high or the way around but for long term investment, the time and your investment are working for you. It takes time but it’s guarantee and more profitable. Invest and forget.
Yes, at least in 95-99% of situations that principle applies. Also, in life in general, it’s better to go for long term results rather than for short term gratifications.
On my previous comment I stated that IQ options wasn’t scam like you made clear in your review. And thanks to your review I knew a little more about it.
I registered with IQ options and so far it’s been great, though still very risky. I might do even better if I focus more and work harder.
Thanks for your honest review.
Hi Rumu,
yes, it’s a legitimate website. Still, please be very careful that you don’t lose much money with trading. Do your homework well 🙂
I lost a huge sum of money binary option trading, and was able to have my funds recovered, thanks to a recovery expert. I am glad to share my experience with the company, and the means I used to have my funds recovered. you can reach me via my email
Hi Meryl,
I’m glad to hear that you got your money recovered. I believe they wouldn’t give me the money back because it was just my own fault that I lost it. Fortunately, it wasn’t a huge amount.
I prefer sticking to long-term investing from now on because I’ve found it very profitable and I know what I’m doing there. I feel that trading is very risky and requires much more skills than trading.
I wish I’ve read this before diving into investing there. For someone who is new in trading I gambled without really knowing the ins and outs of that kind of business. Good thing though that I invested only a small amount of money so I didn’t lose my mind when I lost it. It is still money though and I kept on thinking that if only I stuck in long term investments, I should have had better outcomes.
Hi SirenOnFire,
if we look on the positive sides of this event, it’s good that you lost with the little money. Some people get quick wins in the beginning and they become too confident, “I know how this game works!” Then they trade even more and more money and eventually lose it all.
The same happens in Las Vegas. If you listen to stories from those people who lost it all, almost all of them won a big jackpot before that. They thought that “this really works! I will win more!” Then they keep on playing and wait for the next jackpot until they lose it all.
That’s why I always recommend study first and then play. 🙂
I think If I’ll ever venture to trading, I’ll only play with money that I can afford to lose. Trading is pretty much gambling. Unless you have profound knowledge about it, I personally don’t think that it is a wise idea to get in to it.
Hi John,
that’s a good idea. Play only with the money that you are ready to lose. Many people have lost their houses and cars while trading too much. You really need to be careful.
Becoming a successful trader requires tons of studying and experience. I think it’s possible but for me it’s not worth it at the moment. Trading currencies don’t provide as much value for other people than many other things.
I agree with your, “You probably already know that I am rather a long-term investor than a short-term trader” It is much better and easier to put your money in investment. Thanks for this review.
Hi “Billionaire”,
yeah, I find long-term investing much easier than trading. In addition, it’s even more profitable most of the time. I know tons of successful investors but very few successful traders. Most traders I know are just losing money or some of them are earnings something little.
Great insight I must say. It’s really hard to come across genuine opinions from people who habe personally tested the product, all I got in my search were site references based on seo rankings and others on Google.
I got referenced to IQ options by a friend who barely knows a thing about trading like myself. I’ve been trying to get a head of it all till I came across this piece. Thanks for your genuine opinion.
Now I know a little more about IQ options plus I don’t think it’s a scam. Traders like me who are just starting could loose a lot of money very quickly. It’s really risky I don’t recommend it for starters who don’t know what they are doing. If you must, then do a lot of study and research.
Hi Rumu,
yeah, trading is extremely risky if you don’t know what you’re doing. The risks go down when you learn the right skills. For sure, there are people who make a living with trading but 99% of them didn’t become rich overnight. It required lots of hard work, studying, failures and persistence.
And from what I heard, you’ve got to focus your time on trading. Be it for 24 hours of watching for some great advances in your strategies. What is the minimum amount of investment here?
Hi Pandooh,
yes, trading requires focus and time like any other job. You can’t just run it on “autopilot” and be profitable most of the time. Of course, there are some trading bots but I think that all of them lose money in the long run.
Minimum amount of deposit is 10€ and minimum investment is €1 on IQ Option.
Wow, I must say the platform does look really good. Kind of makes me want to join so that I can experience it because it looks amazing. But like you said, it’s just not worth investing sometimes because of the risk especially if you don’t know what you doing (like me).
I like the idea of the tournament and I’m sure it’s great for the winners but the idea that it’s based a bit more on luck puts me off a bit.
Hi Kingcool,
if you are interested in trading, I advise you to study the subject before starting out.
However, be aware of those scam artists that promise you lamborghinis, Ferraris and mansions in a month or two. Becoming successful in anything requires work and effort.
Anyhow, trading doesn’t really provide good value for the society unlike activities like affiliate marketing which can be financially profitable as well.
The website looks very professional. When I was younger I used to play trading (not do real trading, thank God, just virtual trading game) and I know very well that it’s not easy. The only thing that comes easy is losing money. For me it is just like gambling so I’d rather not start trading just to be safe.
Hi Felabruno,
you are right. For most people trading is just pure gambling. I’ve experienced it a few times how does it feels to lose money quickly on trading so it’s better for me not to do it. A very strict strategy would be a MUST.
Still, many of those strategies just lose money in the long run. Otherwise anyone would use them.
But I just want to ask some question: do I really need to invest firsthand in affiliate marketing before I could unveil the curtain and see what’s beyond it? Or can we discern in the first place?
Hi Johnny,
of course you don’t need to pay for affiliate marketing to get started. You can start it for completely free like I started. However, I heard that the free account in Wealthy Affiliate is not available in all countries of the world.
Have a look at this article: What is Affiliate Marketing Online? – Explained Simply
I don’t fancy anything about forex and trading binary for I have seen people lose so much money. I had a friend in 2015 that lost almost his lifetime savings as a result of trading binary and that was one moment that made me lose complete interest on the trading binary. However, I think that the option of trading cryptocurrencies on IQ Option is a great way to go as a result of the appreciating value f those cryptocurrencies such as the bitcoins.
So, I think that is the reason for a large number of users of the IQ Option for the evolution of cryptocurrencies has open a new form of wealth creation to a lot of people around the globe. Though, like you said, all these involve strategies so as not to lose a huge amount of money while trading.
Hi Henry,
I’m sorry to hear the story of your friend who lost his lifetime savings. However, I believe he learned a lesson and can use it as a tool in the future. Failures are one part of life.
Cryptocurrencies are definitely an interesting opportunity at the moment. One of my friends became a millionaire recently because he invested heavily on Bitcoins. He didn’t trade Bitcoins but he also invested for the long term and he is still keeping them.
I am investing in cryptocurrencies but I haven’t traded them. I find it too risky. By the way, if you want $10 free Bitcoins, you can get them through my link on this article.