Is There IQ Option Scam ¦ Regulated Binary Broker South Africa

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Is IQ Option a scam?

Introduction

Trading in the binary options market has given many different platforms opportunities to make good profits and bonuses. However, many have fallen victim to unscrupulous scammers purporting to offer brokerage services, who eventually take off with their money, and leave them devastated and averse to trading.

IQ Option is a renowned regulated broker in the binary options market that offers a wonderful platform for traders in many countries around the world. In South Africa, traders have used this broker for a while now and many have found in IQ Option every reason to smile all the way to the bank. Most of the reviews made by traders evidently put up a strong case for IQ Option as one of the trusted brokers in the binary options market.

Why use IQ Option?

South Africa lacks its own binary options brokers and presently, only offshore firms dominate the binary options scene in the country. As a result, specific regulations for the binary options market in South Africa are yet to be established.

However, brokers like IQ Option come with the relevant regulations and licenses to guarantee safety and security of online investments.

Offshore brokers’ access to the South African market

There is currently no law in South Africa that criminalises binary options trading or investing online. The challenge with this situation is that there are no stipulated guidelines outlined to establish the boundaries, within which players in the binary options market of South Africa should operate.

South African traders currently have no option but to use offshore brokers before local brokers and relevant regulations start operating. Some of the offshore brokers transacting on behalf of South African brokers have licenses in reputable jurisdictions like the European Union, while others have none.

In most cases, the unlicensed brokers are the unscrupulous scammers who con traders of their money. Investors should engage brokers licensed by the Cyprus Securities and Exchange Commission (CySEC), which is a regulator that monitors brokers based on European laws. Brokers with the CySEC license like IQ Option offer a good platform without any hidden terms and conditions.

Significance of regulation

The regulation of financial markets plays an important role in safeguarding the interests of all stakeholders within these markets. Regulatory bodies are set up through legislation to monitor and protect all players from any unfair underhand dealings that may deprive the parties of their deserved benefits.

In South Africa, the Financial Services Board is the government-established agency that monitors the entire financial services sector, including the binary options market. It takes a keen interest in the Johannesburg Stock Exchange as a way of regulating the binary options market in South Africa. The recently established Financial Advisory and Intermediary Services wing of the agency was set up with the aim of prohibiting activities linked to money laundering.

Choosing the right binary options broker

Many considerations come into play when choosing the appropriate binary options broker. Traders make comparisons in several areas before choosing the right one. One of the first things they tend to look at is the broker’s country of origin. Lately, there has been increasing preference for South African traders to engage the services of binary options brokers in South Africa.

Choosing an unlicensed broker can be detrimental for any trader in South Africa wishing to invest in binary options. This is a clear indication that the broker either cannot get a license or is not serious about safeguarding client investments. A trader can do a background check on the genuineness of the broker’s license to ascertain its authenticity.

Criteria for choosing a binary options broker in South Africa

Just because brokers are legal does not always mean that they will offer the best services to their clients. A South African trader should consider a few factors before choosing their preferred broker:

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1. Asset portfolio
2. Payout rates
3. Trading contracts
4. Methods of payment
5. Bonuses

1. Asset Portfolio
When choosing the right broker, a trader should consider the South African assets a broker offers. A wide portfolio of mainstream assets like indices, currency pairs, commodities and stocks can offer various winning methods for a trade. IQ Option is a broker that offers a comprehensive list of assets to select from.

2. Payout Rate
It is highly likely that a trader will go for a broker who offers a high payout rate. While most offer between 65% and 75%, there are others like IQ Option who offer upwards of 80%.

3. Trading Contracts
Seasoned traders in binary options would consider trading with brokers offering a variety of multiple trading contracts like boundary contracts, 60-secons contracts, and one-touch contracts.

4.Methods of Payment
The payment methods is of paramount importance when trading in binary options. South African traders would always opt for a binary options broker with payment processors. IQ Option is a broker that has gone the extra mile to ensure that its online money platforms are secure.

5. Bonuses
In South Africa, brokers offer traders bonuses, which they can use to purchase contracts and make profits. The average broker offers about 25% bonus, but some like IQ Option offers higher than that.

Conclusion

The binary options market is just like any other with both genuine and unscrupulous parties. Safeguarding the investments made by traders in this market is of paramount importance. Agencies like the Financial Services Board in South Africa have made it possible for brokers to operate within the stipulated guidelines when transacting for traders in the binary options market.

IQ Option is a regulated trader with a CySEC license that provides customers with a platform where they can trade with ease while making relevant enquiries regarding their trading experience.

Is IQ Option a Scam?

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 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 users in South Africa.

Don’t take our word for it? Check out the five reasons below.

How Do I Know IQ Option is Safe?

1: Regulation

The first thing to look at when considering trading with a new broker is whether this broker is regulated and licensed.

IQ Option is fully regulated with a license in the EU.

IQ Option takes this regulation very seriously, which is an immediate sign of a trustworthy broker that prioritizes user’s safety.

Scam brokers are often non-regulated, fraudulent companies that comply to no rules whatsoever.

2: Transparency

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
  • Privacy Policy
  • Payment Policy
  • Cashback
  • 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.

3: Fast and Secure Withdrawals

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 ensures fast, 24-hour withdrawals for all South African users. 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 this broker.

4: Low Minimum Deposit and Demo Account to Practice

IQ Option is one of the only brokers that allows users to begin trading with only $10.

Such a low minimum deposit is not only extremely rare, but speaks deeper into what IQ Option’s priorities really are. They want to make trading easily accessible to anyone and even offer a free 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.

5: Reputation

No one can deny the sparkling reputation IQ Option has built throughout the years as one of the best only 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 users in 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.

Conclusion

IQ Option is not a scam, but one of the best brokers for users in South Africa.

IQ Option Broker Review

IQ Option is a regulated and award-winning online broker that enables customers to trade a wide range of instruments and underlying assets. Operated by IQ Option Ltd, the licensed broker offers it services to traders across the world.

It is important to note that IQ Option is one of our top and most highly recommended brokers for investors in South Africa.

One of the most interesting things about IQ Option is their incredibly low minimum deposit. You can start trading with only $10 and get access to a proper live account.

Read our full review on one of the most famous brokers out there, or skip straight to the part you are interested in below:

*The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

IQ Option Trading Platform and Versatile Assets

While they originally started as a binary options broker, they quickly became a broker that has it all, from CFDs/Forex and Classic Options trading. This makes them one of the most versatile brokers for online trading. Basically, whichever instrument or underlying asset you can think of – they have it.

The minimum trade price is $1 for binary options and digital options, and $20 for forex and CFDs. The maximum option price is $5,000. If the trader wants to place multiple trades with a variety of instruments, it’s not a problem with IQ options’ platform. All they need to do is select the asset in the upper left corner and the instrument below.

Currently available instruments are:

  • Binary Options
  • Forex CFDs
  • Cryptocurrency CFDs
  • Classic options
  • Stock CFDs
  • FX options

With IQ Option, traders can place trade contracts and options based on numerous stocks, currencies, commodities and indices. There are more than 500 underlying assets, to be exact.

Specifically, there are currently 90 currency pairs available, including all the most popular cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, IOTA, Dash, Ethereum Classic, Monero, OmiseGo, Zcash or Santiment. Of course, these currencies also include EUR, USD, GBP, RUB, AUD, CAD, NZD and Yuan.

Tip: Check out what Twitter CEO Jack Dorsey recently said about Bitcoin and how you can properly trade Bitcoin CFDs at IQ Option.

IQ Option also recently expanded their asset collection by adding cannabis stock CFDs, which have become increasingly popular in the online trading market. Examples of marijuana stocks you can trade at the IQ Option are: Aurora Cannabis Inc, Canopy Growth Corp, Cronos Group Inc, GW Pharmaceuticals – Adr, Tilray Inc-Class 2 Common, Anheuser-Busch Inbev-Spn Adr, Etfmg Alternative Harvest and many more.

As for leverage, IQoption offers leverage on up to 20x for stock CFDs and FX trading of up to 1000x – known as the 1000x multiplier. IQ Option advises customers to use this tool only if they fully understand that higher leverage may mean higher returns, but can also result in higher losses.

IQ Option really is a one-stop-shop for online trading.

IQ Option Unique Trading Platform

Unlike so many other brokers in the industry, IQ Option uses its own software, the IQ Option platform, which they continue to update regularly.

The IQ Option platform is highly developed and entirely user-friendly, so all traders should be able to easily navigate through the site and trading room. This easy-to-use interface allows investors to trade in the office, at home or on the move through their mobile platform.

IQ Option is currently responsible for more than $11 billion worth of trades every month, so it has a proven track record of making trades as simple as possible.

One thing is certain: IQ Option offers the ultimate trading experience for everyone – no matter your experience.

How Do I Trade on the IQ Option Platform as a Beginner?

One thing that makes the IQ Option interface so easy to use is the fact that all of the trading instruments are available on exactly the same dashboard.

All you need to do is:

  1. Select an asset you want to trade
  2. Predict this asset’s direction
  3. Make an investment
  4. Close the position

Binary options trading is even easier, because the trades close themselves automatically when the expiry time has been reached.

Throughout this entire process, IQ Option offers many charts that display the most recent market trends, so users can make judgment calls with the most recent data at hand. There is also always the option to set your Stop Loss and Take Loss Profit — so there’s no need to constantly monitor trading positions.

For more details and a visual guide on how to trade with IQ Option, check out the video above.

In addition, their platform is multilingual and available in English, Italian, German, Russian, Spanish, Turkish, Portuguese, Chinese, French, Swedish, Korean, Arabic and Indonesian.

With the quality of their services and their up-to-date customer support, it shouldn’t come as a surprise why this broker is so popular among traders worldwide.

What are IQ Option Price Alerts?

To make your life easier, IQ Option recently added a brand-new feature to their trading platform: price alerts. Price alerts automatically notify you when an asset has reached the price level you want.

Part of being a successful trader is knowing when to act, in other words when to buy or sell an asset. No one wants to be glued to a screen staring at charts and financial market news all day. Thanks to IQ Option’s price alerts, all you need to do is set up an alert for the assets you want and IQ Option will automatically track them and send you a notification when the price you were waiting for is reached.

To set up an alert:

  1. Select an asset
  2. Click “Create alert”
  3. Set the price you want to be notified for

Getting Started – IQ Option Trading Accounts

Registration with IQ Option is completely free, and all South African traders can get started with a deposit as low as $10.

Even so, anyone can experience what this powerful trading platform has to offer without spending a penny, through their free demo account.

IQ Option Free Demo Account

All registered South African users have the option of trading with a free practice account, before depositing any money. This means beginners get to learn the basics of online trading entirely risk-free. Experienced traders, on the other hand, have the ability to fully test the IQ Option platform before investing any real money.

The IQ Option demo account gives South African traders $10,000 of virtual funds to practice with, which can be re-filled at any time.

Once investors have practiced and are ready to start trading for real, IQ Option offers two separate account types they can choose from: the Real Account and the VIP Account.

Real Account ($10 Minimum Deposit)

As mentioned before, South African investors can begin trading with IQ Option with the minimum amount of $10, which gives them full access to a Real Account and all trading instruments and services. The number of assets available are 500.

South African traders also have option to participate in different trading competitions and access their numerous trading tools.

All withdrawals can take up to 24 hours.

VIP Account ($3,000 Minimum Deposit)

In order to access the VIP Account, a minimum deposit of $3,000 is required.

In return, South African traders get VIP access to a variety of useful trading instruments and special features, such as:

  • Higher profitability rate (3% advantage)
  • Personal VIP account manager
  • Free tournament participation

IQ Option Education Resources

Trading global currencies can be a daunting prospect for beginners, but IQ Option has the education resources available so that even complete trading newbies can fully understand and be able to take advantage of all that IQ Option has to offer.

Besides their free practice account that is available to all South African registered users, IQ Option offers various video tutorials which allow investors to hone skills and master the mechanics of online trading.

One of the main reasons for the rising popularity of IQ Option among ordinary investors is also the community spirit it offers. If you are not sure or want to ask anything, you can always call upon support or get advice from industry professionals and fellow traders. The best part is that you can do this all directly through the IQ Option platform.

IQ Option Affiliate Program

Besides earning a spot as South Africa’s top online trading broker in our awards, IQ Option also has one of the best affiliate programs in online trading.

An affiliate program is for South African users who are not looking to trade with IQ Option themselves – but partner with them. As an IQ Option affiliate, you have the opportunity to earn up to 70% of profit by promoting the award-winning broker on your blog or website.

All you need to do is:

  1. Join the IQ Option affiliate program
  2. Get your own affiliate link
  3. Post this link on your blog or website as an ad
  4. Earn up to 70% of commission when a user clicks on your link and starts trading with IQ Option

Your earnings will then be transferred twice a month via your preferred payment method.

For more details on the IQ Option affiliate program and how to make up to 70% of profit, read our IQ Option affiliate program review.

How to Contact IQ Option

The customer support team at IQ Option is available 24/7 through email ([email protected]), phone or online web form.

Unfortunately, there is no South African number available, but we listed the numbers that did find on their website below.

IQ Option also offers a live chat, which is available for all South African users on their platform.

IQ Option Deposit and Withdrawal Methods

IQ Option takes the security of all its traders very seriously and presents no difficulty throughout the deposit and withdrawal process – which many traders already know can be a frustrating common practice when it comes to other brokers.

With IQ Option, the estimated time of withdrawal is one business day. The minimum withdrawal amount is $2, due to commissions. IQ Option offers deposits in South African Rand, as well as many other currencies. Check out the table for more information on minimum deposits.

By trading in South African Rand, you can easily avoid those pesky conversion rates!

As for deposit methods, South African traders can use different payment options, including:

  • Debit (Maestro and Visa Electron)
  • Credit cards (Mastercard and Visa)
  • Bank wire
  • e-wallets (Skrill Moneybookers, QIWI, WebMoney, iDeal, Neteller, FasaPay, Boleto and CashU)

Their entire payment procedure for South African users is explained in detail on their site, which is very important because it is an immediate indicator of a transparent business.

Is IQ Option a Scam?

The question of whether IQ Option is a scam can be found through various traders who have commonly been scammed by other companies and are afraid to invest their money again.

The truth is that IQ Option is one of the best choices of regulated brokers out there and has won awards for their innovation, regulation and success. This broker is fully licensed, which means that they completely follow all regulations and practices that ensure trader’s protection – which they in turn take very seriously.

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 2020 to $5.7 million by the end of 2020.

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.

Best Binary Options Brokers 2020:
  • Binarium
    Binarium

    Best Binary Options Broker!
    Perfect Choice For Beginners and Middle-Level Traders!
    Free Demo Account! Free Education!

  • Binomo
    Binomo

    Honest broker!

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