IQ Option is a reputable broker, and they are regulated by one of the most heavily respected regulatory bodies in the online trading business. But even with this distinction, traders often have concerns about the wellbeing of their money. This is legitimate; there are a lot of scammers out there, and nobody wants to fall for one of these and lose their money. Here, we will go over the deposit and withdrawal process and let you know what you can do to make sure that this process goes as smoothly as possible for you.
IQ Option Deposits
You can make a deposit at IQ Option with a credit card (Visa, MasterCard, Maestro) a wire transfer, or a number of different e-wallets, like Skrill, Neteller and WebMoney. Remember that if you use a credit card, you can only withdraw what you deposited back onto that card later.
IQ Option Withdrawals
When you’re ready to cash out your account or take a partial withdrawal from it, you will need to make sure that a few basic requirements are fulfilled first.
According to EU financial regulations, you need to prove your identity and your address of residence before money can be withdrawn from your account. The best way to do this is to scan and submit a copy of a government ID (like a driver’s license or a passport) and a copy of a utility bill (like your electricity or internet bill).
If you are using a credit card, you will need to scan the front and back of the card and send it in. You should cover up all but the last four digits of the card number and the CVV on the back.
IQ Option doesn’t need this information as they encrypt their data, and it will help prevent any potential for fraud. Binary options already have a good deal of risk associated with them, you don’t want to put yourself at even greater jeopardy of losing money.
These rules might seem like needless hoops to jump through, but IQ Option follows them in their effort to prevent money laundering and other illegal activities. So, while they might be a hassle, they are for the general protection of everyone.
You can make a withdrawal by Visa, MasterCard, or Maestro, as far as credit cards go. You can also use a wire transfer or an e-wallet. The e-wallets that IQ Option currently is compatible with includes Skrill, Neteller and WebMoney.
The primary way to make a withdrawal from IQ Option is by the same method that you made your initial deposit with. You should spend some time thinking about what’s going to be the most convenient way for you to make a withdrawal when you’re making your deposit so that you can expedite this process a little bit and avoid the potential for delays here.
For example, making a deposit with a disposable credit card might be problematic if you want to withdraw your IQ Option funds back to that card later.
Wire transfers are the most reliable and safest way to send and receive large amounts of money to and from your bank account, but there are some concerns here. Your bank may charge you for wire transfers, for example. No one wants to have to pay these fees, but if the safe transfer of your money is important to you, then this is worth looking into.
What is the minimum withdrawal amount?
There is no minimum amount that you can withdraw from your IQ Option account.
What is the maximum withdrawal amount?
The maximum that you can withdraw from your IQ Option account is $1,000,000. You can make multiple withdrawal requests over the course of time if you need to, but this is the maximum amount per day that you can withdraw. Also know that depending on your deposit method, you may not be able to withdraw as much as you want all at once. For example, if you made a deposit to your account with a credit card for $500, you would not be allowed to withdraw more than $500 back to that card. Once your card withdrawal request is complete, you can make another request for the rest of your balance, but it would need to be processed as a wire transfer or as an e-wallet transaction.
How Long Will My IQ Option Withdrawal Request Take?
Once you make a request for a withdrawal, the time it takes before it is processed will vary depending on the type of your account. If you have a VIP account, your request will be processed within 24 hours. If you have a normal cash account, the request will be between one and three business days.
Once things are completed on IQ Option’s end of business, it may be another few days before the money shows up in your account, depending on how fast your bank works. Typically, it will be no more than 72 hours after IQ Option has completed your request, but banks do vary here.
How Much Do IQ Option Withdrawals Cost?
Currently, withdrawals from IQ Option are free of charge. This does not mean that other institutions will not charge you, though. For example, your bank will likely have a fee for you if you use a wire transfer. IQ Option attempts to do their part to keep your costs down, though.
IQ Option is one of the most lenient brokers when it comes to choices for banking with them. A lot of the issues that traders have with their broker has to do with financial transactions, but IQ Option is very simple to work with. Their rules are clearly stated on their site, and they are all compliant with regulations. Credit cards and e-wallets are the quickest way to get your money returned to you. If you have a VIP account, this process will be even quicker.
If you’re going to create an account with IQ Option and you have further concerns or questions about deposits and withdrawals, we recommend getting in touch with their customer service. They have a quick turnaround on emails, but a phone call may be more helpful if you are looking to get this resolved quickly. IQ Option is a reputable broker, and if you are familiar with their regulations for withdrawals before you get started, your dealings with them will be much smoother.
CAN I TRUST IQ OPTION?
When you are selecting a new broker, looking at what others who have used a site before you have said is an easy way to get a feel for the site. If you are looking at IQ Option, you probably want to know whether this site has good reviews or negative reviews.
Are people happy using this broker, or do they have a bad experience, warning others to stay away from it? Is this a broker that does what they advertise themselves as doing? Answering these questions confidently before you make a deposit is going to be a key part of your success as a trader.
Is IQ Option Regulated?
IQ Option is regulated with a license in the EU, and since they have obtained this regulation, we haven’t been able to find any major negative reviews of the broker. It’s always a good idea to start with whether a broker is regulated or not when you begin looking at them. Stay away from unregulated brokers.
Are There IQ Option Negative Reviews?
Negative reviews of IQ Option do exist, but most are focused on trader error. Online trading is tough, and people do lose money, whether they trade at IQ Option or somewhere else.
Nobody likes to lose money, and it’s not surprising that people leave negative reviews when they do. The question that you need to ask yourself is whether this is the broker’s fault or the trader’s.
Another thing to be aware of is their withdrawal policy. We did find some complaints when it came to the withdrawal policy as people were surprised that they couldn’t withdraw more than what they had deposited with a credit card. For example, if you made an initial deposit of $1,000 with a Visa, and then doubled your account size to $2,000, you can only withdraw $1,000 of that back to your card. The rest would need to be withdrawn via a wire transfer.
This policy is standard practice within the binary options world and posted on their website. It’s important that you be familiar with the banking policies of the site you use before you create an account.
Finally, there were a handful of complaints about customers being locked out of their accounts. IQ Option is a regulated company, which means they need to follow the safety and anti-fraud rules and laws that exist.
Traders outside of the European Union, those with some sort of suspicious activity on their account, and those that do not verify their identities adequately will have issues here. Again, these policies shouldn’t be a surprise as they are a standard practice and clearly denoted.
How Do I Avoid These Issues?
The best way for you to avoid issues with IQ Option or any other reputable broker is to know the rules and follow them. Familiarize yourself with the best way to conduct financial transactions with the site before you ever make your first deposit.
Credit card transactions are easy and quick, but they are not always the best method for everyone. Also, be sure to take the appropriate steps quickly to confirm your account and identity. Provide the scanned copies of your government issued ID card and utility bill long before you want to make your first withdrawal. If you did use a credit card, be sure to scan a copy of this, blotting out the CVV and all but the last four digits of the card, and send it in. Getting these out of the way early will avoid issues with withdrawals later.
Conclusion: IQ Option is a Trustworthy Company
Are there complaints about IQ Option out there? Yes. Are they well founded complaints? For the most part, no. Most of the issues that people have with this broker are not actually with the broker itself, but with their own mistakes. Most people lose money when they jump right in to binary options trading, and they lose money as a result of this. We don’t want you to be among those people. Familiarize yourself with the broker before you get started, testing out the IQ Option demo account and looking over their banking policies.
Regulated brokers need to follow certain rules when it comes to finances, and IQ Option is no different here. If you know what the rules are, there’s zero reason that you will be upset about them when you are asked to follow them.
Our IQ Option review concludes that this is a great broker with a lot to offer traders, especially those that are just starting out or do not have advanced strategy skills yet in place. Other, more experienced, traders can also benefit from using IQ Option, but there is a definite appeal for new traders or those without a lot of capital here.
Whether or not this broker is right for you is up to you. CFD and binary options trading does have a lot of risk that is associated with it, and there’s a chance that you will lose money even when you use all of the proper risk management strategies that you should be using.
We encourage all traders to use demo accounts whenever they start using a new broker, and IQ Option does have a free demo trading service that you can use. This is a good way to get practice using the IQ Option platform in real time before you ever risk any of your own money. This certainly doesn’t guarantee that you will earn money trading, but it does help to reduce your chances of making a simple mistake when you are using the platform.
***Binary options are prohibited in the European Economic Area. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This material is not investment advice. ***