iq option Review 2026: Is this Forex Broker Legit or a Scam?

Executive Summary: iq option is a “middle-of-the-road” broker that is legitimate on paper due to its Cyprus regulation, but highly controversial in practice due to withdrawal issues. With a WikiFX Score of 5.46, it sits in a grey area where legal compliance meets poor user feedback.

Finding a trustworthy trading partner is stressful. Before you find a Forex broker that deserves your hard-earned cash, you need to look past the flashy advertisements and check the cold, hard data. In this iq option review, we analyze why a broker established in 2014 with millions of users is currently facing a wave of complaints, and what its “AA” Influence Rank actually means for your wallet.

Question 1: Regulation & Safety: Is my money safe?

The first thing we check is the license. A broker without a license is like a bank without a vault—unsafe.

The Good News

According to the database, iq option is regulated by the Cyprus Securities and Exchange Commission (CySEC) under the name IQOption Europe Ltd (License No. 247/14).

Why does this matter?

CySEC is a recognized European regulator. It requires brokers to use Segregated Accounts. This means your trading capital is kept in a different bank account than the company's own expense account. If the broker goes bankrupt, your money should theoretically be safe and not used to pay their debts.

The Bad News

Despite the regulation status in Cyprus, other nations are waving red flags.

• Malaysia (SCM): Listed iq option on their “Unauthorized” list for carrying out capital market activities without a license.
• Singapore (MAS): Placed them on the Investor Alert List.
• The Verdict: If you are a European trader, you are under the protection of CySEC. If you are trading from upcoming markets like Latin America or Asia, you may be dealing with an offshore entity that lacks these strict protections.

Question 2: What are real traders complaining about?

A license is just a piece of paper if the broker doesn't honor it. We looked at the WikiFX complaint database, which has logged 98 complaints in just the last 3 months. Here is what real users are saying:

1. The “Withdrawal Loop”

Traders from Colombia, Brazil, and Peru report the same issue repeatedly: deposits are instant, but withdrawals are rejected or stuck in “processing” indefinitely.

• Case Evidence: One user reported that after being a “VIP” client with a personal account manager, their support access was cut off as soon as they tried to withdraw $2,778. The withdrawal has been “under review” with no end date.

2. Account Blocking After Winning

Several users claims that as soon as they made significant profits, their accounts were flagged for “verification” or blocked entirely.

• Case Evidence: A trader invested $20, generated profit up to $51, and was immediately blocked when attempting to withdraw.

3. The Bonus Trap

Bonuses often look like free money, but they are dangerous.

• Case Evidence: A user accepted a small bonus, traded up to a higher balance, and then cancelled the bonus. Instead of just removing the bonus amount, the system wiped their account balance to zero.

Pro Tip: Never accept a “Deposit Bonus” unless you read the Terms & Conditions. Brokers often use these bonuses to lock your capital until you trade an impossible volume (e.g., trading $10,000 to unlock $100).

Question 3: What software will I use?

iq option does not use the industry-standard MT4 or MT5 platforms. Instead, they use a Proprietary (Self-Developed) Platform.

The Risk of Proprietary Apps

While their app is described as “smooth” with “good search functions,” using a broker's own software creates a “walled garden.” You cannot use external automated trading robots (EAs) or custom indicators easily. Furthermore, because only the broker controls the software code, skeptics argue it is easier for a broker to manipulate price feeds on the back-end compared to using a third-party standard like MetaTrader.

Security Warning

Security is your responsibility, too. Always ensure you are on the official HTTPS website before you enter your login details. Phishing sites often copy the look of popular login pages to steal your credentials. iq option's own software review notes a lack of “two-step login” for added security, which is a significant modern oversight.

Final Verdict: Should I open an account?

iq option is a paradox. It is huge, influential (Rank AA), and regulated in Cyprus. However, the sheer volume of complaints regarding withdrawals and account blocking cannot be ignored.

The Bottom Line:

• Safe? Only if you are under the European entity regulated by CySEC.
• Risky? Highly risky for international clients, as evidenced by warnings from Malaysia and Singapore and nearly 100 recent complaints.

If you want to sleep well at night, you might want to look for a broker with fewer active withdrawal disputes.

Status changes daily. Before depositing, check the WikiFX App for the latest real-time certificate and active complaints.