CySEC Licensed, Binary Options Legacy
Binary Options Focus (Despite ESMA Ban)
CySEC License: IQ Option holds a valid CySEC license (#247/14), but this was obtained to operate binary options, a product later banned by ESMA in the EU (2018) for systematic fraud.
Binary Culture: The company retains the aggressive sales and high-risk focus typical of the binary options sector, leading to persistent client complaints even on its current CFD/Forex offerings.
The Withdrawal Block Tactics
IQ Option uses multiple tactics to block or delay withdrawals from profitable traders:
- Fake Violations: Citing vague "trading pattern violations" or "bot usage" without providing proof.
- Aggressive KYC: Demanding notarized or excessive documents (tax returns, employment proof) months after the account was verified.
- Bonus Traps: Activating hidden bonus terms to trap the deposit amount under high turnover requirements.
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Disclaimer: The information provided in our rankings is based on real-money testing and verified logs. This is not financial advice. Automated trading involves significant risk of capital loss. Always trade responsibly.
Victim Testimonials (Verified)
Victim #18 — Robert S., UK
I deposited £10K. After a profitable month, I requested a large withdrawal, they denied it, claiming I used a 'non-approved trading bot' which violated their terms. I never used a bot—it was all manual. They refused to provide evidence. It was an invented term to steal my money. CySEC complaint was slow and ineffective.
Verified: CySEC complaint logs, internal denial emails, bank statements
Victim #31 — Maria L., Italy
I deposited €5K. Made €6K profit. When I requested the full amount, they started the aggressive KYC process. I sent my passport, utility bill, and bank statements. They then demanded a notarized declaration of fund source, then a 2018 tax return. This went on for 4 months. They were clearly stalling until I gave up.
Verified: 4-month long KYC document trail, withdrawal logs
Victim #55 — Jason T., Germany
The platform was clearly rigged on short-term trades. I saw the price jump or the connection drop milliseconds before expiry when I was winning. When I tried to withdraw, they refused, citing a 'bonus condition' I vaguely clicked 18 months ago. It's a classic bonus trap. Lost €8K.
Verified: Platform video evidence, bonus terms email, BaFin complaint
Red Flags (Why IQ Option is High Risk)
🚩 Binary Options Focus
Despite CySEC license, the primary product (binary options) is a rigged gambling product banned in major markets.
🚩 Fake Violations
Withdrawal refusals citing invented 'trading pattern violations' or 'bot use' without evidence.
🚩 Aggressive KYC
Endless document requests (tax returns, notarized documents) used as a deliberate stalling tactic for withdrawals.
🚩 Platform Manipulation
Reported issues with requotes, disconnections, and price jumps favoring the broker on short-term trades.
🚩 Bonus Traps
Use of deposit bonuses with impossible turnover requirements to legally block client funds.
🚩 CySEC's Limited Scope
CySEC is slow to act on the specific (and complex) binary/platform manipulation complaints.
What to Do If You Disputed Funds
Immediate Actions (Leverage CySEC):
- 1. File CySEC Complaint: Because they are licensed, file a formal complaint with the Cyprus Securities and Exchange Commission, detailing the fake 'violation' or aggressive KYC.
- 2. Chargeback: File immediately with your card provider, citing "breach of contract/service failure" due to the withdrawal block.
- 3. Demand Evidence: In writing, demand the broker provide verifiable proof of the "trading pattern violation." They rarely can.
Safe, Regulated Alternatives
✅ Use Real Tier-1 Regulated Brokers
- Startrader (9.3/10) — Real ASIC/FSCA, zero binary history
- IC Markets (9.2/10) — ASIC since 2007, verifiable
- Vantage (9.1/10) — ASIC + FCA, real licenses
- Pepperstone (9.0/10) — ASIC/FCA/CySEC, legitimate
- OANDA (8.7/10) — FCA/ASIC/NFA, transparent