IQ Option is not a safe broker as per our review because they are not regulated with any Top Tier regulator. Read our full review to find why we don't recommend them.
IQ Option is a forex, CFD, and binary options broker that accepts traders from Malaysia. The company was founded in 2013 and is registered in St. Vincent and Grenadine. They have a dedicated website for Malaysian traders. They currently have more than 48 million registered users. They have operations in 189 countries as of 2020.
Even though IQ Option is a popular broker, especially for options trading, they do not seem to be well-regulated. They are not licensed to operate by any major financial authority in the world.
Note: IQ Option is not a safe broker as per our research, and we consider it a high risk broker.
IQ Option offers Islamic accounts for Islamic traders that does not charge any interest (except when trading leveraged CFDs). IQ Option offers two primary types of accounts: the basic account and the VIP account. The VIP account comes with certain privileges but a trader needs to deposit more money and have a higher trading volume.
IQ Option offers its own proprietary trading platform for traders to use. Their trading platform is available on both Windows and MacOS desktops. It can also be accessed through a web browser. They do not offer the MetaTrader 4 or the MetaTrader 5 trading platforms.
Overall, they offer a wide variety of instruments to traders. Traders can access 76 forex pairs, 177 stock CFDs, 89 options, 26 cryptocurrencies, 4 commodities, and 23 ETFs.
In this IQ Option review, we will discuss everything you need to know about IQ Option before trading with them. We will cover the pros and cons, safety, trading platforms, fees, trading instruments, accounts, customer support, and more.
IQ Option Malaysia Pros
IQ Option Malaysia Cons
|👌 Our verdict on IQ Option||#9 Forex Broker in Malaysia|
|🏦 Broker Name||IQ Option|
|💵 Typical EUR/USD Spread||0.005%|
|📅 Year Founded||2013|
|💰 IQ Option Minimum Deposit||$10|
|⚙️ Maximum Leverage||Variable Leverage|
|⚖️ IQ Option Regulations||Unregulated|
|🛍️ Trading Instruments||76 forex pairs, 177 stock CFDs, 89 options, 26 cryptocurrencies, 4 commodities, and 23 ETFs.|
|📱 Trading Platforms||Proprietary trading platform for desktop, tablet, web & mobile|
IQ Option has been in operation since 2013 and is a popular broker with operations in more than 189 countries. However, IQ Option is not licensed to operate by any of the best financial regulators in the world.
This makes IQ Option an unsafe broker to trade through compared to other highly regulated brokers.
However, it may be worth noting that IQ Option provides an auto-close function. This means that when trading forex or crypto instruments, a trade will be automatically closed if the amount of loss on the trade exceeds 95%. This feature may help traders limit their loss from trades.
IQ Option also keeps clients’ funds in a separate bank account, which could add to the safety of the funds.
Overall, we do not consider IQ Option to be a safe broker to trade through.
IQ Options charges fees that depends on the timing of the trade, the type of account held, and the instrument being traded.
Hence, to give traders an indication of the amount of fees that are charged, we will be using certain benchmark examples.
Here is a breakdown of trading & non-trading fees at IQ Option Malaysia
Low Variable Spread – IQ Option charges a spread that depends on the market conditions and the amount of leverage. For example, their typical spread for trading the benchmark EURUSD currency pair is 0.005%. If a position is kept open overnight, then the trader will also have to pay an overnight funding charge.
Here is a screenshot of the typical spread charged for various currency pairs with the Basic account at IQ Option.
No Commission – IQ Option does not charge a commission per trade.
No Deposit Fee – They do not charge a deposit fee. However, the payment service provider may charge a fee or commission on your deposit.
Charges Withdrawal Fee – IQ Option charges a withdrawal fee. If the withdrawal is being made through a bank transfer, then the fee charged would be $31 or the equivalent amount in a different currency. Traders cannot withdraw an amount which is less than 2 Euros or equivalent. Traders can make one free withdrawal per month.
Inactivity Fee after 90 Days – If a trading account is inactive for a period of more than 90 days, then a monthly inactivity fee of 10 Euros is charged.
Overall, we consider IQ Option to be a medium-cost broker. They do not charge a commission, however, they charge hidden fees like a withdrawal fee and an inactivity fee.
Currently, IQ Option does not have any promotional offers or bonus.
IQ Option offers several ways through which Malaysian traders can make their deposits and withdrawals.
Credit and Debit Cards – IQ Option accepts payments through Mastercard and VISA cards. A minimum deposit of $10 needs to be made.
Local Bank Transfer – A local bank transfer can be made through netbanking services. The minimum deposit amount is $10.
UPI – If a trader has a UPI account, then they can use that to make a deposit. The deposit takes between 1 – 3 business days to reflect in your account. The minimum deposit needs to be $10.
Payment Wallet – IQ Option also accepts payments through popular payment wallets such as RuPay, Skrill, AdvCash, Perfect Money, and WebMoney.
Remember that IQ Option does not charge a deposit fee, however, your payment service provider may charge a transfer fee.
Also, IQ Option charges a withdrawal fee apart from one free withdrawal per month. A withdrawal request may take up to three days to process.
IQ Options offers two primary types of accounts to traders. These are the Basic account and the VIP account.
Both of these types of account can be converted to Islamic accounts for Islamic traders.
Here is the primary difference between each account type offered by IQ Option.
Islamic Accounts – Traders can request customer support that their trading account be converted into an Islamic account. Under Islamic accounts, no interest is charged for opening, closing, or holding your position. However, this does not apply to leveraged CFDs.
Additionally, traders can donate their winnings to a charitable organization without any fees. There are a wide range of leverages that traders can choose from.
Basic Account – When a trader signs up for an account with IQ Option, they are provided a basic account by default. Under this type of account, the minimum deposit requirement is $10. Traders can access a range of leverages depending on the type of instrument that is being traded.
VIP Account – In order to access the VIP account, a trader must make a deposit of at least $1600 over the last 60 days. Their trading volume over the last 60 days must be at least $6,000.
There are several benefits of having a VIP account including higher profitability, 24/7 customer support, unique offers, additional educational materials, registration in tournaments, exclusive webinars, public VIP chats, and a dedicated account manager.
IQ Option provides access to a wide range of trading instruments. Overall, they offer 76 forex pairs, 177 stock CFDs, 89 options, 26 cryptocurrencies, 4 commodities, and 23 ETFs.
It is worth noting that IQ Option offers both options trading and cryptocurrencies. Their selection of forex pairs is also wider than most other forex brokers.
We consider the selection of instruments available at IQ Option to be better than average when compared to other similar brokers.
IQ Option has its own proprietary trading platform that traders can use. The trading platform is available for both Windows and MacOS users. Traders can also access the trading platform through their web browsers. The trading platform is also available as an app on smartphones for Android or iOS users.
IQ Option does not offer the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platforms.
Malaysian traders can access IQ Option’s customer support team in a couple of ways. However, it should be remembered that their customer support is not available in Malay.
Live Chat – In order to access IQ Option’s live chat, traders will need to open an account with them. We tested IQ Option’s live chat feature and found it to be largely helpful. They responded quickly and the hold time was not more than one minute.
However, to speak to a human customer support executive, you will first need to chat with a bot. The automatic responses provided by the chatbot were not found to be helpful and unnecessarily delayed the customer support process.
Email – Traders from Malaysia can get in touch with customer support through email. However, there is no dedicated email handle for Malaysian traders.
No Phone Line – Traders from Malaysia do not have the option of seeking customer support through phone call, unlike several other countries. There is no local phone number or international number that traders can call.
Help Center – A frequently asked questions section is available on their website which provides the answers to few questions. Even though the help centre is not extensive, it does answer a few popular questions.
No, we don’t recommend IQ Option for Malaysian traders. As per our research they are not a safe broker.
On the positive points, they charge an average amount of fees for the services that they provide. Customer support is helpful and they have a dedicated website for Malaysian traders. They offer Islamic accounts for Islamic traders. Their proprietary trading platform is easy-to-use and can be accessed quickly.
But the primary drawback to trading with IQ Option is that they are not considered to be a safe broker. They are not licensed by any of the major financial authorities in the world.
They also do not provide their service in the Malay language.
Overall, we advise against trading with IQ Option.