Is IQ Option legal in India? – Review for Indian traders

Trading Binary Options in India is now easier and more accessible than ever – thanks to online brokerage platforms. The penetration of online trading platforms offering to trade in binary options and other financial instruments has led to the exponential growth of trading in India. 

However, when it comes to India’s best binary options trading experience, IQ Option is the name every trader can count upon. It is a popular multi-asset broker platform supporting trade in binary options, commodities, forex, stocks, ETFs, cryptocurrencies, and more. Incepted in the year 2008, IQ Option is fast mushrooming as a one-stop provider of trading services. 

But it is always a thing of confusion for investors, whether IQ Option is legal in India or not? To break free from this confusion, keep reading this article.

Is IQ Option legal in India? 

Undoubtedly, this is one of the biggest questions traders in India baffle with. Though India follows pretty liberal policies regarding stocks and derivatives trading, it presents a very different scenario when it comes to options trading. But one thing is clear that trading is not banned in India. Furthermore, Indian regulatory bodies do not have any provisions for regulating or governing foreign traders operating in-country. This is because trading operations are executed outside the country. Thus, as such, there is no breach of law in trading with IQ Option in India. 

Regulation in India

Overseas brokers operating in India do not need to obtain any license from the Indian financial market regulators RBI (Reserve Bank of India) or SEBI. This compels traders in India to opt for brokers with European licensing. Moreover, it is best to go for brokers having globally recognized licenses. 

The top recognized licensing body for options brokers is Cyprus Securities and Exchange Commission (CySEC). Thus, be sure not to get lured by brokers alleging to be legally operating Indian brokers. There is no such broker in the region. 

Regulation of IQ Option

IQ Option is owned and operated by IQ Options Europe Ltd., a financial services company from Cyprus. IQ Option is a legitimate broker regulated, governed, and licensed by highly authoritative bodies like the Cyprus Securities Exchange Commission (CySEC) and Financial Services Authority of St Vincent and the Grenadines. 

Moreover, with CySEC regulated, IQ Option also conforms to MiFID laws. Apart from this, it is also a part of the Investors Compensation Scheme, registered with Spain’s National Securities Market Commission (CNMV) and Financial Agents Register (Regafi) in France. Here are the broker’s registration details:

• CySEC, license: 247/14.
• FSA (St Vincent & the Grenadines) registration 24840 IBC 2018.

When selecting an offshore broker in India, checking its regulations is necessary as these regulatory bodies act as watchdogs. They review and monitor the working of brokers, and in case of discrepancies, they take necessary actions. As such, if you trade with a highly regulated broker like IQ Option, your interests as a trader will always be protected. 

IQ Option review for Indian traders

IQ Option is a well-established broker platform with a huge customer base. With around seven million registered users spread over thirty countries, unarguably, IQ Option has amassed huge popularity in options trading. It executes more than 2 million trades in a day.

While continuously monitoring the reviews online, it has been found that IQ Option offers several benefits to Indian traders over other brokers operating in the country. To begin trading with it, you just need a deposit of $10 and a minimum investment of $1. Thus, just like other nations, IQ Option has gained trust among Indian binary traders as well. 

Now let’s take a look at IQ Option features. 

The IQ Option platform is accessible via different sources, including desktop, web, and mobile devices. The several highlights of this platform include: 

#1 Modern application

The IQ Option platform stands out for its modern interface. Feature-packed with the latest tools and functionalities, IQ Option has an intuitive platform that makes it easy to understand and use. The platform is beginner-friendly and facilitates an ideal environment for options traders to trade in a hassle-free manner. 

#2 Customizable tools and indicators

The IQ Option platform is laced with several technical indicators, tools, charts, and widgets to aid traders’ trade successfully. The platform allows trading directly via charts which are also customizable according to the timeframe and other factors. Moreover, you can easily switch between different instruments and charts at your convenience. 

#3 News and calendars

Market information plays a crucial role in influencing the price movement of an asset. The recent news updates, politics, and events around the world impact economic activities to a significant level. Therefore, to help you stay updated, IQ Option provides you with a functionality of News Feed which notifies you regarding the ongoing events in the world. Additionally, the platform also comes with a forex calendar, crypto calendar, and earning calendar to consistently guide you in the trading landscape. 

Pros and Cons of IQ Option

Pros

• IQ Option charges a reasonable spread as compared to other brokers. 
• It is a multi-award-winning broker company. 
• Recognized as the top trading app in the Financial category.
• Offers a free demo account to let traders try their hands on all features before investing real money. 
• Allows trading in more than 100 different markets. 
• Facilitates binary options trading on weekends also. 

Cons

• Though well-designed, the platform is somewhat slow. 
• Lacks a wide variety of assets. 
• Charges an inactivity fee of $/£/€10 on not using it for three consecutive months.
• A bit complex withdrawal and deposit which can be overwhelming for beginners. 

Overall, when gauging it’s all benefits and disadvantages, IQ Option comes out to be the best Binary Options broker for Indian traders. It is a trustworthy platform distinguished for offering several advantages over its competitors. Moreover, the broker is consistently making efforts towards improving its services to ensure the best experience for investors from India. 

How to use IQ Option in India? 

IQ Option is a user-friendly platform. You can easily open an account on it in just a few seconds. You can create your IQ Options trading account by signing up with Google, Facebook, or your email address. Additionally, traders in India are required to furnish their valid government-issued ID details to verify their accounts. This is done to ensure protection against money laundering risks. It is advisable to use a PAN card. 

Next, given below is a step-by-step process for opening an IQ Option account in India.

1. Open the IQ Option official website. 
2. Duly fill the registration form to log in to the website. 
3. After completing the details, head over to the profile section and complete your phone number verification process. 
4. Forward your ID details to docs@iqoptiondotcom. 
5. Next, you’ll receive a verification mail on your email address. This could take around 24-48 hours. 
6. Once the verification is complete, you can begin to trade by depositing funds in your trading account. 

IQ Option also provides you unlimited access to a demo account. Thus, you have the opportunity to test all its features. 

Step-by-Step guide to trading Binary Options in India with IQ Option 

To execute an Options trade:

1. Firstly, select the asset you want to trade. For example – EUR/USD, USD/JPY, or GBP/USD. 
2. Next, predict the price movement of an asset using fundamental and technical analysis. 
3. Now you need to specify the amount you want to trade with. 
4. If you expect the asset’s price to go up, choose CALL. And if you predict it to go down, select PUT. 
5. After this, wait till the expiration time. On reaching expiration, your trade will close automatically. For correct prediction, you will gain up to 91% profit, while for incorrect prediction, your loss will amount to the sum of your investment. 

IQ Option money deposit in India 

IQ Option offers a safe and easy deposit process for Indian traders. To deposit funds in your account, head to the upper left corner of the screen and hit the icon present there. From the menu that opens, select “My Account” and choose “Deposit.” This will open up a list of payment options. The several payments methods available in India are:

• Debit card/ credit card (MasterCard/ VISA/Maestro). 
• Web Money WME
• Web Money WMZ
• AstroPay
• Neteller
• Skrill
• Perfect Money
• Qiwi

Once you select the payment method, deposit money and hit the “Proceed to Payment” button.

IQ Option money withdrawal in India 

The payment method you use for withdrawal will be the same as your deposit method. So, make sure to select the deposit and withdrawal method that is most convenient for you. To withdraw money from your IQ Option account in India, firstly, you need to fill an application form. Then, open your account and select the option “Withdraw Funds.” Here you will be provided different withdrawal methods list, which includes:

• Debit card/ credit card (MasterCard/ VISA/Maestro). 
• Web Money WME
• Web Money WMZ
• AstroPay
• Neteller
• Skrill
• Perfect Money
• Qiwi

From this selection, your preferred option and your request will be sent. You can check the status of your withdrawal in the “History” section. If the status indicated is “Completed,” it implies your request is approved, and the amount has been transferred. If it is “Error,” then it means that you have submitted the wrong details, and you are required to fill the new application. 

When processing withdrawals, different payment methods will require you to furnish distinct details. For example – 

• Transferring funds to a bank card will require you to furnish the card holder’s full name and card number. 
• For transferring funds to the bank, you will have to mention complete bank details. 
• Transfers to Web Money will only need a wallet number, Qiwi will require a phone number, and Skrill will require an email address. 

IQ Option levies a certain fee in your local currency for bank wire transfers, regardless of your withdrawal amount. 

IQ Option account types available in India 

IQ Option offers three different account types for traders in India. With every account type, you get different benefits and services. So, let’s have a look at them:

#1 Demo account 

This is a free practice account that really comes in handy for beginners. It features all instruments available with a real account. The only difference is that here you keep virtual money at stake. Rest you get access to all trading strategies and tools just like a real account. Furthermore, this account also has a “top-up” facility which allows you to restore your virtual account balance to the original value. A demo account comes with an initial balance of $ 10,000 with a permissible limit to trade on 400+ assets. 

#2 Real account

This is a real money trading account that requires a minimum deposit of $10 and a trade size of $1. This account offers you access to multiple tradable instruments and participation in weekly trading contests. Apart from this, the real account has the following benefits:  

• 400+ assets for trading. 
• Maximum leverage – 1:500. 
• 24/7 live chat support. 

#3 VIP account

Professional traders who can make a minimum deposit of 1900 USD can opt for this account. VIP account holders enjoy additional benefits that are not available to demo account holders and real account holders. These benefits include:

• Free participation in trading promotions. 
• Dedicated personal manager to assist and advise when required. 
• 3% additional returns. 
• Higher profitability rate. 
• Personal tutoring and access to additional educational material. 

Support for Indian traders

IQ Option offers exceptional customer services to its clients based in India. You can reach out to them any time around the clock on their toll-free number 91 000 800 040 13 61, or you can drop them an email at support@iqoption.com. Apart from this, they also offer chat support so that you can speak with IQ Option experts via chat as well. Moreover, VIP customers get their individual support manager who is available around the clock.

The support is available in multiple languages. Thus, you can expect them to respond professionally too in minimal duration. 

Conclusion

All-in-all, IQ Option is a versatile platform suitable for all levels of traders in India. So, if you are interested in taking your binary trading to the next level, go for IQ Options. The application is available for Windows, Mac, Android, and iOS devices to offer you the flexibility to access your account as and when you want. It is a unique, reliable trading platform loaded with a wide selection of features suitable to provide you a successful trading experience.

Furthermore, its exceptional trading conditions and educational and market analysis sections make it an ideal choice for options trading in India. Although its withdrawal charges are pretty high, rest in all other aspects, the broker outperforms its competitors in India.