Is IQ Option Legal in South Africa?
IQ Option is an online trading platform offering clients the ability to trade financial instruments like binary options, stocks, forex, ETFs, commodities, and cryptocurrency. In addition, experienced traders have lauded the trading platform due to its consistent updates and trading recommendations.
Dmitry Zaretsky built the trading platform in 2013; since then, it hasn't looked. It has developed into one of the most prominent binary options brokers in the industry, boasting over 40 million registered users.
Despite access to the best trading instruments and a user-friendly interface, some traders are still concerned about the legitimacy of the trading platform. Therefore, let's discuss if IQ Option is legal in South Africa to ensure traders know what they are getting into by investing on the application.
For More Information on IQ Option, Read our article: IQ Option Review – Is it a Scam? [South Africa, 2022]
Is IQ Option Legal At All?
Yes, Indeed. IQ Option is legal in 213 countries. Traders from South Africa, India, Germany, France, Spain, and other countries can freely trade on the platform. However, IQ Option is not available in countries like the USA, as many jurisdictions' regulations consider it a kind of gambling.
Regardless, IQ Option is 100% safe to use as a trader. We can vouch for IQ Option being a secure platform in different aspects, like data safety, financial security, and trading. Also, various experts in the industry agree IQ Option is legitimate in all ways.
Despite varying opinions, trading in IQ Option can't be considered gambling. Users get access to different chart types representing marketing activities. It's segregated based on assets, dates, budgets, and other filters. Users need to use this information to make the correct decision instead of leaving it to chance.
Here are a few additional opinions that will convince any trader who doubts the legitimacy of IQ Option:
#1. Regulation by CySEC
IQ Option is authorized and regulated by the Cyprus Securities and Exchange Commission, also known as CySEC. Since the platform's company, IQ Option Europe Ltd, is registered in Cyprus, it automatically falls under CySECs jurisdiction. It's because the regulatory body handles Cyprus's financial industry.
Their goal is to ensure that the investors' money remains protected through careful supervision. Moreover, they continue to develop their expertise in the field and verify the legitimacy of the platform's financial activities.
IQ Option has nurtured an ever-growing stream of profitable partnerships through its affiliate model. Through this, they have partnered with over 245,000 affiliates and created an organizational system that assists them in the best way possible. As a result, IQ Option has become a go-to for trading experts and aspirants looking for more profits.
Additionally, several features have convinced thousands of organizations worldwide to put their faith in the trading platform. They are:
When a trading platform puts in monumental efforts to ensure its users are satisfied, they deserve to be tagged as a safe and dedicated service provider for trading aspirants.
IQ Option has ensured their customers can contact trained support teams whenever they have any issues. Moreover, IQ Option has got traders covered if they prefer:
Furthermore, they've taken extensive measures to safeguard the factor of customer service and keep their users alert at all times. They also support several languages like English, Italian, French, German, French, Austrian, and Portuguese.
Surely, you're a little intrigued about IQ Option. However, many amateurs, to-be, and established traders in South Africa doubt the legality of the trading platform in their country. Therefore, we're here to inform our South African prospects about the legal status of IQ Option in their country.
IQ Option Legal Status in South Africa
IQ Option has given South African users the freedom to trade cryptocurrencies and other binary options through its well-built and diversified trading platform. It's completely legal to use IQ Option in South Africa because the country hasn't made any rules restricting binary options trading.
Moreover, IQ Option is a fully regulated broker by holding licenses from financial authorities like CySEC, making it safe to use in South Africa. As a result, the trustworthy platform has attracted over 15 million people across the country. If you want to be a part of the hype, you can also register to start your trading journey on the platform.
Is it Legal to Use IQ Option as a South African Trader?
Yes, South African traders shouldn't hesitate to trade in IQ Option as binary options are completely legal here. The main reason behind this is that there aren't any regulations regarding trading in the country, which means no regulatory bodies to ensure brokers comply with the law.
In short, traders won't get punished for performing trading activities on the platform by any government authorities. But investors should proceed with caution because there aren't any restrictions or rules the brokers must follow.
Some brokers might be a scam, and you can't do anything about it, as there aren't any regulatory bodies. Thus, keep an eye for fraudulent activities.
Can IQ Option Be Trusted?
IQ Option is a trusted brand and has an excellent track record in trading and customer satisfaction. Still skeptical? Let's take a look at the wide range of features and accomplishments the broker has achieved over the past eight years.
Due to their dedicated services, IQ Option has received many awards over the past eight years from various regulatory bodies, investors, and trading professionals.
Here's a list of accomplishments that have been awarded to IQ Option:
Despite this long list, there are several other awards IQ Option has won over the years. Other awards won by the trading platform are the Best Technology Application, International Quality Gold ERA, and the Best Mobile Trading Award.
Considering that IQ Option is backed with an extensive list of awards presented by renowned organizations and trading regulatory bodies, it's safe to say they're not a scam. Above that, there are several features IQ Option has developed since its launch in 2013. Such iterations have maintained their legality and made their application the number one choice for traders.
Traders can choose between 90+ different assets to invest their hard-earned money. In the beginning, IQ Option was exclusively a binary options broker, but today they offer CFDs on forex, exchange-traded funds, stocks, cryptocurrencies, indices, and digital options.
Forex trading is the most popular option among traders in IQ Option. The platform features over 50 currency pairs like GBP/JPY, USD/CHF, NSD/USD, and AUD/USD, among others.
IQ Option offers CFDs on 184 stocks from companies around the world. Above that, no opening fees are charged for stock CFDs, meaning traders are free to purchase multiple of them without any additional charges.
The platform offers 12 different CFDs for cryptocurrencies. Crypto enthusiasts can choose from Bitcoin, Ripple, Qtum, Ethereum, ZCash, Dash, TRON, Litecoin, EOS, OmiseGo, Bitcoin Cash, and Ethereum Classic. The platform allows seamless deposits and withdrawals, making margin trading leverageable and short selling easier for users.
Users can trade digital options on exchange-traded funds. These include 24 ETFs such as semiconductors, energy, technology, and metals. Also, ETFs are traded as a single financial instrument.
Trading Fees and Costs
Compared to other brokers, IQ Option is transparent with the fees and commissions they charge users. These are the fees charged by the trading platform:
All in all, these fees are reasonable considering the additional charges other trading platforms impose on their consumers without any prior information. Despite all the features and accomplishments IQ Option has, they still value the customer experience and continue to evolve as a trading platform that is reliable and convenient to use.
In a nutshell, considering all such facilities and well-planned pricing plans, IQ Option does not stand a chance to be labeled as a non-legal binary options training platform.
As mentioned above, IQ Option is regulated by CySEC, so it's operating legally worldwide, including South Africa. With reliable customer support, a wide range of accolades, and a vast number of features, traders won't regret choosing IQ Option as their trading broker.
Those in South Africa can begin their local trading journey without the fear of getting punished by local authorities, as there aren't any regulations set in terms of binary options trading.
Consequently, IQ Options' heavy-duty investments, global team, exciting future, strategic growth planning, and their inspirational directors are here to help us become financially independent in the future.