Complaints about IQOption?
Founded in 2013, IQOption is one of the leading binary options brokers that is based in Cyprus. They are regulated by the Cyprus Securities Exchange Commission (CySEC) and operate with the CIF license number 247/14. We noticed that among all the binary options brokers that we have reviewed, there are very few complaints that have been made against this broker. Most of the feedback that we have received concerning this particular broker has in fact been positive. So how does IQOption manage to stay on the good side of traders from all over the world? The answers can be found in the quality of their customer service and support (CSS).
So what is Customer Service and Support (CSS)?
CSS can be defined as the management of relationships between a company and its customers, in our case between IQOption and its traders. It is about ensuring that that the customer will be satisfied with the products or services which the company is offering. It is one of the key factors which helps a company to ensure its flow of continuing revenue.
So when people comment about IQOption being friendly, trustworthy, professional and fair, this is a direct result of IQOption’s efforts in trying to please their clients. It also goes to explain why despite being a relatively new broker in the industry, they have become one of the fastest growing brokers around.
Maintaining A Good Working Relationship With Traders Through Customer Support
One of the main factors which helps a broker in building a good rapport with its traders is through its Customer Support services. The support team actually represents the “face” of the broker and how well the support team handles the interaction between traders and broker will determine how the traders will perceive the broker. In a business which relies highly on speed and trust, first impressions do count.
Because IQOption realizes the importance of the role of its customer support team plays, the broker has ensured that the support staff are properly trained in all aspects of the business operations. And because of this, the support team is able to address the concerns of traders quickly and effectively. Not only are the support staff knowledgeable about the products and services, they are also multi-lingual and can communicate with traders in several major languages. Having multi-lingual support staff also helps to cut down the chances of miscommunication during the interaction with traders.
Trader’s Trading Experience
But having a good customer support team to attend to the needs of traders is not all there is toward providing satisfaction to traders. It involves much more than that. In fact, it’s the whole experience which traders get to feel when they trade binary options at a particular broker. For IQOption to help ensure that their traders get to having a fulfilling trading experience when they are trading, they start from the very beginning which is when traders first signed up for a trading account.
IQOption Login & Trading Accounts
Signing up for a trading account is as simple as it can get with IQOption. There are 3 types of trading account currently being offered by IQOption. The first one is the Demo account which is provided free of charge and the one that you use to practice with. You can sign in using your Facebook or Google account or you can sign up the traditional way, that is by filling in all the details in the registration form. Once you have completed the form and accept the “Terms & Conditions”, you will be granted access to IQOption.
The second type of account that is available at IQOption is the Standard trading account. In order to open one, you need to make a minimum deposit of $10. Take note that IQOPtion’s minimum deposit requirement is the lowest in the industry. Most brokers will require you to deposit at least $100 before you can start live trading. The reason why IQOption set its minimum deposit requirement at such a small amount is because the broker believes that everyone should have the opportunity to trade binaries regardless of their financial status in life. Of course that is not to say that IQOption doesn’t value serious traders which is why they offer another type of trading account called the VIP account for this particular group of traders. Although the minimum deposit requirement for the VIP account is higher at $1000, the withdrawal processing time has been reduced to just one day. And on top of that, you are also entitled to a 100% signup bonus.
Remember earlier, we mentioned that the demo account gives trader the ability to practice their trading skills? Well, the learning process doesn’t just stop at practicing with the demo account. In fact for an expansive learning experience, traders also need to have access to quality educational materials. With IQOption, traders who are interested in learning more about binary options trading have access to a wide range of educational resources such as webinars, eBooks, articles and video tutorials. All these resources will help new traders understand why the markets behave the way they are and also learn how to maximize their trading opportunities under certain trading conditions. IQOption strongly believes that a knowledgeable trader will have a higher chance of success than those without any proper financial education. This is the main reason why they offer their traders so many learning tools.
Banking and Withdrawal Options
To help make things easy for traders, IQOption supports a wide variety of funding methods such as credit/debit cards, web wallets and bank wire transfer. The same goes for withdrawals. However for most traders, their main concern is the withdrawal of their money, the ease of making a withdrawal, how fast it takes and how much it would cost them.
Among the brokers in the industry, IQOption offers one of the shortest withdrawal processing timescales. While the normal processing time is 3 business days, VIP account holders still have the benefit of having their withdrawal requests processed in one day. So far no other binary options broker has offered such a short withdrawal processing time.
Another factor which gives traders the confidence to trade with IQOption is the fact that it is a regulated broker by CySEC. What this means is that IQOption’s operations are subjected to the watchful eyes of a regulatory body. In other words, IQOption operates by a strict code of conduct that falls in line with the binary options trading standards. Regular audit reports have to be submitted to the regulator to ensure that IQOption is in compliance with all the regulatory requirements such having adequate liquidity to meet all the client’s obligations.
When you look at the way IQOption’s operations have been set up in its entirety, it is easy to understand why this broker is so popular among the binary options trading community. Of course, there will be detractors as we cannot please everybody, but for the majority of traders that have dealt with IQOption, they are quite satisfied with the quality of the services rendered. And this is why there are so few complaints about IQOption.
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