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IQ Option bullied investor by denying withdrawal request

Abstract:Recently, WikiFX got a complaint about IQ Option from investor, who couldn' t withdraw her money for the Forex broker arbitrarily terminated the service agreement, froze her account and kept on delaying withdrawal requests.

IQ Option claimed that investor breached service agreement

Froze investor' s account arbitrarily

Refused to process withdrawal application

Platform is acting like a mean bully to its customer

  Recently, WikiFX got a complaint about IQ Option from investor, who couldn' t withdraw her money for the Forex broker arbitrarily terminated the service agreement, froze her account and kept on delaying withdrawal requests.

nvestor complained to WikiFX about IQ Option

  Investor offered WikiFX her ID card to ensure the authenticity of complaint.

Investor lodged a real-name complaint by presenting ID card

  As per Ms. Huang' s said, she opened an account in July, 2018 and kept on depositing money to IQ Option. Though she made some loss in trading, the withdrawal service worked normally. Last December, she couldn' t place order at the platform, and submitted withdrawal application for the safety of large sums of money in her account. However, the application has been still “ in progress”by this March, and she cannot get the money back.

  Ms. Huang contacted IQ Option several times, who replied that due to her violation of the trading rules, the platform detained her profit, froze the account, and finally terminated the service agreement with her. Meanwhile, Ms. Huang said that she had been losing money without any profit; Moreover, the platform should return her principal legally. But IQ Option didn' t reply anymore.

  Until now, Ms. Huang' s withdrawal application still hasn' t been approved.

  1. Ms. Huang kept on depositing money to IQ Option from July, 2018.

Screenshot of Ms. Huang' s deposit record

  2. Ms. Huang tried to withdraw the money in her account on December 17th, 2018, but the application has not been approved until now.

Ms. Huang' s withdraw application hasn' t been approved

  3. Meanwhile, Ms. Huang emailed IQ Option about the principal frozen. The broker claimed that she would not get any profit because of violating customer agreement.

Screenshot of IQ Option' s email reply

  4. Ms. Huang pointed out that she had been losing money in trading without any profit. And it was illegal for the platform to retain her principal. She added that if IQ Option cannot provide an acceptable solution, she will seek media attention and even call the police.

Screenshot of Ms. Huang' s email to IQ Option

  5. Without giving further explanation about the withdrawal issue, IQ Option simply told Ms. Huang that they sent the agreement termination notice - their final decision to freeze her account.

Screenshot of IQ Option' s email

  To date, Ms. Huang cannot withdraw her money because of account frozen and withdrawal request unapproved.

About IQ Option

  Risk warning

Screenshot of IQ Option' s risk warning from WikiFX App

  WikiFX App suggests there' s one risk warning of IQ Option: the platform uses non-MT4/5 trading software, and has considerable risk.

Conclusion

Screenshot of IQ Option' s interface from WikiFX App

  Rated at 5.01 on WikiFX App, IQ Option is in regulation and holds CYSEC(Cyprus)' s MM license. But the broker uses non-MT4/5 software, which can be risky to some extent. In addition, Ms. Huang' s complaint suggests IQ Option claimed to detain her profit due to violation of customer service despite the fact that she had been losing money; Moreover, the platform froze her principal illegally. Investors should watch out for that.

  Kind reminder from WikiFX: Carefully check broker' s compliance information before making your investment to avoid risk and loss. Should you encounter issues such as withdrawal failure, keep the evidence and seek media attention or police assistance to protect your rights and interest.

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United States Dollar

  • United Arab Emirates Dirham
  • Australia Dollar
  • Canadian Dollar
  • Swiss Franc
  • Chinese Yuan
  • Danish Krone
  • Euro
  • British Pound
  • Hong Kong Dollar
  • Hungarian Forint
  • Japanese Yen
  • South Korean Won
  • Mexican Peso
  • Malaysian Ringgit
  • Norwegian Krone
  • New Zealand Dollar
  • Polish Zloty
  • Russian Ruble
  • Saudi Arabian Riyal
  • Swedish Krona
  • Singapore Dollar
  • Thai Baht
  • Turkish Lira
  • United States Dollar
  • South African Rand
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