IQ Option review
IQ Option is still one of the largest binary options platforms by traffic, but the regulatory picture has inverted since our original review. The CySEC licence has been returned, and binary options are offered by an international entity that holds no financial licence at all.
Which entity would hold your money
This is the part most reviews skip, and it is the only part that determines what happens if a withdrawal is refused. The brand spans several companies with very different permissions:
| Entity | Regulator | Licence | Status |
|---|---|---|---|
| IQ Option Europe Ltd | CySEC (Cyprus) | 247/14, granted 30 July 2014 | Licence returned. EU-facing business now runs as Quadcode Markets and offers CFDs, not binary options. |
| Quadcode Markets | Securities Commission of the Bahamas | granted December 2023 | FX and CFD trading. Not a binary options permission. |
| Quad Code AU Ltd | ASIC (Australia) | AFS authorisation | Binary options are banned for Australian retail clients regardless. |
| IQ Option Ltd (international) | none | — | The entity that actually offers binary options. Unregulated. |
A licence held by one entity does not extend to another. If you open a binary options account, your counterparty is the unregulated international entity — regardless of which licences appear elsewhere on the website.
What changed, and when
- 2013 — founded.
- July 2014 — CySEC licence 247/14 granted to the Cyprus entity.
- 2016, 2019 — CySEC penalties: €180,000 (reduced to €20,000), then a €450,000 settlement over conflicts of interest.
- 2017 — pivot toward CFDs and crypto; MAS alert list in Singapore; RBI alert list in India.
- 2018 — the ESMA ban removes binary options for EEA retail clients.
- February 2022 — Bappebti blocks the platform in Indonesia alongside 90+ others.
- December 2023 — Quadcode Markets obtains a Bahamian licence.
- Since — the CySEC licence for the IQ Option brand is returned; European business continues as Quadcode Markets, CFDs only.
- March 2026 — the group takes a strategic stake in an FPFX operator, targeting prop trading, prediction markets and daily fantasy sports.
Restricted countries
Roughly 40 countries are refused, among them the whole EEA, the UK, the US, Canada, Australia, Japan, Israel, Russia, Belarus, Ukraine and Switzerland. If you are in one of those markets, the question of whether this is a good broker does not arise. Check your jurisdiction first.
Our assessment
The platform itself has never been the complaint we received. What has changed is everything around it: the licence that gave European clients a compensation scheme and a dispute route is gone, the entity behind the binary product is unregulated, several regulators list the brand as unauthorised, and the group's own investment is moving elsewhere. If you trade here, you are an unsecured counterparty to an offshore company. Size the position accordingly.
Advertiser disclosure: this is a sponsored link and we earn a commission if you open an account. It has not changed anything above — the licence situation is stated because it is the material fact.
Frequently asked questions
Is IQ Option regulated?
Partly, and not for this product. Group entities hold a Bahamian licence and an Australian authorisation, both covering FX and CFDs. Binary options are offered by the international entity, which holds no financial licence. The CySEC licence that once covered the brand in Europe has been returned.
Which countries are blocked?
Roughly 40, including the entire EEA, the United Kingdom, the United States, Canada, Australia, Japan, Israel, Russia, Belarus, Ukraine and Switzerland. The blocks track the jurisdictions that banned the product or where the group has no permission.
Has IQ Option been sanctioned by a regulator?
Yes. CySEC fined the European entity €180,000 in 2016 (later reduced to €20,000) and reached a €450,000 settlement in 2019 over conflicts of interest. The brand also appears on the RBI Alert List in India, was blocked by Bappebti in Indonesia in February 2022, was placed on the MAS alert list in Singapore in 2017, received a CVM stop order in Brazil, and has been named by the FSCA in South Africa as unauthorised.
Is the company moving away from binary options?
The direction of travel is clear. The group restructured around Quadcode, launched a white-label platform in 2024, and in March 2026 took a strategic stake in an FPFX operator with stated plans in prop trading, prediction markets and daily fantasy sports. Binary options are not where the group is investing.
Where does its traffic come from?
Concentrated in a handful of emerging markets. As of June 2026: Brazil about 24%, Colombia about 17%, Thailand about 17%, India about 5%, Mexico about 4%. Binary options are prohibited in two of those five.
Risk warning: binary options are high-risk speculative instruments and most retail accounts lose money. Nothing on this page is investment advice or a recommendation to trade.