In this review we warn against IQ Option 247 Trade, which is a scam broker that has nothing to do with the real broker IQ Option.
What is IQ Option 247 Trade
IQ Option 247 Trade is a broker that offers CFD trading on commodities, stocks, indices and Forex. The minimum amount to open a trading account is 1000 USD.
The broker uses the Metatrader 4 and 5 platform for trading and you can use leverage up to 1:500.
IQ Option 247 Trade claims to be located and regulated in Belize. Is it a legit broker?
IQ Option 247 Trade scam
Unfortunately, IQ Option 247 Trade is not a legit broker. In fact, it is a scam. In this review we explain why.
There is an established and regulated broker called IQ Option that has been on the market for years. But IQ Option 247 Trade has nothing to do with it, it is just using the same name!
In other words, IQ Option 247 Trade is an illegal clone of the real IQ Option broker. Companies that are trying to abuse names of other legit companies are just scams, there is no way around it.
But there is more proof.
One obvious giveaway that IQ Option 247 Trade is a scam is right on its official website. Namely the World Forex Award that the broker has supposedly won. Because it is not true.
You can see it in our picture below or check it on the World Forex Award website. IQ Option 247 Trade claims to have won awards for the best forex broker, best customer support and best mobile application in 2020.
But as you can see, these awards have been awarded to completely different brokers. In fact, IQ Option 247 Trade has not won a single World Forex Award!
A broker that is faking its own awards is a scam. Again, there is no other possibility.
IQ Option 247 Trade claims to be based in Belize and regulated by the International Financial Services Commission (IFSC). But it is not true.
When you search the IFSC website for IQ Option 247 Trade, you won’t find anything, see our picture below.
You can also do a search in the Belize International Corporate Affairs Registry, and again, you won’t find any company with this name.
Therefore IQ Option 247 Trade is obviously not registered nor regulated in Belize. Nor anywhere else in the world, which makes it an illegal broker.
How IQ Option 247 Trade works
It appears that IQ Option 247 Trade is a simple scam that will just take money from people and keep it. If you start trading with the broker and lose in trading, you might not even notice that there is something wrong with the company.
But as soon as you ask for a withdrawal, you will see what is really going on, because the broker won’t let you withdraw anything.
This is exactly what happened to one of our readers and this is how IQ Option 247 Trade came to our attention. So now you know that you have to stay away from it.
IQ Option 247 Trade review – Conclusion
IQ Option 247 Trade is a scam broker that has noting in common with the real broker IQ Option. You have to stay away from IQ Option 247 Trade in order not to lose money to this fraudulent company.
If you want to try legitimate financial trading, start on a free demo with a regulated company. Try everything out with virtual money.
If later you decide that you want to try real trading with real money, make sure that you understand the risks and that you have a good strategy.