Finance

Is IQ Option legal in India?

IQ Option legal India

IQ Option is one of the most respected and well-known brokers that offer services such as trading with forex pairs, options, commodities, cryptocurrencies, indices, stocks, and ETFs. They provide an award-winning platform with a bunch of useful tools. Since its inception in 2008, the platform has grown to be one of the biggest in the world, processing an estimated 2,000,000 trades per day. IQ Option serves many countries including India. However, some have some misconceptions about the extension of their services in India, which this article will address. To get more detailed information about IQ Option,that IQ Option legal in India you may check out the platform’s review.

What IQ Option offers

Initially, a binary options broker, IQ Option now provides CFDs on stocks, cryptocurrencies, Forex, ETFs, and digital options.

  • Cryptocurrencies: IQ Option allows users to trade 12 major cryptocurrencies such as Dash, IOTA, OmiseGo, Zcash, Monero, Ripple, Litecoin, Ethereum, and Bitcoin.
  • Stock CFDs: IQ Option provides CFD trading on over 176 stocks of major companies listed on the NASDAQ and NYSE stock exchanges.
  • Forex: Forex trading is one of the biggest markets in the world where traders can hope to achieve enormous profits in a very small time frame. IQ Option provides access to more than 188 currency trading pairs.
  • ETFs: ETFs or Exchange Traded funds work by tracking commodities, assets, and indices and can be traded similarly to common stocks. IQ Option provides users access to 4288 different Exchange Traded Funds.
  • Options: Options provide users the opportunity to speculate on the price of assets such as currencies, indices, commodities, and stocks. IQ Option provides more than 10 million options.
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The Legal Status of IQ Option In India

IQ Option is classified as a securities trading platform, according to Indian law, even though experts have their own opinion on this. The SEBI or Securities and Exchange Board of India regulates the securities markets in the country. It has been operating since 1995 and has full control over the activities of brokers, companies, and individuals taking part in securities trading. The regulatory body has faced criticism in the past, due to its unchecked power.

However, the laws are hazy in this respect, as many Indian traders look to trade binary options regardless of their legal status in the country. To get around this, Indian traders can choose an international brokerage service, one which has a good reputation among its customers and is regulated by an international regulatory body. In this case, IQ Option is a Cyprus based Trading platform. Always remember that IQ Option is unregulated and not illegal under Indian laws.

Using IQ Option in India

Now that we have established that IQ Option is unregulated but not illegal in India, it’s time to look at how to register. When it comes to Indian traders, they should provide their PAN ID card as national ID proof. The following steps explain the account registration procedure.

  • Go to the website and fill out the registration form provided to you.
  • After filling the form, go to the profile section and enter your phone number for verification.
  • Alternatively, you can send your PAN ID to their official mail: docs@iqoptiondotcom
  • After verification is completed, you will receive a verification mail within 24 to 48 hours.
  • After this step is completed, you can deposit and withdraw funds from your trading account.
  • You also have access to a demo account where you can trade in a real-time environment using virtual money.
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How to Deposit and Withdraw?

When it comes to depositing funds, the Reserve Bank of India puts strict restrictions on making international payments through debit cards. You should thus use payment processors such as Neteller, WebMoney, and Skrill to make deposits. IQ Option’s minimum deposit amount is $10.

IQ Option processes their payments to clients promptly without fail. They provide multiple pieces of information such as reference ID and transaction ID, along with the exchange rate and amount received.

For Indian MasterCard users

Users from India, along with Thailand and Sri Lanka experience some problems when using Master card when making deposits to IQ Option. This has been caused by a recent modification in rules, where Mastercard changed the merchant category for IQ Option. In such cases, Indian users should use alternatives such as Neteller, WebMoney, ADV Cash, and Skrill.

Conclusion

The above article aims at solving several doubts that some Indian users have about IQ Option. IQ Option provides Indian users with an amazing opportunity to earn some enormous profits in a controlled environment. Also, binary options trading in India is restriction-free, thus making it unregulated, not illegal. With a host of important trading tools, charts, and educational resources, IQ Option provides the perfect platform for even newcomers to get acquainted with trading in a live market.

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