There are many reasons why traders might want to close their IQ Option account, whether it's the result temporarily demoralising losses or they just need a break from trading. Rarely, however, do traders who go through the trouble of opening an account choose to then delete it because they are dissatisfied with IQ Option.
YOUR CAPITAL IS AT RISK
In this guide, we'll show you how to delete your IQ Option account and help you make the decision about whether a temporary closure may be more suitable. We'll also show you some great alternatives to IQ Option if you are in the market for another broker.
Before we get started, take a look at these articles:
- eToro review – an excellent alternative to IQ Option
- Read our IQ Option fees guide
- Learn more about IQ Option withdrawals
Should I Close or Delete My Account?
So, you've made up your mind and decided you want to close your account. What are your options? IQ Option allows you to either:
- Temporarily close your account
- Permanently delete your account
Choosing the right one for you is an important decision. When it comes to a temporary closure of your account, you will not be able to log in or make any transactions. However, you can reactivate your account at any point by contacting IQ Option's support team. If you need to take a break and step away from trading for a while, this is almost certainly the better option.
If you decide to delete your account, this will permanently remove your account and erase all of its personal data. Only choose this option if you're certain that you want to permanently close your IQ Option account.
How Do I Delete My IQ Option Account?
Here's how to delete your IQ Option account:
- Log in via the IQ Option website or desktop app
- Click the profile dropdown menu icon (▾) in the top right-hand corner
- Navigate to ‘Account Settings' on the next screen
- Scroll to the bottom of the page and click ‘Request Deletion'
- Click ‘Confirm' to submit your account deletion request
IQ Option will process your account deletion request in 30 business days, giving you plenty of time to reactivate your account if you change your mind.
Best IQ Option alternatives?
Pepperstone: Free Demo AccountTake a look
eToro: 68% of retail CFD accounts lose moneyTake a look
IG: Tax-Free TradingTake a look
Plus500 | CFD provider: 82% of retail investor accounts lose money when trading CFDs with this providerTake a look
Choosing your next broker will largely depend on the reasons why you chose to delete your IQ Option account. If you closed the account because of suffering major losses, you could choose to open and trade on a demo account as you rebuild your trading skills and confidence.
Trading on a demo account will allow you to learn more about trading the markets successfully putting your hard-earned money at risk. Our favourite broker for trading Forex is Pepperstone who offer a free 30-day demo account. This is an excellent way to grow your trading skills and rebuild your trading confidence without risking your own cash.
If you are closing your account because you are too busy to trade, then copy trading might be the best choice for you. It is also known as social trading where you automatically copy the exact trades made by expert traders and profit from their trades. Copytrading allows both beginners and busy professionals to profit from the markets without spending hours analysing the markets and placing trades every day. The best broker for copy or social trading is eToro and you can get started with a free demo account.
If you want to find a broker with the exact financial instruments that are not offered by IQ Option then you should consider all your options. At AskTraders we’ve ranked the best broker across many categories, including forex, stocks and cryptocurrencies, to help you choose.
Why might you want to delete your IQ Option Account?
Most traders who want to delete their accounts do so because they just don’t want to trade anymore. Usually, its because they have made huge losses and have decided to take a break from trading. In other cases, you might discover that you don’t have the time to learn how to trade the markets successfully, as this usually takes time.
Sometimes, you might want to close your IQ Option account because the broker does not offer a financial instrument that you want to trade. You might want to trade a specific stock or an exotic pair that is not available at IQ Option. There are many tradable instruments across the globe and no broker offers all of them.
Other common complaints that we encounter include issues with the execution of trades, where some brokers might be slow to execute trades leading to slippage. Some brokers also take too long to process deposit and withdrawal requests, which might inconvenience a lot of traders.
We believe that every broker should quickly execute your trades at your desired price levels while processing your withdrawal and deposit requests fast. We usually encourage trades to speak with the broker first when they encounter such issues. However, if the same issues keep arising, it is okay to switch brokers.
CFDs are complex instruments and entail a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.