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Normally, IQ Option withdrawals are executed almost instantly. If you did everything right, you’ll be able to enjoy your well-deserved profit on the same day. Withdrawal problems usually happen to novice traders who are just getting to know the platform and are unaware of the details. 

Here are the most popular causes of withdrawal cancellations – avoid them and cash out from the first attempt!

1. Your transaction is still being verified

Most of the IQ Option withdrawal issues processed by the company’s support team are due to this very reason. Remember: it takes up to 3 days to process withdrawal requests. After that, it may take a few more days before the payment system checks the transaction on its side and the money lands on your balance. The expectation time depends on the chosen payment method and your bank’s conditions.

Compare the waiting time for some of IQ Option’s withdrawal methods.

Visa/MastercardNetellerSkrillWebMoneyWire transferLocal banksLocal e-wallets
Instant + up to 21 days on the banks’ side1-3 days1-3 days1-3 daysUp to 3 days1-8 daysUp to 3 days

Suppose the money didn’t show up on your account after the specified time. In that case, you’ll need to initiate an investigation – more on that later.

2. You haven’t fully verified your IQ Option account

At IQ Option, withdrawals are impossible before your training account is fully verified. The verification process comprises 4 steps:

My Withdrawal Was Canceled: 5 Possible Errors

ID verification will require a scan of your passport or ID. Also, be ready to verify your address (attach a document proving that you live where you live, for example, a utility bill) and your bank card that you used for depositing.

This data will go to moderation. Once your identity is approved, you’ll unlock the withdrawal functionality and be able to cash out.

3. There’s a problem on your bank’s side

This is one of the most common IQ Option withdrawal problems. An online banking payment can be declined for different reasons. The top 3 banking issues that the IQ Option support deals with are:

  • You haven’t verified your bank account. Different banks have different account verification requirements, so check with your banking service agreement and make sure your account is live. 
  • Your bank card doesn’t work for withdrawals. Yes, sometimes there’s just no such functionality, and the card can only be used for online payments and not for cashing out. 
  • Your bank account has internal limits for operations, and you’ve run out of yours. In this case, you need to use another method or contact your bank.

Troubleshoot a declined payment on your bank account and repeat the attempt.

4. Your payment details were incorrect

Double-check that you entered the right payment information: your name, bank account number, CVV, etc. 

Another possible reason for this type of error is an incorrect withdrawal amount. Make sure your requested withdrawal amount doesn’t exceed the funds on your trading balance. Also, keep the commission in mind.  

Important: remember that IQ Option withdrawals to bank cards are processed as refunds, which means you have to withdraw using the same bank card you have used to make a deposit. Otherwise, the system will cancel the withdrawal request. For example, if you deposited with a bank card, request a withdrawal that equals your initial investment amount, including deposits made within the past 90 days. 

5. You’re experiencing technical problems

Sometimes, the issue underlying your withdrawal lag is merely on your device’s side. For example, an outdated certificate on Windows 7 may cause transaction problems. In this case, you need to install a new certificate and try again.

If you work from China, you might be experiencing a firewall issue. This problem may resolve by itself when you reload the page and try again. Alternatively, you can use Alipay – this payment method proved to be more reliable and least laggy in this geo.

What if your withdrawal issue is not due to any of the reasons mentioned above? In that case, it is time to move on to the next step: initiate an investigation.

How to solve a withdrawal IQ Option problem

The good news is IQ Option has a troubleshooting scheme that will help you fix any possible issues. In case your withdrawal request hasn’t been executed after the specified time period, you need to contact IQ Option and pass this issue to the company’s specialists.

Contact Support

The easiest way to get your issue resolved is by dropping a line to the Live Chat. You can access it from the website or Traderoom and ask your question in English or your native language. Normally, you will get help in a matter of seconds. If the support bot doesn’t give you a clear answer, the real person will join the chat so you could explain your problem in detail.  

My Withdrawal Was Canceled: 5 Possible Errors

The Support Team specialist may ask you for some additional details and transaction info to understand what went wrong. If it was a typical problem, they would solve it right there in the live chat box, and you don’t need to go any further. If it is more convenient for you, you can also contact the Support Team at support@iqoption.com instead of the chat box. In case the problem persists, you may describe it in detail and the support specialists will assist you further until the issue is solved.

If you want to talk to a real person, they have phone numbers for different countries. You need to go to the Contacts page and find the number for your region. In this case, they will answer in your native tongue. 

My Withdrawal Was Canceled: 5 Possible Errors

Start an investigation

When you reach the IQ Option support, they start an urgent investigation on your case. Be ready to provide a bank statement that proves that the money wasn’t credited. 

! Note that some virtual banks can’t give you this statement at all and don’t accept refunds. If you provide the bank statement, you will receive instructions from the Support Team, and the problem will be fixed very fast. 

The duration of the investigation may vary depending on your case, but in the end, it will be resolved in your favor whenever possible.  

All in all, remember that although there might be hiccups on your way,  you can always find a solution. Stay calm, be patient, and don’t hesitate to contact the Support Team for assistance.

Wishing you smooth withdrawals!

Go to IQ Option

2 Comments

  1. Emmanuel Sunday Reply

    Hello, what of this error, your account is currently being reviewed
    A close friend I referred to IQ option with every confidence on the platform has had their money withheld for over 2 weeks, over $900, that’s the first time they’re depositing, and being a new customer wanted seeing if their money will come out, she just straight up withdrew, now I haven’t rested, as she pesters me relentlessly, but support keeps giving the answer, that the account is still under review, and there’s no specific date for when it’ll be released.. what do I do!!! I’m tired of all this frustration, they don’t require anything, just nothing, but I’m expected to wait for absolutely nothing! A review I don’t understand, or can submit requirements to clarify

    Pls, what do I do???

    • IQ Study Reply

      Hi, Emmanuel! Thank you for your comment and sorry about your experience.

      Please note that IQ Study team has no official connection to IQ Option, so we kindly ask you to contact the company itself for clarifications. In our experience, IQ Option support is efficient and generally helpful, so you might try again and get a reply from them. We hope that the situation gets resolved as soon as possible. Wish you good luck!

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