Please anyone explain as IQOPTION is telling me that I have to purchase a $700 private key to get access to my BTC Blockchian wallet once they wired my Finds in to this wallet?? anyone please have an answer?

  • Buying a private key doesn't seem right. It means that they know the private key themselves. I have never heard of IQOPTION it feels sketchy... – rllola May 19 '18 at 13:17
  • why would you buy a private key rather than bitcoins? – Adam May 19 '18 at 13:27
  • 2
    This almost certainly sounds like a scam, that is not how a wallet works. – chytrik May 19 '18 at 19:29

Checking their website, I seems that they are not just another Bitcoin exchange which is trading fiat currency for bitcoins or vice versa, but they seem to engage in highly sophisticated transactions which are similar to highly risky transactions in fiat currency world such short selling BTC.

As mentioned in the comments, if you are just looking for a bitcoin wallet, you have definitely hit the wrong place. And please make sure you understand the concept of private key before you put funds into any kind of crypro wallet. To buy a private key from someone else is as logical as to have the people who sell you a safe fax the combination to you.

About the company IQ Option as such: They seem to be properly registered with the relevant EU regulators. Whatever that means in practical terms.


The normal way to get started in bitcoin is

1) Choose some free wallet software. Download it to your computer. Use the wallet software to generate a private key (cost so far: zero). Write down your recovery phrase or private key on a piece of paper and store it somewhere safe where no-one else can ever see it.

2) Either

  • Use traditional money to buy some bitcoins. There are exchanges that offer this service. Do some careful research to find a trustworthy exchange. Alternatively there are bitcoin ATMs which take traditional money and send bitcoins to your wallet's adddress. Make sure that they send your bitcoins to the address of your wallet on your computer, don't accept an online-wallet or cloud wallet run by someone else unless you fully understand the difference. Try this out with a small amount of money first - don't invest money you can't afford to lose completely.

  • Mine some bitcoins. This is now impractical for anyone new to bitcoin. At least, wait until you really fully understand bitcoin inside and out.

Some tricksters will try to trick people who are new to bitcoin,. They will make promises in return for money. They will give you a useless "watch-only" address saying that it contains your bitcoins, but a watch-only address does not give you ownership. Then they will invent further reasons for you to give them money until they have extracted everything you have or until you realise you have been tricked.

As bitcoin payments cannot be reversed, there is no way to get money back. There is no central bitcoin authority who can help.

Anyone who unexpectedly says you have to pay $700 for a private key is almost certainly a crook.

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