Why IQCent Sucks In 50 Words
Broker regulation should be at the top of your list when thinking about investing money, but as stated above, IQCent is not regulated and this definitely sucks. Furthermore, this broker looks very similar to BinaryCent and they even share the same owning company and the same video chat support reps. This doesn’t suck by itself but BinaryCent doesn’t enjoy the best of reputations, so we can only assume that IQCent is not top of the line either.
Why IQCent Doesn’t Suck In 50 Words
Very low deposits, at only 10 USD. That’s great because at least they don’t force you to make a big investment (as opposed to BinaryCent’s min deposit of $250). Deposit low, check out their platform, try a withdrawal, and then deposit more if you feel like it. It’s not a big deal because there are other (better) brokers with low deposits, but it doesn’t suck.
Is IQCent A Scam?
We cannot call any broker a scam unless there is hard evidence of it, but what we can tell you is that there have been some complaints made by clients against this broker (just check the user reviews at the bottom of this page). It’s always safer to trade with a broker regulated by at least one major financial watchdog such as CySEC, British FCA, ASIC, etc. and we recommend caution due to the unregulated nature of IQCent but on the other hand, maybe they are a great broker despite not being regulated (doubtfully but let’s give the benefit of the doubt). Either way, be extra cautious when you give your money to someone else.
Should I Open An Account With IQCent?
IQCent is an online broker that offers CFD and Binary Options trading on currencies, cryptocurrencies, stocks and commodities. The website is owned/operated by Wave Makers LTD, a company apparently located in the Marshall Islands. The company is not regulated by any known financial watchdog.
The trading platform is proprietary and web-based only (there is no downloadable PC client) and offers the possibility to switch between CFD trading and Binary Options trading. Often time brokers only offer one of the two trading types, so it’s good to see you can have both at IQCent. The platform offers tick charts without the possibility to add any technical indicators but you can change to candles, which will automatically switch to TradingView charts that offer a lot of drawing tools, indicators, and more.
IQCent offers three account types: Bronze (deposits between $10 and $250), Silver (deposits between $250 and $1,000), and Gold (deposits above $1,000). The main difference between accounts is the bonus (20%, 50%, and 100% respectively) but you will also get other perks such as personal success manager and master class (web session) for Silver and Gold accounts.
Education lacks almost completely and is limited to a few Frequently Asked Questions. It is important to note that IQCent offers technical analysis ideas provided by Dukascopy. The latter is a well-known and respected broker but the circumstances under which their content ended up on IQCent’s website are unknown. Usually, top-tier brokers don’t just give their content away for lesser-known brokers to use. In other words, we have no way of knowing whether Dukascopy gave permission to IQCent to use their content or the latter is simply using it without consent.
To conclude, IQCent is not our first recommendation when it comes to brokers but some features such as low deposits, high bonuses, and live girls in video chat may be appealing to some. We recommend doing business with regulated brokers rather than new and unregulated ones, but of course, the final decision is yours.
IQCent (Wave Makers LTD) lists the address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The broker can be contacted via live chat and email [email protected].
Due to the very short time that this broker has been in business, we couldn’t locate a huge number of comments or complaints but the ones we did find are not good to say the least. They have a 1 star rating on ForexPeaceArmy, with only 3 reviewers; two of the posters call the broker an outright scam, while the third says IQCent is “suspicious” (all three users rate IQCent 1 star).
On our comments section (just below this review), things are not great either, as most of our readers warn against this broker and one of them even advises to “stay the hell away”. There you have it: the opinion of the masses is clear.
IQCent Regulatory Warnings And Announcements
Currently, there are no regulatory warnings or fines issued on IQCent. Same as above, we will update this section if necessary.
The bonus ranges from 20% for the Bronze account, to 50% for Silver and 100% for Gold. There is a 3x turnover but completing this will not allow you to withdraw the bonus and instead it will simply allow you to withdraw your own money without having to pay a 20% fee per withdrawal (if you don’t complete the 3x turnover, you will have to pay 20% on each withdrawal). Also, if you try to withdraw before completing the 3x turnover, all losses will come from your deposit and IQCent may cancel some or all of your trades.
The minimum withdrawal is $20 and can be requested via the methods used for deposit: bank cards, Bitcoin, Altcoins, and Perfect Money. The advertised processing time is 1 hour but 5 to 6 business days will pass until the funds will reach you. It is unclear why such a long time is needed (after all, the accepted methods are almost instant). Another thing to note is that if you don’t turn over your deposited funds at least once, you will have to pay a huge 20% fee on all withdrawal requests.
Trading contests with prize pools of up to $20,000, giveaways (Apple Watch, iPhone, etc.), copy trading and live video chat. Please note that conditions apply to some features such as contests and giveaways.
IQCent Overall Ratings
User Friendliness: 17/20
The website is only translated in 3 languages and there’s not a ton of information, which makes it easy to navigate. The same applies to the trading platform: it’s functional but simplistic, which is user-friendly. US clients are not accepted, demo accounts are available only if you deposit. At the time of writing mobile apps are not available.
Number Of Assets And Expiry Times 15/20
IQCent offers 26 currency pairs, 15 cryptocurrency pairs, 2 commodities, and 4 stocks. If you choose to trade CFDs, you will also get 7 indices. Overall it’s a shallow asset basket and I am sure traders could use more tradable instruments. Leverage for CFDs goes up to 1:500 for currencies and lower for the other classes (cryptocurrencies benefit from 1:10 leverage). The expiry times range from 1 to 30 minutes (in increments of 1 minute) for Turbo and max 1 month for Long Term.
Commissions, Support And Effective Return 16/20
If you want to withdraw before completing 3x turnover (for accounts with bonuses) or 100% turnover (for accounts without bonuses), you will be charged a 20% fee per withdrawal, which is very high. Support is offered in the form of live video chat and effective return goes up to 90% for a few assets but it fluctuates during the day depending on market conditions.
Deposit, Payment And Bonus 15/20
The minimum deposit is $10 and the accepted methods are credit/debit cards, Bitcoin, Altcoins, and Perfect Money (possibly other e-wallets as well, depending on client’s location). To deposit using direct bank transfer you will have to invest a minimum of $5,000. Withdrawals can be made via the same methods used for deposit, with a minimum of $20; they don’t specify if bank wires can be used or what the minimum is. The processing time is 1 hour but additional 5-6 business days will have to pass until you get your money. The bonus ranges from 20% to 100% and cannot be withdrawn under any circumstance. To withdraw client’s own money, they will have to reach a turnover of 3x deposit + bonus.
Website Extras 15/20
Trading contests with substantial prizes, copy trading, giveaways, and the main attraction: live video chat with female reps. Depending on what type of trader you are, you may find these very interesting or not at all.