IQCent Review 2024 | Is IQCent Legit Or A Scam? (2024)

IQCent is a binary options and CFD trading broker. The exchange provides trading opportunities on over 100 assets including forex pairs, stock indices and cryptocurrencies. This review will outline the history of the broker, minimum deposit requirements and discuss how UK investors can trade on the IQCent platform. We also unpack the pros and cons of trading with IQCent, from its demo account and supported trading strategies to withdrawal requirements and promo codes.

About IQCent

IQCent was established in 2017, operating under the registered name Wave Maker LTD. The brokerage has headquarters in Majuro, Marshall Islands. Over 10,000 daily transactions are processed through the trading platform while new traders can get started with a £250 deposit.

The organisation is not registered with a reputable regulatory body, including the UK Financial Conduct Authority (FCA). It is also worth noting that there are some criticisms surrounding slow customer response times and server downtime.

Platform

IQCent offers a proprietary trading platform to exercise binary options investments, as well as CFDs on forex, stocks, indices and commodities.

The bespoke trading software is accessible directly through internet browsers, with no download for PC devices required. The platform is intuitive and user-friendly.

When using IQCent’s platform, we found it easy to select the trade type, time period and investment amount via the side navigation bar. Call and put buttons also enable clients to execute trades with one click.

Investors can view trading history, access candlestick or line charts and apply technical indicators directly through the platform interface. Below we outline some particularly useful features of the trading terminal:

• Sell Out – Close an opened position before its expiry time if the position is at a profit of 0.1% or more. Once a position is closed, the initial investment and profit yield will be returned to your account balance.
• Rollover – The rollover feature allows traders to extend a position for an additional 100% of the selected time for one use. Following this, every next use of this feature for the same trade will permit 30% extra time. The cost of the rollover is $1 = 1 rollover, though they may be available for free depending on your account and deposit value.
• Double Up – Twofold your investment on the chosen option. This essentially means you can duplicate a position. The direction, asset, value and expiry time will be the same, but the open price will differ. New positions will be unlocked at the current market price.

Note that IQCent does not provide MetaTrader 4 or MetaTrader 5 integration.

Assets & Instruments

IQCent offers binary options and CFD trading opportunities on over 100 assets. This includes forex pairs, commodities, cryptocurrencies and stock indices.

Binary options trading is the default investing style within the platform interface. To begin binary options trading, simply select call or putdepending on your strategy.

Fees & Pricing

Our experts found the broker is not particularly transparent with its fee structure. When CFD trading, IQCent implements a spread-based fee, starting from 0.7 pips. Commissions also apply when trading cryptocurrency CFDs. This can reach 2.5% for non-leveraged positions. When trading on margin, commission fees can be up to 5%.

Payouts per asset are provided in the platform interface for binary options trades. EUR/GBP, for example, has an 85% payout. This means if you open a position with a £100 investment, you will receive £185 if your bet is correct (£100 investment plus £85 profit).

Note, it is your responsibility to comply with UK taxes.

Leverage Review

UK traders can access a maximum leverage rate of 1:500. This means if you invest £100 you can trade with £50,000 (£100 x 500). Remember though, although trading with high leverage does enhance profit potential, losses are also amplified.

IQCent does not provide negative balance protection, so your losses may exceed your account balance.

Mobile App

IQCent offers a mobile trading app available for free download to iPhone (iOS) and Android (APK) devices. Functionality is basic – application features essentially replicate the PC platform. When using IQCent on mobile, we also ran into issues with the application not working/crashing. Slow trade verification times have also been flagged in user reviews.

IQCent Payment Methods

Account Funding

There is a £250 minimum deposit requirement. Payments must be made in USD or EUR. It is disappointing to see GBP is not accepted as an account base currency, meaning UK investors may be liable for currency conversion fees.

IQCent accepts the following payment methods:

• Bank wire transfer
• Credit/debit cards (Visa and Mastercard)
• Cryptocurrency & altcoins (Bitcoin, Litecoin, Ethereum and Dash)

Processing times for credit/debit card payments are good, typically clearing within three hours. The speed of cryptocurrency deposits is dependent on network confirmation times. Bank wire transfers are processed within one working day. However, a £5000 or equivalent payment is needed to fund accounts using wire transfers.

The brokers does not charge deposit or withdrawal fees but third-party costs may apply.

Withdrawals

IQCent processes all withdrawal requests within 1 hour, although fund clearance times will vary depending on the payment solution. A minimum withdrawal amount of £20 applies to all payment methods.

Identification verification is required for all withdrawals, regardless of the withdrawal amount.

For any problems, specifications on the rules or for more information on how to withdraw money from your account, contact the customer service team.

Practice Account

Our experts were pleased to see IQCent offers a free demo account services for UK traders. However, to gain access, clients must register for a live trading account and make an initial deposit. So while it is free to sign up, the minimum deposit requirement is £250, which is substantial for beginners. Clients must also contact the customer service team to receive demo account credentials.

Once the paper trading profile is live, you can test new strategies and navigate platform features without committing personal funds.

IQCent offers several financial incentives and rewards to new and existing traders. This includes weekly contests, no deposit promo codes, welcome bonuses and giveaways. Prizes include £20,000 cash, Apple products and a 200% trading bonus, though the deposit bonus depends on the account type.

Total funds deposited and the bonus amount must reach 3x turnover before being eligible for withdrawal. For example, if you deposit £1000 to your live account, and receive a bonus of £500, you must achieve a turnover of £4500 before you can make a withdrawal.

Always review the terms and conditions of sign-up offers before creating an account.

Note, UK clients can opt out of incentives.

UK Regulation

IQCent is operated by Wave Makers Ltd, based in the Marshall Islands under registration number 103581. The company is licensed with the International Financial Market Relations Regulation Center (IFMRRC).

Importantly, the broker is not regulated by a trusted financial regulator such as the UK Financial Conduct Authority (FCA). This means you won’t have access to compensation schemes in the case of scams or business insolvency.

There is very little in the form of educational content and resources offered by IQCent. This is disappointing, particularly vs competitors such as Videforex, IQ Option and RaceOption. It would be good to see integrated YouTube videos, online trading forums and step-by-step tutorials. Some of the best binary options brokers, including Pocket Option, provide comprehensive guides covering topics such as how to verify an account or how to roll over a position.

When using IQCent, we did find integrated market news and a basic economic calendar of trading events. Copy trading services are also available. Once sign-up is complete, and account verification status is passed, simply switch the mode in your trading platform to ‘copy trading’ and select an individual to copy. This is a good place to start for beginners looking to learn from established traders.

Live Accounts

IQCent offers three accounts; a Bronze account, a Silver account, and a Gold account. It is free to sign up, with no maintenance fees. All profiles have access to copy trading services, 24/7 live video chat support, a demo account option, and a deposit bonus (starting at 20% with the Bronze solution).

The most popular live account is the Silver profile. Retail clients can gain access to a web tutorial masterclass, a 50% bonus and three risk-free trades. The Gold account has all the same features but also benefits from a personal success manager and a 100% bonus.

To open an account, visit the ‘Sign Up’ link in the top right of each web page. Complete the application form and provide the relevant ID verification requirements. Applications can be completed within minutes.

Benefits

When we used IQCent, we found several advantages to opening a live account:

• 100+ assets
• 95% payouts
• Fixed-time trades
• 60-second contracts
• Copy trading solution
• $0.01 minimum trade size
• Weekend trading available
• Beginner-friendly trading platform
• 10+ deposit and withdrawal methods

Drawbacks

Our experts also found several disadvantages to IQCent’s offering:

• Limited educational resources
• High minimum deposit requirement of £250
• The demo account requires a minimum deposit
• Mobile app with limited functionality and some negative user reviews

Trading Hours & Opening Times

Trading hours vary by instrument, though the broker provides non-stop trading over the weekends. Typically, the forex market is available 24 hours per day between Sunday to Friday (9 PM to 9 PM GMT). Cryptocurrency and some over-the-counter assets can be traded 24 hours per day, 365 days a year.

Note, that the platform operates using GMT.

Customer Service

IQCent offers several customer support options. These include an international helpline phone number, a live chat service and an online email form. Alternatively, a direct email contact address is provided, although response times are slow.

A self-help FAQ section can also be found on the broker’s website organised into three useful topics; account, getting started and trading. Queries include how to delete an account, withdrawal options, why a profile is not verified or why a pending net balance is not available. Additionally, the broker is present on social media including Twitter, though posts are outdated.

IQCent Security

UK traders should be cautious when trading with IQCent. Our experts found the broker does not comply with standard KYC protocols, meaning identity verification is not mandatory.

Nonetheless, payments are protected with 3D secure and all transactions are SSL certified with 256-bit processing. You can also activate additional account protection from setup, including two-factor authentication at login.

Should You Open An Account With IQCent?

Our 2024 overview of IQCent.com has highlighted the pros and cons of trading with the brand. The broker provides access to 100+ assets with copy trading, unique platform features and weekend trading opportunities. However, when using the firm’s trading services, we did have some concerns. Firstly, the lack of robust regulatory oversight is a drawback. Combine this with the limited demo account and educational services and prospective traders may want to consider alternatives.

FAQ

Top 3 IQCent Alternatives

These brokers are the most similar to IQCent:

1. Videforex - Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
2. World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
3. Raceoption - RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.

IQCent Feature Comparison

Trading Instruments Comparison

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