While trading in the financial markets, you may have come across various CFD and Forex brokers. But finding the one that suits your needs is what we call a real challenge.
However, online brokers have captured a huge market with all their lucrative offers and services. In this series, Iqcent, a binary options trading platform, has quite been popular these days.
But what makes this online broker the best in the financial industry? Is it safe to trade with this broker? You might surely have these questions in your mind when you hear about a new brokerage platform.
To get the most precise answers to all your doubts, we recommend reading this detailed Iqcent Review till the end.
In this in-depth review, we will go through every aspect of the broker to help you out whether it is the best fit for you or not?
What Is Iqcent?
Iqcent is a CFD, Forex, and binary options broker that was established in 2017. Whereas, the broker company started online CFD trading in 2020. It is among a few binary options trading platforms that allow you to trade with cents as low as $0.01.
On the other hand, the brokerage platform is owned and operated by Wave Makers LTD, a company incorporated in Majuro, Marshall Islands MH96960.
The best features of this forex broker are its demo account and copy trading tool that lets new traders copy the trades of professionals, which helps you win the trades.
Is Iqcent A Scam or Legit?
The best way to know whether the broker is safe or not is to ensure which financial regulatory bodies are regulating it.
The forex brokerage is an offshore company with no regulatory license, which raises red flags for new forex traders.
Additionally, the broker or any of its partners or owner company are registered or offer services in the US.
However, the broker claims to abide by AML policy. In addition, the brokerage platform has not been involved in any scam-related activity since its inception.
After considering all these points, we can only say that despite the broker is not regulated, it has a good reputation among worldwide traders, with millions of active users.
Security:
Iqcent trading platform offers a long list of security features that helps traders in having a firm trading experience.
Here are some top features:
- SSL Certified 256 Bit Secure Processing
- 3D Secure Enable
- Two-factor Authentication
- Alerts for Withdrawal Requests
- Regularly Monitors for Any Security Breach
Pros and Cons:
As with many features and advantages, the brokerage platform has several drawbacks to consider. So here’s take a closer look:
| Pros | Cons |
| 24/7 Non-stop Trading Feature | Offshore Broker |
| Low Minimum Deposits Requirements | No Compensation Scheme |
| 100+ Tradable Assets | Low Leverage Ratio |
| Supports Copy Trading | |
| High Leverage | |
| Instant and Hassle-free Withdrawals | |
| Lucrative Promotional Programs | |
| 24/7 Customer Support | |
| User-friendly Platforms |
Available Trading Platforms:
In addition to a free demo account, the brokerage platform offers three trading account types to its users to trade forex and other tradable instruments.
So, let’s take a closer look at the features of each trading account type:
| Features | Bronze Account | Silver Account | Gold Account |
| Tradable Assets | Forex, Commodities, Cryptocurrencies, Stock, Indices | Forex, Commodities, Cryptocurrencies, Stock, Indices | Forex Trading, Commodities, Cryptocurrencies, Stock, Indices |
| Copy Trading | Available | Available | Available |
| 24/7 Live Video Chat Support | Yes | Yes | Yes |
| Withdrawals | Instant | Instant | Instant |
| Demo Account | Available | Available | Available |
| Bonus | 20% | 50% | 100% |
| Master Class (Web Session) | N/A | Available | Available |
| Risk-free Trades | N/A | First 3 Free | First 3 Free |
| Personal Success Manager | No | No | Yes |
| Minimum Deposit | $10 | $1000 | $3000 |
| Minimum Trade Size | $0.01 | $0.01 | $0.01 |
Demo Trading Account:
Apart from the live trading accounts, the brokerage platform offers a free demo account to practice or testify your trades.
However, in order to get the demo account access, you’ll first need to fund your live trading account and contact customer support to receive demo-account credentials.
How To Open An Account on Iqcent?
Creating an account on Iqcent is quite an easy and straightforward process. Here’s a step-by-step process to get started:
- Firstly, visit the official website of IQcent and click on the “sign up” button available on the homepage.
- After that, an application form will appear on the screen. Now, correctly fill in all the details such as your name, phone number, address, email address, and password. Note: If you fill incorrect information, it may hinder the account verification process.
- Now select your account currency and read out all the terms and conditions. And if you agree with these terms and conditions, click on the “I confirm” checkbox.
- The following step is to click on the Next button. Congratulations! You have successfully opened an account. Start learning to trade with the free demo account.
Major Tradable Instruments:
There are over hundreds of tradable assets available on the platform. The major tradable instruments include
Forex:
The forex market is the marketplace where currencies are traded for one another at variable exchange rates. Participants in the forex market include individuals, businesses, and financial banks.
Commodities:
Similar to markets for foreign exchange, commodities markets are where tradeable products based on contracts are traded.
Energy:
Energy is a popular choice for trading due to its limited supply and extremely strong demand, which causes this commodity to have a high price.
Precious Metals:
The most popular precious metals available on the platform for trading include silver, gold, and others.
Indices:
The index may reflect a particular stock market or represent minor shares of large companies.
Commissions, Spreads, and Fees:
| Fees | Bronze | Silver | Gold |
| Commission | $3.50 | Zero | Zero |
| Spreads | Starts from $7 | Starts from $7 | Starts from $7 |
| Withdrawal Fees | $20 | $20 | $20 |
| Maintenance Fees | No | No | No |
| Margin Call | 5% | 5% | 5% |
Maximum Leverage:
Iqcent allows a maximum leverage ratio of 1:100 for all trades. Before you start to trade on leverage, remember it increases your potential profit while also raising the risks of losing money, so use caution when using high leverage ratios.
Deposits And Withdrawals:
| Payment Methods | Regions | Transfer Fee | Time |
| Bank Transfers | All | Free | Instant |
| Visa | All | 5% | Instant |
| Mastercard | All | 5% | Instant |
| Bitcoins | All | Free | Instant |
| Ethereum | All | Free | Instant |
| Altcoins | All | Free | Instant |
Available Trading Platforms:
The broker offers trading services through two of the most powerful and intuitive trading platforms: A Desktop-based and Mobile Application.
Desktop-based Platform:
The brokerage offers the simplest and basic platforms for its clients to trade. It was designed to meet the need of every trader.
The platform features a range of advanced trading tools that are really very useful for technical analysis.
Top features:
- Range of Technical Indicators
- Advanced Charting Tools
- Multiple Order Types
- Copy Trading Tool
- Customized News Alerts
- Economic Calendar
Mobile Application:
The broker offers a powerful and intuitive platform for mobile trading. However, the detailed information about the app was not available on the company’s website.
Top Features:
- Single-click Trading Feature
- Downloadable on iOS and Android devices
- Regular Market Updates
- 24/7 Customer Support
- Economic Calendar
- News Alerts
- Advanced Analytical Tools
Educational and Research Support:
The broker offers a wide range of educational and research tools to its clients. These tools can help traders in placing successful trades.
Educational Support:
To help traders learn every aspect of the financial markets, the brokerage platform offers interactive trading articles under the FAQs section.
Research Support:
In addition to the educational support, the broker also offers advanced trading tools for research, including Charts, Technical indicators, Latest News Updates, and an Economic Calendar.
Customer Support:
The brokerage platform offers outstanding customer support to its clients across the globe. The platform’s support team works round the clock to resolve clients’ queries.
Here’s how you can contact customer support:
- Phone No: +1-8299476383
- Email: [email protected]
- Live Chat
Why Choose Iqcent?
There is not just one but countless reasons to choose this brokerage platform. Here’s a list of top features of this brokerage platform:
- Promotional Contests
- Giveaway Prices
- 24/7 Customer Support
- Attractive Bonuses
The Final Verdict:
After going through this in-depth Iqcent review, we can say that despite the lack of regulations, the broker is good enough to trade with.
However, if you want to take advantage of its product range and ability to trade in cents, the brokerage platform might be a suitable choice for you.
FAQs:
Can You Use Iqcent In The US?
No, we can only use brokerage services in the US.
How Much Is The Minimum Deposit On Iqcent?
The minimum deposit to open an account with the broker is $10.
Is Iqcent A Good Broker?
Yes, the broker is good as it offers services to traders from 213 countries and has over 40 Million clients.
Can You Withdraw The Iqcent Bonus?
No, you can’t withdraw the bonuses.
How Do I Make A Deposit In My Iqcent Account?
You can deposit by credit cards (VISA/MasterCard), Bank wire transfer, Bitcoin, Ethereum, Litecoin, and Altcoins.
