IQCent is a successor of IQOption, a binary options trading firm. The company offers Forex and CFD trading while faking a license.
Since all we found were warnings and complaints, we decided to compile a detailed IQCent review. Going through it, you will understand why you should not invest with this firm under no circumstances.
In addition to the above, we recommend that you avoid unregulated brokers, such as TradeVTech, MetaversesWorld or Merricks Invest.
| Broker Status: | Offshore Scam Broker |
| Broker Regulation: | Unlicensed Forex Provider / No Regulation |
| Scammers Websites: | Iqcent.com |
| Operating Status: | Active Forex Trading Scam |
| Blacklisted as a Scam by: | CMVM, CNMV, Finanstilsynet, FI, AFM, FSMA, CONSOB |
| Broker Owner: | Wave Makers Ltd |
| Headquarters Country: | Marshall Islands |
| Foundation Year: | 2017 |
| Trading Platforms: | WebTrader |
| Mobile Trading: | Not Available – only via web |
| Minimum Deposit: | 20 USD |
| Deposit Bonus: | 20-100% |
| Crypto Trading: | Available – BTC, USDT, ETH |
| CFD Trading: | Yes, you can trade CFDs |
| Trading Instruments: | Forex, commodities, indices, cryptocurrencies |
| Maximum Leverage: | 1:500 |
| Islamic Account: | Not Available |
| Demo Account: | No, only live trading accounts |
| Accepts US Clients: | US traders are accepted |
| Global Fraud Protection Team: | Don’t Invest in This Scam Broker! |
Is IQCent an Unregulated Forex Broker?
Let’s put it this way. The broker wants to convince you otherwise, but IQCent regulation doesn’t exist.
The firm belongs to Wave Makers Ltd, registered in the Marshall Islands. This country has an independent regulator, GLOFSA, belonging to a Tier 3 zone. Unlike European and US regulators such as BaFin, CONSOB, or CFTC, GLOFSA has no requirements regarding minimum capital or leverage restrictions, such as the one imposed by ESMA. Generally, it lets brokers operate under the radar.
On top, the same owner has another brand, FXInvestment, which we have already confirmed as a fraudulent financial services provider.
While onboarding clients from all over the globe, IQCent doesn’t comply with any criteria regarding fund safety. The company claims to hold customers’ funds in top-rated European banks without specifying any. So we have reason to believe it’s just part of their sales pitch to entice retail traders such as yourself to deposit the money.
What’s more, the company says it allows you to earn “up to 95% in 5 seconds.” It seems as if they never left their binary options scam; they just masked it behind regular trading.
If you have any information about this fraudulent broker, let us know.
While claiming to be licensed, IQCent is nothing but a bogus site without actual value. The firm has been banned in Portugal and numerous other EU countries.
IQCent Pretending to Be Regulated
As mentioned, IQCent would like you to believe they hold a license. In fact, they gave us an alleged regulation by IFFMRC and a link leading to it.
If you check the given website, you will see that it’s clearly bogus. This alleged license provider doesn’t belong to any country but serves for scammers to buy licenses and scam investors. We’ve seen it several times in our long years of investigating brokers.
Don’t fall for whatever you read. Make sure to verify every piece of information. Our research just crushed IQCent’s reputation.
Warnings From Financial Authorities
What’s for sure, IQCent broker doesn’t lack regulatory attention. The firm was first banned in Portugal in February 2021. According to CMVM, IQCent is not authorized to carry out any type of financial intermediation activity in the country.
The same warning was republished by numerous other authorities, including Spanish CNMV, Belgian FSMA, Norwegian Finanstilsynet, Estonian FI, Italian CONSOB, and Dutch AFM.
Where Is IQCent Trading Scam Active?
Our analysis shows that the IQCent trading scam is mainly active in:
- US,
- Nigeria,
- Colombia,
- Portugal,
- India.
Hence, the Portuguese regulator was the one to give us an official warning.
The company’s domain was first registered in January 2017, with the latest modification being in January 2023. According to SimilarWeb traffic analysis, the firm significantly increased its pool of victims, going from 3.3K in December 2022 to over 25K visits in January 2023.
The majority of traffic comes from Slovakia, US, Germany, and Angola.
Reviews of IQCent – Traders Share Their Experience
Besides regulators, we’ve also checked what traders have to say. The broker earned quite a negative reputation all over the internet.
At the time of writing, we found 74 Trustpilot reviews, with 62% being 1-star. Additionally, the site added a warning regarding detecting and removing fake comments.
On top, we found the broker’s name on Reddit, with an account r/binaryoptions warning about iqcent.com and IQOption being fraudulent brokers who don’t approve withdrawal requests.
IQCent Trading Platform
IQCent trading platform is praised throughout the website as “seamless and flexible.” However, there is no access to it. The company doesn’t offer any links leading to their proprietary WebTrader, nor do they have a risk-free Demo.
Therefore, we’re unable to comment on whether or not you will get any software and what kind of it. What we can say is that we always advise trading with regulated brokers that have third-party software such as MT4, MT5, and cTrader on offer. These are highly reputable and reliable.
What Can You Trade With a Broker?
The company advertises four classes of trading assets, those being:
- Currency pairs – EUR/USD, USD/ILS, GBP/JPY
- Commodities – gold, silver, crude oil
- Indices – AU200, DAX30, CAC40
- Cryptocurrencies – BTC, XRP, ETH
Stocks are not listed, and we cannot even confirm the assets from above without the platform.
Of course, we know nothing about spreads, swaps, and other fees. All we know is that the leverage goes up to 1:500, against most Tier 1 regulations.
IQCent Trading Account Comparison
You can choose from the 3 IQCent account types:
- Bronze,
- Silver,
- Gold.
The minimum deposit is not specified, but bonuses increase from 20% to 50% and 100%, respectively. Moreover, the last two accounts have three risk-free trades included, while the Gold one also has a web session with a master trader.
While claiming to offer a Demo account with all account types, we could not find it even upon account registration.
The minimum investment to open an account with the firm is $20; probably another thing they kept from their binary options days.
IQCent Offers a Deposit Bonus
As mentioned, IQCent offers different bonuses and promotions. However, these are not free. The company will request clients to comply with outrageous bonus rules, including the consequences of not having the bonus amount 3x in turnover. In such cases:
- The bonus will be canceled.
- All the losses will be deducted from the customer deposit only.
- Any profits that result from bonuses will be canceled.
Now, the problem is to prove how much of your profit was made from bonus funds and how much from the deposit. As you can tell, it’s a classic lure to keep all customer funds and refuse withdrawals.
Withdrawing Profits From Your Broker Account
IQCent withdrawals, as well as deposits, can be made through the following payment methods:
- Debit/credit card,
- Cryptocurrencies.
The problem with crypto transactions is their relative anonymity and transaction encryption, which makes it difficult to recover money in case of losses. That’s why most scam brokers choose it as a preferred option.
IQCent charges 5% for card withdrawals but no fees for crypto. It’s clear why.
I Have Been Scammed by IQCent, What to Do?
Being a victim of the IQCent scam is nothing to be ashamed of. In fact, there are many people in your situation. Global Fraud Protection assisted some of them in filing a dispute for a chargeback or tracing their digital coins with our CipherTrace experts.
Don’t wait. Time is of the essence. Book your free consultation now and allow us to review your case.
All In All, Don’t Let the Scammers Get Away for Free!
FAQ Section:
Is IQCent a Legit Broker, and Should I Invest In It?
IQCent is not a legit broker, and you should avoid it. In the event you already lost money with the scammer, we may be able to assist you with the recovery.
Does IQCent Have a Mobile Trading App?
IQCent claims to offer only WebTrader, but we couldn’t access their platform.
Are My Funds Safe With IQCent?
Considering the number of regulatory bans and negative reviews, it’s clear that your funds are not safe with IQCent.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘xBTCh,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/13/iqcent-review-2023-your-money-is-in-danger-with-this-broker/.
