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IQ Cent Review 2024: Is The Broker Safe?

Publisher

April 9, 2024
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IQ Cent

IQ Cent is one of the most talked about options brokers on the market in recent times. It allows 24-hour trading on 100+ assets and up to 98% payouts. The platform suits traders who engage in CFD and Binary options trading.

In this IQ Cent review, we will unravel all of the necessary features and information concerning the company’s regulation, trading platform, and account types. At the end of this read, you will be enriched with enough detail to determine whether you should continue in your pursuit of a trading career on IQ Cent.

 

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IQ Cent Overview

IQ Cent is an online brokerage that provides services in the trading of 100+ assets across various instruments such as Binary options, CFDs, Forex pairs, Crypto, Indices, and commodities. The platform offers up to 98% payout for trades in as little as 5 seconds.

IQ Cent was founded in 2017 and is based in the Marshall Islands. The broker is unregulated by any standard government agency, making it lack quality trust for its services. This means that the safety of customer funds on the platform is not guaranteed.

Overall, IQ Cent has an intuitive platform that gives users a quick overview of its services without having to do any background checks. The user interface is very good, and the platform is straightforward to navigate, whether on the website terminal or the mobile app. The same could be said of the broker’s trading platform. It operates a proprietary platform that can be accessed directly on the website platform without any need to download the software. The platform also comes with several tools that aid market analysis, including chart tools and indicators, and a custom copy trading tool for users to mirror the trades of experts on the platform. The platform is also simple to use, and trades can be set up within a few seconds and provide leverage of up to 1:500.

When measured against the standard market price, IQ Cent’s minimum deposit is quite high, as users are not allowed to deposit $50. It, however, offers a minimum-sized trade of $0.01 to suit beginners on the platform. Users can also access a demo trading account where they can get accustomed to the platform’s trading sequence. The demo account comes with $10,000 of virtual cash for practice until traders are ready to invest real money using any of the live accounts.

Furthermore, the broker offers bonuses and giveaways during trading contests and referrals.

 

Pros and Cons

👍 Pros👎 Cons
✅ User-friendly platform❌ Unregulated platform
✅ Copy trading tools❌ User complaints on slow customer support response
✅ Quick withdrawals and instant pays❌ Minimum deposit of $50 which is very high
✅ Leverage up to 1:500❌ A low range of trading assets
✅ Offers advanced charting and analytical tools❌ No MT4 or MT5 software
✅ Demo trading account
✅ Minimum sized trades of $0.01
✅ Payouts up to 98%
✅ Online video stream chat

 

Regulations and Licensing

Regulations form a great part of the trust that customers put into any broker. To gain the trust of potential users, a broker would need to be licensed by a well-known agency.

IQ Cent does not have any licensing by a known regulatory agency, making it unreliable with user funds. The regulatory body from which the broker presents licensing is the IFMRRC, which is not trusted because it is not a known agency. That means traders who store funds on the platform do it at their own risk, even though the broker is commended for great fund security. Why a broker should be regulated by a known agency to ensure that there are laws that safeguard user funds in case of any irregularities by the broker.

 

Trading Platform

IQ Cent provides a very simple and intuitive trading platform that users can easily navigate through when opening and closing a trade. The broker offers a proprietary platform without integrating the more common MT4 or MT5 trading software.

On the IQ Cent trading platform, users have access to 100+ tradable assets, and they do not have to download the software before they can begin trading. The trading software is accessible on the website platform for traders to access directly. What’s more interesting is that the broker provides a TradingView terminal with charting tools for proper analysis, including RSIs, Bollinger bands, and Oscillators.

With only a few clicks, you can navigate your account, browse assets, and trade binaries. The easy access to the copy trading option at the bottom is also a plus, allowing the trader to copy the trades of some of the top traders on the platform.

With IQ Cent’s trading platform, users can easily access trade history, select trade types and access trading tools for market analysis. The timeframe for trades on the platform is as low as 5 seconds with payouts of up to 98%. Traders can also use leverage of up to 1:500, with trades open 24/7.

Furthermore, there are some additional features available on the platform to help users benefit better from trades. These features include:

  • A Sellout feature that allows users to jump off trades before the expiry time.
  • A double-up feature that essentially allows users to open a position simultaneously without having to close the initial position.
  • A rollover feature that allows users to hold positions for a repeated time before it expires. The first rollover is free for the first use, but subsequent usage will attract a $1 fee.

 

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IQ Cent Account Types

IQ Cent, like many other brokers, offers a variety of account choices for users to select from. The aim of this is to make the platform affordable for traders of all levels. There are two basic account types on the broker;

  1. Demo account
  2. Live account

 

Demo Account

For newbie traders, or new users on the platform, IQ Cent offers a demo trading account that mirrors the actual trading interface. The demo trading platform is good for users who want to practice without having to commit actual funds to trades.

The demo trading platform comes with a complimentary $10,000 virtual currency for users to trade with any of the instruments. It possesses real-time market value and pricing, with all of the technical tools needed to trade and make profits on the actual market. Users can choose to switch between the live account and the demo account at any time.

 

Live Account

IQ Cent offers four flexible live accounts for users to choose from. The live accounts come in four types:

  • Bronze
  • Silver
  • Gold
  • VIP

Each of the live accounts comes with different features and limits to which the trader is permitted. Here’s a detailed breakdown of the account types.

Bronze: The bronze account offers users a minimum deposit of $50, with a maximum trading size of $250. The deposit bonus on this account is up to 20%, with 20 free rollovers, and a tradeback of 0.1%. The customer support line for this account type is standard service, and the withdrawal time is up to 8 hours.

Silver: The silver account offers a minimum deposit amount of $1000 and a maximum trade size of $1000. Traders can boost payouts by +1%, with 0.50% available tradeback and 50 free rollovers. Users can access up to a 50% deposit bonus on the account, with a processing time of 4 hours for withdrawals, and the customer support treatment for users on this account and every other one higher than this is a priority.

Gold: The gold account charges a minimum of $5,000 on deposits with a 100% deposit bonus and a $5000 maximum trade size. Users can rollover trades on this account up to 300 times, with a tradeback of 1% and 1 hour of withdrawal time. This account also gives traders access to a personal manager.

VIP: The VIP account is the highest among the trading accounts on IQ Cent, and those who open this account perform a minimum deposit of $50,000 with a bonus size of 200%. The account offers 500 free rollovers, with a 2% tradeback on any losses and instant processing of withdrawals.

 

IQ Cent Assets and Markets

IQ Cent offers users a comfortable selection of assets to choose from when trading. These include forex pairs, commodities, cryptocurrencies, and indices whether on the options market or CFD.

CFDs offer leverage as high as 1:500, while binary options offer payouts of up to 98%. Additionally, a range of OTC assets with a minimum contract duration of five seconds is offered, covering both main and minor forex pairs.

 

IQ Cent Mobile App

IQ Cent provides a good working trading platform on its website terminal, but the same cannot be said for its mobile app. This is because the platform’s interface does not work well with smartphones, as it was built instead for desktop screens. There have been constant reports of the mobile app crashing/not working, or the trades being slow/not processed. Regrettably, IQ Cent no longer provides services via mobile applications, whether for Android or iOS devices.

 

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IQ Cent Fees and Costs

IQ Cent offers reasonable fee pricing when compared with some competitors. Although the broker is not outrightly clear about its pricing structure, user reviews have been useful in observing the fee structure that the platform offers.

Thanks to the Zero-Commission pricing model on all binaries, IQ Cent does not charge fees for options trading. However, CFD trading still attracts spreads of up to 0.3 pips on major currency pairs, commissions on unleveraged crypto CFDs from 1% to 2.5%, and up to 5% on leveraged crypto CFDs.

The broker also charges inactivity fees for customers whose accounts have been left dormant for a month. The platform charges a $10 fee for such accounts.

 

IQ Cent Deposits and Withdrawals

IQ Cent does not provide a variety of options for users to make use of when trying to deposit or withdraw funds. The major payment methods available on the platform are Debit cards and digital tokens such as BTC, ETH, and many more. The broker also claims to offer payments via bank transfers, although this hasn’t proven reliable. There are no fees charged for the use of any of these methods to either make deposits or withdrawals.

 

Deposits

To deposit on IQ Cent, the minimum deposit amount accepted is $50 for a bronze account type. The deposit amount differs for each live account, as stated earlier. Users can fund their accounts with any of the already listed payment options that are available on the platform.

 

Withdrawals

Withdrawals can be performed using any of the methods used for the deposits. The average time for funds to be processed for withdrawals is 8 hours for a bronze account, which is very long. The minimum withdrawal amount on IQ Cent is $50, which is quite high when compared to some other brokers on the market.

For those using the Gold account, withdrawals are processed within the hour, while they are processed immediately for VIP traders.

 

Getting Started With IQ Cent

There are three simple steps to get started with building a career on IQ Cent, and all it will take is the trader’s concentration to work it out quickly. All you have to do is:

  • Register with the platform
  • Fund your account
  • Start Trading

 

Register With IQ Cent

The very first step to trading on IQ Cent is to register with the broker. The platform makes it so easy to get the journey started as you can find the option to sign up instantly on the right side of the screen. After putting in all the necessary information, you will be asked to verify the account.

 

Fund Your Account

The next step is to fund your trading account. You can decide to use any of the payment methods already highlighted. The minimum deposit amount is $50 for the bronze account, $1,000 for the silver account, and $5000 for the Gold account.

 

Start Trading

The final step is to head over to the trading platform, select an instrument to trade, along with an asset, analyze the market, and begin trading and earning profits. Users can begin trading with as little as $0.01 with timeframes as little as 5 seconds on trades.

 

IQ Cent Bonuses

IQ Cent offers bonuses to users in various forms to encourage

  1. Sign-Up Bonuses:
    • When you sign up for an account with IQCent, you become eligible for various bonuses based on your account type:
      • Bronze Account: Deposit over $50 to receive a 20% bonus.
      • Silver Account: Claim a bonus of up to 50%.
      • Gold Account: Enjoy a guaranteed 100% bonus on your initial deposit.
  2. Giveaways:
    • IQCent occasionally runs exciting giveaways. Users can win up to 100% in trade bonuses along with prizes like an Apple Series Watches, iPhone 15 Pro, iPad Pro, and many more. To participate, you simply need to deposit during the promotional period.
  3. Referral Bonus:
    • Besides trading, users can also profit from referring others to IQCent. Encouraging friends and fellow traders to join, will allow the referrer to receive additional benefits.

 

Customer Support

The customer support on IQ Cent is available to users on a 24-hour basis. They offer 24-hour Live chat support, telephone support, as well as email support. The level of support also varies on the account type. For the Bronze account, the customer support is on a standard level, while the silver, gold, and VIP accounts are on priority support.

There is also a blog with the latest news regarding the broker and a FAQ page where users can go to find issues and answers relating to their complaints.

 

IQ Cent Security

Although not much is said about the security protocols put in place by the broker, there are still certain measures that are glaring from the way things are run on IQ Cent. Here are some of the security systems put in place.

  1. Encryption and Data Protection:
    • IQCent employs advanced encryption protocols to safeguard user data during transmission. This ensures that sensitive information, such as login credentials and financial details, remains confidential.
  2. Secure Trading Platform:
    • IQCent’s trading platform is designed with security in mind. It undergoes regular security audits and updates to prevent vulnerabilities and protect against unauthorized access.
  3. Segregated Accounts:
    • Client funds are kept in segregated accounts separate from the broker’s operational funds. This separation ensures that traders’ money remains untouched even if the broker faces financial difficulties.

 

Visit IQ Cent!

 

Bottom Line

IQ Cent has gained popularity in recent times and offers some good features for users to benefit from, especially on its trading platform. These include its demo account, seamless trading interface, a copy trading tool for better maximization of the markets, and good analytical tools.

The fact, however, is that there are still more complaints regarding the broker’s regulatory concerns, its customer support line, and also its low range of assets for trading.

IQ Cent is a good platform for trading binary options if you are ready to undertake the risks of trading on an untrusted broker.

 

FAQs

Can I trade with IQ Cent on my mobile phone?

The IQ Cent mobile app has been removed from operating due to continuous challenges that were being faced while using it. Currently, users cannot trade using a mobile app.

 

Is IQ Cent a regulated platform?

IQ Cent is regulated by the IFMRRC, a regulatory agency that is not popularly known. The company is yet to be regulated by any known financial regulatory body.

 

Is IQ Cent good for Day trading?

Traders can access IQ Cent at any time to trade. The platform is open for traders 24/7

 

Are there fees for OTC trading on IQ Cent?

There are no fees charged for OTC trading, therefore traders can leave their trades open for as long as they want.

 

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