If you want to trade binary options and CFDs, one site that may have caught your attention is IQCent. Is this broker worth your time? In this post, we will tell you what you need to know about IQCent’s account tiers, trading platform, fees and more. But first, let’s give a little general information.
IQCent is a broker that offers binary options and CFD trading all in one simple proprietary platform. While the broker does not serve customers in the USA, it does accept traders from many other regions around the world.
IQCent is operated by Wave Makers LTD in the Marshall Islands, operating on the behalf of FGC. The company states in its terms and conditions that it holds a “financial services license,” but does not provide the number or any additional information.
Opening an account on IQCent
When opening your account, you can make your deposit via credit or debit card, BTC, ETH or altcoins. Funding times for all methods are instant, and transfers are free unless you go with a credit or debit card (which carries a 5% fee). The minimum deposit amount is $20 (a very low amount compared to a lot of other brokers). The minimum to withdraw is also low — just $20.
The same methods are offered for withdrawals, with the processing time ranging up to 1 hour (that is pretty fast). The terms and conditions also mention wire transfers, with a fee of $50.
There are three different account tiers; Bronze, Silver and Gold. At the Bronze level, you get 24/7 live video chat support, 1-hour withdrawals, a bonus of up to 20%, a demo account, and the copy trading tool.
The Silver tier adds a master class web session and your first 3-trades risk-free. The bonus jumps up to 50%. The Gold level includes all the benefits at the Silver level, plus a 100% bonus and a personal success manager.
You can also use our exclusive promocode
BINARYTRADING to increase your bonus up to 150% with IQCent.
One of the coolest things about IQCent is its promotions. We already talked about the match deposit bonuses up to 100%. Now let’s take a look at what else this site is offering.
IQCent runs trading contests weekly. The top four winners each receive $20,000 in cash. There are 20 winners per week, so the other 16 get other rewards. That is a pretty generous contest!
The broker also hosts a giveaway with the chance to win tech products like an Apple Watch Series 6, iPhone 13 Pro, iPad Pro or iMac M1 24”. To enter, you just have to deposit $250 or more and activate the promo offer.
A lot of other brokers simply are not offering promotions like these, so this is a pretty compelling reason to consider trading with IQCent.
Trading binary options and CFDs on IQCent’s proprietary platform
Now let’s talk about what it is like to trade at IQCent. You can either download the iOS or Android app for your mobile device, or simply navigate to the trading platform directly in your browser.
The platform is proprietary, with a sleek, stylish look. The purple backdrop is kind of unexpected, but it looks nice and provides plenty of contrast.
You can customize the appearance of your chart and use drawing tools to help you plan your trades. On the left, you will find your open trades, copy trading, market analysis, live chat, and more. You can select your asset and the type of trading you want on top (CFDs or binary options). On the right, you can input your trade amounts and orders. IQCent offers double up, rollover and early close to make it easy to manage your trades.
Before you start trading live with real money, you can try out the platform and practice your trading strategies with a demo account.
What to know about IQCent fees
As we discussed, there is a 5% fee for depositing or withdrawing using a credit or debit card. There are also a few other fees you should be aware of before you start trading on IQCent’s platform:
- $10 monthly inactivity fee
- Swap fee (of 0.07% of the face value of the position) for overnight positions
- Commission fees of up to 5% of the transaction for leveraged CFD crypto positions
Take note that this inactivity fee is charged on any month you do not place a trade. So, if you are a long-term trader who often goes more than a month without making a new trade, that could be a bit of a drawback for you. But if you expect to make at least one trade every month, you should not have to worry about it.
One of the distinguishing features of IQCent is the video chat offered with live support. All communication happens through text, but you can see a live image on your screen of the agent to whom you are typing.
Alas, when we tried out customer support while writing this review, nobody responded, despite the video feed showing someone there. Hopefully this was just a lapse and customer service is usually more responsive. But it does leave us uncertain as to the quality of support at IQCent.
May be worth considering for binary options and CFD trading
Let’s wrap up our review of IQCent. This binary options and CFD trading site seems like a mix of good and bad. In terms of the good, it is great to be able to do both of these types of trading conveniently in one place. The trading platform itself works great, and there are a lot of useful features and tools to help you out. On top of that, the bonuses and promotions are spectacular.
As far as drawbacks go, more transparency regarding regulation would be nice. We also would like to see fewer fees and more consistent customer support.
Our final verdict is that IQCent may be worth using if you want to trade binary options and CFDs while participating in exciting trading contests and giveaways. But we do recommend that if you proceed, you do so with caution and watch out for the potential fees.