Pros & cons of Iqcent

IQCent Fact sheet

Before depositing funds to their accounts, traders need to make sure that their broker is safe. There are two things that can indicate whether the broker can be trusted or not: reputation, and regulations. The broker doesn’t have any license and traders are not protected when depositing funds to Iqcent’s account. It’s never a good idea to send your hard-earned money to an unregulated broker. 

The company offers access to trading more than 100 tradable instruments, including: stocks, cryptos, and commodities. Maximum available leverage is 500:1. 

The broker offers 4 account types for different trader types. Each type has different initial deposit requirements and with higher deposits, traders are offered larger bonuses. 

• Bronze account - 50 USD (minimum initial deposit) - 20% bonus
• Silver account - 1000 USD (minimum initial deposit) - 50% bonus
• Gold account - 5,000 USD (minimum initial deposit) - 100% bonus
• VIP account - 50,000 USD (minimum initial deposit) - 200% bonus

Pros & cons of Iqcent account types

Getting started on Iqcent 

Account opening process at Iqcent is super simple. Traders do not need a complicated verification process and are not required to upload any documents to verify their identity or residence. Everything is very simple, you only need to provide your email, phone number and that’s it. Which also can be counted as an indication that the broker is fraud. The company's only goal seems to make it easier for traders to register fast and transfer money. 

The live customer support of Iqcent informed us that there are no deposit fees, however, there is a 20% withdrawal fee, even if you decide to not get any bonus. Which is weird for any regulated broker. But if we look at Iqcent not as a regular broker, but as an unlicensed scammer website that tries to keep our money, everything makes sense. Their job is to convince investors to keep depositing to claim the huge bonuses that they offer and impose massive withdrawal fees of 20%.

Comparing Iqcent fees with other brokers

Iqcent fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Iqcent fees compared to CM Trading fees

Iqcent fees compared to plus500 fees

Iqcent fees compared to XM fees

Iqcent fees compared to AvaTrade fees

Iqcent fees compared to Capital.com fees

Iqcent doesn’t offer any third party platform. The company has built its own webpage. Furthermore, there are no desktop and mobile apps available. 

Mobile app isn’t available. Which is another huge downside.The lack of investments in as simple apps as mobile and desktop platforms indicates an additional red flag. 

There is no educational material or tools for market research and analysis available on the company’s webpage. However, the broker promises to deliver tech analysis once traders open live accounts.

When we were trying to connect with the broker’s customer support, a strange thing happened. We found out that the same video was on repeat for the Iqcent web page and Database webpage. Both of these platforms are unregulated. And it’s a clear indication that the both brokers are scamming their customers. Furthermore, we can definitely say that the person on the video is not the same as the person texting customers. In addition, the chat window shows country flags based on the IP address individuals are logged in from, and in one instance the customer support location was changed to India, and then it was converted back to the UK. There’s a good chance that the scammers are operating from India and change their IP addresses to mask themselves. 

To sum it all up, Iqcent looks like a scam broker. And we recommend our readers to avoid opening accounts with them. Some of the most obvious red flags are: 

• They do not have license
• Iqcent doesn’t offer third party platforms such as MetaTrader 4&5, or cTrader
• The customer support uses fake video chat recordings
• Trading conditions and offerings displayed on their webpage doesn’t make any sense. Why would anyone be charged with a 20% withdrawal fee even if they do not intend to get the deposit bonus? The answer to all of these questions is simple: the broker is a scammer.

The best way to protect yourself is to never send this broker your hard-earned money. And if you already have, do not send them any more. Scammers often ask their victims to transfer more money as commission to return their initial deposits back, which will never happen unfortunately. Keep in mind that every mistake can be used as a lesson. Try to find regulated and reputable companies next time.