Iqcent review - is Iqcent a scam?

iqcent.com
nika
Written by:
Av
konstantinrabin
Calendar
Written on:
12 December 2023
Date
Last edit:
11 January 2024
Our rating:
1.06

1.06

Iqcent review - is Iqcent a scam?

iqcent.com
nika
Written by:
Calendar
Written on:
12 December 2023
Date
Last edit:
11 January 2024
Our rating
1.06

1.06

Trading is risky
See how IQCent compares to it's closest alternatives.
Compare

Main summary

Iqcent is an online broker that offers access to trading over 100 instruments, including stocks, crypto, and commodities using IQcent platform. The company offers 24/7 live video chat, and multiple account types to choose from.

On the downside, the company isn’t regulated, doesn’t offer a third party platform, and raises questions regarding its safety. Let’s further explore the safety features and offerings of this broker and find out whether it can be trusted or not. 

Pros & cons of Iqcent

  • Small initial amount required to start. The Bronze account costs as little as 50 USD.
  • Offers referral bonuses
  • Offers various account types
  • Doesn’t offer third party platforms
  • Doesn’t offer desktop or mobile apps
  • Educational material and tools for market research is non-existent
  • Unregulated
  • Uses fake video chat
  • Has 20% commission for withdrawals

IQCent Fact sheet

Main features
Regulations Unregulated
Fees on deposits 0 USD
Fees on withdrawal 20%
Inactivity fees 10 USD per month
Minimum deposit 50 USD
Minimum account activation 1 USD
Number of available assets 100+
Leverage up to 1:-
Available trading markets Stocks, Cryptocurrencies, Commodities
Account currencies -
Demo account Yes
Live account types Bronze, Silver, Gold, VIP
Islamic account -
Security
Negative balance protection Yes
Part of compensation fund -
Keeps funds on segregated bank account -
Assets
Forex
Shares
Cryptocurrencies
Indices
Commodities
Total -
Fees & spread
Forex -
Shares -
Cryptocurrencies -
Indices -
Commodities -
Software
Platforms -
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods -
Minimum deposit -
Minimum withdrawal -
Withdrawal processing time -
Time to open an account -
Show all

Safety & Security of Iqcent

iiiq.JPG

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. 

Trading assets offered by Iqcent

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

Account types available for traders on Iqcent

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

ProsCons
Various account types to choose froma 50,000 USD account offers a 200% bonus, which is unrealistic for most established companies. Such offerings might be another indication that Iqcent is a scam broker
Enables traders to use a demo account 

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. 

Fees & commissions of Iqcent

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

Type of FeeIqcentInteractive Brokers
EUR/USD SpreadFrom 0.7 pipsFrom 0.6 pips
Fees on DepositsNo1%
Inactivity fee10 USD per monthNo*

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

Iqcent fees compared to CM Trading fees

Type of FeeIqcentCM Trading
EUR/USD SpreadFrom 0.7 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity fee10 USD per monthYes, 15 EUR/USD per month after 60 days of inactivity

Iqcent fees compared to plus500 fees

Type of FeeIqcentplus500
EUR/USD SpreadFrom 0.7 pipsFrom 0.8 pips
Fees on DepositsNoNo
Inactivity fee10 USD per monthYes, 10 USD per month after 3 months of inactivity

Iqcent fees compared to XM fees

Type of FeeIqcentXM
EUR/USD SpreadFrom 0.7 pipsFrom 0.6 pips
Fees on DepositsNoNo
Inactivity fee10 USD per monthYes, 15 USD after 12 months, +5 USD/m

Iqcent fees compared to AvaTrade fees

Type of FeeIqcentAvaTrade
EUR/USD SpreadFrom 0.7 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity fee10 USD per monthYes, 50 USD after 3 months, 100 USD administration fee after a year

Iqcent fees compared to Capital.com fees

Type of FeeIqcentCapital.com
EUR/USD SpreadFrom 0.7 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity fee10 USD per month Yes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms of Iqcent reviewed

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 Trading on Iqcent

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. 

Education and research tools

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.

Customer support of Iqcent

iq.JPGdaxbase.JPG

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. 

Conclusion

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. 

Have experience with IQCent? Log in to leave a review

FAQs on Iqcent

Is Iqcent a fraud broker?

It looks like the broker is scamming traders. And it’s best to avoid them at all costs. There are various reasons why we think so. Firstly, the company isn’t licensed, secondly there is no third party trading platform available. In addition, the live chat videos seem to be recordings of fake customer support agents. We found the same names and the same recordings on other similarly unlicensed brokers. 

What can I do if I get scammed by an Iqcent broker?

Report the scam to the relevant authorities. But before you do so, make sure to avoid sending them more money. Many scammers ask their victims to deposit a little bit more in commissions so that the previous deposit can be returned. Do not be fooled by this trick. Sending them more money will only make you lose more. 

How to avoid getting scammed in the future?

First of all, you should be informed that trading financial instruments is highly risky. Most people lose money in the market, especially novice traders. It’s best to educate yourself accordingly before making financial decisions. To find a trustworthy broker, you should take into account regulations and the broker's reputation among other traders. Trustworthy brokers are strictly regulated.