Pros
- Low minimum deposit requirement (starts at $20)
- Offers 'Cents' accounts for beginners with small capital
- Supports 24/7 weekend trading on cryptocurrencies
- Accepts a wide variety of altcoins for deposits
- Copy trading tool built directly into the platform
Cons
- Not regulated by any reputable financial authority
- Registered in the Marshall Islands (High Risk Jurisdiction)
- Uses a proprietary platform instead of MT4/MT5
- Very low trust score indicating safety concerns
- Many user reports of difficulties withdrawing funds
Basic Information
User Reviews
Regulation Analysis
IQCent operates out of the Marshall Islands, a jurisdiction that does not regulate forex or CFD trading. The broker is effectively unregulated.
Trading with an unregulated broker carries severe risks:
- No Fund Protection: Your money is not segregated and can be used for the broker’s operational expenses.
- No Oversight: There is no authority to check if their trading software is fair or manipulated.
- Impossible Legal Recourse: If the broker disappears or refuses to pay, you have no way to recover your money.
The low trust score of 1.51 directly reflects this total lack of regulatory safety.
Trading Products
IQCent focuses on speculative assets and high-risk derivatives. Their product list includes:
- Forex & CFD: Major pairs and selected stocks.
- Binary/Fixed Time Options: Betting on price direction within a fixed timeframe (high risk).
- Cryptocurrencies: extensive crypto pairs available for weekend trading.
The inclusion of binary options products is a major indicator of its divergence from standard, regulated trading environments.
Trading Platforms
Unlike most legitimate brokers, IQCent does not use MetaTrader. Instead, it uses a proprietary web-based platform.
- Web Trader: A simple interface designed for quick execution and binary options.
- No External Audit: Proprietary platforms are easier for brokers to manipulate regarding pricing and slippage.
- Built-in Copy Trading: A feature encouraging users to follow other high-risk traders.
The lack of MT4/MT5 support is a disadvantage for serious traders who rely on custom indicators and transparent execution.
Deposit and Withdrawal
IQCent aggressively facilitates deposits, particularly through non-reversible methods:
- Cryptocurrencies: They accept Bitcoin, Ethereum, Litecoin, and many altcoins.
- Cards: Visa and Mastercard are accepted but sometimes processed via third-party gateways.
Warning: Withdrawal policies often include high turnover requirements (bonus terms) that effectively lock your funds in the account. Many users report being unable to withdraw their initial deposit.
Customer Support
Support claims to be 24/7 via live video chat, which is a unique gimmick, but substance is lacking:
- Video Chat: Agents appear on video to answer questions, often reading from scripts.
- Email: support@iqcent.com
While the video chat adds a “human” touch, the agents are often sales-focused, pushing for deposits rather than resolving technical or withdrawal issues.
FAQ
Q: Is IQCent legitimate?
A: No, IQCent is an unregulated offshore broker with a very low trust score and many user complaints.
Q: Can I withdraw my money?
A: Many users report significant difficulties withdrawing, often citing hidden bonus terms or turnover requirements.
Q: Where is IQCent located?
A: It is registered in the Marshall Islands, a jurisdiction known for lax corporate anonymity laws.