Today, we provide a review of IQcryptos Forex broker because they are just 1 year old in the game and are already purporting to be trustworthy, excellent, accountable and innovative.
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In other words, IQCryptos feels that they can compete with our most recommended Forex brokers.
IQcryptos is inviting traders to “invest in their own success” by providing generous leverage, bonuses and a professional trading environment.
Indeed a professional trading environment can be good start if combined with these advanced trading products or services.
The website of the IQcryptos broker also states that they’re guaranteeing fund security because they work with segregated accounts and choose their financial institutions carefully.
They’re currently offering 3 types of trading accounts and are claiming that they have something for everyone regardless of their capital, risk appetite or style of trading.
So the reason we’re doing this IQcryptos review is because we feel that the broker is not meeting the basic requirements expected of a professional Forex broker.
In as much as this review will take a negative turn due to a few concerns, we would still wish that you at least skim through this post to understand what the issues are.
In as much as this broker did not inspire trust when we first encountered their website, we still felt that the company has an attractive layout for their website.
The broker is providing a German address at Deutschherrnufer 22, 60560 Frankfurt am Main and a phone number +44 7412058574.
Those who wish to contact IQCryptos through email can use Support@iqcryptos.com.
The broker lacks a live chat functionality on their website, so we couldn’t engage them as quickly as we do when confronting other Forex brokers.
Account types offered by IQcryptos
Below is a table of account features provided by this broker.
|Fixed||1:30||Forex, Gold, Silver, Oil, Commodities, CFDs||$250|
|Premium||1:10||Forex, Gold, Silver, Oil, Commodities, CFDs||$50|
|Advanced||1:100||Forex, Gold, Silver, Oil, Commodities, CFDs||$100|
It’s worth noting that only their Advanced account type charges commission per lot.
This is currently set at 4.
Of course this discussion can’t end if we have not talked about the cost of trading with IQcryptos.
Their Fixed account has fixed spreads. They don’t provide a breakdown of spreads for their instruments, hence we can’t tell how expensive or cheap it is to trade with this account.
Their Premium account spreads begin at 1.0. Also, it’s not clear what they charge for the individual trading instruments.
Only their advanced account is portrayed as having zero spreads.
We generally expect brokers to be crystal clear on their spreads even before opening an account with them.
This is an area that IQcryptos has clearly failed at.
IQcryptos trading platforms
The broker has invested in a variety of trading software such as MT4 web, Web Trader, Android Trader, iPhone Trader and iPad Trader respectively.
However, when we logged into the platform, we discovered another strange trading platform with the logo of this broker.
The interface of this trading environment looked like that of the famous TradingView website.
We have never used this platform before, so we don’t much about it.
We also didn’t see their MT4 web platform.
This is the first thing they should have put emphasis in because obviously MT4 platform comes with a variety of benefits.
All in all, IQcryptos claims that we can scalp in their platform or automate our strategies, thanks to their VPS hosting.
Deposit and withdrawal methods
They provide a variety of deposit and withdrawal methods.
We saw that they’re accepting Wire Transfers (Minimum is $250/EUR).
In addition to this, they support card deposits and electronic Wallets such as Skrill, Neteller, FasaPay and Vload.
Is IQcryptos broker regulated?
This is the main issue we have against them because we have observed that they are not accountable to any regulatory authority.
In Germany, we have BaFin which is the oversight authority over Forex brokers who are registered and operating in this region.
One of the regulatory requirements is that brokers must put the funds of their clients in a segregated account.
If they are not regulated, then clearly IQcryptos is not a trustworthy broker and neither are they reliable.
Furthermore, this broker does not introduce their founder or team members.
We have no idea who owns or runs the company. This sort of anonymity sends out strong signals that the broker isn’t reliable.
In as much as IQcryptos is promising the good features that every trader would wish to experience, they don’t seem to have any reputation out there.
We only recommend or at least trade with brokers who have a reputation from their real customers.
Furthermore, never attempt to trade with an unregulated broker as they could just lure you to deposit more money so they can steal from you.
At this point, we close this case by saying IQcryptos is not as reliable as one might think.
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