Beware! Iqcent is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Iqcent looks like a blend between a forex broker and an online casino. It sort of plays on its visuals but does not do it to an extreme extent, so as to always keep users focused on the fact that it is first and foremost a forex brokerage. The website possesses very alluring visuals, and at times it looked more like a start-up company than an FX brokerage firm. However, a rule of thumb for all brokers is that one should never trust them based solely on their looks. In fact, many illegal FX brokerages rely on good visuals to misguide investors. Is Iqcent one of them? Read on to find out.
We registered without any issues and were immediately forwarded to a trading software look alike, which acted as the main page in the client portal area. This alleged trading platform turned out to be serving a much different purpose from what we thought it would. In fact, this is not a trading software but a binary options trading office. Binary options trading allows users to bet on an asset’s price. It’s as simple as that. In all honesty, it seems that Iqcent really does offer this as a service; the platform looks decent enough and the prices of the assets keep changing.
Seeing that Iqcent is in essence a binary options trading, we cannot talk of any spreads or leverages here.
The website is available in English, Russian, and Spanish.
IQCENT REGULATION AND SAFETY OF FUNDS
The Terms and Conditions of the broker, as well as the footer, revealed, that the broker is located in the Marshall Islands, and as such operates under the local laws.
It is very important to remember that the Marshall Islands do not have an FX regulator, and so cannot regulate FX brokers, including binary options trading firms. And furthermore, being located in the country does not mean being licensed there. Thus Iqcent is UNLICENSED, making it a risk to all investments!
There is absolutely no reason for anyone to trust and deposit in unregulated forex brokers. Always check first if a broker is regulated, and then proceed to deposit! The FCA and CySEC are some of the most popular licensors and we advise users to invest in firms that are legitimized by either of these. Both regulators, as well as all other legitimate ones, have a set of rules that apply to all brokers, and should brokers decide not to follow them the regulators will penalize them either by a fee or by taking their regulation! The FCA and CySEC include a compensation scheme for all users whose broker cannot pay them back, for all kinds of reasons, including insolvency. The reimbursed can go up to 85 000 pounds per person for FCA, and up to 20 000 euros CySEC.
IQCENT DEPOSIT/WITHDRAW METHODS AND FEES
To fund an account, the user has the opportunity to deposit via credit cards, debit cards, Bitcoin, cryptocurrencies, and PerfectMoney. The payment area reveals, that the minimum deposit is just $10.
Withdrawals are made through a number of cryptocurrencies as well as PerfectMoney. The Terms and Conditions mention that there are deposit and withdrawal fees. The website revealed that withdrawals via credit and debit cards are issued a 5% commission charged by the payment system and not the broker. However, the payment terminal gives no credit/debit card withdrawal methods. So, technically, these withdrawal fees are undisclosed. It’s very common for unregulated brokers to mismatch information.
If we ignore the missing regulation, Iqcent is a pretty decent binary options broker. The website is great and the terminal itself is also on an above-average level. However, binary options trading is a dangerous endeavor, and it can greatly damage your financial situation if you are not careful.
However, let us come down from the clouds and concluded that, because Iqcent is not holding a license, we do not advise users to deposit here!
How does the scam work?
Most fraudsters use the same scheme over and over again. However, they might take a different approach to use it, and that is why it is always recommended to take your time with a broker and see if are in the middle of a scam.
Online ads are the first step to getting scammed. These ads promise pure fantasy scenarios, like making thousand in a day while living on a beach house, etc. Those that are tempted will be redirected to a website where they will be asked to give away personal information, most notably email or telephone number. If any of these is given away, the person will start receiving emails or telephone calls that will push him or her to deposit in a given broker/investment scam.
The more advanced scammer, the so-called “account managers” will continue to drain you, through further phone calls. They will convince you to deposit even more. When the client feels like he or she is being scammed, all withdrawal requests will vanish and the broker will stop responding to you; they have disappeared with your money. At times the whole website goes down.
What to do if scammed?
The best advice we can give you is to file for a chargeback as soon as you get scammed. VISA and MasterCard have extended their chargeback time span to 540 days, so there is plenty of time to do that.
Those that have deposited via bank, we advise to change passwords and block any compromised accounts. Or you can contact the bank and check with them.
What’s more, is that users should never invest through crypto with unregulated brokers. Once a deposit is made the user can not get the money back!
Finally, users will find that there are recovery agencies that claim to help users who have been defrauded by scammers. The irony here is that these agencies are also scammer schemes!