Beware! IQMarketsCFD 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.
The first thing we notice about IQMarketsCFD is its deranged and ludicrous logo, which looks like it was put together by a 6-year-old. Next, we focused our attention on the website, which seemed overwhelming and overburdened with fake and irrelevant information. On the home page alone we witnessed charts with useless asset prices, a certificate of incorporation which seems far-fetched, and a number of disproportionate texts and images. Overall, we are about to embark on a bumpy ride or a review.
Registering was easy, and in less than a minute we were given access to one of the craziest and most chaotic user areas we have ever seen. Words cannot really describe it, for there are far too many elements to fit in the review, so we have attached a snip so that readers can see for themselves:
Keep in mind that the background is in constant motion, and it can have an effect on your attention for sure. Also, all other sections are equally chaotic as they are hilarious.
We learn from the user area that there really isn’t really any trading software. The one you see above is a binary options trader, and believe us, it has seen better days. There is a Live Trading section, but it too was useless and barely functioning to begin with.
In other words, IQMarketsCFD does not offer any FX trading, and therefore, there are no applicable spreads, leverages, and financial assets.
IQMarketsCFD’s website is available only in English.
IQMARKETSCFD REGULATION AND SAFETY OF FUNDS
Not only is the interface of the broker a complete mess, but the chaos extends to the regulatory information as well.
The terms and conditions claim that IQMarketsCFD the broker functions under the laws of Cyprus. The aforementioned certificate of incorporation is from the UK. Meanwhile, the contact address in the footer is from the United States.
Moreover, the certificate of incorporation speaks of a company that does not match the name of the parent firm we find in the terms and conditions. Thus, we do not know the actual name of the company behind IQMarketsCFD.
As for the possibility of the brokerage being regulated in either Cyprus or/and the UK, we can tell you for sure that it’s not true. Never in a million years will the FCA or CySEC allow for a mess that is IQMarketsCFD to be accessible to the general public.
Moreover, we can rule out IQMarketsCFD being licensed or located in the United States, it being the most austere of all FX environments.
And last but not least, just look at the broker! Does it look to you line a regulated entity? We didn’t think so.
IQMarketsCFD is UNLICENSED, a risk to all investments, and a pure scam!
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! What’s special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
IQMARKETSCFD TRADING SOFTWARE
The aforementioned live trading platform is a broken thing, that does not even qualify as anything, let alone a trading software.
As for the binary options trader, it really doesn’t do anything for us. We find it to be risky.
As a reminder, binary options trading allows users to bet on the price of a given asset.
IQMARKETSCFD DEPOSIT/WITHDRAW METHODS AND FEES
From the messy user dashboard, we learn that the payment methods are Skrill, Neteller, Bitcoin wallet, wire transfer, PayPal, Western Union, PerfectMoney, and MoneyGram. However, out of all the payment methods, only the BTC wallet is available for direct access. Users must contact the broker’s support in order to pay through all the other methods. This is typical of scammer brokers – to push for crypto investments, which are essentially untraceable and thus cannot be reimbursed back to the user! There is no minimum deposit indicated, and crypto transfers are not limited to any amount.
We have solid evidence that IQMarketsCFD does not allow users to withdraw. We found absolutely no trace of a withdrawal portal in the client dashboard. This is another reason why users should stay away from this broker!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a “account managers”, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!