Is there someone in this group that knows whether IQCent is a safe binary options platform?

I’m acutely aware the binary space has its fair share of dodgy actors and scammers and I’m not interested in putting in the hours to make returns only to get my withdrawal request rejected or suddenly the company goes brick wall on me.

I have already read the review on this site on them and noticed there is a mix of good and bad, especially in the user reviews. The one below was of concern so I would like a steer.

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[James BarraModerator DayTrading.com Team]

Hi HighLowLuke,

Thanks for your message.

While it has been operating since 2017 and picked up several awards, I would not describe IQCent as “safe”. It scored 2.5/5 for trust during our assessment of the platform – a long way off our most trusted brokers.

This is primarily because it’s not regulated by a respected financial body, just the International Financial Market Relations Regulation Center (IFMRRC), which is based offshore and not well-regarded in the industry.

If you want to trade binaries then you may struggle to find a well-regulated trading platform. Nadex is one of the few tightly-regulated binary platforms but it’s focused on the US market.

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[Badger]

Having dabbled in loads of financial products over the years, including binary / digital options and CFDs, I can say there are legit binary firms out there but they are very rarely regulated because many agencies look dimly upon them.

I’ve not used IQ before but I have been targeted by bad binary actors. My advice – read loads of user reviews and go in with your eyes wide open.

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[HighLowLuke]

Thanks boys.

I am conscious about binary scams so I know some detective work is usually needed first.

What about Pocket Option as an alternative? Have you had experience with them?

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[James BarraModerator DayTrading.com Team]

Hi HighLowLuke,

Our team have evaluated Pocket Option and it earned 2/5 in the DayTrading.com Regulation & Trust Rating for many of the same reasons as IQCent.

Despite attracting over 100,000 traders since it launched in 2017, it’s registered offshore with a weak regulator – the Mwali International Services Authority.

Don’t expect the same legal safeguards you would get with tightly regulated brokers, such as access to investor compensation schemes in the event of broker insolvency.

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