IQCent Review 2024
Awards
- Best Binary Broker 2023 - DayTrading.com
Pros
- The broker offers up to 98% payouts on binary options, which is more than alternatives like Pocket Option, only offering up to 92%
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
- The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
Cons
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- The broker is not overseen by a respected regulator, though this is common among binary options firms
- IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
IQCent Review
In this IQCent review, I assess all the broker’s features and provide my overall ratings in key areas, including fees, accounts and platforms. I also offer direct comparisons to similar binary options brokers, to see how IQCent stacks up against the competition.
Regulation & Trust
2.5 / 5IQCent gets a low regulation and trust rating for its weak regulatory oversight.
The broker is registered offshore and is overseen by the International Financial Market Relations Regulation Center (IFMRRC), which is not a trusted financial body.
Since most major regulators restrict binary options, this isn’t surprising. That said, the lack of proper regulation means that traders won’t be covered by financial safeguards like compensation if the broker goes insolvent.
Looking at the positives, the brand has been around since 2017 and has a wide customer base. It’s also good to see that IQCent uses 256-bit SSL processing to encrypt data.
Accounts & Banking
3.3 / 5I’ve given IQCent a good accounts and banking rating for its range of account types and perks, plus free deposits and withdrawals.
Live Accounts
IQCent’s four live account types come with a loyalty scheme allowing high-deposit clients to unlock perks and rewards, with initial deposits ranging from $250 to $50,000.
Importantly, beginners and casual traders may find the $250 minimum deposit for the starter account steep compared to most competitors. For example, Quotex requires just $10 to get started, while CloseOption only requires $5.
All profiles have access to a deposit bonus starting from 20%, though the most attractive perks are the payout boosts, available from the Silver tier upwards.
I outline the key features of each account type below.
| Bronze | Silver | Gold | VIP | |
|---|---|---|---|---|
| TradeBack | 0.1% | 0.5% | 1% | 2% |
| Free Rollovers | 20 | 50 | 300 | 500 |
| Payout Boost | +0% | +1% | +2% | +3% |
| Deposit Bonus | 20% | 50% | 100% | 200% |
| Minimum Deposit | $250 | $1000 | $5000 | $50000 |
| Customer Support | Standard | Priority | Priority | Priority |
Ultimately, the Bronze account will be the only viable option for most novices which, sadly, doesn’t offer a payout boost.
Additionally, while traders can access a 20% deposit bonus, the 0.1% TradeBack is pretty meagre. For example, a $100 trade would only give you a TradeBack reward of $0.10.
On the positive side, the 20 free rollovers perk is decent, especially since you can get an extra rollover for every $10 of your deposit amount.
Deposits & Withdrawals
IQCent’s payment methods include Visa and Mastercard debit/credit cards and cryptos such as Bitcoin, Ethereum and Tether. These are available with no transaction fees.
The broker states that wire transfers are also permitted, but I wasn’t offered this solution during testing.
Overall, this is an average selection of funding methods that fall behind competitors who accept alternative methods like e-wallets.
The minimum withdrawal amount is $50, which is relatively high compared to brokers like Pocket Option with a $10 minimum.
Withdrawal requests are typically processed within 1 hour though this can vary depending on verification procedures.
Again, the broker doesn’t charge any fees for withdrawals.
Welcome Bonus
Traders can access a deposit bonus of up to 200% in an incentive which is offered to anyone who can meet the minimum deposit requirements:
- Bronze – $250 minimum deposit, 20% bonus
- Silver – $1000 minimum deposit, 50% bonus
- Gold – $5000 minimum deposit, 100% bonus
- VIP – $50000 minimum deposit, 200% bonus
This is essentially free credit which must be used within 3 months to be eligible for profit withdrawal.
Although this could be beneficial for many traders, our research into the terms uncovered a very high bar for success – turnover must reach 3x the deposit, plus the bonus amount, before you can withdraw the bonus profit.
I strongly advise against choosing a binary options broker based solely on their bonus deals. More important is the quality of their platform, account options and payouts on the markets you want to speculate on.
Demo Account
IQCent offers a demo account which allows you to practice and develop your skills in a risk-free setting.
However, I was very disappointed that these accounts are only available to those who have already signed up for a live account. Essentially, traders will need to fork out at least $250 just to test the broker’s platform, which is pretty unusual.
This places the broker behind most rivals that we’ve tested which allow free demo trading, including Quotex and IQ Option.
Assets & Markets
2.4 / 5With just 115+ instruments on offer, IQCent only gets an average assets and markets rating. You can access forex, commodities, cryptos and indices, tradable via binary options and CFDs.
This range is among the lightest we have seen and will disappoint serious traders looking for more diverse opportunities. You can see from my analysis below that IQCent significantly lags behind brokers like Quotex which offers a wider range of asset classes, including stocks.
| IQCent | Pocket Option | Quotex | |
|---|---|---|---|
| Number of Assets | 115+ | 130+ | 400+ |
Our tests uncovered 49 currency pairs (including OTC pairs) such as EUR/GBP and USD/JPY, 17 crypto pairs, 3 commodities and 7 stock indices such as FTSE 100, Brent Oil and Bitcoin. Whilst the range of cryptos is reasonable, it’s a shame that only 3 commodities are available, and that stocks are not offered at all.
On a positive note, CFDs come with high leverage up to 1:500, while binary options offer payouts up to 98% and a 1-minute minimum contract length.
There is also a selection of OTC assets available spanning major and minor forex pairs with a 5-second minimum contract length.
Fees & Costs
4.3 / 5IQCent gets a high fees and costs rating thanks to the zero-commission pricing model on binaries and no deposit/withdrawal fees.
For CFDs, however, the broker charges standard spreads (around 0.3 pips on major currency pairs) plus a commission from 1%-2.5% on unleveraged crypto CFDs and up to 5% on leveraged crypto CFDs.
These aren’t the lowest trading fees we have seen compared to true CFD brokers like Pepperstone, with zero-pip spreads on the same pair and no commissions on crypto CFDs, making it a better option for advanced day traders.
IQCent’s non-trading fees are not so competitive. While the broker doesn’t charge any payment fees, a $10 monthly fee is charged if you don’t place at least 1 trade per month. This will be particularly punishing for novices or casual traders.
IQCent is an affordable binary options broker for active traders, but I think they should lower their $250 minimum deposit and extend their inactivity period to align with top competitors.
Payouts
IQCent advertises very competitive payouts of up to 98%, which is in line with top brands like Quotex. Payouts on several currency pairs, OTC cryptos and energies are also particularly high, coming in at 95%.
You can see how IQCent’s payouts stacked up against competitors below during my tests of the platform. Note that these don’t include the additional payout boosts from 1%-3% for Silver, Gold and VIP account holders.
| IQCent | Pocket Option | Videforex | |
|---|---|---|---|
| EUR/USD | 98% | 88% | 95% |
| Bitcoin | 95% | 15% | 66% |
| US100 | 95% | 45% | 95% |
| Brent Oil | 60% | 80% | 95% |
Platforms & Tools
3.8 / 5IQCent delivers a single proprietary trading solution which gets a good platforms and tools rating and will particularly serve beginners and casual traders.
That said, experienced day traders will also be impressed by the TradingView integration, which comes packed with charting features.
Design & Usability
I find the interface clean and modern with simple navigation. The top menu hosts key customization and analysis features such as chart timeframes and background colors.
My main complaint is the lack of intuitive functions seen on other platforms. For example, it’s a little frustrating that the markets window is only available as a drop-down, and you can’t hide or move the order window.
That said, IQCent continues to improve the user experience and has recently added new investment amount buttons ($5, $10, $50 or all-in), plus take-profit and stop-loss functions for CFDs.
Charting
Compared to competitors like Quotex, IQCent’s tick charting is pretty basic, with no integrated technical indicators. That said, I was pleased with the performance of the chart, with no glitches experienced during testing.
Importantly, IQCent also offers charting from TradingView, a hugely popular third-party terminal offering comprehensive technical analysis features and chart settings.
I was able to access 100+ technical indicators plus dozens of drawing tools and a range of time frames from 1 minute to 4 days, which should serve experienced short-term traders.
Trades
One of IQCent’s strongest points is the range of trade settings, giving users more diverse ways to speculate on the financial markets:
- Double Up – A contract duplication service whereby you copy an open contract to enter a new trade with the same security, expiration, and direction
- Rollover – Extend the expiration time of an options contract. The first time you use rollover is a 100% increase in expiration time with all subsequent uses increasing expiration by 30%
- Sell Out – Designed to allow early close of positions before expiry. This order is only available if your contract is currently ‘in the money’
- TradeBack – A percentage-based reward system with the opportunity to earn cashback on closed trades
How To Open A Binary Options Trade
Placing an order is a fairly seamless process on the online trading platform. The order ticket is clear to follow and there’s also a handy step-by-step guide on the broker’s website.
You will need to ensure the ‘options’ tab is selected on the top left of the chart before opening a position.
- Choose an instrument to trade using the dropdown menu in the top left of the screen (use the search bar or filter by asset class)
- Select an option contract type on the order ticket (turbo, intraday, or long-term) and choose the duration
- Input your investment amount
- Review the payout percentage and value
- Select ‘Up’ or ‘Down’ to predict the price movement direction
You can choose between turbo (5 seconds to 30 minutes), intraday (specify to a given hour), or long-term (specific date) expiry times.
Mobile App
IQCent doesn’t currently offer a mobile app version of the platform, which is a serious drawback. This is especially noticeable when top competitors like Quotex offer well-optimized apps which deliver virtually the same features and tools as their desktop platforms.
You can use the IQCent platform on mobile and tablet devices through your web browser, but the user experience isn’t optimal. I find the design and layout of the desktop solution more intuitive.
Ultimately, it’s a shame that IQCent clients, and especially casual traders, won’t be able to enjoy the convenience of managing their accounts and placing trades from a native mobile app.
Copy Trading
IQCent offers a copy trading service that allows you to follow and duplicate the positions of the top 10 rated investors.
During testing, I found that users have full flexibility with investment amounts and can exit their copy trading positions at any time.
The downside is that having just 10 traders to choose from is very limiting and, with little performance data to go on besides profit percentage, I don’t see IQCent’s copy trading service as particularly reliable.
Our Annual Awards runner-up, Pocket Option, is a better option here, which connects traders to experienced signal providers through global leaderboards and active community chat groups.
Research
3 / 5IQCent provides technical analysis and market insights within the client portal, earning it a reasonable research rating, though it’s far from extensive.
On a positive note, the market analysis feature is conveniently integrated into the platform (located in the left-hand menu) and allows you to view buy/sell sentiment by different timeframes (from 1 minute to 1 month).
However, it doesn’t match the comprehensive market sentiment and analysis tools found at leading brokers like Forex.com. For example, it would have been nice to see some accompanying expert commentary and market sentiment insights provided by IQCent.
Additionally, I find it frustrating that the only way to get the detailed technical summary of each instrument is by clicking on the ticker symbols, which opens up the TradingView website separately.
Helpfully, the broker does provide the TradingView-powered economic calendar, which comes with useful Country and Importance filters. My main complaint is that you can only filter by High Importance, with no option to filter by Low or Medium, as seen on other calendars.
Also, it would have been useful to toggle between event types, such as market holidays and economic announcements, which would have streamlined my research.
Education
2 / 5IQCent’s education needs some improvement, hence the low rating in this department. The external blog has several pages of useful posts about binary options strategies and risk management, as well as a few informative posts on CFD trading.
However, I find it frustrating that the content isn’t tailored to different experience levels or categorized by topic. It’s also very text-heavy, which may struggle to keep beginners engaged.
CloseOption scores better here, offering a dedicated Education page with content neatly organized into categories such as strategies, market analysis and news.
I think beginners would benefit from more engaging educational content, including video tutorials, trading courses with quizzes, and online webinars discussing the latest market events and how to trade them.
Customer Support
2.5 / 5IQCent gets a low customer support rating, as it doesn’t compete with the top brokers when it comes to the quality of support.
You can contact customer support via 24/7 live chat, local telephone numbers and email (support@iqcent.com).
Overall, I was impressed by the speed of live chat responses during tests – my queries were answered within 1 minute each time. Responses were also reasonably helpful and friendly.
With that said, I did find that agents were not the most knowledgeable and could only answer questions about basic account queries.
I also had some major technical concerns during testing – on one occasion, my chat was connected to a separate conversation between another agent and client, where neither party seemed to be aware that I had joined. To further dampen the experience, the client’s interaction with the broker did not appear very positive.
Should You Trade With IQCent?
Although IQCent’s payouts are good, it wouldn’t be my top choice for binary options trading.
The small range of instruments and basic trading resources do not stand out against competitors. The high minimum deposit requirement and limited demo account access are also further drawbacks for beginners looking to get started.
On the positive side, the broker’s TradingView charts are promising for more experienced day traders and I hope that IQCent continues to strengthen its platform offering in the future.
FAQ
Is IQCent Legit Or A Scam?
IQCent is a legitimate brokerage registered in the Marshall Islands. With that said, the lack of regulation is a weak point, so traders should understand the risks before signing up with any offshore brand.
Is IQCent Regulated?
IQCent is registered with the International Financial Market Relations Regulation Center (IFMRRC). This is not considered a respected financial authority, so you are not guaranteed financial safeguarding or access to compensation schemes in the case of business insolvency.
Is IQCent A Good Or Bad Binary Options Broker?
IQCent is a fairly good binary options broker based on our tests. Whilst the platform is basic, the TradingView integration improves the charting experience. Payouts are also higher than average.
Looking at the negatives, the asset lineup is not as extensive as brands like Quotex, while the minimum deposit is on the high side of binary brokers.
Is IQCent Good For Day Trading?
Yes, IQCent offers binary contracts from 5 seconds to 30 minutes, which is ideal for ultra-short-term trading strategies.
The broker also offers CFDs on popular markets with competitive spreads and high leverage, tradable from the same stable charting platform.
Does IQCent Offer Low Fees For Binary Options Trading?
IQCent ranks fairly well for trading fees. The broker does not charge any spreads or commissions on binary trades. With that said, the $250 minimum deposit is higher than most competitors and there is a steep monthly inactivity fee.
Does IQCent Offer A Good Trading Platform?
IQCent’s proprietary platform is quite basic, although the TradingView integration significantly improves the charting capabilities. For short-term trading strategies, there is a decent range of technical analysis features, including indicators and drawing tools.
Top 3 Alternatives to IQCent
Compare IQCent with the top 3 similar brokers that accept traders from your location.
- World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
- Videforex – Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- RaceOption – RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.
IQCent Comparison Table
| IQCent | World Forex | Videforex | RaceOption | |
|---|---|---|---|---|
| Rating | 3.7 | 4 | 3.4 | 3.5 |
| Markets | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Binary Options, CFDs |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $250 | $1 | $250 | $250 |
| Minimum Trade | $0.01 | 0.01 Lots | $0.01 | $0.01 |
| Regulators | IFMRRC | SVGFSA | – | – |
| Bonus | 20% to 200% Deposit Bonus | 100% Deposit Bonus | 20% to 200% Deposit Bonus | 20% – 200% Deposit Bonus |
| Education | No | No | No | No |
| Platforms | Online Platform, TradingView | MT4, MT5 | TradingView | TradingView |
| Leverage | 1:500 | 1:1000 | 1:500 | 1:500 |
| Payment Methods | 7 | 10 | 8 | 9 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | World Forex Review |
Videforex Review |
RaceOption Review |
Compare Trading Instruments
Compare the markets and instruments offered by IQCent and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| IQCent | World Forex | Videforex | RaceOption | |
|---|---|---|---|---|
| Binary Options | Yes | Yes | Yes | Yes |
| Expiry Times | 5 seconds – 1 month | 1 minute – 7 days | 5 seconds – 1 month | 5 seconds – 30 days |
| Ladder Options | No | No | No | Yes |
| Boundary Options | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | No | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | Yes | No | Yes | No |
| Silver | No | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | No | Yes | Yes |
| Options | No | No | No | No |
| ETFs | No | No | No | No |
| Bonds | No | No | No | No |
| Warrants | No | No | No | No |
| Spreadbetting | No | No | No | No |
| Volatility Index | No | No | No | No |
IQCent vs Other Brokers
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Customer Reviews
3.3 / 5This average customer rating is based on 4 IQCent customer reviews submitted by our visitors.
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SCAM wouldn’t allow me to withdraw. Said there was suspicious activity on my account when i won my trades fair and square. AVOID IQcent they will steal your money
Good broker for ultra short term trading. Signing up was a breeze and customer support were helpful when I had some questions about the platform at the beginning. It’s just annoying you need to deposit a lot to get the best payouts.
IQCent is easily one of the best binary platforms I’ve traded on. The charting package from TradingView has loads of technical indicators and drawing tools. The $250 minimum deposit was steep but it’s been worth it so far.
I use IQCent for binary trading and it offers decent payouts above 90%. It’s also easy to deposit and withdraw using crypto. I wish they would offer more stocks though as there are only a few you can speculate on.