IQCent is an online broker specialising in Binary Options and Contracts for Difference (CFDs). They have their own proprietary platform where they offer speculation on a wide range of underlying assets and products, including forex, cryptocurrencies, stocks, stock indices, and commodities (both energy and metals).
The minimum trade is just $0.01 so this is a broker that works well even for small-scale micro traders. You will however need to deposit a minimum of $50 to get started.
Contracts for Difference is are offered with leverage up to 1:500. There is no negative account balance protection in place.
A downside with IQCent is that they do not offer any mobile app for trading on smartphones and tablets.
Which welcome bonus you get will depend on the size of your first deposit. If your first deposit do not exceed $250, you get a 20% welcome bonus. If your first deposit exceeds $250 but do not exceed $1,000 you will get a 50% welcome bonus. If your first deposit exceeds $1,000 you will get a 100% welcome bonus.
Read the terms and conditions before you accept any bonus. Sometimes, it is best to opt out, e.g. if you know that fulfilling the trading requirements will be difficult with your trading strategy. The standard requirement at IQCent is a 3x total turnover that must be done within three months.
Important: Always double-check with IQCent that this information is still correct before you make any decision regarding your first deposit, because welcome bonus offers – and their Ts&Cs – can change rapidly. You may also be eligible for a time-limit offer that is better that those stated above.
You can earn referral bonuses at IQCent by referring new clients that fulfil certain requirements. A referral code is needed. For more information, contact the IQCent customer support before you start referring.
There are three account types available: Bronze, Silver and Gold. They are similar, but the Silver and Gold levels come with a few more perks. Copy trading, 24/7 live video chat support, and 1-hour withdrawals are available for all three account types
One difference between the three accounts is the welcome bonus. The bronze welcome bonus is 20% on your first deposit, with a silver account it is 50% and with a gold account it is 100%. The silver and gold accounts also come with a free Master Class and three risk-free trades, and traders with a gold account get a personal Success Manager.
IQCent does not offer speciality accounts such as Demat Account, DMA Account, STP Account, ECN Account, MAM Account, PAMM Account, or LAMM Account. It is also not possible to get an Islamic Account (also known as Muslim / Sharia / Halal Account).
Accepted account currencies include USD, EUR, GBP, AUD, and RUB.
The free Demo Account at IQCent
You can sign up for a free Demo Account at IQCent and use it to explore the platform. Regrettably, you will not be able to do play-money binary options trading in the Demo Account, which is a big minus. Simply navigating a platform is not the same as being able to do some option trades and test-run a few strategies with play-money. Hopefully, this is something that IQCent will change in the future, especially considering that most of their competitors are generous with their play-money Demo Accounts.
What can I speculate on at IQCent?
At IQCent you can speculate on a wide range of underlying assets and products. Here are some examples of what you can gain exposure to with this broker:
- Company share prices. Speculating on the movements of exchange-traded stocks is very quick and easy when you don´t actually have to buy, own and sell the shares. By using derivatives, you can make money in both upwards and downwards markets, without having to resort to risky short-selling. At IQCent, you can speculate on the price of a wide range of share companies traded on major stock exchanges.
- Another way of getting exposure to the stock market is to speculate on stock indices (indexes). At IQCent, you can for instance speculate on the S&P 500 and the FTSE100.
- IQCent offers commodity price speculation with a focus on energies and metals. You can for instance speculate on the price if gold, copper and Brent Crude oil.
- Both forex (foreign exchange currency pairs) and cryptocurrencies are available as underlyings for speculation at IQCent. Chose among 40+ forex pairs and a dozen cryptocurrencies. There is something for everyone here, from USD/EUR speculators to traders focusing on how its going for the Dogecoin.
IQCent is a broker focused on standard high/low binary options. They do not offer other types, such as ladder binary options, boundary binary options, etcetera. So, if you want to have access to more unusual binary options, this is not the right broker for you.
When it comes to lifetime (expiry), binary options are available from 1 minute to 30 days at IQCent, so you have a lot of choices in this regard. They are divided into three main groups. The Turbo Options, the Intraday Options and the Long-term Options.
A majority of the Turbo Options can be set within the interval 3 minutes – 30 minutes, but there are also some that can be set to 1 minute. The increments when setting the time for turbo options is 1-minute steps.
Intraday options are set using 1-hour increments, with the shortest possible expiry being 1 hour and the longest 24 hours.
The long-term options at IQCent are set using 1-day increments. The shortest expiry time is 24 hours and the longest expiry time is 30 days.
Binary options payouts
Look at the bar on the left side of the trading platform to find out what a binary option at IQCent will pay out if it pays out.
In the standard assortment of binary options at IQCent, there are no binary options that pay more than 95%. Typically, these high-paying options are based on stocks. For commodities, you can find quite a lot of options that will pay around 75%. Among the forex-based options, many fall within the 60%-85% range. For cryptocurrency options, the range is very wide – some pay a mere 20% while others pay up towards 75%.
When you buy binary options at IQCent, you customize them step-by-step. First, go to the order screen and select the right underlying asset or product. (There is a drop-down bar and a search feature, and it is possible to filter until you find what you are looking for.) Then, decide which time-category you want (turbo / intraday / long-term) and set the expiry time for the option. The next step is to put in your stake (how much money to risk), which you do using the plus and minus icons. Finally, you must of course tell the program if you think the underlying is going up or going down.
- Use the sell-out feature to close a position early instead of letting the option expire. The sell-out feature is available when the option shows a profit of at least 0.1%.
- Do you have a good feeling about this option that you own and wish you had staked more? Use the double-up feature to duplicate the position with the same price direction, stake amount and expiry time.
- With the rollover feature you can extend your position; first by 100% and then (if you want to continue) by 30%. The rollover feature is available when the option has entered its last quarter of the original expiry period and is out-of-the-money.
Contracts for Difference (CFDs)
In addition to Binary Options, IQCent also offers Contracts for Difference (CFDs) with a wide range of underlying assets and products.
A few things to keep in mind:
- The maximum leverage for CFDs at IQCent is 1:500. For some underlying assets, the cap is set considerably lower than this.
- You will not have Negative Account Protection when using leverage at IQCent.
- Margin calls are triggered at 5%.
- Keeping a position open overnight will result in a swap fee.
The trading platform
IQCent have developed their own proprietary platform and you can access directly in the browser window of your desktop computer. The software can not be downloaded and installed.
The platform is easy to use and even a novice trader can get started quickly.
Tools for technical analysis are included in the platform, e.g. customizable charts with drawing tools, XABCD patterns, and more. Six time-frames are available: M2, M10, M30, H1, H4, and D1. Examples of indicators that have been built into the platform are momentum, relative strength and average range.
Can I use IQCent for trading on my smartphone?
Regrettably, IQCent no longer offers any mobile apps, neither for iOS nor for Android. You could try to open the platform in the browser window of your smartphone or tablet, but the platform was developed for desktop and not for mobile touch-screens so you may run into some serious issues with the interface.
Does the IQCent platform support copy trading?
Yes it does and nifty tools for copy trading are built into the platform. You can view the performance of top-performing traders on the platform and see their profit percentage before you decide if you want to copy any of them and how much you are willing to stake.
Can I use my IQCent account with third-party platforms?
No, IQCent is not compatible with any third-party platforms. Unlike many other brokers, they will not give you access to MetaTrader 4 (MT4), MetaTrader (MT5) or cTrader.
Deposits and withdrawals
Examples of accepted transaction methods:
- VISA and MasterCard
- Bitcoin Payments and Ethereum Payments
- Wire transfer
The minimal deposit is $50 and the minimal withdrawal is $20. This broker does not charge any deposit fees, but a 5% fee will be charged on withdrawals if they are made to a credit/debit card.
Does IQCent accept cryptocurrency deposits?
Yes. At the time of writing, Bitcoin Payments and Ethereum Payments can be used for deposits. You can not have any cryptocurrency as your account currency, so a conversion will take place.
Just like most serious brokers out there, IQCent will carry out Know-Your-Customer checks to comply with anti-money laundering efforts. You should therefore expect to be required to verify your identity before you can start making any withdrawals from your account. They may for instance ask for a photo copy of your photo identification and a copy of a utility bill (to confirm your address).
A $10 inactivity charge applies to accounts that are left unused for 90 days.
You can reach the customer service through three different methods:
- Live chat support (available 24/7)
- Live chat video support (only available for those who have a registered trading account)
- Email support; send your message to email@example.com.
About IQCent and Wave Makers Ltd
IQCent is owned by Wave Makers Ltd, a company based in the Republic of the Marshall Islands. IQCent was established in 2017 and has been open to retail clients since 2020.
The Republic of the Marshall Islands is not considered a top-tier regulator when it comes to consumer/retail trader protection. For retail traders who wish to trade binary options, that is a mixed blessing. On the one hand, most of the top-tier regulators have banned or heavily restricted the sale and distribution of binary options to retail clients and also clamped down on leverage. On the other hand, going with a regulator that still permits these things also means accepting a regulator that is likely to be a bit lax in other areas as well.
Wave Makers LTD – Nr. 103581, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
IQCent arranges trading tournaments where participants can win bonus money, gadgets and other little perks. The standard tournament runs from Sunday 9 pm UTC to the next Sunday 8:30 pm UTC.