IQProFX is a shady crypto broker who lies to people and is probably a scam. They have a UK-based address but they claim to have a Belize regulation. In my IQProFX review, youíll find out why you should avoid doing business with this crypto broker.
We donít recommend trading with this broker. There are many negative qualities in this broker that made me suspect that IQProFX is an illegitimate broker.
The website of this trader is terrible and doesn’t provide much information. On top of that, their website is filled with plenty of bugs, which makes them more suspicious. Note that FCA, the regulator of financial services in the UK has prohibited the trading of digital coin derivatives which will come into effect from 2021 spring. Thatís because those derivatives are prone to price manipulation and fraud.
IQProFX License and Regulation
IQProFX claims to have a Belize regulation and an address in the UK. When I did some digging online, I found that neither the Belize regulator nor the British one has granted a license to this organization.
However, this broker makes the fake claim of having a license. They are lying to people, which made me suspect that they are probably a scam trader. As they donít have a license to operate as a crypto trader, itís clear that they are running an illegal operation.
Because of this reason alone, I canít suggest working with IQProFX. Working with an unregulated broker can put you at a lot of risk. First, thereís the risk of losing all of your deposited funds.
FCA and CySEC regulated brokers must keep their clientsí funds separate from their operationís funds. Moreover, if youíre trading with a regulated broker and they take away all your funds illegally, you can get an insurance worth up to £85,000 (with an FCA regulated broker) or Ä 20,000 (with a CySEC regulated broker). Moreover, these regulatory authorities have strong regulations and laws that their licensed traders must follow.
Second, thereís the risk of losing your private data. If an organization has resorted to deceit and is giving you a fake license number, they might be looking to steal your private data.
Crypto is a relatively new industry and so has become a breeding ground for scammers. Companies like IQProFX try to capitalize on the peopleís lack of familiarity with cryptocurrency to deceive them and steal from them.
Thatís why you should only trade with regulated and licensed crypto brokers to avoid these risks.
IQProFX Trading Conditions
Thereís a whole lot to unpackage. Weíll discuss the trading conditions of this broker in separate sections ot help you understand more reasons why they arenít trustworthy:
IQProFX doesnít have a trading platform. Every reliable trader provides information about its trading platform because you, the client, will be using it all the time.
However, the people at this firm donít believe in such notions. The only information available about their trading platform is that itís ďcoming soonĒ. Yep, thatís it.
They donít tell you what kind of a platform it is or how long will it take for it to arrive. Most of the reputed and regulated brokers use the famous MetaTrader platforms. But itís clear that IQProFX doesnít use MetaTrader 4 or 5.
The minimum deposit requirement to start trading with this broker is $250. This is another proof that this broker doesnít have a legitimate license to operate. Licensed brokers tend to keep their minimum deposit requirements around $100.
Such crypto scams tend to keep their minimum deposit requirement high. This way, youíll need to invest a substantial amount to even test their services. The minimum amount they can steal from you is $100, which is a staggering amount.
Many brokers tend to keep their minimum deposit requirement around $50 and some can even go as low as $5. So you can see why their demand is suspicious.
Leverage and Spreads
IQProFX claims that the maximum leverage they can offer to you is 1:200, which is too risky. High leverage ratios can cause you great profits but they can also put you at irrecoverable loss. With a 1:200 leverage ratio, you can lose 200 times your investment and get in major debt.
Thatís why the US and Canadian regulators have imposed the restriction of maximum 1:50 leverage on brokers. Shady brokers tend to keep high leverage ratios to trap their victims.
These leverage ratios seem very attractive but can result in you losing a ton of money.
Because this crypto trader hasnít provided any information regarding its platform, thereís no information about its spreads as well. The spreads of a broker are among its most important highlights. It determines the flexibility youíll have while trading and what will be your potential profit.
But IQProFX fails to provide any information in this regard.
IQProFX Payment Methods and Charges
When I started checking the payment methods and charges of this broker, it only strengthened my suspicions. This broker is completely a scam. There are shady brokers like 4XC, and then thereís IQProFX.
The Payment Methods:
Even though this broker uses a fraudulent license and has no trading platform, it has several payment methods available. You can pay them through debit or credit cards and wire transfers. Note that wire transfers are non-refundable and thatís why they are widely popular among shady brokers.
The minimum withdrawal limit here is $50, so if you deposit $100 (their minimum deposit requirement), you canít withdraw it right away. Moreover, they say that it takes them five days to process transactions and after those five days, you might have to wait for three weeks to get the funds in your bank account.
This is plain scam, nothing else.
Wait till you see their fees:
IQProFX charges tons of fees. Shady brokers like IQProFX tend to have unfair charges so they can steal funds from their customers and get away with it through their T&Cís. They charge a 3.5% of the sum or minimum $30 withdrawal fees whenever you make a withdrawal request. They charge $1.5 to $5 on every trade. Thereís a $20 maintenance fee for their accounts which they charge every month. If you donít provide an ID verification within 30 days, they will charge you $100 as their Incomplete Application Fee, which indicates that they might be after your personal data too.
Apart from these charges, they reserve the right to make up charges whenever they like. They are an obvious scam and they have hidden all of these details in their terms and conditions:
Is IQProFX a Scam? Yes!
IQProFX is a dangerous trading scam. Such scammers act as if they are a legitimate operation and lure people through their deposit bonuses and fake offers. Not everyone reads the terms and conditions before signing up with a broker.
Such brokers take advantage of this fact and deceive people into opening an account with them. Then, they steal their deposited funds and give a made-up excuse for the same. St. Vincent and the Commonwealth of Dominica are infamous for being havens for such shady operations.
Itís important that you stay vigilant and stay away from such scams. IQProFX doesnít have a license to operate. It lies about its regulation and it has unfair terms and conditions which grant it the right to steal your funds. As soon as you open an account with them, youíll get trapped. There are plenty of such scams in the trading industry, thatís why I recommend checking them online before starting trading with them.
IQProFX Review: Conclusion
I donít recommend trading with IQProFX and anyone related to this firm. They are a complete scam and should be avoided at all costs.
IQProFX doesnít have a license to operate as a forex and crypto trader. It mentions a fake license number to deceive people. Moreover, it doesnít have a trading platform, and has many unfair charges, high minimum deposit along with several other qualities that prove itís a scam.
Keep your data and funds safe by staying away from brokers like IQProFX.This review has been syndicated from The Skeptic Tank To read the full review, go to – www.skeptictank.org/iqprofx/