There is a high likelihood that IQProFX is a scam and a dishonest crypto broker. They list a UK address but insist they are governed by Belizean law. My review of IQProFX will show you why they are a cryptocurrency exchange you should stay away from.
Trading with this broker is not something we suggest. IQProFX has several red flags that lead me to believe that is not a legitimate broker.
This trader has a horrible website that doesn’t offer anything in the way of information. Their website also has numerous faults, which makes them appear even less trustworthy. Keep in mind that beginning in the spring of 2021, the Financial Conduct Authority (FCA), the UK’s financial services regulator, will no longer permit the trading of digital coin derivatives. This is due to the ease with which their prices can be manipulated and fraud can be committed.
IQProFX Authorization and Compliance
IQProFX states that they are regulated in Belize, although their address is in London. My web research revealed that neither the Belizean nor the British authorities had issued a license to operate this company.
This broker, however, falsely claims to hold such a license. Because of their dishonesty, I believe they are a scam trader. They are running a shady business because they don’t have the proper authorization to deal in cryptocurrencies.
This is why I won’t recommend IQProFX to anyone. Taking on the danger of working with an unlicensed broker. The first danger is that you could lose all you’ve put in.
Brokers subject to the FCA and CySEC must maintain client funds in a trust account. In addition, you can receive insurance of up to £85,000 (with an FCA-regulated broker) or €20,000 (with a CySEC-regulated broker) if your broker steals all your money while you’re trading with them. The rules and laws enforced by these regulating bodies are stringent, and licensed dealers are expected to adhere to them.
Second, there is the possibility of having sensitive information stolen. A company that provides you with a phony license number may be attempting to obtain your personal information by using deception.
Scammers have found fertile ground in the emerging crypto business. Businesses like IQProFX prey on people’s naiveté about cryptocurrencies to trick them into sending them money.
Avoid these dangers by trading with only authorized and reputable crypto brokers.
Exchange Rates for IQProFX
There’s a lot of stuff to take out of the box. We’ll break down this broker’s trading terms into individual sections so you can see why they’re so unreliable:
IQProFX does not offer a trading platform at this time. Since you, the client will be utilizing the trading platform regularly, any reputable trader would gladly share details about it.
However, no one at this company holds such views. Their trading platform is currently just described as “coming soon” on their website. That sums it up nicely.
Don’t let them tell you what kind of platform it is or when to expect it. The popular MetaTrader platforms are used by the vast majority of reputable, licensed brokers. To be sure, IQProFX does not appear to employ MetaTrader 4 or 5.
Lowest Acceptable Initial Investment
This broker has a $250 minimum deposit before you can begin trading. This is evidence that the broker is not properly licensed. The typical minimum deposit required by a licensed broker is about $100.
Such cryptocurrency frauds typically have a high initial investment threshold. This means you’ll have to put up a lot of money before you can even try out their services for yourself. Shockingly, the least they can steal from you is $100.
Typically, a broker will ask for a minimum deposit of $50, while some may accept as little as $5. That’s why we have reason to doubt their request.
Influence and Exposure
According to IQProFX, the most leverage they can give you is 1:200, which is extremely high. High levels of leverage can result in enormous gains, but they can also plunge you into an insurmountable hole. A leverage ratio of 1:200 means you can lose as much as 200 times your initial investment.
This is why authorities in the United States and Canada have set a maximum leverage of 1:50 for brokers. High leverage ratios are a common trap set by unscrupulous brokers.
Although these leverage ratios appear favorable at first glance, they can lead to significant financial losses.
This cryptocurrency exchange’s spreads are unknown because the company has not disclosed any details about its trading platform. One of the most notable aspects of a broker is its spreads. How much leeway you have in your trading, and by extension, how much profit you may make, depends on this.
However, IQProFX provides zero details in this respect.
Costs and Accepted Methods of Payment at IQProFX
My doubts about this broker were only heightened when I looked into their fees and accepted payment options. It’s safe to say that this broker is a fraud. Contrast IQProFX with dubious brokers like 4XC.
The Broker Accepts a Wide Variety of Payment Methods, Despite Its Questionable License and Absence of a Trading Platform. They accept debit/credit cards, as well as wire transfers for payment. Keep in mind that there is no way to get your money back through a wire transfer, which is why dishonest brokers love them so much.
If you deposit the minimum required amount of $100, you won’t be able to withdraw it immediately away because the minimum withdrawal limit is $50. They also claim that it takes five days to process transactions and another two to three weeks for the money to show up in your bank account after that.
This is a scam in its purest form.
Costs
IQProFX has a hefty price tag. Untrustworthy brokers like IQProFX frequently use exorbitant fees to illegally steal their clients’ money. When you request a withdrawal, they will charge you a fee of 3.5% of the amount, with a minimum cost of $30. Each transaction has a fee ranging from $1.50 to $5.
Every month, they’ll charge you $20 for keeping your account active. They will charge you $100 as their Incomplete Application Fee if you don’t verify your identity within 30 days, which may be a red flag that they are also interested in your private information.
Other than these fees, they can impose any fees they choose at any time. This company is fraudulent, and all of the evidence of this is buried in its terms and conditions.
Can You Trust IQProFX? Yes!
IQProFX is an extremely risky trading platform. Scammers pose as reputable businesses to entice victims with deposit bonuses and other enticements. When joining up with a broker, not everyone reads the stipulations.
Such brokers use this to their advantage by convincing unsuspecting customers that they are a safe place to keep their money. After that, they take the money they’ve deposited and provide a bogus explanation. St. Vincent and the Commonwealth of Dominica have a notorious reputation as safe havens for illegal activities like these.
You must keep your guard up and avoid falling for these kinds of cons. A valid business license is unavailable for IQProFX. It falsely claims to be regulated and has unfair terms and conditions that permit it to take your money. You’ll be trapped as soon as you register an account with them. There are a lot of cons like that in the trading industry, so do your research online before you commit to working with anyone.
The Final Thoughts on IQProFX
Trading with IQProFX or anyone associated with them is not something we would ever suggest. Avoid them at all costs; they are fraudulent schemes.
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