Archives: Brokers

Is IQCent Scam or Legit Broker?

No, IQCent cannot be considered a secure broker as it lacks a trustworthy license from a reputable regulatory authority. It is only registered in the Marshall Islands, which is categorized as an offshore jurisdiction with inadequate safety measures and regulatory standards (Wave Makers LTD - Nr. 103581, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960).

• Forex industry in the Marshall Islands lacks strong regulatory oversight. Although brokers based there offer various financial services, their regulatory supervision does not meet the stringent standards set by top-tier authorities such as the CySEC or FCA.

What is IQCent?

IQCent is a recently established binary broker, founded by a team of experts in 2017 and commencing online trading operations in 2023. The company is headquartered in Majuro, Marshall Islands. Using their proprietary in-house trading platform, the broker provides trading services for forex, CFDs, cryptocurrencies, and binary options. They offer customers a selection of three distinct account types to choose from. The IQCent customer support team is available round the clock, 24/7. IQcent does not provide MetaTrader platforms. The broker enables traders access to CopyTrading. 

Based on our research we found the following information traders should know before signing with the broker:

• While looking into IQCent, we found important information about the broker's regulation. The first thing traders need to check about a broker is the existence of a tight regulation. However, this is not the case with IQCent, as it is an offshore broker with a license from the Marshall Islands. 
• Some of the IQCent's offerings seem to be pretty favorable, however, its website does not offer sufficient educational resources, and traders should proactively seek alternative information sources to acquire the required skills and knowledge. The only form of assistance offered by the broker is the provision of a demo account.
• Client reviews are also essential to consider before making a choice to sign in with a broker. We revealed that IQCent has mixed reviews. While certain reviews are notably positive, highlighting the benefits of trading with the broker, there are also numerous negative ones that emphasize issues like inadequate customer support and problematic withdrawal procedures, among other concerns.
• Finally, taking into account the gathered facts, traders should recognize that selecting an unregulated or offshore broker can potentially jeopardize their investments. There are numerous tightly regulated brokers in the market that adhere to rigorous regulatory standards and inspire a high level of trust.

Overall IQCent Ranking

Based on a decade of experience in the Forex trading industry, our research has revealed substantial issues regarding the reliability and adherence to regulatory standards by IQCent. Consequently, we cannot give a positive ranking to IQCent.

• IQCent Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

IQCent Alternative Brokers

Because of the safety concerns linked to IQCent, we highly recommend exploring alternative options that offer tight regulations and enhanced trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

• GO Markets – Good Market Instruments 
• HYCM– Low Spreads and Competitive Trading Conditions
• XM– The best selection of Educational Resources

Deposits and Withdrawals

With IQCent the client is required to deposit funds into their trading account within a period of 90 calendar days starting from the date of its opening. The available minimum deposit is $50.

• In the event of funding through Visa/Mastercard, withdrawals can be processed either through a bank transfer which will be sent to the client through mail upon order.
• The company retains the authority to decline a withdrawal request if there is a clear intention to transfer customer funds from one payment system to another.

Account Types

IQCent offers several account types to cater to different trading preferences and experience levels: Bronze, Silver, Gold, and VIP accounts. The features and conditions vary between different account types. The minimum deposit for Bronze accounts is $50, for Silver accounts, it is $1,000, for Gold accounts, it's $5,000, and for VIP accounts, the minimum deposit is $50,000.

There are other differences, too, such as:

• Withdrawal time, for instance, for VIP accounts the withdrawal is instant, while for Bronze accounts it might take up to 8 hours. 
• Besides, Gold and VIP accounts also offer personal assistance, while for Bronze and Silver accounts the service is not available. 

IQCent Review Conclusion

Considering the information we have gathered regarding IQCent, there are significant apprehensions regarding the broker's reliability and credibility. Despite the broker's appealing features and offerings, the fact that it is registered in an offshore jurisdiction (Marshall Islands) raises substantial doubts, and traders should exercise caution.

We highly recommend seeking out a broker that holds licenses from respected authorities such as FCA, ASIC, or CySEC. There are many regulated brokers with great offerings and conditions, also alighed with top-tier regulations which is considered safe choice to trade, these including FP Markets, HFM, or FXGT. 

• Overall ranking and experience for IQCent is Negative

Is HankoTrade Scam or Legit Broker?

No, it is not safe to sign in with HankoTrade. The broker is registered with the Financial Services Authority of Seychelles (FSA). It is a known fact that Seychelles is an offshore zone, thus it does not provide sufficient protection and does not oversee the financial companies registered under it. 

• The oversight of HankoTrade is lacking rigorous monitoring by reputable regulatory bodies, which means that the broker does not adhere to any specific guidelines or rules and has more freedom to conduct its business as it sees fit. 

What is HankoTrade?

Hankotrade distinguishes itself as an ECN (Electronic Communication Network) broker, emphasizing its commitment to providing exceptional trading conditions (tight spreads,  no commission, etc.) coupled with some of the most competitive commissions within the industry. As an ECN broker, Hankotrade promptly transmits client orders directly to liquidity providers.

However, we conducted detailed research on the broker and were able to make revelations that will help traders have more insight into the broker before making a decision to sign with it.

Here are the main points to consider:

• Lack of serious Regulation: In Forex trading safety is the most important aspect to consider. The first thing traders should pay attention to is the tight regulation of the chosen broker. Only top-tier licenses give the necessary amount of protection and almost exclude financial scams and risky transactions. Top-tier regulations, such as FCA, ASIC, or CySEC provide compensation schemes, guaranteed stop loss, etc. Offshore brokers such as HankoTrade, on the contrary, lack in terms of stability and reliability and often can run financial scams. 
• Reviews from real traders: Not to be misled by the tempting offerings and services brokers promise to their clients, it is advisable to look for reviews from real traders and learn about their experience. This is what we did in the first place, and the reviews we found about HankoTrade were not at all promising. Mostly, clients state that all the promises the broker mentioned, turned out to be from the fantasy genre. 
• Issues with the withdrawal process: The safety of funds is another aspect to consider properly. With HankoTrade the previous track record in respect of withdrawals is not quite promising. Many offshore brokers lack in this respect, and the client can never be sure whether it will be possible to get back the invested money and the profits. As a common practice, scam brokers ask for more investment in order to enable withdrawal, pressuring clients psychologically to risk even more funds. 

Overall HankoTrade Ranking

Based on our extensive experience of over a decade in Forex trading, our research has uncovered concerns related to the reliability and regulatory compliance of HankoTrade. Consequently, we are unable to rank HankoTrade positively.

• HankoTrade Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

HankoTrade Alternative Brokers

Based on the safety concerns associated with HankoTrade, we strongly advise considering better alternatives with stringent regulations and better trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

• FxPro – Good Instruments and CopyTrading
• FXTM – Low Spreads and Competitive Trading Conditions
• Tickmill – The best selection of Educational Resources

Deposits and Withdrawals

HankoTrade sets a minimum deposit requirement of $10 for STP accounts and $100 for ECN accounts. If you're interested in an ECN Plus account, the minimum deposit is $1000. HankoTrade does not impose any fees on deposits or withdrawals for its clients.

• Hankotrade ensures on its website that all withdrawals are processed within a business day on weekdays. Typically, Hankotrade processes withdrawals using the same payment method employed for making deposits.
• However, based on the information we found on the broker's withdrawal process, our recommendation is to be very careful and make only an informed decision before making any investments with HankoTrade.

Account Types

HankoTrade provides three main account types: the STP account, the ECN account, and the ECN Plus account. Additionally, an Islamic account is also available. To gain comprehensive information about each of these account types, you can visit the 'Account Types' section on the broker's website. HankoTrade enables its clients to run both live and Demo accounts at the same time by simply installing the MT4 platform for each of HankoTrade's forex trading accounts.

• Hankotrade provides swap-free accounts designed to operate in compliance with Shariah law, catering to the needs of its Muslim clients.

HankoTrade Review Conclusion

Based on the information we have gathered about HankoTrade, it raises concerns about the broker's reliability and trustworthiness. While the broker's features and offerings may seem appealing, the fact that it is registered in an offshore zone (Seychelles) is a significant red flag that traders should carefully consider. Additionally, negative trader feedback and reviews further contribute to our reservations about signing up with this broker.

Our recommendation is to find a broker with a license from reputable authorities, such as FCA, ASIC, or CySEC. Some notable options to consider among reliable brokers with good standing include but are not limited to Go Markets, BlackBull Markets, and FP Markets.

• Overall ranking and experience for HankoTrade is Negative

Is Quotex Scam or Legit Broker?

No, it is not safe to start trading with Quotex, there is high risk Quotex is scam or not safe enough Broker to invest with. The entity responsible for the Quotex website, Maxbit LLC, is officially registered in St. Vincent and the Grenadines, which is considered an offshore jurisdiction known for its lenient tax regulations and almost no regulations towards Forex brokers. 

• The oversight of Quotex lacks rigorous monitoring by reputable regulatory bodies. Consequently, the broker does not follow any special guidelines and rules and might operate its business however it chooses. Offshore brokers such as Quotex, Coinexx, T4Trade , etc. are unreliable and might be financial scams, or Brokers that traders will never know what to expect.

What is Quotex?

Quotex, founded in 2019, is a brokerage firm that specializes in the field of binary options trading. The firm offers its clients the opportunity to engage in trading activities involving currencies, metals, oil, cryptocurrencies, and stock indices. The broker provides favorable conditions for its clients, offering a low minimum deposit ($10), a variety of available currencies (USD, EUR, GBP, BRL, IDR, MYR, INR, KZT, RUB, THB, UAH, VND), a Demo account and 24/7 customer support. 

The broker seems to be gaining more clients daily and earning a significant volume of interest. However, upon detailed research, we were able to reveal a number of red flags that make us see Quotex in a different light.

Here are the main points we would like clients to consider before signing with the broker:

• Lack of regulation: When choosing a broker the first thing traders should do is check whether the broker is regulated or not. In fact, this is not something to overlook, as regulation and proper license from a respected authority means the reliability of the broker. When it comes to Quotex, the entity operating the Quotex website is Maxbit LLC, which is registered in St. Vincent and the Grenadines, known as an offshore jurisdiction. This means, that while trading with Quotex customers can't have the reassurance and safety that their funds are fully protected, or there is any regulatory body that may assist in case of any fraudulent activity, alike FCA does. 
• False popularity: The broker seems to be quite popular among clients. Yet, it seems like the broker is working on its popularity and collecting positive reviews and feedback. However, along with positive and praising reviews, there are still many negative reviews that actually state the opposite, pointing at the unfavorable conditions of the broker and the inappropriate withdrawal process.
• Withdrawal problems: Although the broker positions itself in a positive light, we were still able to find feedback indicating its inadequate withdrawal process. Clients complain that the broker offers to make even more investments to be able to process withdrawals, which is the practise only scam Brokers would do, none of the serious companies can tell trader to invest more, and as a result traders lose even more money. 
• Binary Options - a highly risky form of trading: Binary options trading has gained both popularity and controversy. Many argue that binary options offer a straightforward way for traders to profit from market movements, while critics highlight the high risk and potential for investor losses. Due to concerns about investor protection, regulatory authorities in various countries (UK and US, for instance) have imposed restrictions or outright bans on binary options trading.

Overall Quotex Ranking

Drawing upon our Expert Opinion, substantiated by over a decade of hands-on experience in Forex Trading, we have revealed noteworthy concerns regarding Quotex's regulatory framework and overall reliability. Consequently, we find ourselves unable to give a positive ranking to Quotex.

• Quotex Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Quotex Alternative Brokers

In light of the substantial safety concerns associated with Quotex, we strongly advise exploring better alternatives that prioritize stringent regulations and offer good trading conditions. Below, we present a list of reputable brokers with reliable options and safe conditions for your comparison:

• Pepperstone– Good Instruments and CopyTrading
• FP Markets – Low Spreads and Competitive Trading Conditions
• HFM – The best selection of Educational Resources

Deposits and Withdrawals

With Quotex traders can fund their accounts through a range of methods, including credit cards, e-wallets, and cryptocurrencies. The minimum deposit is $10, with no additional fees applied for deposit transactions. 

• The process of withdrawing funds is quite straightforward and can be executed within the personal account. The same method utilized for depositing funds into the trader's account can also be employed for initiating withdrawals.
• Typically, the withdrawal process spans 1-5 days from the moment the Client's corresponding request is received.
• For the majority of payment systems, the minimum withdrawal threshold starts at $10. However, for cryptocurrencies, this minimum amount begins at $50.
• When it comes to Quorex withdrawals we recommend being particularly attentive, as there are reported issues with the withdrawal process that should not be neglected.

Account Types

Quotex presents a range of account types including Demo, Standard, Pro, and VIP, each featuring distinct minimum deposit requirements (starting from $10 ), tradable assets, and account currencies. All in all, the Demo account caters to all, the Standard account is tailored for beginners, the Pro account is more suitable for professional traders, and the VIP account is intended for seasoned traders engaged in full-time trading.

• The demo account provides users with complete access to the range of instruments and tools accessible on Quotex trading platforms. This encompasses the opportunity to engage in practicing diverse trading strategies and gaining insights into the market along with the broker's offerings.

Quotex Review Conclusion

Based on the comprehensive information collected about Quotex, significant concerns arise regarding the broker's reliability and credibility, so we do not recommend Quotex for trading or investing. The fact that it is registered in Saint Vincent and the Grenadines casts doubt on its reliability, creating a concerning possibility of it being associated with financial fraudulent activities.

We strongly advise staying away from brokers with dubious registrations and instead, giving preference to those with established, reputable track records. Look for brokers known for favorable trading conditions and trustworthy services with licenses such as FCA, ASIC, or CySEC, as these licenses offer a heightened level of security and safeguards.

• Overall ranking and experience for Quotex is Negative