IQ Toro Review: Is Iqtoro.com Legit of a Scam?

IQ Toro is a shady platform that is mimicking a reputable and famous broker, eToro. It is easy to confuse the two, but the latter has nothing to do with this scam. Please stick with us as we analyze and expose this entity that we believe has only one intention: to defraud users. 

The entity has an enticing reward for traders. They brag about having a world-class cashback loyalty scheme. Clients can trade on their best assets and make money for every position they open. The more funds that you invest, the higher your earning. 

Before counting your chicks, let us warn you that bogus entities have severe unfavourable conditions for traders. You cannot cash out without meeting their strict terms. Nonetheless, IQ Toro states that it has tough security measures to protect the funds of users and data. 

Unfortunately, you cannot trust this entity as it is an offshore scheme. Clients can trade via phone. Once you invite a new client to the system, you will receive a commission. The broker also allegedly assures clients they will have several trading tools at their disposal.

This is a company that will feature false information to win the trust of innocent traders. Woe unto those that do not double-check information or run a background check on a platform before depositing money. They will suffer great losses by trusting blindly.

Iqtoro.com Review

IQ Toro insinuates that it has won multiple awards in the market. Among these trophies is being the best Forex broker of the year in Europe from 2013 to 2016. The other one is having the best trading platform in the industry in the year 2016. Finally, the firm features an award from the UK for having the best trading tools in the year 2016.

How can a company have such awards before its existence? The information we found on Whois.com shows that the entity was invented in the year 2021 March. This is a recent broker that does not even have a trading history.

Iqtoro.com is definitely lying by making it appear as though it is reputable. A broker that can lie about its history in the market is unworthy of your time. Nonetheless, the scheme holds it has a cutting edge platform that helps customers get the best results.

Making money is never as easy as these untrustworthy entities make it appear. There are way better alternatives in the market. These world-class forex brokers minimize the risk of their clients while maximizing their profits. They have licenses from reputable watchdogs in the market.

There is no need to sign up with a platform surrounded by multiple red flags while there are genuine firms. You should take investment seriously. Ensure that you educate yourself before signing up to any firm. There are numerous free resources on the internet that can help you.

Trading Conditions

IQ Toro is using a web-based trading interface which is commonly used by offshore ventures. The platform lacks appealing trading features. Moreover, the company is using third party charts. 

It provides leverage of 1:500. This limit is above what the FCA allows. The financial body of the UK allows investment firms to offer a leverage cap of 1:30. You do not need any other proof that Iqtoro.com is illegally operating in the United Kingdom.

IQ Toro Withdrawal and Deposits

The platform accepts a minimum deposit of $200. However, the scheme is lying as they take only 250 EUR. The listed methods of payment are; Debit cards, Credit cards, Diner’s club cards, and Skrill. Sadly, it appears that clients can only fund their accounts via third party payment. 

You cannot get your cash back after cashing in, and this is a big concern. The company has a variety of trading, namely, Mini, Standard, Gold, and Platinum. They also have an Islamic account. 

The least amount for withdrawal is $25. There are different limits for Saudi Arabia and the United Kingdom least withdrawal amount, which is $100. This is awkward as legit firms do not have such requirements. 

IQ Toro has fees for its customers. For the bonuses, one must trade at least 10,000 times for every dollar of the bonus. The Terms and Conditions of the scheme are illogical, which is no surprise as the venture is a fraud.

Regulatory Status of IQ Toro

IQ Toro makes a bold claim that it has a license. They assure clients that they are operating in full transparency. Therefore, their customers are protected, and the scheme meets the ethical standards of the market. The firm also states it has top-trading security. 

The account opening process is allegedly swift. However, this venture has nothing to show, for there is no form of regulation. They only claim to have a license from the Bank of England. However, this financial institution does not have the mandate to supervise investment firms. 

Additionally, IQ Toro also boasts it has a license from FCA. The Financial Conduct Authority of the UK does not have this broker in its lists of genuine firms. This is an agency that is dedicated to protecting its citizens from dealing with fraudsters. 

The entity has not met the minimum capital requirement of 730K EUR. Client accounts are also not segregated. This company will not protect you against negative balance. They can also overcharge clients with fees that are not disclosed.

A company that can fake its regulatory status is unworthy of your time. They are also falsely claiming to have awards from the United Kingdom. The people that are behind this fraud will leave the market sooner than expected. 

Contact Details and Customer Support 

IQ Toro states it has a support team working around the clock. Therefore, if you have a question or need any clarification, the firm welcomes you to reach them. They do not have an office address, but there is a phone number. It has a Switzerland code, but we believe this is a diversion to appear like a transparent broker. 

Nobody knows where this platform hails from, but we suspect it is an offshore firm. Shady companies disconnect their phones once they get funds from traders. They will go out of business without giving notice.

Clients will wake up one day to find their system down. At this time, getting back your money will be futile. A genuine broker will provide their office address and various means of communication. Furthermore, investors can also interact with the support in their social media platform. 

Final Verdict

Investors who join IQ Toro in the hope of generating passive income are in for a rude shock. This nasty entity is imitating a reputable broker in the industry. Iqtoro.com lacks credibility and will be dealing with outrageous con artists. They will withhold your money. Sadly, the authority cannot help you with an anonymous scheme to get back your cash.

To avoid the agony of being scammed, we suggest that you trade with transparent forex trading entities. These are entities with the best trading strategy. Their customer support is also responsive and handles the requests of traders on time. You will also have several assets to diversify your risks. 

Tags: IQ Toro Review, Iqtoro.com Review