IQProFX is a company that is suspicious and unreliable. The entity does not provide fund safety to investors. You should not risk the safety of your data with a platform like this one. Find the best brokers.
We will begin by calling IQProFx a scam as it is a scam. The company, based on the company address shows that it is in the United Kingdom, well there is nothing wrong with a company having its headquarters in the U.K, but there is just something that does not add up about this particular company.
Every forex broker company that has its headquarters in Britain must be regulated by FCA a local financial regulator and the company must have an FX licence issued to them by the regulating body in our case FCA.
Apparently, for IQProFx they have their headquarters located in the UK but yet they claim to be Belize regulated. See the inconsistency? By now we know that for a forex broker to exist in the UK they need an FX license from FCA yet our company here (IQProFX) claims to be regulated by other FX regulatory body known to them. If asked, I would say this should serve as the very first red flag for any potential investor in the scam.
Secondly, the companies website does not come out as a trading platform that can deliver anything. Their main focus is in providing concise materials covering topics in blockchain, mining and others, but fail to stand out as a crypto broker.
IQProFX website is owned by TradersVolt which is another fx brokers still based in the UK but unlicensed. At the time of withing this article, the IQProFX website does not have a way of creating an account this is really unprofessional of them but also this could be a good thing because.
One this broker is a scam they claim to be operating from England but they do not have an FX license from FCA or even mention of the Britain regulatory body itself (that is the FCA). Therefore it would be safe to say that the company does not even reside in England based on our findings.
Secondly, there is no guarantee that any trader or investor can actually make money from this platform/website or whatever it is. It is clear that they do not have what it takes to obtain a license from FCA and hence the body is not regulated therefore there is no solid guarantee that your funds are safe with them.
Thirdly, let s talk about the bonuses they promise but do not really intend to release them to you. The insanity in the withdrawal of the bonuses is evident from their description of the requirements a trader is supposed to meet before they can withdraw a bonus. Traders are required to obtain a trading volume that is forty times the bonus so that the bonus can be released to you. From their example here is what that means. For a deposit of $300 = $75 in bonus. For you to get the $75 bonus volume in trade required is 40 * $75 = $3000
This is insane it does not make sense why you need such trade such huge volumes just to get a $75 bonus, more so this amount would not be attainable by majority of the traders. So in some way, they do not really intend to release the bonus to their traders.
Additionally, there are fees on almost everything for instance, there is the maintenance fee, withdrawal fee, inactive account fee and other petty fees.
IQProFX Trading Conditions
IQProFX does talk about a web-based trading platform but the problem is they do not even have a signup or login section hence there is no way they could have such a platform, but if they actually do you can not interact with the platform since you can not create an account with them.
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Since we can not interact with the platform, we can not give you a clear comparison of the platform to the global leader Metatrader 5 or even know if they use MT5. Based on our finding we could say that IQProFx does not have a trading platform.
Withdrawal and Deposit
For the regulated FX brokers, the minimum deposit a trader is initially required to deposit is $100. IQProFX as a company their initial minimum amount required for the deposit is $250 this more than two times the regulated amount.
They allow traders to fund their accounts either bu the use of wire transfers or Credit/Debit cards. However, we would wish to let our readers know that wire transfers are final once a transfer has been executed the transaction can not be reversed hence non-refundable.
Another heads up for our readers. You all should know that IQProFX has a minimum withdrawal amount of $50. Unfair? We know, but the drama doesn’t just end there the company says these withdrawal request will take a maximum of 5 days.
If you compare that to the normally regulated FX brokers where the trader needs to wait for a maximum of only 48 hours for request processing, then this might sound like an eternity if you would ask me.
Now to the most ridiculous part of it all. The fees, IQProFX is a master in inventions of unfair fees, for instance, there is a 3.5% fee of every sum, a clearance fee of 1.5% to 5% in which they describe it as a profit clearance fee that is applied to every trade.
It does not just end there is a maintenance fee of $20 for every single account opened and being opened which is billed monthly, a fee of $100 for traders with incomplete application details that have not been provided within 30 days and a $50 fee for all accounts that have not traded within a 60 days window or accounts that have not been funded within the same period.
Regulation And Registration
IQProFX claims to be regulated by Belize yet it is in the jurisdiction of the FCA regulation. However in our research as per the time of writing this article we found out that this company is not regulated by Belize as it claims. The scammers behind this scheme are giving false license numbers to easily mislead their victims.
Therefore any trader and all of our readers should know that this company is not regulated by any regulatory body and as per the time of writing this review IQProFX is a scam not worth your time and resources.
As pointed out earlier IQProFx does not reside in the UK as they claim based on our findings. In their website on the contact us page, they do not have contact information. Instead, the page just says coming soon.
So for clients wishing to risk while trading with IQProFX, you should know that in case things go south you will not have a way in which you would communicate with the owners of the company.
Is IQProFX Profitable?
The answer to this question is a straight NO, you can not make any profit from this platform. This is because it is not regulated and we can tell you for a fact that your funds are not safe here instead of making a profit you will be subjected unrealistic fees that will milk your account dry.
All we can tell you is IQProFX is a scam, based on our findings there are red flags everywhere from the abnormal charges, unavailability of contact info, inability to sign up for an account, the fake license numbers, unreasonable requirements for the bonus e.t.c.
To all our readers we would wish to make it clear to you that IQProFX is not a genuine FX broker but just a poorly designed scam. Therefore you should not waste your time and resources trying to trade using that platform. Invest with the best forex trading companies that are transparent and legit.