IQTrade24 is a binary options broker who has a sort of damaged reputation. Their platform is web based and the availability of trading instruments is quite limited. They do have a license from Cyprus Securities and Exchange Commission, but know that BSSC have issued a warning against them.
Binary options ever since their inception has been scammers hunting ground and various incidents of price manipulation in this sector is evident. This broker in particular has a lot of negative feedback from existing clients which is a red flag as well. Before you proceed with them, go through our review and then make an informed decision.
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Regulation and Customer Support
IQTrade24 is operated by B.O. TradeFinancials Ltd which is a firm licensed by the Cyprus Securities and Exchange Commission: License Number 216/13. Technically speaking, they are allowed to provide services in all of Europe. However, on numerous occasions they have been caught trying to get people from UK to try out their platform.
Binary options has always been crippled by lack of regulations. While regulatory authorities do their bit to create awareness, as investors you should also do your research before committing capital with any brokerage or company. Note that, this broker does not accept US citizens. If you need any assistance regarding their platform, then you can contact them via email and telephone. Here are their contact details.
Address – 170 Dowanhill St, Glasgow G12 9EQ, United Kingdom.
Email – support@iqtrade24.com
Phone – 1 (916) 637 5768, +44 2030957608
Trading Platform and Education
Just like many brokers out there, this one offers a web based platform which you can use on any device with an active internet connection. The interface contains most of the basic indicators which is good for beginners. However, if you are an experienced trader who needs custom indicators and tools, you will be disappointed.
Since they do not support MT 4 or 5, if you are a fan of auto trading, you will have to leave them aside and stick with manual trading. If you are determined to join this platform, then find yourself a 3rd part charting software because you will need it. As there is no way to automate your trading strategy independently with this broker, you can still delegate the trading decisions by using iFollow.
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iFollow is nothing but a fancy name given for copy trading. If you find any person who is consistent with the markets and show promising track record, then you can choose to follow them. Basically, if the master account executes any trade, yours will also do the same. However, note that there will be a minor difference in price and in volatile period it may turn out to be significant. Do not think of copy trading as an easy way to make money because eventually whenever it experience a draw down, your personal account will also do the same.
Moreover, you need to maintain an adequate amount to keep up with the master account. We do not know the fees for using this service. So, for more information about this you have to hit the support staff. On their website, they also claim to offer educational material which are suitable for all traders regardless of their experience.
Sadly, the education modules are only available for live accounts and we weren’t able to get a glance at it. Either way, it is certainly nice to see their efforts towards educating the clients.
Assets and Binary Option Types
Trades can access all the major forex pairs on this broker and the expiry times are somewhat short compared to other alternatives. There are few benefits which comes along with binary options such as limiting the amount of max loss on a trade, using small time frames to make pre-determined returns.
However, do note that you need to win above 60% to make money and that kind of number is hard to sustain over the long term. All the types of exotic options are offered by this firm. Before you start employing the ladder strategy or the touch or no touch options, make sure that you fully understand the way it works. For the most part, exotic options are used to hedge and remember whenever a broker offer high returns, it means the odds are against you.
IQTrade24 Review Conclusion
IQTrade24 is a broker who is operating outside the boundaries of the law. Though they offer some unique opportunities, it is for you to decide whether they are worth the hassle in case things go sideways. Given the number of alternatives available, it is better to stick with regulated exchanges and in that way you can ensure the security of the funds and take legal measures if you find any type of malpractice.
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